Elastika: Blog Elastika: Blog https://www.elastika.org/blog/ Copyright by Elastika en Elastika Sun, 28 Nov 2021 10:03:00 -0500 Best Places to Buy Bitcoin Instantly Have you ever considered investing in Bitcoin? Given how much talk there is about cryptocurrency these days, the idea may appeal to you. But the conversation about cryptocurrency goes in many directions.

If you stumble upon a Facebook crypto group or Bitcoin tweets, it can seem a little daunting. As a complete beginner, you don’t have to worry about developing the perfect investment strategy.

The first step is to learn how to buy Bitcoin instantly. UK residents interested in purchasing Bitcoin can join a crypto exchange platform, deposit GBP and cryptocurrency. To save you the trouble of finding a reliable exchange, we’ll give you four excellent options to consider.

What Makes a Crypto Exchange Worth Your Time?

First and foremost, you must find a Bitcoin exchange platform that is accessible in the UK. This is not much of an issue, as most significant platforms operate efficiently in the UK. Check whether the platform is authorised to work under Financial Conduct Authority (FCA.)

Another crucial criterion to pay attention to is the security protocols on the exchange platform. The best exchanges will offer insurance policies to their users to protect their funds in case of fraud or a cyber-attack. If this is an essential feature for you, choosing a popular and widely used exchange is the best way to go.

When you’re buying Bitcoin for the first time, you also have to worry about fees. Many users choose platforms with lower exchange fees, but that’s not always the best move.

A high fee structure at the big exchanges provides a more straightforward process and ensures users can buy Bitcoin instantly. UK crypto users can typically choose from several deposit methods which come with different exchange fees.

Finally, you should pay attention to the liquidity of the exchange platform. If these types of brokerages don't have enough trading volume, that can deter users from buying and selling in the long-term. When it comes to Bitcoin, major exchanges in the industry are your safest bet.

Best Bitcoin Exchange Platforms to Consider

One of the benefits of being a Bitcoin investor in the UK is having your pick of the crypto exchanges.

Still, it's easy to go in the wrong direction and end up buying coins from an unregulated platform. To minimise the chances of that happening, here are four great Bitcoin brokerages to consider.

eToro

This is a platform that has been around for a long time. It functions as a multi-asset exchange and is fully regulated by the FCA. Users can benefit from a free digital wallet that is available as a mobile app as well.

It also has a low minimum requirement for trading, and the conversion rate from fiat currency to Bitcoin is 5%, which is at the higher end.

Gemini

Choosing Gemini means getting access to over 30,000 retail stores where you can spend your Bitcoin. The company has its proprietary payment platform, which makes it an excellent choice for those who want to spend their Bitcoin.

Plus, as a new user, you will receive £110 worth of Bitcoin if you invest £750 within 30 days. You also don’t need to keep a minimum amount of Bitcoin in your account to maintain it.

Coinbase

This platform is a household name in the crypto industry. It's one of the top choices for many Bitcoin investors as it has a highly user-friendly interface and offers many educational tools.

Furthermore, the platform has high liquidity and can withstand a sudden fall in Bitcoin's price. They're an excellent choice for Bitcoin holders but don't offer too many altcoins.

Coinmama

Without a doubt, this is one of the most successful exchanges worldwide. It operates in 190 countries and has over three million users.

The platform offers incentives for first-time users and even provides a non-custodial version of a digital wallet to give them complete control of their assets.

Buying Bitcoin Instantly and Safely

Investing in Bitcoin has become easier than ever. You don't need a significant starting investment, and most well-established exchanges allow effortless navigation.

As Bitcoin users grow every day, many platforms offer incentives and perks to attract more users. However, you have to be careful not to get drawn in by a brokerage with low fees and bonuses that sound too good to be true.

As a UK Bitcoin user, make sure the FCA regulates the platform. If they offer insurance policies, that's even better.

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Uncategorized https://www.elastika.org/blog/best-places-to-buy-bitcoin-instantly/ https://www.elastika.org/blog/best-places-to-buy-bitcoin-instantly/ Editor Wed, 24 Nov 2021 08:41:33 -0500
Rainbow Token: The Whitepaper In 2021, projects on the Binance Smart Chain became very popular. Now you can see the release of hundreds of projects based on the BSC. Each of these new projects is competitive in one area or another. Some are unique in their way from a trade point of view. One of these projects is Rainbow Token (RAINBOW).

What is RAINBOW

Immediately after the release, the RAINBOW cryptocurrency made a splash, selling more than $ 210,000 tokens in 6 minutes after announcing the pre-sale. Thus, more than a thousand people invested in the project immediately after its opening.

The uniqueness of the token lies in the combination of all the protocols of the system. These include the ability to receive additional tokens in the lottery and the ability to donate them to charities. It's not a secret for anyone how cryptocurrencies have negatively affected the energy industry in recent years, thereby negatively affecting the environment. With RAINBOW, you can contribute to the remediation of the adverse effects of the cryptocurrency industry.

Any transaction on the Rainbow Token network is charged a 7% commission. This tax, in turn, is divided into seven equal parts, providing the essential functions of the token.

RAINBOW Functions

Rainbow Token includes seven innovative solutions and BEP-20 protocols. He is using these protocols together, combining them into a powerful crit project ready to withstand any rate fluctuations.

So let's take a closer look at the main 7 RAINBOW protocols in more detail. Each of them is named after the primary colors that make up the classic rainbow. Namely:

  1. Red or Burn. The function of burning tokens from the circulating supply after each transaction. The protocol transfers 1% of the burned tokens to the so-called dead addresses. These addresses do not have an owner since they do not have a private key, so the protocol irrevocably burns tokens and reduces turnover. As a result, with an increased demand for RAINBOW, part of the tokens will always be burned, positively affecting their value.

  2. Orange or Buyback. The buyback function also collects 1% of tokens after each transaction and stores them for sale and subsequent buyback of tokens and liquidity pool. But tokens bought in this way are instantly burned. The orange function allows you to raise the lower limit of the RAINBOW cost. The Buyback protocol is thus causing a stir.

  3. Yellow or Reflection. It's a feature that allows you to increase your balance simply by keeping tokens. It works in such a way that 1% of each transaction is returned to each participant, distributing the amount between them depending on how much RAINBOW is in the holder's wallet. Thus, by investing in RAINBOW, you have the opportunity to receive a percentage of the available tokens for any transaction. Also, this feature encourages the owner to keep more tokens in their accounts.

  4. Green or Charity. This feature allows you to invest in the planet's future by donating 1% of each transaction to charity. Tokens directed to charity go to fight poverty, research the fight against cancer, and solve environmental problems and various kinds of animal shelters. All organizations that receive funding from RAINBOW in this way are officially registered. Each investor can independently track where exactly is directed and what amount.

  5. Blue or Auto-liquidity is a function that allows you to increase a token's liquidity by automatically sending 1% of each transaction to the liquidity pool. This feature also enables you to raise the lower limit on the token's value as liquidity increases after each trade.

  6. Indigo or Marketing & Development is a protocol that provides direct funding for a project. Thus, RAINBOW was not initially distributed among the developers. Still, the function of transferring 1% of each transaction to the marketing wallet was prescribed. Developers use funds from this wallet to promote the token and popularize it. Thus, the Indigo protocol makes the crypto project self-sufficient without requiring third-party investments.

  7. Violet or Lottery. The protocol takes 1% of each trade and sends it to the lottery bank. When a certain threshold of the amount in the bank is reached, each participant in the transaction gets a random number. Then everything works like in a lottery - the more losers, the more significant the amount in the bank. Thus, the Violet protocol stimulates investors, purchasing RAINBOW an exciting and intriguing experience.

Anti-whale Tax

The AWT mechanism allows you to successfully dump large sales, thereby preventing the dumping of tokens. As you know, this kind of large dumping leads to panic in the market, which confuses most investors.

The essence of AWT is that transactions over 500 million tokens are taxed at 21%. Thus, large investors are not eager to sell their RAINBOWs.

The AWT mechanism also allows you to track the history of sales from one wallet within 24 hours. Thus, if the amount of sales exceeds the designated limit of 500 million RAINBOW during the day, the commission will be automatically deducted from this wallet.

RAINBOW Positions on the Crypto Market

Since the beginning of the pre-sale, Rainbow Token has shown great potential. It could be a good investment opportunity.

At the time of writing, Rainbow Token is trading at $ 0.000000013498 with a project market cap of $ 11.0 M.

The value of Rainbow Token is expected to continue to rise, as scarcity tends to drive upward price gains. As of October 23, 2021, 29,234 people have already invested in the project, and the liquidity of the cryptocurrency is $ 970.8 k.

Investors in Rainbow Token have already donated over $ 12,500 to charity, which has made the cryptocurrency very popular in the market.

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Uncategorized https://www.elastika.org/blog/rainbow-token-the-whitepaper/ https://www.elastika.org/blog/rainbow-token-the-whitepaper/ Editor Mon, 25 Oct 2021 09:41:49 -0400
3 Important Services That Trading Platforms Should Provide

Online brokers have become a massive deal in the trading market, and they've given rise to the influx of investors willing to take the risk in crypto trading. Aside from the added convenience of being accessible at any time, there are many more added benefits of trading with an online platform.

Traders get to enjoy unlimited access to their online broker, quick and easy for opening, closing, and managing market positions. Investors also get offered several educational opportunities to learn more about crypto trading.

Truly trading cryptocurrencies is an investment opportunity that has become very popular, and over time it will continue to gain attention among the masses. For many, online trading platforms would be the first experience they have with buying and selling assets for profit.

Despite the size of the online trading market, it can be challenging to find an excellent place to trade crypto. This article intends to educate you on why you need to identify a suitable platform.

SERVICES A GOOD PLATFORM SHOULD PROVIDE

·       SECURITY

This is one crucial feature that is used to determine which trading platform is better. It is hard to choose which crypto trading platform is the best. However, the security a platform can offer its users is a factor that will set it apart from other platforms.

Traders need to trust the platform they choose to trade with personal information, and the trading platform needs to ensure that this information does not fall into the wrong hands.

There are so many measures a platform can take to protect user information, and as a trader, you need to make sure that the platform you trade with has set these measures in place.

·       LOCATION

Another vital service trading outlets should offer is availability. Some trading platforms may not provide this to their users for reasons like sanctions, varying local regulations, and many other reasons. When choosing an online trading platform, you need to confirm its availability in your country or state.

Make necessary research to find out the status of the trading platform of your choice, and be open-minded. It can be very disappointing to have your mindset on a particular platform to realize that it is not available to you because of location problems.

·       CUSTOMER SERVICE

An excellent online trading platform should provide the necessary service you need to go about trading activities. Customer service is one essential feature that you do not want to ignore when picking a trading platform.

Crappy service cannot be satisfying to anyone, especially when you have complaints or issues you need to get resolved. This is why every crypto trader should be aware of the services their trading platform has to offer.

Information like this can be obtained from the reviews of other users, so take some time and go through these reviews to find out what people have to say about a particular platform before you commit to it.

Customer support should be dedicated, reliable, and attentive. You must read the support terms before choosing a platform. Some of these platforms may not reach the industry-standard level, and you'd better know what to expect.

You may not necessarily think these things to be essential or believe they should be a deciding factor on the platform you choose to use. Still, you need to understand that these are just a few key features you need to look out for when selecting an online trading platform. An online broker that can offer you all of this is Paragontraders.

WHY YOU SHOULD CHOOSE Paragontraders

1.     This platform offers an easy and swift registration process, cutting down the long list of requirements and steps other platforms would request for new users.

2.     Excellent customer service team available to handle any issues you might face. Paragontraders team is beneficial and patient with its users, so with Paragontraders, you can finally say goodbye to horrible customer service.

3.     Automatic trading features are designed to execute profitable trade orders on behalf of the user. Paragontraders is committed to ensuring that users enjoy good service and make profits while trading.

4.     Global boundaries do not limit Paragontraders, so if you have been trying to find a platform that works in your country, then look no further. Paragontraders is here for you.

5.     Security of data is also a guarantee with this platform as protective measures have been put in place to protect users' information. This platform is also properly guarded and not susceptible to hackers.

This platform is one of the highly profitable crypto exchange platforms compared to other such platforms in the market today. It was built and regularly optimized by an elite cryptocurrency trader to achieve a more than 90 percent success rate. Its excellent features and services are what sets it apart from the rest.

Paragontraders offers its users a secure platform to trade crypto assets like bitcoin and ethereum and provides services that guide beginners on investing in cryptocurrencies. Upon registration, a specific wallet address gets created for each user through which traders can make deposits and trades to help trading activities move smoothly.

Its user-friendly interface is also another excellent feature Paragontraders offers its users. This is great for beginners who haven't quite understood the market thoroughly. It's also of great assistance to advanced traders to place an order or close a trade, which traders can do immediately on Paragontraders.

This platform is helpful and easy to navigate, offering additional charts and tools to boost the trading experience. Paragontraders is an online trading platform tested and trusted by many traders to provide them with the necessary services they need.

CONCLUSIONS   

There’s an unlimited amount of online trading platforms out there. However, choosing to trade with Paragontraders offers all the above, plus the confidence of knowing that you're dealing with one of the most trusted online brokers on the internet.

In our effort to fight crypto scams, you have to sign up with an invitation link from the website, so this way, we make sure we have a real and active community of traders.

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Uncategorized https://www.elastika.org/blog/3-important-services-that-trading-platforms-should-provide/ https://www.elastika.org/blog/3-important-services-that-trading-platforms-should-provide/ Editor Tue, 12 Oct 2021 03:11:43 -0400
How to Trade Cryptocurrency with Leverage

Investing in cryptocurrencies has grown in popularity in recent years to acquire access to significant earnings through successful trading. Many traders have heard the term "Leverage Trading," but few understand what it means.

Margin Trading, also known as Leverage Trading, is trading in cryptocurrency with borrowed funds. If you want to deal with cryptocurrencies, leverage trading is the way to go. It enables you to borrow money from brokers to increase your buying power and profit margins. Continue reading if you want to understand more about leverage crypto trading with an ECN Forex Broker, how it works, and the benefits and drawbacks that come with it.

What Is Cryptocurrency Leverage Trading?

In the crypto world, leverage trading refers to the technique that allows investors to perform spot trades (buy and sale) using borrowed funds from brokers. Typically, these funds surpass the investors' account balance. As a result, it's a great strategy to boost profits by raising purchasing power. The best part about this type of trading is that it can be done with a tiny quantity of money. You can't even picture that for regular trading! For example, a trader who begins leveraged trading with a $100 margin can trade up to 10 x margins, or $10,000 in margin size. However, you should be aware that Leverage Trading has a high level of risk and can result in significant losses. As a result, newbies should avoid this sort of trading, as many seasoned traders lose a lot of money. Experts in conventional trading, on the other hand, can invest in lower quantities for crypto margin trading.

Why do Businesses engage in Margin Trading?

Companies that have a capital shortfall can borrow money from brokers to use in manufacturing. This serves as a revenue generator. However, the risk grows if the business does not generate as much revenue as planned. As a result, there's a reasonable risk you'll wind up with more responsibilities than assets. By now, you've probably realized that leverage trading is a two-edged sword. Not only does your investment amount grow, but so do your hazards! This is because leverage trading in Crypto can only be profitable if the market behaves as expected. It's not meant if it flows in the opposite direction.

Pros and Cons of Leverage Trading

Margin trading assets such as cryptocurrency, like all trading tactics, has benefits and drawbacks. To a considerable extent, the benefits and drawbacks are mirror images of one other. For example, your potential rewards are higher, but the sum of money you can lose if a deal goes against you is also higher. Like other trading methods, you may simply and rapidly spread your portfolio at the cost of a significantly larger risk.

Top Crypto Leverage Trading Exchanges

Here is a comprehensive list of the most well-known cryptocurrency leverage trading platforms for trading online assets with leverage. Features, utilization, leverage amount, prices, customer assistance, and obscurity are all included in this evaluation.

  1. Binance

Since its inception in 2017, this platform has grown at a breakneck pace. With 1.4 million transactions per second, it is currently the world's largest digital currency exchange marketplace. Binance leverage trading is available on Android and iOS mobile devices. It is the most popular trading software due to its simple user interface and smooth operation. You'll be able to check your profit and loss, as well as acquire details about your transaction history using the app. To use the Binance leverage trading feature, you must first complete the KYC process, which involves verifying your identity and, most crucially, ensuring that your home country is not on Binance's blacklist. Remember that Binance has lately discontinued offering margin on the AUD, EUR, and GBP.

  1. ByBit

This exchange platform (both long and short coins) was founded in 2018 and is specialized in derivatives trading. Exchange platforms like Binance futures and Bybit are perfect for obtaining maximum availability for margin trading. Beginners can also benefit from the ByBit mobile app's user-friendly design and use its insurance money to cover damages in the event of bankruptcy. It has around 2 million active users and is based in Singapore.

  1. FTX

If you're looking for a cutting-edge crypto exchange platform, FTX is the place to go. This platform, founded in mid-2019, allows insurance funds and an unusual quantity of liquidity for its members. Residents of the United States must use FTX. FTX has a three-tier liquidity structure that provides for many marginal tokens. Please keep track of all borrowing rates, as they are subject to change at any time.

You should have a good notion of the finest crypto leverage trading platforms in the market by now. However, because these exchanges handle such large sums of money, the possibility of money theft rises as well. As a result, use caution when dealing with any kind of borrowing or day trading on these exchanges. On the other hand, one of the most significant advantages of adopting these platforms is that they provide superior security features such as two-factor authentication.

Conclusion

While a major outbreak is taking place, the ideal strategy for generating digital money is to use Crypto Leverage Trading. On the other hand, users must be aware of hackers to secure their crypto exchange service from malicious hacking. Keep your money on these trading platforms for as little time as possible for maximum security. To keep your funds safe, withdraw your profits using a reputable bitcoin hardware wallet.

At first glance, leverage trading appears to be a bit intimidating. However, if you gain experience, you will be able to trade in a high-yield market. Before you decide to invest in cryptocurrencies, take the time to learn about the unique features and hazards involved. You can learn the fundamentals of leverage trading from a variety of sources after extensive research, but you must invest your hard-earned money in the right system. Investing tiny portions in leverage trading will allow you to learn while reducing the chance of significant losses.

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Uncategorized https://www.elastika.org/blog/how-to-trade-cryptocurrency-with-leverage/ https://www.elastika.org/blog/how-to-trade-cryptocurrency-with-leverage/ Editor Wed, 29 Sep 2021 23:44:05 -0400
Do Turkey’s Troubles Mean Bad News for the Commodities Market? Since the pandemic began a large demand/supply imbalance in the commodities market led to rising prices, with some rates being unprecedented. Higher costs for consumers are a major headwind for the global economy and countries known as large exporters play a crucial role in balancing the situation.

In the case of Turkey, problems come from different fronts, including internal politics, border issues due to the withdrawal of the US from Afghanistan, wildfires, and others. Although people involved in the financial industry can take advantage of commodity price volatility via platforms like Trustpac, that is not the case for those who were hit by the pandemic and are now struggling to find work.

Political instability

Recep Tayyip Erdoğan is one of the most controversial political leaders, serving as president since 2014. Over the years, he has been accused of using his influence to gain more power and took steps that drove the country away from NATO allies. Political issues in Turkey emerged before the pandemic and the rapid depreciation of the Turkish Lira affected local consumers.

On the positive side, it made exports more attractive, even though political instability is generally a drag on economic activity. Internal issues are at risk of being accentuated by external factors, including the ongoing border crisis.

Border issues

As US troops withdrew from Afghanistan, fears of Afghan migrants pouring through Turkish borders emerged. Despite Turkey not having a border with Afghanistan, authorities are still concerned, since Turkey is the gateway to the rest of Europe and is therefore considered a haven for many Asian immigrants. The country built a border wall to stop refugees, according to Euronews, stretching over 155 kilometers.

Both Turkey and Pakistan plan to work together in order to bring stability to the war-ravaged country. The next couple of months are expected to be challenging for the commodities market, especially as the Delta variant spread is leading to a new surge of cases around the world.

That could exacerbate even further supply chain disruptions and could put upward pressure on already-elevated inflation.

Wildfires

The top Turkish exports are iron, steel, electrical machinery, equipment, clothing, and accessories, accounting for tens of billions of USD each year. The political instability and border issues were joined by the weather going crazy in the Mediterranean area.

A month ago, eight people were found dead after wildfires had emerged in southern Turkey, in an area with coastal resorts, which forced tourists to flee. All of these problems can put pressure on the commodities market and as the country is a net exporter, the rising prices will certainly affect neighboring nations.

Is Turkey large enough to affect the commodities market?

Trading with Trustpac might be one of the ways to take advantage of commodities volatility, but the problems faced by Turkey are not local and can be spotted in other countries as well. Turkey isn’t the largest exporter globally but it can certainly make matters worse in an already fragile situation. Experts already warn that inflation might not be transitory as expected, and instead, could extend well into 2022, creating headaches for fiscal and monetary authorities.

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Uncategorized https://www.elastika.org/blog/do-turkeys-troubles-mean-bad-news-for-the-commodities-market/ https://www.elastika.org/blog/do-turkeys-troubles-mean-bad-news-for-the-commodities-market/ Editor Wed, 01 Sep 2021 23:55:28 -0400
Coinrise – becoming financially independent! What is Coinrise?

Coinrise is a premium online trading platform offering professional services for traders living all around the world. The brand is owned by a Canadian-based company and benefits from combined years of experience with clients from many different sectors.

This was the main denominator that eventually led to the creation of a secure, advanced, and user-friendly platform, offering traders the user experience they desire. The main goal of Coinrise is to create opportunities and help customers intelligently manage their assets and investments.

Cryptocurrency trading, as well as several investment opportunities, are available when opening an account with Coinrise and that is one of the edges this brand holds when compared to other competitors. Traders looking for a new provider to work with might find this Coinrise review informative.

Advantages of working with Coinrise

What users who don’t already have an account with Coinrise need to know is that there are advantages to working with them:

  • A series of comprehensive services – the list of services currently provided by Coinrise includes research, trading, and sales across a wide range of products and equities. Cash and derivatives are available, and with the proper technology, customers can act when new opportunities show up.
  • Flexibility in tandem with reliability – Coinrise offers intermediation and advisory services depending on the customer’s expertise. This company works with corporate customers from all around the world and that facilitates the provision of services with the highest quality.
  • Client-centric approach – Coinrise empowers clients to make smart decisions, using innovative technologies and dedicated customer support, ensuring each trader/investor gets exactly what they need.

Coinrise Knowledge Center

When it comes to the financial markets, education is a continuous process. To help those who want to stay updated with all the latest news, as well as valuable educational resources, Coinrise has a dedicated knowledge center where new materials are constantly added.

Users can read and understand why markets behave in any given way, and in doing so, make well-informed decisions with their hard-earned money.

Coinrise Accounts

To ensure ample diversity, Coinrise currently boasts an account type offer that includes 6 different solutions. The Mini account requires as little as 250 EUR in initial deposit and in exchange traders benefit from raw spreads, competitive commissions, 24/6 customer support, and an up to 50% welcome bonus.

Those willing to deposit more while aiming to get access to more features, will be pleased to see Silver, Gold, Platinum, Diamond, and VIP accounts are also available and provide more features. Access to an account executive, a complete money management plan, a 1-on-1 education course, weekly managed sessions and daily market reviews are among the main benefits.

Summary

Coinrise offers a diversified infrastructure and that puts it in a favorable condition to attract a wide range of new customers. Those who already hold an account have been showing great appreciation, which means working with Coinrise seems to be a suitable choice. Each client can gain access to features depending on needs and expertise.

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Uncategorized https://www.elastika.org/blog/coinrise-becoming-financially-independent/ https://www.elastika.org/blog/coinrise-becoming-financially-independent/ Editor Wed, 11 Aug 2021 23:46:14 -0400
Five alternatives to bitcoin. Top 5 most rapidly growing cryptocurrencies

There are several explanations for why bitcoin has been constantly setting price records lately: if in February the price of the "coin" first exceeded $50,000, in March it already rose to $60,000, and the market capitalization of the world's most popular cryptocurrency exceeded a trillion dollars.

First of all, the rise in price is commonly associated with the consequences of the pandemic: developed countries have thrown out huge sums to support their citizens, which led to the depreciation of all world currencies. Against this background, cryptocurrency began to be perceived not only as a means of payment, but also as an instrument for investment. An example of such behavior was Elon Musk, whose company Tesla bought up cryptocurrencies for $1.5 billion, which a number of small investors perceived as a signal to action.

In addition, the scope of bitcoin itself has expanded. Visa (through its Crypto.com platform) and Mastercard began to work with it. PayPal allowed U.S. customers to use the cryptocurrency to pay. PayPal's announcement of its intention to purchase the cryptocurrency storage service alone triggered a jump in bitcoin's value of about 15%.

At the same time, no one is confident in predicting what will happen to bitcoin next. Some experts predict the growth in value of the cryptocurrency to $ 400 thousand, others believe the value of bitcoin inflated artificially, due to a confluence of factors that have provoked a feverish demand for it. Hence the fear: the rapid growth can be followed by a no less impressive collapse and panic rejection of the currency with appropriate consequences for its owners.

It is this fear that prompts potential cryptocurrency investors to diversify risks by using alternative cryptocurrency systems. However, this choice is not easy either: the variety of altcoins and very large fluctuations in their rates are poorly predictable. Too many factors influence the rate of certain cryptocurrencies, and none of them is backed by an influential structure, like a national bank, which could smooth out fluctuations. However, the very fact that currencies are highly capitalized creates a certain "safety cushion" in case demand drops. Therefore, when listing the main alternatives to bitcoin today, we first of all took into account those cryptocurrencies that had the highest capitalization rates according to Coindesk and Coinmarketcap websites.

1.   Ethereum (ETH)

Market capitalization: $404 billion

Exchange rate: ~$3500

The number two traditional cryptocurrency after bitcoin. Ethereum has been proving its attractiveness throughout 2020: it entered the last year at around $170 and by the end of December rose to $730, jumping 400%. And since January 1, the coin made an even bigger jump, increasing its value threefold in three months. Note that during a short period of depreciation of all cryptocurrencies in February, Ethereum showed the lowest level of decline - only 14%. In addition, the currency's popularity was helped by the development of decentralized financial services (DeFi), which provide the opportunity to obtain loans secured by cryptocurrency. It is reported that during 2020, the amount of pledged currency increased from $3 billion to $13 billion. The explosive influx of market participants and capital to DeFi helps strengthen Ethereum's position as the leading altcoin.

It should be noted that the benefits of using this cryptocurrency were also appreciated by political regimes unfriendly to the U.S., which saw in the blockchain a way to circumvent sanctions imposed on them. Project founder Vitalik Buterin, although he lives mostly in Canada, meets regularly with Russian leaders, in particular discussing the idea of creating a "cryptocurrency. He has also seen Vladimir Putin, who, in Buterin's own words, "awakened an interest" in blockchain. Buterin's partner in the Ethereum Foundation, Virgil Griffith, was arrested by U.S. law enforcement in 2019 for lecturing about cryptocurrency to specialists from North Korea. The trial of the programmer is to be held in September and it is definitively unclear whether the sentence will somehow affect the circulation of cryptocurrency or its rate. Of course, it is unlikely that the U.S. government is able to ban the circulation of cryptocurrency, but it can guarantee serious trouble for its creators. This truth was once so well explained to Pavel Durov that eventually the creator of Telegram abandoned the development of his own crypto-asset and returned the money invested in it to investors.

2.   Binance Coin (BNB)

Market capitalization: $82 billion

Exchange rate: ~$500

The currency of the cryptocurrency exchange Binance, which is used to pay trading commissions as well as in exchange offerings on the Binance Launchpad platform is seen as an alternative to both bitcoin and Ethereum. BNB's growth comes on the back of its growing popularity in the DeFi space on the Binance Smart Chain blockchain.

Analysts note the stable build-up of Binance Coin liquidity over time, with no rapid ups and downs, seeing in this the absence of artificial inflating the value or the impact of a frenzy of demand on the currency. April 12, the value of the token Binance Coin reached a historic high - $ 638 (although at the beginning of March the currency was sold for $ 250), and the gap in capitalization with its main competitor - Ethereum record shrinking.

3.   Stellar (XLM)

Market capitalization: $16 billion

Exchange rate ~ $0.7

XLM currency appeared in 2014 to support the activities of a network of financial products and services based on Stellar blockchain technology. The currency uses a protocol developed by Ripple Labs and is a so-called fork - a new currency created from existing code. Dozens of companies and financial institutions are now participating in it, and it has a user base of over 4.7 million people.

Also in early 2021, it was reported that the creators of Stellar signed a memorandum with the Ministry of Digital Transformation. The document provided for such areas of cooperation as the creation of a market of virtual assets in Ukraine and assistance in the creation of a digital currency of the National Bank. The Ministry of digitization suggested that Stellar Development Foundation will work in the country "as early as January", but since then there has been no news about the company's work in Ukraine. Perhaps it is waiting for a legislative solution to the unregulated issues in Ukraine related to the functioning of the cryptocurrency market.

In general, against the background of the rapid development of the Stellar network due to the growing popularity of this network and the conclusion of many partnership agreements with large companies, investing in XLM looks very promising. From November 2020 to the present time, this coin has grown by 700%, from $0.1 to $0.7 and, according to experts, has the potential for further growth.

4.   Tron (TRX)

Market capitalization: $8 billion

Exchange rate: ~ $0.12

Singapore-based Tron Foundation's own currency came into existence four years ago, at the same time the company held one of its largest initial coin offerings, raising $70 million between August 31 and September 2, 2017, and the currency itself rose 2400% from $0.002 to $0.05 per Tron by the end of December of that year.

Tron founder Justin Sun is not limited to blockchain projects, having a stake in Samsung, bike-sharing company oBike, Chinese search engine Baidu. Tron developers are attracting new users to the network by betting on the introduction of NFTs, or non-interchangeable tokens, which are now considered one of the most promising technologies in the virtual marketplace. These tokens are unique, non-divisible and cannot be changed without the owner's consent, making the technology used to prove ownership of a specific object to which it is attached. Such virtual certificates of ownership are now most common in art and online games, and Justin Sun himself set an example in the use of the technology when he purchased an NFT token tied to a painting of Ocean front from artist Beeple (real name Michael Winkelman) for $6 million.

Another major investment by the Tron Foundation was the purchase of the San Francisco-headquartered Internet company BitTorrent Inc., whose products are used by more than 170 million consumers every month, and the BitTorrent Inc. protocol brings in 40% of the world's daily Internet traffic.

5.   Ripple (XRP)

Market Capitalization: $53 Billion

Exchange Rate ~ $1.5

Lawsuits seem to be behind Ripple's payment system and it is actively catching up with the U.S. Securities and Exchange Commission (SEC) in a dispute. In December 2020, the SEC accused Ripple and its executives of raising more than $130,000,000 by selling unregistered securities under the guise of XRP coins. The cryptocurrency plummeted to $0.17 amid the proceedings, and Coinbase and several other U.S. cryptocurrency exchanges refused to work with it. However, after the SEC upheld the legitimacy of selling the tokens in March and exchanges returned to trading them, the rate rapidly went up and rose nearly tenfold in a few months.

Ripple is a digital payment and processing system created by U.S. technology company Ripple Labs. It aims to provide banks and payment systems with real-time and cost-effective tools for cross-border money transfers, potentially becoming an alternative to the SWIFT system. Accordingly, the XRP token is a cryptocurrency that exists only in the Ripple system. Unlike bitcoin, Ripple cannot be mined: there is a stable amount of 100 billion XRP in circulation. Also, while bitcoin and Ethereum were created to bypass the banking system, XRP, on the other hand, is positioned as an effective tool for financial institutions. More and more banks are increasing their investments in XRP along with other existing assets.

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Uncategorized https://www.elastika.org/blog/five-alternatives-to-bitcoin-top-5-most-rapidly-growing-cryptocurrencies/ https://www.elastika.org/blog/five-alternatives-to-bitcoin-top-5-most-rapidly-growing-cryptocurrencies/ Editor Wed, 19 May 2021 08:19:09 -0400
A Detailed Guide to Prime XBT Exchange Cryptocurrencies gain popularity every year, which means the demand for reputable trading platforms is always increasing. Some platforms are popular while others fail. PrimeXBT is a very popular cryptocurrency platform, which is well worth taking a look at in more detail.

PrimeXBT Overview

PrimeXBT Exchange, belonging to PrimeXBT Services, was set up in 2018 and is headquartered in Beau Vallon, Seychelles.

This centralized exchange has 0.05% maker and taker fees and supports Bitcoin, EOS Token, Litecoin, Ethereum and Ripple. The accepted PrimeBTX deposit methods are credit cards or cryptocurrency, and trading options are margin trading or spot trading.

What is PrimeXBT?

This online Bitcoin related exchange allows users to trade cryptocurrencies. PrimeXBT has grown rapidly since its launch and has members from over 150 countries.

This powerful platform is suited to beginners as well as midlevel traders, and offers a range of useful trader resources and features. The platform is available in English, Spanish, Chinese, Russian, Portuguese, and Korean.

Top Features of PrimeXBT

If you are looking for a leveraged cryptocurrency exchange offering straightforward fees, advanced technologies and sturdy security features, PrimeXBT is certainly worth considering.

Let’s take a look at some of the most popular features:

  1. PrimeXBT Leverage

Although advanced traders are always looking for leverage, a lot of trading platforms don’t offer much when it comes to cryptocurrency. The leverage offered by PrimeXBT is 1:100

  1. Asset Coverage

Using PrimeXBT means users can exchange many markets using Bitcoin for leverage. This includes cryptocurrencies, Forex, commodities and index.

  1. Security Features

The coins are mostly kept in cold storage, meaning they stay offline and away from internet access and hackers.

  1. PrimeXBT Fees

There are two kinds of fees used by PrimeXBT, which are trade fees and overnight fees. Both of these is fixed at 0.05%

  1. Customer Support

The platform offers 24/7 live chat, which is the fastest and easiest way to speak to somebody in customer support. There is also an email support option.

PrimeXBT Fees and Limits

The trade fee for cryptocurrency is 0.05% applied every time you use the platform to buy or sell. The overnight fee depends on the liquidity of the cryptocurrency you are using.

There is no deposit fee charged by PrimeXBT. The minimum Bitcoin network fee charged when you withdraw Bitcoin is calculated using the blockchain load, and this fee is set at 0.0005 BTC.

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Which Currencies Does PrimeXBT Support?

The currencies that PrimeXBT supports are as follows:

  • Bitcoin
  • Ethereum
  • EOS token
  • Ripple
  • Litecoin

Fiat deposit and withdrawal currencies are not supported on this platform, although you can use fiat or crypto trading pairs for permanent contracts.

How to Register as a Trader on PrimeXBT

  1. Go to the official website and click on the registration page
  2. Enter your email and choose a secure password
  3. Enter your phone number too if you wish
  4. Agree to the terms and conditions
  5. Click on Register
  6. Enter the 4-digit PIN which you will get by email to confirm your registration

 

How to Recover a Lost PrimeXBT Password

If you forget your password, you can use the password recovery feature. Simply enter your email and you will receive a link via email, with instructions on what to do to get a new password.

 

Covesting Module

Covesting allows traders to openly display their results to the public and compete with other traders.

This makes it possible for traders to monetize skills and get a second income, via collecting performance payments from followers. The more followers a trader has, they more cash they can get from successful trades.

Covesting allows PrimeXBT users to browse and copy the trading behavior of traders they follow, enabling them to potentially make the same returns.

How to Deposit on PrimeXBT

  1. Log into your PrimeXBT account and click on Deposit
  2. Choose from Direct BTC or Alternative
  3. Copy your personal wallet address and paste it into the field
  4. You can also use the QR code to paste this address

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How to Withdraw Funds from PrimeXBT?

    1. Log into your account and click on Withdraw
    2. Choose your withdrawal address or enter a new one
    3. Enter how much BTC you want to withdraw
    4. Click on Submit to Withdraw
    5. Check your email to confirm the withdrawal was successful

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PrimeXBT Pros and Cons

Pros

  • Competitive trading conditions
  • Competitive service fees
  • Credit card deposits available
  • Up to 1:100 leverage on crypto
  • Anonymous accounts allowed
  • Referral system

Cons

  • No service to traders from the USA or Canada
  • No demo account available
  • Not regulated
  • Only live chat or email support available

How to Purchase Cryptocurrencies on PrimeXBT

  1. Log into your account and click on Trade
  2. Choose the pair you want to trade and order size, using Chart
  3. Click on Buy (the green box) to open the New Order window

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  1. A box opens allowing you to enter the amount, order type and price
  2. Input the details then click Send Order

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  1. Check the position in the Positions tab underneath the chart to see the current status

How to Sell Cryptocurrencies on PrimeXBT

  1. Log into your PrimeXBT account
  2. Click on Trade
  3. Select the pair and size you want to trade in Chart
  4. Click Sell (the red box) to open the New Order window

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  1. A box will open asking you to input the amount, order type and price
  2. Confirm these details then click Send Order

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PrimeXBT Mobile App

There is a PrimeXBT mobile app available in both the Apple Store for iOS and the Google Play Store for Android. This app is easy to use and makes it possible to trade on the go. If you are using Android, note there is no PrimeXBT file; instead you need to download the app directly from the Google Play Store.

Review Conclusion

PrimeXBT is a worthy leveraged cryptocurrency exchange platform offering transparent and straightforward fees, sound technology and enhanced security features.

The trading platform is simple to learn and use and boasts great leverage, tight spreads and low commissions, ensuring it stands head and shoulders above the competition.

PrimeXBT Ratings

  • Ease of Registration: 4
  • Ease of Use: 4
  • Trading: 4.5
  • Fees and Limits: 4
  • Overall: 4

FAQs

How does PrimeXBT work?

This trading platform benefits from the commissions users are charged to make transactions and withdrawals. There are no fees on deposits but it costs 0.0005 BTC to withdraw Bitcoin.

How can I open a PrimeXBT account?

This is a quick and easy process. Simply click Register on the top right of the screen, enter your details and click Submit, then wait for confirmation by email and you can begin trading.

Do they offer leverage or margin trading?

Yes, PrimeXBT offers 1:1000 leverage on Forex majors and 1:100 leverage on every cryptocurrency, commodity and index.

Where is Prime XBT based?

They are based in the Seychelles.

Does Prime XBT use MetaTrader?

No, only the online trading platform is available to use.

Can I use PrimeXBT in the USA?

No, this trading platform is unavailable for use in the USA or Canada.

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Uncategorized https://www.elastika.org/blog/a-detailed-guide-to-prime-xbt-exchange/ https://www.elastika.org/blog/a-detailed-guide-to-prime-xbt-exchange/ Editor Thu, 03 Dec 2020 22:50:30 -0500
Are online purchases safe? Yes, as long as some precautions are taken. When making purchases over the internet, it is important to do so from secure https web pages where the padlock appears. One of the first things you should take care of in online transactions is that you must not provide your credit and debit card details along with CVV Code or CVC Code.

Electronic commerce: What is CVV?

Before we begin, indicate that this is perhaps the concept of the most names has. Almost every manufacturer uses a different name with an acronym. Let's look at all the examples we have seen:

CVV: The most common in all the cards. Card Verification Value.

CSC: Card Security Code, is the most common name in the USA. 

CVC: Card Verification Code

CVD: Card Verification Data

CVN: Card Verification Number

SPN: Signature Panel Code

V-Code: Verification Code

CVVC: The strangest and funniest of all: Card Verification Value Code.

But whatever the name is, it's always the same. A card issuer can use CVV, and at the same time a payment system speaks of CVC, but both refer to the same value. So deep down they are all the same.

There is a special one, which is the CID (Card Identification Code) that AMEX usually uses, or also sometimes called UCC (Unique Card Code), although it has little of its own. They are 4 digits that are printed in front of the AMEX cards. This, although AMEX uses it for the same purpose as CVV Code, it is not the same. The AMEX is also behind the CVV.

Another thing to note:

It is advisable to know the web pages from which these types of transactions are carried out. And above all, to trust them, but if that is not the case, it is best to look for reviews and opinions online about it before providing them with our data.

Another recommendation that experts usually make is to keep the cache clean. Deleting the data from our browser regularly will help nobody to falsify or duplicate the data with which we have operated online through the internet.

Normally we do not use CVV code in our day to day, but when we make purchases online it is very important to keep it in mind.

The CVV is the security code present on all credit and debit cards. This code serves to validate our purchases online and certify that the user has the card. They are usually 3 or 4 digits. And they can be on the front or back of the card.

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Uncategorized https://www.elastika.org/blog/are-online-purchases-safe/ https://www.elastika.org/blog/are-online-purchases-safe/ Editor Thu, 12 Nov 2020 01:02:20 -0500
Vertex Exchange Introduces Global Trading Platform to Help Crypto Communities Sell Tokens at All Time High Prices Hong Kong, October 20, 2020 - Vertex Exchange has announced that its global community-oriented trading platform will be officially launched on October 20, 2020.

Vertex Exchange aims to be the leading global trading platform that merges all altcoin communities from around the world to form one main crypto community trading with only one native token of its kind - the Vertex Token (VTX).

Vertex Exchange is built with a mission to merge and unite global altcoin crypto communities and allow users to monetize approved ERC20 tokens by swapping them to VTX at their respective ATH (All Time High) prices, then selling them via a unique trading system that seeks to ensure price stability and liquidity. Since all crypto tokens in various markets have one thing in common, that they are tradable as they have monetary value, the concept of Vertex Exchange was first mooted to allow crypto communities to work together by swapping tokens and performing trades on one unified platform.

The crypto market is well perceived to be highly volatile. It is not unusual that with every peak price of a crypto token, comes a huge down. To date, many token prices have slumped to a fraction of their peak prices. To help token holders recover their losses, Vertex Exchange’s unique trading mechanism will bring about a new breakthrough for all global crypto communities, allowing token owners to monetize at higher values. Functioning as an “automated market” with attractive platform rewards to incentivize users when they participate in daily tasks, Vertex Exchange’s distinct feature is to automatically create a sell order for VTX at a higher pre-determined price whenever a buy order is performed. As the number of tokens listed on Vertex Exchange increases, the value of VTX will also increase, resulting in higher demands and trading volumes.

Targeting to attract massive communities of established crypto tokens, the launch of Vertex Exchange will be one that is highly anticipated by global crypto enthusiasts. To enhance engagement with users, crypto communities will be able to participate as minters who can vote for their favourite ERC20 tokens to be listed on the Vertex Exchange. Through this platform, active traders may also be rewarded with a portion of transaction fees earned from every trade.

Interested parties may visit its official website:  https://vtx.exchange/ to sign up.

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Uncategorized https://www.elastika.org/blog/vertex-exchange-introduces-global-trading-platform-to-help-crypto-communities-sell-tokens-at-all-time-high-prices/ https://www.elastika.org/blog/vertex-exchange-introduces-global-trading-platform-to-help-crypto-communities-sell-tokens-at-all-time-high-prices/ Editor Mon, 26 Oct 2020 03:56:25 -0400
What Determines Cryptocurrency Price?

This is one of the most common questions asked by cryptocurrency enthusiasts. Decentralized cryptocurrencies resist censorship and they do have their value dictated by some specific factors. Before you use a platform like investous.com to make a crypto investment, it is vital that you understand what drives cryptocurrency price. The most important factors to analyze are the following.

Technology

The technology that was used to create the cryptocurrency is vital. If the technology is flawed, it is impossible for the crypto to gain real value.

Safety

Cryptocurrencies are digital in nature so coding bugs can exist. For instance, there was an Ethereum smart contract that had a huge flaw in the past. It was exploited, leading to $30 million being stolen by a hacker. This eventually led to ETH being split into 2 versions. One had the bug and the other did not.

Number Of Nodes

Node count is important because it indicates cryptocurrency value. This is a measurement of the number of active wallets that exist in a network. Such information is really easy to find online.

When you analyze node count you quickly understand the strength of the community behind the cryptocurrency. If there are more nodes present, you look at a stronger community. If the community is stronger, it can go over crises faster.

Rising Demand

When a cryptocurrency is being adopted by companies and becomes more popular, countries and governments react. As demand grows, more people learn about the cryptocurrency and start to consider buying.

As with anything in the financial market, demand and supply influence value. For instance, in the event that more people want to buy BTC, the price goes up. The opposite also applies.

Remember that cryptocurrency supply is limited. This is why increased popularity always leads to prices going up. However, when there is a scandal that affects a coin, demand goes down. This leads to prices going down.

Mass Adoption

Whenever the currency gains adoption, value goes up. This happens because of the limited nature of cryptocurrencies. A demand increase leads to price increase. As the cryptocurrency can be used in a real-world scenario, people learn about it and more will buy.

Regulations

When a government wants to regulate a cryptocurrency, it means that the digital asset reached a mainstream status. While regulations can lead to an unwanted situation in which cryptocurrencies are centralized, they do have a huge impact on price.

Critics claim that transactions are going to be controlled and reduced due to regulations. However, if regulations are in place, the value of a cryptocurrency does go up.

Conclusions

The factors mentioned above have a clear impact on cryptocurrency value. Usually, they do have an effect at the same time. This can easily lead to values changing really fast. Cryptocurrencies are volatile and price corrections can always appear. Due to this, you need to be really careful when you invest in cryptocurrencies. Only invest the money that you can afford to lose. Do not take out loans or buy cryptocurrencies with funds that can negatively impact your financial well-being.

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Uncategorized https://www.elastika.org/blog/what-determines-cryptocurrency-price/ https://www.elastika.org/blog/what-determines-cryptocurrency-price/ Editor Fri, 22 Nov 2019 06:58:54 -0500
Which ICOs Should You Watch as 2019 Comes to a Close? Although the ICO industry is not at the levels seen in 2017-2018, blockchain-based startups continue to come with innovative ideas to disrupt various industries. With an unlimited number of potential applications, this means there could be value in some projects, which is why we want to talk about a few interesting projects that will take place in the not too distant future.

This material should not be regarded as a certainty and each individual should do his own research before deciding to invest in any ICO project. Without further due, let’s some the project which may have the potential to become top crypto currencies.

Scopuly (SCOP)

Developed by a company based in Switzerland, is an interesting project based on the Stellar platform. This is an IEO that will take place between November 1st – November 15th, 2019, and will have the SCOP token at its core. Based on the information available at the time of writing, the Scopuly platform will be designed to perform several important tasks.

Using it, people will be able to store, receive/send, trade different types of crypto assets in a decentralized manner, make fiat withdrawals, and analyze the most important data stored in the Stellar blockchain.

The Stellar platform had been chosen for this project due to its ability to perform fast, reliable, and low-cost transactions for a large number of users. They will be able to store and instantly transfer crypto-related assets, issue their own crypto currencies, launch IEO campaigns, invest in other IEOs and trade crypto assets on a decentralized SDEX exchange in real-time.

With the software solution provided by Scopuly, people can store, spend, pay and exchange crypto assets in a convenient and safe way. The company wants to sell 4 billion SCOP tokens, which represents 40% of the total supply. According to the information available on icomarks.com,  XLM, ETH, BTC, USD, EUR, and RUB payments will be accepted during the IEO. The current IEO price of the SCOP token is 0.7 XLM and a bonus structure of up to 10% had been set in place.

Diagon (DGN)

Diagon is an ICO project put in place by a Cyprus-based company that wants to disrupt the eSports ecosystem. Based on the Ethereum blockchain and with an ERC-20 compliant token, the company wants to offer a new way investors can generate returns for eSports.

This is an upcoming decentralized ecosystem that will enable people from all around the world to test their capabilities and participate in 1v1 or group vs. group matches for prominent online games like League of Legends, Dota 2, Destiny 2, Fortnite, and others.

The Diagon Coin (DGN) will be the one powering the blockchain and with it, investors will be able to perform various transactions like gaming, trading, as well as making virtual and real purchases.

Based on the information available on diagon.io, the total token supply is 200 million DGN and the company wants to sell 150 million during the ICO. The price of one DGN coin had been set at $0.2 and the public sale will start on November 12th, ending on February 24th, 2020. The soft cap is $2 million and the project gest relatively high marks on all the major ICO platforms. If you are a huge gaming fan, this could be an opportunity to get involved in a project that resonates with what you’re doing in your spare time.

SMSCHAIN (SMSTO)

Although the time frame when this project will take place had not been provided yet, SMSCHAIN is another ICO coming with a very interesting idea. The project wants to design and create a reliable interconnected framework between Telecom companies,             on one hand, which will deliver A2P (Application-to-Person) SMS through users wanting to exchange unused SMS for financial rewards.

The project is developed by a company based in Russia and will run on the Ethereum platform. The token SMSTO will be powering the network and based on the latest information, 1000 SMSTO will be valued at 2.8 ETH during the pre-sale, and 2.6-3.33 ETH during the ICO. The soft cap is 37000 ETH and the hard cap 175609.

70% of the total supply (100 million SMSTO) will be available for sale, but at the time of writing, the company did not provide exactly when the fundraising will take place. The SMSCHAIN project has decent rating on industry websites, especially when it comes to team proof.

This is a company that wants to operate in the A2P industry, which is estimated to reach $70 billion in revenue by 2020. Whether or not SMSCHAIN will manage to deliver on its promises is still unknown, but the team behind the project managed to nail a niche with high potential for growth.

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Uncategorized https://www.elastika.org/blog/which-icos-should-you-watch-as-2019-comes-to-a-close/ https://www.elastika.org/blog/which-icos-should-you-watch-as-2019-comes-to-a-close/ Editor Wed, 16 Oct 2019 01:04:58 -0400
Can the MeterQubes ICO Innovate the Decentralized Trading World? Although the industry did not manage to perform as it did in 2017-2018, ICOs had managed to raise substantial funding during the first half of 2019. The latest statistics show that around $2 billion had been raised by blockchain-based startups, as investors felt more confident once most of the cryptocurrencies recovered this year.

As long as the market sentiment will not deteriorate meaningfully, new companies wanting to raise funding via ICOs might benefit during the second half of the year. Activity in the crypto space continues to be diverse. People are willing to trade with Atecs Capital and other trading platforms, invest in crypto-related futures, and explore the benefit of using derivatives into this market.

MeterQubes ICO pending in the fall

After an encouraging first half of the year, activity in the ICO industry could bring new innovative blockchain ideas. It may be the case with the MeterQubes ICO which is due on September 8th.

Conducted on Coinsbit, the project aims for a $4 million soft cap and an $8.75 hard cap. Based in The Netherlands, it is an ERC-20 compliant project, wanting to develop an improved trading solution in the form of an AI-powered decentralized exchange.

MeterQubes want to further promote the idea of algorithmic trading into the crypto sphere, as more institutional investments are pouring into the industry. Designed for both beginners and active traders, it will be a peer-to-peer decentralized trading platform optimized with Artificial Intelligence and Machine Learning.

Predictive algorithms, trading bots, algorithmic trading, sentiment analysis scores, graphs and plenty of other features will be integrated into the MeterQubes exchange. Token-to-token swaps will also be possible thanks to minimal slippage rates and a highly liquid order book.

It will be interesting to watch whether the company will manage to raise the funding required to get the project going. This is another project from the financial sector, where competition is fierce. We should acknowledge that integrating AI and Machine Learning into the trading process may be helpful, but MeterQubes must get to the level of other already-popular exchange platforms.

At the time of writing, the MeterQubes ICO enjoys high feedback, with industry websites like icomarks.com and trackico.io offering impressive ratings. The fact that the fundraising process will take place on an exchange may be another strong point, as it will get broader exposure to people interested to invest in projects like this one.

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Uncategorized https://www.elastika.org/blog/can-the-meterqubes-ico-innovate-the-decentralized-trading-world/ https://www.elastika.org/blog/can-the-meterqubes-ico-innovate-the-decentralized-trading-world/ Editor Tue, 27 Aug 2019 06:26:08 -0400
Crypto Options – An Alternative To Regular Crypto Trading

Crypto enthusiasts are now really happy because of the launch of Bitcoin options and futures. However, many are still not familiar with fundamentals associated with crypto options.

Bitcoin options are highly advantageous for many since they allow them to take advantage of a market that is highly volatile. This is possible through risk hedging.

If you want to dabble in the world of crypto options, first you need to learn what they are and then start trading.

Understanding Cryptocurrency Options

When looking at traditional financing, 2 option types exist and can be bought. These are “put” and “call”. The call crypto option offers you the possibility to buy a crypto asset at a strike price. The put option offers holders the possibility to sell assets at predetermined prices.

Options stand out as one of the really important tools available on the market at the moment in the traditional market. It is often used by the traders for speculation purposes. Using the option contract for trading can exceed underlying asset volumes, like in stocks. There are also numerous options that are utilized in order to hedge the risks for the participants that have a really large investment budget.

The crypto market quickly adopted the possibility of using options. However, the demand for crypto options is lower right now, especially when compared with stocks. This is mainly due to the BTC/USD trading volumes that can easily decline.

To put it as simple as possible, crypto options are contracts or financial instruments that offer you the right to sell or buy a specific cryptocurrency for a price that is predetermined, all at a future given date. Cryptocurrency options can so easily intimate the new market participants due to the use of terminology that is idiosyncratic. It is simply different from the legacy options market and the terminology that is used there, even if it is already quite complicated.

When referring to cryptocurrency, the “upside profits” options contract is very similar to the call option in Europe, a right to buy. The “downside profits” options contract is just like the put option, a right to sell.

Where Can Crypto Options Be Traded?

Crypto options are normally designated between cash-settled and bitcoin-settled markets. The most popular market at the moment is Bitmex but Okcoin and Okex are very popular alternatives.

When referring to the cash-settled crypto options, CME (Chicago Mercantile Exchange) enjoys a very high popularity. Its alternative is the CBOE (Chicago Board Options Exchange).

On the whole, there are countless crypto option opportunities that are being developed and that will be available soon for interested investors. Usually, working with someone that has experience in the industry is what counts since the crypto market is highly volatile. Options can easily go up and down much faster than initially expected.

Final Thoughts

In the future, traders will be faced with a growing crypto market capitalization and various derivatives that are going to be developed. This does include cryptocurrency options. Traders will have much more power to sell and buy bitcoin in the way they want.

The last thing that needs to be said is that it is really important to choose a really good platform in the event that you want to invest in crypto options. There are always advantages and disadvantages of trading and you need to be aware of both.

Take as much time as you need to understand everything associated with crypto options and crypto trading in general. The possibility of making a lot of money in a short period of time draws many to cryptocurrency deals but this is a recipe for disaster if you do not know what you are doing.

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Uncategorized https://www.elastika.org/blog/crypto-options-ndash-an-alternative-to-regular-crypto-trading/ https://www.elastika.org/blog/crypto-options-ndash-an-alternative-to-regular-crypto-trading/ Editor Tue, 06 Aug 2019 15:26:59 -0400
AI-Based ICOs Will Continue to Trend in 2019 Even though the blockchain technology could have many applications in the real economy, when it comes to companies creating new impressive ICOs there seems to be a lack of vision. We have so many projects wanting to launch cryptocurrency exchange platforms, which make us question whether the actual project will turn out to be successful enough in order to sustain the token price.

Because of that lack of new breath-taking projects, people wanting to invest in ICOs had been focusing on companies wanting to provide high-tech solutions, in particular projects who use Artificial Intelligence or other innovative technologies, used in combination with the well-known blockchain technology.

Fetch.AI surprised

Back in March, Binance’s Launchpad platform hosted new fundraising for an interesting project called Fetch.AI. It brings together machine learning, artificial intelligence, multi-agent systems, and decentralized ledger technology in order to create an economic internet.

Fetch.AI will be a semantic, geographic and decision-based navigation for autonomous agents to deliver seamless problem-solving. It will also provide a unique scalable ledger to support high transaction speed.

Source: pixabay.com

People were eager to invest in exchange-backed ICOs, choosing to get involved in projects features on platforms like Launchpad. Those who trade with TDS Capital or other trading platforms were also able to invest in new featured ICOs.

In the case of Fetch.AI, the project turned out to attract huge interest from retail investors, as the $6 million in hard cap was reached within minutes and almost 70 million FET tokens had been sold to Binance users.

New similar projects coming?

With Fetch.AI in the rear mirror, there are other projects who want to use AI. The Seed Token Project is an open, independent, and decentralized marketplace for developers, publishers, and other people.

The platform provides development tools, intellectual property, and a tokenized network for delivering front-ends to AI technologies. SEED actually pays consumers for their contribution to AI systems.

Even though the ICO date had not been yet provided, SEED is expected to be one of the top ICOs in the second half of 2019. The project is created by a group of experts from the industry and had already received significant media attention.

Other projects that will provide innovative and improved software solutions will be among the top-rated ICOs, as investors as looking for companies that aim to create disruptive applications – ones that could generate an increase in productivity and more effective digital systems.

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Uncategorized https://www.elastika.org/blog/ai-based-icos-will-continue-to-trend-in-2019/ https://www.elastika.org/blog/ai-based-icos-will-continue-to-trend-in-2019/ Editor Sun, 30 Jun 2019 10:17:02 -0400
Has Blockchain Been Overhyped? Has Blockchain Been Overhyped? Who did it? This question can be answered with "yes" and "no". Distributed Ledger Technology (DLT) is overestimated by those who overestimate it, and underestimated by those who underestimate it -- it's as simple as that. The blockchain is a relatively new technology, which is why many entities tend to overestimate their potential or prematurely draw their global impact conclusions. However, there are other aspects that still underestimate it, even though you can hardly see them on today's crypto-chain news sites.

The healthiest way to blockchain is to accept it, have its pros and cons, and get as many benefits as possible. Many companies insist on this approach - they are implementing this technology, there is not much fuss. In general, these large companies integrate blockchain solutions with existing systems.

I also noticed that the first ad attached to your linked video is bitcoin. This is fundamentally a very secure trading base, but the actual availability of Bitcoin has been ruined by those trying to trade on the general money market -- it was meant to be replaced, not joined. Therefore, Bitcoin is hoarded as "wealth" because people have not adapted to more mentality. The purpose of Bitcoin and other cryptocurrencies is to keep circulation, not to be locked. Those "coins" that are locked are essentially worthless, and those in circulation add value. I also think that multiple servers should be set up to classify "lost" coins so that coins that are not in circulation after the shortest time can be "mined" again.

Blockchain is just a means of tracking transactions. As far as your video is concerned, this is not the coin being traded, but the source of some information. I designed my own perpetual motion machine (a completely closed system that never drives anything, so it can't be "free energy"). If it is a free energy system, I deserve to spend time ensuring that the design is sent to the blockchain environment. No one can tamper with the original information, but everyone can share it freely.

Recently, JPMorgan Chase -- the largest bank in the United States -- published a report on blockchain and cryptocurrency. The bank's analysts said that the value of cryptocurrencies like Bitcoin has not been confirmed. Given the CEO's view of Bitcoin, such a judgment can be expected. At the end of 2017, he said that Bitcoin was a fraudulent act and he would fire any JPMorgan traders who were caught with the trading password.

But what can JP Morgan Chase analysts say about the blockchain, especially when the bank itself proposes a l l t solution through its arbitration platform? Well, the bank giant seems to be not enthusiastic about this technology. The research paper shows that there are too many hype around the blockade chain, and there will be no major changes in the next three to five years.

So if you want to find an objective answer, you can also consider JP Morgan Chase's position - yes, the blockchain is overrated, but that doesn't mean it doesn't work, or it doesn't help in many ways. This hype effect is obvious because many individuals and organizations are manipulating the entire community in order to attract capital or raise brand awareness. Think about how the riot blockchain has changed from a biotech company with a different name and how its share price suddenly jumped. There are many cases like this. A similar phenomenon has also occurred in the adoption of the Internet, and Nasdaq has made huge gains.

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Uncategorized https://www.elastika.org/blog/has-blockchain-been-overhyped/ https://www.elastika.org/blog/has-blockchain-been-overhyped/ Editor Sun, 02 Jun 2019 03:00:03 -0400
The Dearth of ICOs has Detracted from Ethereum's Value Ethereum hit a record all-time high along with many of the large cap crypto currencies in December of 2017 and sold off throughout most of 2018. Crypto currencies in 2019 have flatlined, moving sideways as traders look for new information to drive the crypto currency markets.

How Did Ethereum Start?

Ethereum was launched as an experiment to test the value of a decentralized computing platform on the blockchain. The theory to be tested was a proposal of Vitalik Buterin. The launch was a crowd funding project which became on the largest in history. Ethereum was established with an 18 million dollar crowd funding campaign in the summer of 2014. The community support surrounding Ethereum provided the backdrop for the momentum to become a network where people continually want to develop their software.

How Do Initial Coin Offerings Complement Ethereum?

The Ethereum network provides a training ground for a developer to generate new initial coin offerings (ICO). As new software products are developed on Ethereum, and new coins are developed on the platform, investors use Ethereum to participate in the initial coin offerings. Instead of buying the ICO, traders are purchasing Ethereum. BAT, one of the earliest ICO success stories, drew in $35M worth of ether in 30 seconds.

When its Too Good to Be True

Once of the issues that surrounded new ICO’s was the growing scrutiny it received from regulatory bodies. Many new ICO’s did not hold weight, and as cryptocurrency trading prices soared in late 2017, regulators started clamping down. This brought up the underlying anxiety of how regulation would impact this use case of Ethereum. ICOs continued to happen, but the rally in the price of Ethereum was eliminated.

Ethereum was the platform of choice for ICOs, and the network’s smart contracts, in conjunction with a standard for smart contracts, made it easy for anyone to create a new token. This empowered new companies to collect money from investors in a way that afforded more security to investors than traditional, paper-issued shares in a company.

Unfortunately, the low barrier to entry for new coins also made it very easy for coin scammers to abuse the system and collect money from investors without having a coin. The fraudulent activity allowed scammers to make off with huge sums of money while delivering no good or service in return. Complain brought on a crackdown from the Securities and Exchange Commission which generated additional headwinds for Ethereum.

Smart Contracts Equal ICO

The way Ethereum Blockchain was created makes fundraising very efficient as all you have to do is create a smart contract to do an ICO. Every time ETH are sent to the contract address, the contract issues newly minted tokens that are automatically sent back to the sender. This is basically the same function as an investment banker, which could make IPOs obsolete in the future. In early 2018, ICO raised more than 1-billion dollars in both January and February, while prices of Ethereum remained high. The decline in the value of Ethereum has altered the landscape.

Additionally, South Korea and China which were big players in the mining and trading of a wide range of cryptocurrencies started aggressively shutting down and regulating cryptocurrency exchanges, preventing people from doing things like trading ETH or participating in ICOs. Since the great selloff of 2018, prices have traded sideways waiting for new information to drive the price.

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Uncategorized https://www.elastika.org/blog/the-dearth-of-icos-has-detracted-from-ethereums-value/ https://www.elastika.org/blog/the-dearth-of-icos-has-detracted-from-ethereums-value/ Editor Tue, 14 May 2019 10:37:29 -0400
SocialGood Cashback Sets Up New Business Model With an expanding global commerce sector, blockchain-based companies are trying to find out new ways to bring new improvements for the benefit of all the people. Build based on a combination between the blockchain technology and artificial intelligence, the SocialGood Cashback is intended to reward users with up to 20% in cash back for the products purchased from partner companies.

SG cryptocurrency and a new unique ecosystem

Developed by the Social Good Foundation, the SocialGood Cashback program is made possible through a revolutionary cryptocurrency called SocialGood (SG).

A utility token, compliant with the Ethereum ERC-20 standard, SG will have a limited supply of 210 million, a measure which intends to foster a long-term value growth. For 2019, the company plans to issue 17,727,258.918 SG tokens, out of which 10 million or 56% will be used for the Cashback program.

The value of SG token is supposed to increase because it has a limited supply and if there will be an increasing number of users wanting to get involved in the system.  In addition to that, the Social Good Foundation will reinvest funds raised during IEOs (Initial Exchange Offerings), ICOs (Initial Coin Offerings), and presale, in further advertisement (to increase the number of users) and in buyback-type operations, which will imply that the company will collect SG that are out in the market.

Another important step that aims to popularize SG at a global scale will require the involvement of several large exchanges. The company plans to list the cryptocurrency on several big exchanges throughout 2019, and also, sales will begin on the LATOKEN exchange, which has an estimated of $5 billion in trading volume a month. Although the foundation is based in Japan, Japanese residents will not be able to purchase tokens in the first phases of the project.

In 2018, the Social Good Foundation managed to raise $30 million from accredited investors, and it had already filed with the US Securities and Exchange Commission in order to be fully-compliant with regulation. Out of the $30 million raised, $10 million had already been devoted for the cash back program, which started at the beginning of March 2019.

Throughout the year, the project will continue to expand further, aiming to reach an increasing number of users willing to take place in the program. The Social Good Foundation will also launch a proprietary mobile app, in order to ensure quick access of any user to a personal account. Using the app, clients will be able to monitor their SG holdings, transfer them to an exchange platform and exchange them into fiat money.

Although companies from the commerce industry had conducted cash back programs in the past, this is the first time a company involves a cryptocurrency and artificial intelligence. It is expected that operational costs will be significantly reduced, remittance fees will be omitted, and a smooth conversion to fiat currencies will be made possible.

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Uncategorized https://www.elastika.org/blog/socialgood-cashback-sets-up-new-business-model/ https://www.elastika.org/blog/socialgood-cashback-sets-up-new-business-model/ Editor Wed, 10 Apr 2019 10:57:40 -0400
Can You Count On Cryptocurrency For Retirement? Are you considering adding cryptocurrency to your retirement portfolio? Is it reliable enough of an investment? Here is everything that you need to know.

You’ve probably heard the many stories of investors who are making millions of dollars from Bitcoin investments. According to Investors, if you had purchased just a $100 worth of Bitcoin in 2011, it would have been worth over $2 million today.  This teenager has amassed almost a half of a million in Bitcoin and other cryptocurrencies. He started with an investment of just $12,000.

If you are like most Americans, you probably don’t have enough saved for retirement. Maybe you got a late start on investing and are wondering if you can create your own windfall from Cryptocurrency investments.

Cryptocurrencies are a whole new class of assets. They represent some of the fastest growing and newest asset classes available. But, are they reliable enough for a retirement portfolio? Many investment professionals think so.

What Is Cryptocurrency?

A cryptocurrency is a form of digital currency. Some people believe that it is the currency of the future. Cryptocurrency is difficult to counterfeit because it uses cryptography for security. Bitcoin is the most popular type of cryptocurrency today. It has a market cap of more than $116 billion, according to Inc.

There are a variety of new and emerging types of cryptocurrency, including stablecoins, which are a lot less volatile than Bitcoins hence the name. Lightning Bitcoin is another type of cryptocurrency that has low transaction fees and fast transactions. Another example is Ethereum, which is used for projects that are crowdsourced.

Benefits Of Adding Cryptocurrency To Your Retirement Portfolio

Here are some of the benefits of adding cryptocurrency to your retirement investment strategy.

There Is Long-Term Growth

Although cryptocurrency is highly volatile at the moment, it looks like it might prove to be a good long-term investment. Most investments that are volatile can still be very good long-term investments, as long as you are willing to hold on for the long haul. A good example is most stocks. Many are highly volatile but good for long-term growth. Cryptocurrency is the same. Most people plan for retirement over decades. As long as you are in it for the long-haul, cryptocurrency can be a good investment.

It Adds Diversification

Most investors know that diversification is a great strategy for minimizing risk while still allowing long-term growth. Most investment professionals recommend diversifying your retirement portfolio into mutual bonds, stocks, real estate, and other assets. Exciting new assets like cryptocurrency can be a great way to diversify your portfolio. As long as you rebalance your portfolio every so often, your portfolio should continue to grow.

A Government Hedge

Cryptocurrency isn’t directly controlled by the government. This fact is what makes it such an attractive investment. Government policies can strongly impact Wall Street. Since cryptocurrency isn’t directly impacted by changes in government policy, it can move in the opposite direction of current markets, kind of similar to gold in that respect. This makes it very attractive for long-term retirement investing.

It’s Cheap

Financial gurus who are against Bitcoin argue that it is too great of a risk for a retirement account. As of May of this year, Bitcoin was selling for just over $7,000. This number represents the maximum risk. Now is the time to buy cryptocurrency while it is still relatively cheap.

Cryptocurrency is Resilient

Cryptocurrency is proving to be resilient. It had quite a tumultuous beginning. In spite of all of the ups and downs, it has not entered a death spiral as some financial experts predicted. Bitcoin has just turned ten years old and is now a hundred billion dollar market.

The Technology Is There

The future of cryptocurrency depends on having the technology to make it functional. Investors must be able to seamlessly and easily trade coins. They must also be able to exchange coins for other assets.

Experts believe that the technology needed to support cryptocurrency trading will increase in coming years. In fact, much of the technology is already there. More and more retirement platforms are allowing cryptocurrency trading. It is already becoming a lot more accessible.

The Bottom Line

Only you can decide whether or not Bitcoin as a smart investment idea. You should talk to your accountant or financial advisor for specific advice. The important thing to keep in mind is that the IRS relies upon taxpayers to track and pay taxes on cryptocurrencies. Therefore you should talk with your CPA or tax accountant for advice. Check out this blog post to learn the differences between a tax accountant vs CPA.

Want more helpful information and advice for everyday life? Check out this site to learn the difference between chapter 7 vs chapter 11 bankruptcy. Click here to learn how to stop robocalls once and for all. Check out this article on DUI attorney marketing.

References:

  1. https://www.investopedia.com/articles/investing/123015/if-you-had-purchased-100-bitcoins-2011.asp
  2. https://www.forbes.com/sites/forbesfinancecouncil/2018/06/27/three-reasons-cryptocurrency-is-making-its-way-into-retirement-plans/#5d5f3810104e
  3. https://www.daveramsey.com/blog/what-is-bitcoin
  4. https://www.cnbc.com/2018/10/31/bitcoin-turns-10-years-old.html
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Uncategorized https://www.elastika.org/blog/can-you-count-on-cryptocurrency-for-retirement/ https://www.elastika.org/blog/can-you-count-on-cryptocurrency-for-retirement/ Editor Fri, 01 Feb 2019 22:21:22 -0500
Prepping for a Cryptocurrency World: China Edition

Over the past year, the cryptocurrency market took a series of heavy punches from the Chinese government. The market took the hits like a warrior, but the combos have taken its toll in many cryptocurrency investors. The market lackluster performance in 2018 pales in comparison to its stellar thousand-percent gains in 2017.

What has happened?

Since 2013, the Chinese government have taken measures to regulate cryptocurrency, but nothing compared to what was enforced in 2017. (Check out this article for a detailed analysis of the official notice issued by the Chinese government)

2017 was a banner year for the cryptocurrency market with all the attention and growth it has achieved. The extreme price volatility forced the Central bank to adopt more extreme measures, including the ban of initial coin offerings (ICOs) and clampdowns on domestic cryptocurrency exchanges. Soon after, mining factories in China were forced to close down, citing excessive electricity consumption. Many exchanges and factories have relocated overseas to avoid regulations but remained accessible to Chinese investors. Nonetheless, they still fail to escape the claws of the Chinese Dragon.

In the latest series of government-led efforts to monitor and ban cryptocurrency trading among Chinese investors, China extended its "Eagle Eye" to monitor foreign cryptocurrency exchanges. Companies and bank accounts suspected of carrying out transactions with foreign crypto-exchanges and related activities are subjected to measures from limiting withdrawal limits to freezing of accounts. There have even been ongoing rumors among the Chinese community of more extreme measures to be enforced on foreign platforms that allow trading among Chinese investors.

"As for whether there will be further regulatory measures, we will have to wait for orders from the higher authorities." Excerpts from an interview with team leader of the China's Public Information Network Security Supervision agency under the Ministry of Public Security, 28th February

WHY WHY WHY!?

Imagine your child investing his or her savings to invest in a digital product (in this case, cryptocurrency) that he or she has no way of verifying its authenticity and value. He or she could get lucky and strike it rich, or lose it all when the crypto-bubble burst. Now scale that to millions of Chinese citizens and we are talking about billions of Chinese Yuan.

The market is full of scams and pointless ICOs. (I'm sure you have heard news of people sending coins to random addresses with the promise of doubling their investments and ICOs that simply don't make sense). Many unsavvy investors are in it for the money and would care less about the technology and innovation behind it. The value of many cryptocurrencies is derived from market speculation. During the crypto-boom in 2017, participate in any ICO with either a famous advisor onboard, a promising team or a decent hype and you are guaranteed at least 3X your investments.

A lack of understanding of the firm and the technology behind it, combined with the proliferation of ICOs, is a recipe for disaster. Members of the Central bank reports that almost 90% of the ICOs are fraudulent or involves illegal fundraising. In my opinion, the Chinese government wants to ensure that cryptocurrency remains 'controllable' and not too big to fail within the Chinese community. China is taking the right steps towards a safer, more regulated cryptocurrency world, albeit aggressive and controversial. In fact, it might be the best move the country has taken in decades.

Will China issue an ultimatum and make cryptocurrency illegal? I highly doubt so since it is pretty pointless to do so. Currently, financial institutions are banned from holding any crypto assets while individuals are allowed to but are barred from carrying out any forms of trading.

A State-run Cryptocurrency Exchange?

At the annual "Two Sessions" (Named because two major parties- National People's Congress (NPC) and the National Committee of the Chinese People's Political Consultative Conference (CPCC) both take part in the forum)held on the first week of March, leaders congregate to discuss about the latest issues and make necessary law amendments.

Wang Pengjie, a member of the NPCC dabbled into the prospects of a state-run digital asset trading platform as well as initiate educational projects on blockchain and cryptocurrency in China. However, the proposed platform would require a authenticated account to allow trading.

"With the establishment of related regulations and the co-operation of the People's Bank of China (PBoC) and China Securities Regulatory Commission(CSRC), a regulated and efficient cryptocurrency exchange platform would serve as a formal way for companies to raise funds (through ICOs) and investors to hold their digital assets and achieve capital appreciation" Excerpts of Wang Pengjie presentation at the Two Sessions.

The March towards a Blockchain Nation

Governments and central banks worldwide have struggled to grapple with the increasing popularity of cryptocurrencies; but one thing is sure, all have embraced blockchain.

Despite the cryptocurrency crackdown, blockchain has been gaining popularity and adoption in various levels. The Chinese government have been supporting blockchain initiatives and embracing the technology. In fact, the People's Bank of China (PBoC) have been working on a digital currency and have conducted mock transactions with some of the country's commercial banks. It is still unconfirmed if the digital currency will be decentralized and offer features of cryptocurrency like anonymity and immutability. It wouldn't come as a surprise if it turns out to be just a digital Chinese Yuan given that anonymity is the last thing that China wants in their country. However, created as a close substitute of the Chinese Yuan, the digital currency will be subjected to existing monetary policies and laws.

People's Bank of China Governor, Zhou Xiaochuan. Source: CNBC

"Lots of cryptocurrencies have seen explosive growth which can bring significant negative impact on consumers and retail investors. We don't like (cryptocurrency) products that make use of the huge opportunity for speculation that gives people the illusion of getting rich overnight" Excerpts from Zhou Xiaochuan interview on Friday, 9th March.

On a media appearance on Friday, 9th March, Governor of People's Bank of China, Zhou Xiaochuan criticized cryptocurrency projects that leveraged on the crypto-boom to cash in and fuel market speculation. He also noted that development of the digital currency is 'technologically inevitable'

On a regional level, many Chinese cities have are driving blockchain initiatives to promote growth in their region. Hangzhou, renown for being the headquarters of Alibaba, have stated blockchain technology to be one of the city's top priorities in 2018. The local government in Chengdu city have also been proposed the building of an incubation center to foster the adoption of blockchain technology in the city's financial services.

Local conglomerates such Tencent and Alibaba have also formed partnership with blockchain firms or initiated projects on their own. Blockchain firms such as VeChain have also secured multiple partnerships with Chinese firms to improve supply chain transparency in China.

All clues point to the fact that China is working towards a blockchain nation. China has always had a open mentality to emergent technologies such as mobile payment and Artificial Intelligence. Henceforth, it is without a doubt that China will be the first blockchain-enabled country. Will we see the Chinese government backing down and let its citizens trade again? Probably, when the market has matured and is less volatile but definitely not in 2018.

I'm currently a student studying in Shanghai. As a tech enthusiast, I'm excited about the tech scene in China. Do contact me at chewweichun94@gmail.com for any working opportunities!

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Uncategorized https://www.elastika.org/blog/prepping-for-a-cryptocurrency-world-china-edition/ https://www.elastika.org/blog/prepping-for-a-cryptocurrency-world-china-edition/ Editor Tue, 21 Aug 2018 10:57:28 -0400