The price of bitcoin dropped around 8% during the last seven days, but prices started to improve during Friday’s mid-afternoon trading sessions. Today, bitcoin is swapping for prices between $54,400 to $54,800 per unit and commands a $1.02 trillion market valuation. The overall market capitalization of all 8,500+ coins in existence is around $1.59 trillion on Saturday morning.
Bitcoin (BTC) prices have seen some improvements after the price slid from $57,207 to a low of $50,360 on Thursday. BTC is up today over 3%, but down 5% for the week on March 27, 2021. Bitcoin dominance among all the other coin valuations combined is around 59.3% while ethereum (ETH) captures 11%.
Bitcoin is still up over 16% for the month, 109% during the last three months, and 763% against the USD for the year.
The top trading pair with bitcoin (BTC) today is tether (USDT) which commands 55% of the crypto asset’s trades. This is followed by USD (16.85%), BUSD (5.92%), JPY (4.19%), EUR (3.84%), and the KRW (2.38%).
This week the cryptocurrency community was pleased to hear that Elon Musk revealed that the electric car company Tesla will now accept BTC for purchases. The CEO of Zumo, a digital wallet and payments platform, Nick Jones believes more brands will join Tesla’s lead.
“We’re delighted to see that Tesla is now accepting Bitcoin as a form of payment for their products,” Jones explained. “The increased institutional investment and market support of cryptocurrency from such brands is a key indicator of not only its long-term value but its contemporary relevance. Knowing that over half of UK crypto owners have purchased this currency in the last six months, I’d imagine that more brands will follow suit,” the Zumo CEO added.
At the time of publication, the second largest crypto asset by market cap, ethereum (ETH) is trading for $1,686 per unit and is up over 3% today. Behind ETH is tether and in the fourth market position binance coin (BNB) is trading for $254, up 2.5% over the last 24 hours.
Bitcoin cash (BCH) is in the 11th market position today and exchanging hands for $495 per BCH. The crypto asset is up 0.64% today, down 6% for the week, up 0.21% for the last 30 days, and over 48% for the last three months.
The top two gainers today include chatcoin (CHAT) and stakenet (XSN). The top two losers on Saturday morning include selfkey (KEY) and cortex (CTXC).
Want to keep up with all the crypto market action in real-time? Check out markets.Bitcoin.com today!
What do you think about all the market action this week as crypto traders head into the weekend trading sessions? Let us know what you think about this subject in the comments section below.
Crypto Robot 365 is the talk of the town. This new piece of software has received a lot of attention lately, mainly because of the profits it claims to be able to make for its clients. For first-time traders, automatic cryptocurrency trading robots sound like a particularly appealing option. How can one not be enticed by the fact that a platform can do all the hard work for them by reading market trends and making trades on the most popular coins with the use of extremely sophisticated algorithms? Of all such robots out there, this one seems to be one of the most popular ones, so we went on and analyzed what it has to offer. The following Crypto Robot 365 review will dissect this product right down to the slightest detail, so do keep reading if you want to see what this software is capable of.
What is Crypto Robot 365?
Crypto Robot 365 is a trading software that automatically buys and sells cryptocurrencies like Bitcoin, Ripple, and Ethereum. With a minimum deposit of $250, traders can earn between $50 and $100 on a daily basis. As for investors who deposit $1,000, their earnings can go up to $400 per day. The selection of deposit methods is quite versatile, as you can choose between wire transfers, Visa and MasterCard credit cards, Neteller and Skrill. So, all major deposit methods have been covered. When it comes to Crypto Robot 365 withdrawals, on the other hand, they don’t take more than 48 hours to process, and you may withdraw your money at any time without having to worry about any fees. It is important to emphasize that you do not have to download anything to your computer. Simply open an account, fund it and you’ll be ready to go. Everything will be done through your internet browser. We will go into more details about how this whole thing works in the next part of our Crypto Robot 365 review, so don’t go anywhere because there is some very interesting information just below.
Crypto Robot 365 Home Page
How does Crypto Robot 365 work?
Crypto trading bots usually give a percentage of their returns to regular users who invest in the platform. That’s exactly the case with Crypto Robot 365. Once you have signed up on the website, the robot will start making trades on your behalf right after it synchronises with your broker account. This is pretty much how most trading robots work. Crypto Robot 365 was created to find volatility on the cryptocurrency markets in order to either sell or buy digital currencies for profit. This means that whenever the software detects a potentially positive result, it opens a position on the market, which eventually leads to successful trading experiences.
Although this crypto trading bot analyses a great array of the most popular cryptocurrencies you can find, including Bitcoin and Ethereum, it is continuously adding new virtual currencies to remain accurate when it comes to the situation on the market. But what makes it so special that it has made such a splash in the cryptocurrency industry? Many things. And they deserve a special part of our Crypto Robot 365 review.
Crypto Robot 365 Dashboard
The benefits of using Crypto Robot 365
During our research, we found many interesting Crypto Robot 365 benefits you will feel as soon as you start using the robot. Some may also they also prove its legitimacy, but we will deal with the reliability of this product later in the article. For now, let’s just stick to the facts and see what this product has to offer, shall we?
There are several important features we’d like to underline in this part of the review. The first one is the trading history. Looking at it, it becomes clear that Crypto Robot 365 does let traders diversify their portfolio as a means to sell digital coins back to the USD at a profit. The system claims that users can earn up to $465 every day on a single investment, which is true considering that traders can make several little profits from different sources that quickly add up to many gains. That aside, verified users have provided information that also backs up these numbers, so there really is no scam here. Plus, the software comes with zero cost to use, which means that the company’s profits come from commissions. So, wouldn’t they want to make sure they are making winning trades?
Crypto Robot 365 features excellent risk management tools that enable it to spot significant volatility. This in turn opens the door to make profitable trades when the market is favourable. The robot will select not only the number of trades that can be executed at the same time (at any given time) but will also set the amount of each trade. Traders can also choose one of three risk management strategies available (trade size can be set to just $10), namely Classic, Martingale, and Fibonacci. There is a proven track record of performance. In the past few months alone, the robot has produced more than 90% of successful trades. Risk-adjusted techniques and careful design combined simply do wonders. However, it is easy to test the credibility of these lines. If you are in doubt of the robot’s capabilities, do open a Crypto Robot 365 demo account and test it yourself. We’ll show you how to do that in the next part of our analysis.
Crypto Robot 365 Getting Started
Crypto Robot 365 demo
Yes, you can trade in a Crypto Robot 365 demo mode, which is a great way to check for yourself what this software can offer you and how legit it really is. To do that, you will first have to register, which is really very simple because all you have to do is provide your name and e-mail and create your password. You will be able to start trading in a matter of seconds.
Once you complete the login, you can head to the overview of your profile. There you can click on the demo mode to initiate it. What is also very interesting is that Crypto Robot 365 demo allows you to fiddle around with various settings.We all know that a one-size-fits-all policy cannot mean good news for the end user. If you cannot modify something per your particular requirements, then it is probably of no use to you. For that reason, the Crypto Robot 365 review system is configured with tried and true trend- and volume-seeking indicators like MACD, RSI, Trend and many others (seven in total) which can be turned on or off whenever you want, and which keep an eye on the charts openings. Therefore, even if you miss your initial move, you still have the chance to get in position early enough to make a profit from opportunities that present themselves. Apart from that, however, you can set your expiry time, choose the method that suits you best, set the amount you want to invest in each trade etc. Therefore, you can thoroughly examine how the bot works and then see if you want to use it or not. With this demo you will definitely be fully prepared, and we are very pleased that it is included in the offer. But we have more things to review in our Crypto Robot 365 review, so stay tuned.
When it comes to software like this, it is always important to see which brokers support it. Fortunately, the list is quite impressive in this case. Just to name a few examples, traders can use many regulated brokers that allow cryptocurrency trading like AvaTrade (minimum deposit set at $100 + $50 bonus) and eToro (min. deposit $100 +$100 bonus for new users). Other notable entries include Trade Invest 90, ZoomTrader and many others. All you have to do is make your choice and then create an account with that broker independent of the account on Crypto Robot 365 website. You then simply synchronise the account you have with your broker with the one you have on this site by going to the “Brokers” tab in your profile (just under the overview we mentioned earlier) and adding your trading account to the list. It is quite important to mention that people running the show here are adding new brokers constantly, so you may want to keep an eye on that in case something you like pops up. If any part of the offer so far is not clear to you, you can always clear things up with the support team. They really are excellent at what they do and deserve to be mentioned in this Crypto Robot 365 review.
Crypto Robot 365 Brokers
Crypto Robot 365 Support
The friendly and very highly motivated customer support team responds promptly to all queries around the clock and provides great support services that make traders feel at ease here. You can contact the company via several methods including, email, telephone, and an online contact form. However, there is also a ticketing interface where they may log their complaints themselves. In addition to that, an online web chat interface which allows you to get your answer almost instantly is also available, which is another big plus. The level of support you get here can also put your mind at ease when it comes to safety. Simply, if those behind Crypto Robot 365 have invested so heavily in maintaining excellent customer relations by implementing a 24/7 support team, it is highly unlikely they are in for a quick profit. Besides, scam companies never have any good support, to begin with. But the quality customer support is only one of the reasons why we think no Crypto Robot 365 scam is possible. What are the other ones? We’ll show you in the next part of our analysis.
Crypto Robot 365 Support
Is Crypto Robot 365 a scam?
Your security when doing business online always has to come first. Of that, there can be no doubt. If you have read this whole Crypto Robot 365 review so far, you’ve probably noticed several features that can tell you a lot about the reliability of this software. The support is excellent, and the brokers that support this are some of the most reputable in the industry. You even have a demo account with which you yourself can check everything out if you want to be absolutely sure no Crypto Robot 365 scam can happen. But the list doesn’t stop there, oh no.
The whole website is very transparent, with all necessary information readily available. However, as the best proofs that you don’t have to worry about any Crypto Robot 365 scam, we’d like to emphasize two things. First, it is very easy to get some genuine feedback from other people who use this robot. Some comments are listed on the website itself, plus the most successful are also shown there. But what really takes the cake is the fact that this bot has been verified by some very respected names in the industry, such as Snipe the Trade, a signal provider, and a couple of others of the same level. Companies of this calibre will not associate themselves with dishonest projects, so you can rest assured you will not encounter Crypto Robot 365 scam.
Crypto Robot 365 App
There is one thing we haven’t talked about in this review yet, something that could play a big role when you’re deciding whether or not to go with this product. We’re talking about Crypto Robot 365 app, or the mobile variation of this robot, to be exact. You see, the robot is specially designed to work with all mobile apps of the brokers which support it, which gives you an extra layer of opportunities. Additionally, you can manage it from any mobile device, so if you wish to change something in your instructions to the robot, you can do so in a blink of an eye. Therefore, no matter how you’re trading, you will always be able to use Crypto Robot 365 app to give you a hand. With that, we’re almost done with our review, but there are several other features that deserve to be mentioned before we end the article. Here are the honorable mentions.
Crypto Robot 365 Testimonials
Other verified benefits of Crypto Robot 365:
Yes, there are several other things that deserve a place in this Crypto Robot 365 review, at least in one paragraph. The robot really has a lot to offer, so while we did cover the most important aspects, it is important that we show you how much else there is for you to enjoy here. This is what you also need to know about the product:
It has a very user-friendly platform – the software is suitable for traders of all categories, even newcomers. Its tools have been designed to help you have a seamless trading experience.
The win rate here goes up to 90% and ROI (return on investment) of over 80%.
Auto-trading mode.
Allows traders to profit from falling and rising cryptocurrency prices.
Highly customisable system.
Unlimited trade amount.
Full payout.
Mobile version available.
Low minimum trade amount ($25).
As you can see, a lot effort and attention to details has gone into developing this trading bot. Combine all these characteristics with everything described in the rest of the analysis and you can only come to the conclusion that this is indeed something worthy of your time. The final verdict, therefore, can be made without any problems.
The Verdict About Crypto Robot 365
Based on our research, we couldn’t find any reason to express an opinion again this robot. It was made by a duly registered company that implements Crypto Robot 365 app which is easy to use without any prior knowledge of trading or cryptocurrencies. From what we could see, these people are transparent, provide their service free of charge (no hidden charges either) and have a well-organised, client-focused website that offers high-tech ways for traders to make a profit. Given the fact that Crypto Robot 365 is based in the UK, which is one of the strictest countries in the world when it comes to trading regulation, one can easily understand that there is no room for shady practices here. Everything is legit, and no signs of a scam were noticed by our team. As for the payouts, they are impressively fast compared to the competition. All in all, Crypto Robot 365 review has shown that the robot is able to live up to the promises its creators make, at least until the moment of this writing. With all that said, if you want a tool that can make reasonable investment decisions in your stead, just open an account on this website and use this robot. It will be a big help to you in your quest for profit.
The post Crypto Robot 365 Review appeared first on Crypto Trading Reviews.
Ocean Protocol, the decentralized data exchange protocol has announced that it has partnered with Polygon, previously known as Matic, to integrate its smart contracts and market to the polygon ecosystem.
The integration will allow Ocean Protocol’s users to save on gas fees at a time when congestion continues to increase on the Ethereum network, which has become one of the major deterrents for small investors to acquire cryptocurrencies native to Ethereum.
Matic rebranded itself to Polygon earlier this year as it aimed to become Ethereum’s bridge with other blockchain networks. The project has been adopted by over 90 dApps and 200k unique users, completing over 8 million transactions.
The ocean market is no available to publish, swap, stake, and consume data in the Polygon Network paying a fraction of the gas prices required by Ethereum and with lower latency. Developers can also now use the Ocean libraries and front-end components with Polygon.
Ocean Protocol’s founder, Trent McConaghy, referred to the partnership by stating:
“Polygon has a long history of collaboration with the Ethereum ecosystem with an eye towards scaling and security. The Polygon team has developed a first-class platform for running EVM-based contracts and bridging across chains. It’s our pleasure to leverage Polygon so that our users benefit from far lower gas costs in Ocean Market and in other emerging dapps & protocols that use Ocean.”
Ocean Protocol will Continue to Run in the Ethereum Mainnet
In spite of the move, the Ocean Protocol team continues to maintain the deployment to the Ethereum Mainnet in the future with no changes. The Ethereum 2.0 upgrade is expected to address most of the issues currently plaguing the network with high latency, low reliability, and high gas prices.
Ocean users can choose to publish their datasets and other services in Ethereum and/or Polygon, with the tradeoff consisting of UX and familiarity for lower latency and gas prices.
While at this time there are no bridges implemented for data tokens, the Ocean Protocol development team is working on fixing the “technical gotchas” that prevented their deployment on the first release.
For now, publishers and stakers can republish their services and datasets in Polygon if most liquidity is removed from the poll in Etherum, ensuring that stackers don’t see their gains siphoned.
In future updates, it is expected that these bridges will allow seamless interoperability between both chains, further improving the efficiency of the protocol and the benefits for users.
Oraichain partners with Ocean
Oraichain, an AI-powered oracle solution has announced its partnership with Ocean protocol to integrate products, data, and services.
Ocean protocol is especially useful for developers and companies working with Artificial Intelligence (AI) due to the high amount of data required to train neural networks and other types of AI.
Now, Ocean protocol will also be benefiting directly from AI via Oraichain’s Mainnet, which launched back in February, by exploring integrations between both ecosystems and their products, as well as expanding the offering of the Ocean Market
With the AI industry’s relevance continue to grow in the technology world, projects like Ocean and Oraichain are expected to see an increase in adoption in the coming years as the need for data increases at the same time as privacy concerns.
Bruce Pon, Ocean Protocol co-founder, said that the partnership is expected to be “a dynamic addition to our data and AI ecosystems” which will not only diversify the platform’s offering but also open the door to the exploration of new synergies between both ecosystems in the following months.
As blockchain becomes more popular, fast-moving platforms may be able to secure a user base as larger platforms are unable to deliver the same kind of performance.
The post Ocean Protocol Partners With Polygon Network for Lower Gas Fees appeared first on Blockonomi.
BTC/USD is on track for having the first bullish day after several falls as the bulls take the price up from $51,320 to $54,096.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $58,000, $60,000, $62,000
Support Levels: $48,000, $46,000, $44,000
BTCUSD – Daily Chart
BTC/USD is seen recovering above the previous support turned resistance of $54,000. Today, short-term price action has formed a wedge that has clearly broken to the upside. This has resulted in price levels attempting to continue the uptrend. Buying volume has yet to flood back into the market and will be required in order to sustain any form of a new uptrend.
Where is BTC Price Going Next?
Meanwhile, as long as the 9-day remains above the 21-day moving averages, traders can expect BTC to consolidate at higher levels. That’s if we could see a further climb above the $54,000 which is fast approaching; it may likely reach the resistances at $58,000, $60,000, and $62,000. Nevertheless, the critical support levels are located at $48,000, $46,000, and $44,000 respectively.
Currently, the Bitcoin price follows a dominant bullish bias. A glance at the technical indicator RSI (14) displays a positive picture of the coin in the near-term. Besides, maintaining a gradual upward slope above the 60-level, the technical indicator is increasing as a signal for growing buying entries.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Looking technically, BTC/USD needs to climb $55,000 above the upper boundary of the channel to mitigate the short-term bearish pressure and allow for an extended recovery towards $56,000. This psychological barrier may closely follow by $57,000 and $59,000 resistance levels.
BTCUSD – 4 Hour Chart
In contrast, the nearest support is at $53,000, and a sustainable move lower will increase the downside pressure and push the price towards $52,000 and $50,000 support levels. Considering that the RSI (14) on a 4-hour chart is moving to cross above the 50-level, traders might expect more bullish signals into the market.
The blockchain and crypto firm DMG Blockchain Solutions has revealed a partnership with the crypto asset mining business Argo Blockchain. The two firms have decided to launch a bitcoin mining pool that’s focused on leveraging clean energy resources.
DMG Blockchain Solutions (TSX-V: DMGI) and Argo Blockchain Plc (LSE: ARB) have recently entered into a Memorandum of Understanding to establish Terra Pool. The new bitcoin mining pool aims to utilize clean energy resources and will combine both DMG’s and Argo’s hashrate that uses hydroelectric-power.
In recent months, bitcoin (BTC) mining and all proof-of-work (PoW) mining, in general, has been criticized for how energy-intensive these networks can be. DMG’s and Argo’s Terra Pool plans to keep bitcoin mining climate-friendly by focusing on clean energy solutions.
“DMG’s increased innovative strength and continued focus on eco-friendly bitcoin mining has the opportunity to drive transformations in how the bitcoin mining community acts towards a climate-conscious future,” DMG CEO Dan Reitzik said in a statement.
The two companies also said the new eco-friendly bitcoin mining pool will work with other members of the crypto asset mining industry if the operations “expedite the shift from conventional power to clean energy.”
During the last decade, bitcoin miners leveraging renewable energy to mine BTC have utilized both renewable and surplus energy sources such as geothermal, wind, solar, natural gas, and hydropower. In more recent years, cogeneration concepts have been developed by leveraging the excess heat mining rigs release during use.
Bitcoin’s hashrate captured 185 exahash per second (EH/s) this month and the network difficulty is the highest it has ever been in BTC’s lifetime. At the time of publication, 17 publicly-known bitcoin mining pools direct hashrate at the BTC chain.
Argo Blockchain CEO Peter Wall believes that addressing clean energy efficiency in mining is a good idea for the planet. “Addressing climate change is a priority for Argo,” Wall stressed. “We are hopeful other companies within the bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness,” the Argo executive added.
What do you think about DMG’s and Argo’s clean energy Terra Pool project? Let us know what you think about this subject in the comments section below.
As the launch of the Ethereum 2.0 upgrade is coming closer, it is driving the crypto world crazier than ever. With StakeWise, staking ETH is simple and convenient, and investors are protected as their coins’ value is fully covered.
The biggest question is, how an ETH holder can stake his Ether and get them back safe and sound. In that context, StakeWise has stepped into the market, helping ETH holders to create low-risk returns. StakeWise has a solution that makes sense for staking!
About StakeWise
StakeWise is an inclusive smart contract-based platform, which works to provide a basket of ETH 2.0 services. The platform is built on the Proof-of-Stake consensus model, allowing easy token staking and a simple reward structure.
Headquartered in Estonia, StakeWise has been undergoing the beta test for nearly seven months.
In its latest update in March 2021, the platform announced a successful fundraising campaign of $2 million USD, even before its official mainnet launch. The funds were raised in a private round fundraising event and are evidence of the interest the platform is getting from investors.
In its public statements, StakeWise clearly addressed its services, including a custodial staking pool as well as non-custodial solo-staking.
StakeWise is assembled as a DAO (Decentralized Autonomous Organization) with a governance token $SWISE. It guarantees complete transparency and gives as much voting power to participants.
Earn rewards from staking Ether
A Great ETH Staking Solution
StakeWise is among the first providers to offer ETH2.0 staking solutions that are redeemable and preservable. Currently, the ETH2.0 upgrade is still taking place, meaning staked ETH cannot be exchanged back for trading until later this year when the shard chain deployment has been done.
To solve that headache, StakeWise brings in a protocol that tokenizes users’ ETH deposits into sETH2 and sends them a reward token known as rETH2. Those tokens are perfectly maintained at the ratio 1:1 to ETH, and can represent ETH in DeFi transactions.
Furthermore, the platform has announced its native token $SWISE that grants the governance decisions into the hands of users.
With $SWISE, StakeWisers are able to vote for any big matters on the chain, from commission rates to how node operators function. The token also plays as the system currency by which staking profits are shared with stakers.
In addition, users holding on to $SWISE can get proportional rewards in accordance with their ETH deposit amount.
Additionally, StakeWise is offering higher return rates for early staking. Particularly, 2% of the $SWISE supply will be rewarded to the first 25,000 ETH staked into the pool. As a result, so far, one-third of the total $SWISE cap has already been seized by investors.
Various Staking Options
StakeWise is bringing the market a staking pool and self-staking mode. When members stake their ETH into StakeWise pool, the ETH 2.0 smart contract will tokenize the deposits into sETH2 tokens, then generate an equal amount of the reward token (rETH2) for every earned ETH from the pool.
Either sETHs or rETHs can be burnt to redeem ETH at the ratio 1:1.
Reward tokens are accrued every 24 hours and distributed to all pool members based on their staking proportion.
Staking Options
Except for a 10% commission cut which is held off to compensate for the system development and maintenance, StakeWise pool is completely free. Users can deposit any amount of ETH as they wish, there is no minimum limit about that.
In order to maintain the safety and transparency of transactions, every time new ETHs are staked in the pool contract, a respective validator client key is created by the system and sent to a user’s cloud storage.
With that private key, its owner can access their tokens anytime from connected devices. It unleashes boundless control over staked tokens as well as consolidates protection against any errors or malicious acts.
In solo staking mode, users will pay $10 USD per month in exchange to be a validator on StakeWise. Solo stakers are required to deposit no less than 32 ETH, then they can assign their own withdrawal credentials to manage their funds.
To prevent any system malfunction, StakeWise will keep users’ keys on a cloud service.
Thanks to that, stakers can rest assured that they can go online 100% of the time and touch their keys whenever they want. Other than the $10 USD flat rate, solo stakers are charged with no extra fees.
They can also request a withdrawal to their predetermined address anytime, using their own withdrawal key.
Trade and Management Solutions
Besides all the profitability aspects, the founding team has made StakeWise an enjoyable destination for any crypto holders.
By paying a lot of attention to user experience, the service combines admirable advancements of ETH 2.0, such as scalability and high speed, in a friendly interface.
Users are offered real-time tracking to keep a close eye on their deposits and stay tuned about their performance and rewards second-by-second.
Moreover, StakeWise allows stakers to integrate their registries with external applications via API. Thanks to that, staking becomes substantially easier, since users can make and control remote deposits without any issues.
There will be a lot of money to be made in ETH staking, and StakeWise has created a good platform for creating returns.
Thought Leadership
StakeWise is composed of an enthusiastic and experienced team, leading by the two co-founders, Dmitri Tsumak and Kirill Kutakov.
Dmitri is a senior developer that loves blockchain technology, Kirill has built a solid background in the financial asset management sector.
Working together, the two young men have devoted all their hearts and mind to turning StakeWise into a friendly yet effective environment for ERC-20 transactions.
Speaking to the media, one of the two StakeWise founders, Dmitri, claimed their vision of making the best use of tokenomics and DAO governance to shape a thoroughly community-oriented crypto platform.
Not only is the platform shifting voting power to users, but StakeWise is also confident about bringing higher-yielding ratios for stakers, and ensuring security for its deposits.
The StakeWise social community is present on GitHub, Twitter, and Telegram, with timely updates on its latest progress. For those who want to join an early ETH staking and receive extra token rewards, StakeWise might be a good choice.
The post StakeWise Guide: Ethereum 2.0 Proof of Stake Pool & Solo Staking appeared first on Blockonomi.
This guide looks at the different category of cryptocurrency market, focusing on the 7th category which represents social network coins. This is the seventh part of the series that breaks down the crypto market into 12 major categories.
This article looks at the seventh category in the Top 100 of the cryptocurrency market, which features cryptocurrencies that are backed by a social network or platform.
Seventh Market Category: Social Network Coins
Social networking and media is an integral part of our lives, with the younger generation spending an average of 9 hours daily on social networking sites such as Facebook, Instagram, Twitter and Snapchat. However, a major downside of traditional social media is that all our personal data is stored and managed by a centralized database controlled by a corporation. This enables them to collect and harvest insights regarding our behaviours, preference, connections, habits and sensitive information. With all that valuable trove of data, our security and privacy run a real risk of being compromised. Make no mistakes, there have been multiple incidences where large social media corporations were breached or even engaged in unethical arrangements to exploit consumer data.
(See more: Evolution of Cryptocurrency: The Problem With Money Today)
Solution: Decentralized Social Network
The goal of a decentralized social network is to create a trustless and equitable balance of power across all stakeholders in the system, where all users possess control over their data. In a decentralized system, users own and manage their personal data or any data associated with their identity. With greater levels of security and privacy, decentralized social networks look to disrupt our traditional systems in an explosive way.
Here 4 social network coins in the Top 100 cryptocurrency list that are doing just that.
Reddcoin (RDD)
A social tipping cryptocurrency, Reddcoin allows users to send and receive RDD instantaneously with no fees. Reddcoin’s peer-to-peer (P2P) payment system allows integration with a wide range of social media networks such as Facebook, Reddit, Twitter etc. Instead of just giving ‘likes’ in Facebook or Twitter, users can now tip content creators across all social media platforms using RDD coins.
Reddcoin is an open-source cryptocurrency that is a fork from Litecoin (LTC). Reddcoin debuted on January 2014 and initially used a Proof-of-Work consensus mechanism but rather transited to a new consensus mechanism called Proof-of-Stake-Velocity. POSV was nativelydeveloped by Reddcoin, focusing on coin staking and active network participation (velocity). Currently, Reddcoin’s tipping system is already functional on Reddit and Twitter.
(See more: Category of Cryptocurrency Market: Pure Cryptocurrency)
Steem (STEEM)
Steem is a decentralized publishing platform that allows content creators to monetize their content. Whenever content on the Steem platform is upvoted, the content creator and those who curate the content will stand to be remunerated with Steem’s native currency (STEEM). Steem is also built on its own native blockchain. The project is a brainchild of Dan Larimer, who is also the CEO of Bithshares and EOS. There are 3 main currencies on the Steem platform:
STEEM: The main currency of Steem with an expanding supply of 100% yearly.
Steem Dollars (SBD): SBD is the stable currency that is pegged to the US Dollars, with each SBD representing USD $1. SBD was created to isolate the volatility of STEEM coins that were wholly dependent on market forces. 50% of the remuneration that content creators receive is paid through SBD coins, with the other 50% bring Steem Power.
Steem Power: This is a reputation-based, non-tradeable token that symbolizes a user’s influence and power in the network. The greater number of upvotes a user has, the more their votes will count and the higher their payout for curation will be. Users can convert their Steem Power tokens for STEEM, which will thereafter reduce their influence.
At the front end, Steem uses a Proof-of-Brain (POB) algorithm that requires users to create content in order for coins to be mined. The underlying Steem blockchain runs on the Delegated-Proof-of-Stake (DPOS) consensus mechanism, which is a highly scalable blockchain with a high throughput. Steem is an example of a cryptocurrency project that is fully functional and is gaining significant traction amongst the masses. It has an excess of over a million users and is globally ranked as #1,335 on Alexa’s website ranking.
(See also: Guide to Market Capitalization: Everything You Need to Know About Market Cap)
Mithril (MITH)
Mithril is a decentralized social media platform that, just like Steem, rewards content creators for their contribution. What Steem calls ‘Proof-of-Brain’ is called ‘social-mining’ in Mithril’s network. A unique feature of Mithril is its merchant network, which features numerous services for token holders to spend their MITH on. The range of services include premium content channels, live-streaming, online applications and retail merchandise.
Similar to Reddcoin, Mithril allows for the integration with existing social media platforms. Mithril was launched at the 2nd half of 2017, making it much younger than Reddcoin.
Mithril is built on the Ethereum blockchain and its native currency is called MITH, used as the main currency for Mithril’s ecosystem. In terms of traction, Mithril has launched a smartphone application called LIT (beta version), a social media app that looks like a mix of Instagram and WhatsApp. It has amassed a sizable amount of installations, amounting to approximately 20,000+.
(Read more: Coins, Tokens & Altcoins: What’s the Difference?)
Kin (KIN)
Kin is a token launched by a popular messenger service called Kik. Unlike most projects with no working product, Kik has a strong userbase of over 15 million active users and ranks #7 on the most popular social media platforms alongside Facebook and WhatsApp. It is no surprise that Kin raised close to $100 million for their ICO.
Kin aims to be a decentralized digital services ecosystem powered with their native currency of the same name called KIN. KIN will be used to facilitate value transfers within the Kin ecosystem, allowing direct interaction with content creators and users. A prominent feature of Kin is their Rewards Engine (KRE), a native incentive mechanism that rewards content creators based on usage of digital services that utilise Kin. Kin is currently built on the Ethereum platform, but would migrate to their own native blockchain which will be a fork off Stellar blockchain.
The primary reason for this is due to scalability concerns of existing blockchain. Kin is widely touted as one of the few decentralized applications that can drive mainstream consumer adoption of cryptocurrencies, due to their large userbase and the natural integration of decentralization to their existing business model. However, the fact that Kin has changed their directions multiple times on blockchain migration plans seems like there is a lack of vision and foresight.
(You might also be interested in: Will A Crash in Bitcoin’s Price Lead to Its Demise?)
Beneficial Resources To Get You Started
If you’re starting your journey into the complex world of cryptocurrencies, here’s a list of useful resources and guides that will get you on your way:
Trading & Exchange
Crypto Guide 101: Choosing The Best Cryptocurrency Exchange
Guide to Bittrex Exchange: How to Trade on Bittrex
Guide to Binance Exchange: How to Open Binance Account and What You Should Know
Guide to Etherdelta Exchange: How to Trade on Etherdelta
Guide To Cryptocurrency Trading Basics: Introduction to Crypto Technical Analysis
Cryptocurrency Trading: Understanding Cryptocurrency Trading Pairs & How it Works
Crypto Trading Guide: 4 Common Pitfalls Every Crypto Trader Will Experience
Wallets
Guide to Cryptocurrency Wallets: Why Do You Need Wallets?
Guide to Cryptocurrency Wallets: Opening a Bitcoin Wallet
Guide to Cryptocurrency Wallets: Opening a MyEtherWallet (MEW)
Read also: Crypto Trading Guide: 4 Common Pitfalls Every Crypto Trader Will Experience and Guide To Cryptocurrency Trading Basics: Introduction to Crypto Technical Analysis.
Enroll in our Free Cryptocurrency Webinar now to learn everything you need to know about crypto investing.
Get our exclusive e-book which will guide you on the step-by-step process to get started with making money via Cryptocurrency investments!
You can also join our Facebook group at Master The Crypto: Advanced Cryptocurrency Knowledge to ask any questions regarding cryptos!
Aziz, Master the Crypto Founder
I’m Aziz, a seasoned cryptocurrency trader who’s really passionate about 2 things; #1) the awesome-revolutionary blockchain technology underlying crypto and #2) helping make bitcoin great ‘again’!
The post Category of Cryptocurrency Market: Social Network Coins appeared first on Master The Crypto.
Vitalik Buterin, Ethereum’s co-founder, stated in an interview with Tim Ferris that he believed incoming rollups will be able to successfully support the network’s scaling before the deployment of Ethereum 2.0 and the introduction of sharding.
The rollups are layer-2 solutions that bundle transactions using sidechains before submitting them to the mainnet, increasing efficiency and reducing gas fees. This approach has become increasingly popular among Ethereum users as a way to deal with the increasing performance issues.
Ethereum Needs More Power!
The most popular blockchain network among blockchain developers has been struggling in recent months due to congestion which has resulted in high transaction processing times and gas prices, which has allowed other blockchain networks to gain popularity as the “Ethereum killers”.
Buterin expressed that while sharing while greatly increases the throughput of the network, rollups could also increase it by a factor of 100X by themselves, which would be more than enough for the network to continue operating while sharding is implemented.
Projects like Optimism and Arbitrum were mentioned in the interview as potential rollups that could provide the scalability boost over the next few months. However, the adoption of these solutions is all but sure as with every new platform there come risks that developers need to consider, as well as development costs.
Berlin Hard Fork To Be Deployed On April 14
Ethereum’s development team announced on March 8th that the Berlin hard fork was ready to be deployed in the Ropstern testnet on March 10th, while the Mainnet deployment would take place on April 14th.
The Berlin fork will see 4 Ethereum Improvement Proposals (EIP) implemented which will be EIP-2565: ModExp Gas Cost, EIP-2929: Gas cost increases for state access opcodes, EIP-2718: Typed Transaction Envelope, and EIP-2930: Optional access lists, 1 less than originally planned on January of 2021.
The hard fork will not affect Ethereum holders in any way but will require node operators and miners to update the Ethereum client to the latest version prior to the fork.
The Berlin update was originally planned to be released back in 2020 but experienced setbacks that prevented its deployment, which resulted in a longer than expected way for Ethereum supporters.
EIP-1559 Passes And Ethereum Gets Ready for ETH Burning
The EIP was originally proposed and co-authored by Vitalik Buterin back in 2019 to allow the reduction of the total ETH supply by burning part of the tokens every time it is used as gas in the network.
This approach has been taken by other blockchain networks to create a deflationary model and incentivize the holding of the cryptocurrency by fomenting scarcity. The proposal will also allow users to know the average price they will pay when doing a transaction, something that has become a guessing game over the last months.
The EIP was motivated not only by the high volatility of transaction-level fees and inefficiencies of first-price auctions but also by the long delays that users experience due to them and the instability it produced on blockchains with no block record.
New Ways to Keep on Top of Market Demand
Originally approved on Friday 5th, the proposal is currently under review and is expected to be deployed over the next months as congestion and fas prices continue to be a concern.
While the proposal and the Berlin hard fork might not resolve all of the issues experienced by users of the Ethereum network, it might alleviate some of the symptoms and allow developers to continued operating on it.
Many devs have turned to networks like Cardano and Polkadot, which have become increasingly popular as their development progresses.
While these platforms may see added users, a few small improvements in the ETH blockchain could once again put it in a secure position near the top of the crypto pantheon.
The post Vitalik Buterin Says Rollups Can Support Scaling Before ETH 2.0’s Deployment appeared first on Blockonomi.
The Bitcoin (BTC) is seen recovering from the dip and it is likely to move above the resistance level of $55,000.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $58,000, $60,000, $62,000
Support Levels: $48,000, $46,000, $44,000
BTCUSD – Daily Chart
BTC/USD bulls begin to come into the market as the price remains below the 9-day and 21-day moving averages. At the time of writing, Bitcoin is seen gaining 3.9% to trade at $53,327. Meanwhile, despite correcting lower since the past few days, traders will be excited to see the king coin finally surpass the $55,000 psychological level.
Would Bitcoin Go Up or Down?
In the past 24 hours, the number-one crypto has been fluctuating between $53,900 and $51,200 levels. Technically, looking at the two levels, they may determine the next direction that BTC/USD will follow. In other words, the Bitcoin price may decline if the $51,000 support is broken while the price may rise if the $53,000 resistance is breached.
However, bears may take advantage to break the support of $50,000 if the bulls fail to keep the price above the upper boundary of the channel. Meanwhile, the technical indicator RSI (14) is seen moving to cross above the 48-level, indicating that an uptrend may come to play in the market. Moreover, the resistance levels could be found at $58,000, $60,000, and $62,000 while the supports lie at $48,000, $46,000, and $44,000 respectively.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
According to the 4-hour chart, Bitcoin’s price is currently trading around $53,204 and within the 9-day and 21-day moving averages. Meanwhile, the bullish supply is coming up slowly into the market as the bears are also trying to drag the price down. More so, in as much as the buyers can strengthen the market, the Bitcoin price can hit a resistance level of $54,000.
BTCUSD – 4 Hour Chart
Furthermore, breaking above the $54,000 level could allow bulls to test the potential resistance at $55,000 and above. Meanwhile, the technical indicator RSI (14) is currently above the 45-level, but any bearish movement may welcome the sellers back into the market which could drag the price below the 9-day moving average to reach the support level of $51,000 and below.
Fidelity Investments has applied to list a Bitcoin exchange-traded fund (ETF) that would track Bitcoin prices. This is according to the company’s preliminary filing made with the U.S. Securities and Exchange Commission.
Fidelity’s ‘Wise Origin Bitcoin Trust’
The ETF called the Wise Origin Bitcoin Trust emphasizes the money manager’s goal to bring cryptocurrencies to mainstream finance.
Wise Origin Bitcoin Trust will aim to match an index that takes spot prices from various bitcoin markets, including popular exchanges such as Coinbase and Bitstamp.
Fidelity also disclosed in the Securities filing that Fidelity Digital Assets would serve as the fund’s custodian, storing Wise Origin’s holdings.
“The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions. An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” the company stated.
Fidelity has been quite active in the cryptocurrency space for a while. The firm started by experimenting with mining digital coins and using the blockchain to execute trades.
In September, Fidelity started offering a private bitcoin investment fund to certain qualified investors.
Bitcoin’s Amazing Start To 2021
Fidelity’s filing for an ETF comes at a time where Bitcoin reached an all-time high. The digital asset had reached nearly $62,000 this month due to the persistent investments from huge U.S investors.
Bitcoin had also soared eight-fold in the last year, sparking wider interest in digital assets from investors seeking yield in a world of ultra-low interest rates.
Big companies and financial firms like Microstrategy, Tesla Inc, and Bank of New York Mellon Corp have embraced the emerging asset by purchasing millions of Bitcoin a part of their treasury management. This has sparked predictions that Bitcoin and other cryptocurrencies will become a regular part of investment portfolios.
In the past, the SEC repeatedly rejected applications for bitcoin ETFs. This blocked investors from gaining exposure to crypto through ETFs.
In 2018 alone, the SEC rejected applications for nine separate bitcoin ETFs although money managers, like VanEck Associates, have continued to press forward with additional filings.
Earlier this year, VanEck filed for the ETF with Cboe BZX Exchange. The SEC acknowledged the application and has formally kicked off its 45-day window this month.
Bitcoin (BTC) has once again reclaimed $9,000 with 5 days until halving.
Pantera Capital’s CEO, Dan Morehead, sees a scenario where BTC hits $115,212 by August 2021.
His analysis is based on the change in the stock-to-flow ratio across each halving.
The hype and excitement surrounding the Bitcoin halving event is once again evident in the current price of BTC. At the time of writing this, Bitcoin has just broken both the $9,000 and $9,100 resistance levels and is trading at $9,261 with 5 days until halving. A brief analysis of the BTC/USDT 6-hour chart reveals that there is renewed buying interest as we draw closer to the estimated halving date of May 12th.
6-Hour BTC/USDT chart courtesy of Tradingview.com
Pantera Capital CEO Predicts Bitcoin (BTC) Could Hit $115k After Halving
With the Bitcoin halving only days away, Pantera Capital CEO, Dan Morehead, has predicted that BTC could hit $115,212 by August of 2021. His analysis is based on the change in the stock-to-flow ratio across each halving. Mr. Morehead made this predication via twitter and further elaborated on his analysis via an informative Medium blog post. His tweet can be found below.
#bitcoin could hit $115,212 in Aug 2021 based on the change in the stock-to-flow ratio across each halving.
More details here: https://t.co/fMYDXAT5qy pic.twitter.com/02uCpVoGKN
— Dan Morehead (@dan_pantera) May 5, 2020
Further highlighting key points from his Medium post, Mr. Morehead explained how a reduction in supply of BTC after each halving, will impact the price of Bitcoin.
One potential framework for analyzing the impact of halvings is to study the change in the stock-to-flow ratio across each halving. The first halving reduced the supply by 15% of the total outstanding bitcoins. That’s a huge impact on supply and it had a huge impact on price.
Each subsequent halving’s impact on price will likely taper off in importance as the ratio of reduction in supply from previous halvings to the next decreases.
Furthermore, his analysis went on to elaborate on the impact each halving has had on the price of Bitcoin.
The second having decreased supply only one-third as much as the first. Very interestingly, it had exactly one-third the price impact.
Extrapolating this relationship to 2020:
The reduction in supply is only 40% as great as in 2016. If this relationship holds, that would imply about 40% as much price impulse — bitcoin would peak at $115,212 /BTC.
Image courtesy of Pantera Capital on Medium.com
What is Stock-to-Flow Ratio?
The Stock-to-flow ratio is a measure traditionally used to gauge the abundance of commodities. It is calculated by dividing the amount of a commodity held in inventories, by the amount being produced annually.
In the case of Bitcoin, it is calculated by dividing the currently known supply of Bitcoin by the BTC mined annually. At the time of writing this, there is approximately 18.365 Bitcoin already mined with an annual production of 657,000 BTC per year. This results in a Stock-to-flow ratio of 27.9.
(Feature image courtesy of Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
Have you ever heard about Facebook and Instagram price algorithms? Well, most influencers on these social media channels will mention it, and it may confuse you. We’re here to clarify because moving forward. It will mean a lot as we discuss hedge funds and crypto prices. Social media algorithms are a distinct method of sifting and sorting a user’s timeline to include only the relevant posts and exclude those who mean less to them. Way before this was possible, social media used to give priority to the publishing time on a post, and less relevant posts were those already published. For Facebook and Twitter, this is still an option.
For our case, advanced algorithms are examining social media for hints as to why bitcoin crypto prices have stubbornly risen above the ranks in 2019. These algorithms have also been useful to foresee future crypto prices change.
Crypto prices
Social Media to Predict Cryptocurrency Values
Reuters has published a report that indicates how hedge fund managers and crypto prices administrators are using the crypto compare algorithms to extract data from social media. These companies have resolved to create computer algorithms that use social media blueprints to predict the most valuable coins within the market and their crypto prices. More than that, they can accurately predict crypto prices with super consistency. Advances in this type of endeavor have given these companies a price advantage over the older predictive sites.
Only because algorithms predict crypto prices by scanning the most inhabited social media sites, these include; Facebook, Reddit, Pinterest, and WeChat. They are full of investors seeking opinions and clicking on links to hedge funds to predict crypto prices. This is not in any way a simple task and is a high-budget venture that eventually pays off in significant digits. Therefore, the market has only the most prominent players who can implement such a profitable crypto price- program. These trends in prices are hardly ever easy to manipulate and predict due to the internet’s massive traffic. In the end, however, even programmers leave the endearing task to the digital computers for analysis and better crypto prices as well as productivity.
Cryptocurrency values
Sentiment Analysis
The programmers have enabled a feature termed the “sentiment analysis.” This involves computers sifting through social media messages to determine the investor price-mood when it comes to investing in cryptocurrency assets. They also evaluate how people view ethereum vs. bitcoin crypto prices and the ethereum current prices. It also rationally analyses the abundant retail crypto investors who predict market movements differently than other organizations.
These companies believe that people’s behavior can accurately define how they make their investments and view specific crypto prices. Social media users have only a fraction of the information on crypto prices, and they cannot know the most valued coins. Crypto prices are also constantly changing, and most of the data is unreliable, especially the economic indicators and financial records and statements.
Fake News
Every significant technological advance has its hurdles and needless to say. Sentiment analysis has run into some of its own. As they sift through the traffic and the data, they have run into what is now commonly termed fake news. These are inaccurate statements that are biased towards unreliable data, which is not very essential for investors. The algorithm creators are always pursuing accurate data and filtering out unusable data, especially on crypto prices.
This is a great challenge, but the algorithm of crypto prices works efficiently all the same. It gathers all the information from the sites and tries to decipher the people who are trading and what sites are they using for transactions. Furthermore, they evaluate the liquidation value of the crypto prices and finally filters out the fake news and requires no deposit slots to access this information. Twitter is primarily filled with irrelevant data that may mislead investors towards ambitious crypto prices.
These great leaps have made the market quite pliable and risk-free for most investors. Social media sites have paved the way for accessing relevant information. But more than this, it provides a platform for crypto advertisements geared towards people with interests in investment.
Conclusion
Hedge funds seeking a new perspective on the evolving crypto price-market is not a new phenomenon. However, the increasing advancement of social media algorithms has paved the way for crypto investors. The only big problem is the social media traffic that is abundant in irrelevant news and crypto price predictions. All these data is the biggest challenge to new crypto prices analysis algorithms. All in all, these advances in computer algorithms will keep improving and becoming sophisticated. With this in mind, all the abundant fake news regarding crypto prices will be sifted out only to derive reliable information.
As an investor, be ready to evolve with the times you are in as it might make a difference between big profits by enjoying the most economical crypto prices and regrettable investments. Remember to use safe platforms for price investment, most preferably ones that use advanced social media algorithms.
Do you believe hedge funds and crypto prices have benefitted immensely from social media algorithms, and are this the right way to go? Leave a question or a comment.
The post Hedge Funds Are Using Social Media Algorithms to Crack Crypto Prices appeared first on Crypto Trading Reviews.
This guide looks at the different category of cryptocurrency market, focusing on the sixth category which represents gaming coins. This is the sixth part of the series that breaks down the crypto market into 12 major categories.
This article looks at the sixth category in the Top 100 of the cryptocurrency market, which features coins and tokens within the gaming and gambling community.
Sixth Market Category: Gaming Coins
The integration of blockchain technology in the lucrative gaming industry seems to be an interesting combination, which has the potential to redefine the possibilities for gamers and game developers. Blockchain-based games would enable the gaming community to connect, collaborate, compete, and negotiate directly and even unlock new revenue sources.
There are also other notable benefits for gaming-based coins that include:
Tradeable Assets:Similar to the value of rare gaming collectibles, in-house gaming items or assets can also represent a collectible that provides value to the owner. Assets in traditional games have little to no value outside of the game and there is no real ownership since all rights belong to the game creator. Blockchain-based games provides real ownership of gaming assets that has value outside of the game.
Monetization: New monetization models can be conceived for not only game developers, but also gamers themselves. This alignment of incentives would foster greater levels of participation from all stakeholders.
Transparency: Smart contracts are often utilized for blockchain-based games for various aspects, such as an exchange of gaming items or battles that occur in the game itself. These transactions are transparent in the blockchain and therefore, there is no way of cheating or rigging the game without being noticed.
Interoperability Across Games: Since the ownership of the assets belongs to the player (owner), they can be imported onto another game that uses the same standard. This interoperability will potentially create a more dynamic and inclusive gaming environment.
There are 4 coins in the Top 100 that are focused on the gaming industry, which are as follows:
Storm Token (STORM)
Formerly known as Bitmaker, Storm is a gamified freelance platform for the decentralized gig economy, allowing freelancers to earn native tokens (STORM) by completing promotional user engagement microtasks (or ‘gigs’). Companies, marketers and advertisers can create microtasks on Storm’s gamified platform for freelancers hoping to earn some rewards. Tasks can include watching short videos, testing new products and services, QA testing and Peer-to-peer freelancing work. Users will earn rewards in the form of ‘bolts’, which can then be converted into the native token or even Ether (ETH) or Bitcoin (BTC).
Since Bitmaker was released back in 2014, Storm has garnered an active database of over 350,000 monthly active users and more than a million in app downloads. Storm’s native tokens are built on the Ethereum platform while Ethereum smart contracts will be used to facilitate microtask transactions in the Storm Market.
(Read also: Coins, Tokens & Altcoins: What’s the Difference?)
Funfair (FUN)
Funfair is an online, gambling platform for casino operators to host trustless, provably-fair gambling through the use of smart contracts. Funfair’s solution solves the issue of high operating costs and lack of trusts prevalent in traditional online casinos. Funfair’s platform will feature a variety of gambling games such as Blackjack and Baccarat. Additionally, Funfair looks to license out its platformas a turnkey solution to online casinos or anyone who wants to set one up, allowing them to customize their own casino for their users.
A unique aspect of Funfair is the use of ‘Fate Channels’ to solve the scalability issue, which are basically in-house modifications of off-chain state channels. This allows transactions to be processed much quicker than the current speed capacity of existing public blockchain. Funfair can support 100 – 1,000 Transactions Per Second (TPS), far beyond the capacity of 15TPS afforded by Ethereum’s blockchain.
Electroneum (ETN)
Electroneum is a novel cryptocurrency that can be mined with a smartphone. Anyone with a smartphone can mine cryptocurrencies without having prior technical knowledge. All they need to do is allow the mobile mining app to run on the background and they will simultaneously earn Electroneum’s native tokens called ETN.
Electroneum is a fork of Monero (XMR) and retains some privacy features itself. The consensus algorithm used by Electroneum is Proof-of-Work (POW), with over half of the coin supply already pre-mined. It is important to note that Electroneum was suspected to have suffered from a 51% attack, after suspicious mining activity was reported in April 2018.
(See also: Guide to Market Capitalization: Everything You Need to Know About Market Cap)
Wax (WAX)
WAX – acronym for Worldwide Asset eXchange – is a decentralized marketplace for virtual gaming assets. WAX allows anyone to create virtual stores on its platform, focusing towards gaming assets. WAX is often referred as the ‘Amazon’ of digital gaming assets. WAX is created by developers from OPSkins, which is the global marketplace leader for virtual, gaming assets.
The consensus algorithm powering WAX is Delegated-Proof-of-Stakes (DPOS), which allows for greater transaction outputs as compared to traditional public blockchains. The WAX project is backed by a strong list of advisors, including billionaire Mike Novogratz.
Beneficial Resources To Get You Started
If you’re starting your journey into the complex world of cryptocurrencies, here’s a list of useful resources and guides that will get you on your way:
Trading & Exchange
Crypto Guide 101: Choosing The Best Cryptocurrency Exchange
Guide to Bittrex Exchange: How to Trade on Bittrex
Guide to Binance Exchange: How to Open Binance Account and What You Should Know
Guide to Etherdelta Exchange: How to Trade on Etherdelta
Guide To Cryptocurrency Trading Basics: Introduction to Crypto Technical Analysis
Cryptocurrency Trading: Understanding Cryptocurrency Trading Pairs & How it Works
Crypto Trading Guide: 4 Common Pitfalls Every Crypto Trader Will Experience
Wallets
Guide to Cryptocurrency Wallets: Why Do You Need Wallets?
Guide to Cryptocurrency Wallets: Opening a Bitcoin Wallet
Guide to Cryptocurrency Wallets: Opening a MyEtherWallet (MEW)
Read also: Crypto Trading Guide: 4 Common Pitfalls Every Crypto Trader Will Experience and Guide To Cryptocurrency Trading Basics: Do Charts & Technical Analysis Really Work?
Enroll in our Free Cryptocurrency Webinar now to learn everything you need to know about crypto investing.
Get our exclusive e-book which will guide you on the step-by-step process to get started with making money via Cryptocurrency investments!
You can also join our Facebook group at Master The Crypto: Advanced Cryptocurrency Knowledge to ask any questions regarding cryptos!
Aziz, Master the Crypto Founder
I’m Aziz, a seasoned cryptocurrency trader who’s really passionate about 2 things; #1) the awesome-revolutionary blockchain technology underlying crypto and #2) helping make bitcoin great ‘again’!
The post Category of Cryptocurrency Market: Gaming Coins appeared first on Master The Crypto.
We have already covered where to spend bitcoin, but now let’s review how accepting bitcoin payments work for merchants and learn the best ways to receive cryptocurrency payments for businesses and ecommerce.
How to Accept Crypto Payments for Merchants
Over the last four to five years, the global crypto community has witnessed a massive surge in the number of entrepreneurs operating within this ever-growing financial domain. In this article, we will seek to present a detailed guide of how independent business operators and merchants can start accepting Bitcoin (BTC) for their goods in a highly streamlined/straightforward manner. Some of the core topics that will be covered in this guide include:
Which wallet is ideal for facilitating mainstream business transactions.
How to process BTC-related tx’s in person as well as in digital fashion
Which physical platforms can merchants make use of to process point of sale interactions
Which services (physical or digital) can be used to convert Bitcoin into other digital or fiat currencies
How can merchants minimize their market volatility related losses
Top 14 Bitcoin Payment Gateways to Use for Businesses and Companies
Why should merchants choose BTC?
Before getting into the nitty-gritty of how merchants can accept BTC payments, it could be useful for our readers to understand the core benefits associated with the flagship cryptocurrency. To start off with, we can see that the most prominent advantage of using Bitcoin is that all of the currency’s native transactions are completely irreversible. To elaborate on this point, we can see that most traditional fiat payment processors either make use of banks or other intermediary platforms to facilitate their transactions. As a result of this, merchants often have to deal with the possibility of losses caused due to chargebacks and other similar scams. And while merchants affected by such issues can quite easily put in a request for a refund, the entire process can be quite arduous and time-consuming.
When talking about Bitcoin (BTC), there is no chance of a chargeback occurring since the asset makes use of a decentralized network — which leaves no room for bad actors asking for refunds (in relation to cases that are disputable). Not only that, owing to BTC’s unique operational framework, any accounts associated with the currency can never be frozen by a centralized governance agency (such as a bank, Paypal, lending institution, etc).
Other key advantages of Bitcoin include:
Low Tx Fees: While credit card operators and payment providers normally charge their clients’ heavy fee rates of around 3+% (along with conversion charges), BTC transactions can be processed for around $1, irrespective of the size of the payment.
Future Ready Technology: With each passing day, more and more people are starting to become aware of the financial potential that cryptocurrencies (such as BTC) truly possess. In this regard, many experts believe that merchants who start adopting alternative monetary technologies such as Bitcoin will be able to lure in more customers, especially as time goes on and the global finance sector moves to a totally digital mode of operation.
What to Look for When Choosing a BTC Wallet for Accepting Payments
In order for a merchant to start accepting Bitcoin (BTC) payments, he/she has to acquire a cryptocurrency wallet. In this regard, it should be pointed out that one of the safest wallet solutions out there is Bitcoin Core since it is totally self-sufficient and does not require its owner to be dependent on any third-party servers, however, it does bear mentioning that the wallet can take a long time (sometimes weeks to months) to become fully operational since it requires users to download the entire history of the Bitcoin blockchain.
In this regard, it can be easier for users to employ a wallet option that is considerably lighter in terms of its overall resource consumption — such as the ‘Blockchain Wallet’, a storage solution that is extremely CPU-friendly and can be set up within a matter of minutes. With that being said, the wallet does depend on certain third-party entities and is thus more prone to external intrusions as well as third party hacks that Bitcoin Core.
One of the key advantages of the Blockchain Wallet is that as soon as a BTC tx is received on it, it becomes available to the user for spending. This is in stark contrast to Bitcoin Core and other soft wallets that require a number of confirmations before the crypto assets in question become usable. For example, Bitcoin Core needs a minimum of one confirmation in order for a transaction to be confirmed — a process that can take anywhere from 10 – 60 minutes, depending upon the total congestion being experienced by the network. Additionally, soft wallets (such as the one on Coinbase) require three confirmations that could sometimes force customers to wait for an entire day. This would not only make retail customers wary of this technology but also render Bitcoin quite useless for everyday transactions.
Last but not least, it is of utmost importance that a merchant analyzes the BTC payment received from a customer before handing over the purchased goods so as to make sure that the required transaction fee has been used. This is because if a high-enough tx fee is not employed, the payment can sometimes take days to come through. Not only that, if the fee amount is set to zero, there is a chance that the payment may fail to even come through.
The Easiest Way to Receive Bitcoin Online
In order for merchants to accept BTC, they need to access their wallets and go to the send/receive section. For example, if a merchant wishes to accept a payment, he/she needs to go to the “receive” tab and copy the given address so that it can then be supplied to the payee. It is of utmost importance that the merchant makes sure that the address is copied carefully since even a small error (i.e. one wrong letter or number) could result in the payment being sent to a completely different wallet and the money being lost forever.
Other points worth highlighting:
Online merchants should ideally send their BTC wallet addresses to their clients via email, text message, or IM. Additionally, they can also print their addresses on their official invoices and simply make use of the same document over and over again for all future financial transactions.
In addition to accepting their BTC payments manually, merchants can also digitize their payments by making use of plug-ins that are designed for platforms such as WordPress and OpenCart.
How to Receive BTC from a Physical Location?
For retail store operators to receive a BTC payment, the standard process of copying a wallet address and sending it over to the customer can be quite arduous and inefficient. Thus, to make the process more streamlined, it can be much easier for merchants to make use of a QR code (that is linked to his native crypto wallet) to process the incoming payment. In its most basic sense, a QR code is a black square block that contains all of the required data associated with various digital and physical storage entities. Not only that, the use of such a code completely eliminates any chances of customers sending their funds to the wrong address.
In order for a merchant to make the process of receiving BTC payments highly simplified, he/she can simply display the QR code associated with their wallet on their checkout counter. This can allow customers to simply log in to their mobile wallet solutions and scan the displayed code. The process literally takes just a couple of seconds and can allow digital payments to be sent across in an almost instantaneous fashion. Additionally, some retailers even make use of a tablet computer that are meant solely for the purpose of accepting BTC payments. The tablet can make use of an app like Blockchain Merchant which automatically generates a custom QR code for a customer to scan and send through the required funds.
Lastly, if a retailer completely wants to eliminate any chances of theft, he/she can provide their clients with a QR code that is affiliated with an offline wallet (that is not even present inside the store where the tx is being processed.)
Determining an Exchange Rate
Another crucial element when it comes to accepting BTC payments is the use of a correct exchange rate — since the price of Bitcoin seems to vary from one cryptocurrency trading platform to another. Thus, in order for merchants to remain consistent with their pricing, they should make use of a single exchange and employ its tx rate for facilitating the day’s payments. In this regard, it is best for a merchant to stick to an established exchange that is most suited to the country’s specific fiat. For example, Bitfinex, Coinbase, Kraken can be used for USD.
On a more technical note, we can see that in order for merchants to calculate the exact amount they are due in terms of BTC, they can simply divide the product’s sale price with the value of BTC at that given point of time.
Manual calculations can also be carried out by merchants to determine how much Bitcoin (BTC) the payee needs to send through for his/her specific order.
Today, there are a whole host of Bitcoin-based ecommerce plug-ins that can be used to automate the conversion process with the touch of a button. It is important to do this as a time-sensitive transaction due to volatility that does exist.
Services that Allow Merchants to Convert their BTC to Fiat
As most of our readers are probably well aware of, one of the biggest problems when it comes to accepting BTC is the element of market volatility — i.e. the price of Bitcoin can change quite substantially between the time it is obtained by the seller and when it is sold for fiat. In this regard, it is worth mentioning that there currently exist a number of services that protect merchants from market losses (since they allow for near instant Bitcoin to fiat conversions to take place).
One of the prominent examples of such a service is Bitpay, a platform that allows users to instantly exchange their BTC to fiat — with the converted funds being transferred to the merchants linked bank account within a matter of minutes. Additionally, BitPay also provides its users with a guarantee that they will only be charged a total tx fee of 1% fee — an amount that is substantially lower than what most Bitcoin ATMs charge to convert a users BTC holdings to fiat.
Other facets of BitPay worth noting:
The platform comes with a full fledged BTC payment system that requires merchants to simply download the BitPay app on their PoS device. The app not only sets up a wallet for the retailer but it also serves as a one stop shop for the user to start accepting BTC in a completely hassle free manner.
The only conceivable downside to using BitPay is the fact that it is a centralized platform and is linked to various banking institutions. As a result of this, merchants could have their monetary inflow blocked by a bank for no reason at all.
Another easy way of accepting bitcoin payments is through the use of the widely employed ‘Blockchain Wallet’ (a storage solution that does not require users to complete certain ID checks and is completely decentralized). Similarly, biz owners can also choose to install a BTC ATM directly in their store, a move that will not only help in seamless crypto-fiat conversions but will also attract more businesses to this lucrative financial instrument.
Lastly, a merchant can also send his/her BTC to an exchange and then convert it for the fiat currency of his/her choice. This process is quite simple but can be quite time consuming and costly (because of the higher tx fees involved). Not only that, owing to the time lag that exists between transferring one’s BTC to a crypto exchange and then withdrawing it, the flagship cryptocurrency may end up losing some of its intrinsic monetary value.
Merchants Can Choose to HODL
Many merchants these days choose to forego converting their Bitcoin (BTC) to fiat so as to hold on to their crypto assets. This is because many business owners have started to realize the true financial potential of Bitcoin and its expected future value. Similarly, some retailers want to own BTC so that they can spend it later for their personal use. With that being said, if a merchant does decide to hold on to their BTC in the long-term, he/she must make sure that their holdings are kept safe in a hardware wallet that can be maintained offline. Many may choose to do this given the bullish bitcoin price predictions that exist in the community as a whole, but it will come down to making sure everything matches up on your balance sheet and can cover your day to day expenses.
Not only that, merchants should always maintain a copy of their private keys or the seed for their Bitcoin (BTC) wallet, so that if in the future any problem arises, their funds can be recovered with the touch of a button. However, these seed keys should never be stored on one’s computer device, since it is relatively easy for hackers to obtain access to a person’s PC, laptop or tablet.
Top Bitcoin Payment Gateways
Crypto payment gateways are payment networks that are not limited by borders of any kind. As such, they allow quick and easy transfers of money in the form of digital currencies, which is extremely useful to merchants and others who wish to make near-instant transactions around the world.
Those payment gateways that allow the use of Bitcoin are, therefore, known as Bitcoin payment gateways. They often also accept a number of altcoins, such as Ethereum, XRP, Bitcoin Cash, Litecoin, and others. Another thing that payment gateways allow is the conversion of BTC into other cryptocurrencies, or even traditional currencies, such as USD or EUR.
This is a feature that had seen a lot of use in the last year, as the crypto market entered a so-called crypto winter — period when prices were on a constant decline. Those who earned cryptocurrencies in one way or another needed a way to cash out quickly before their payments reduced due to the drop in price.
Luckily, payment gateways allow immediate conversions, and the increase in demand has inspired the creation of numerous platforms that have since started working as payment gateways. They feature numerous tools for many different purposes, including the automatic transfers of coins, monitoring the market, and more.
Why do merchants choose to accept Bitcoin?
The number of crypto users continues to grow, despite the low prices. Numerous countries around the world already recognized this growth, and they are in the process of creating cryptocurrency-related regulations that would protect investors and reduce the potential for scams, theft, and other similar crimes.
With all the attention going toward cryptos, there are numerous benefits that merchants can enjoy if they choose to start working with them. For example, crypto transactions allow users full control, which makes it safer for merchants and customers alike to use crypto. Next, accepting cryptos as a payment option might allow merchants to expand their reach and include more customers. The payment methods are discreet, while all payment information is stored on the blockchain.
The security is much greater, as there are no risks of fraud, while merchants and customers alike can keep their private data confidential. In addition, transaction fees are much lower when compared to traditional payment methods.
Further, the expansion of cryptocurrencies means that they can be extremely useful for international trips. This also means that cross-border payments are instant and that they require no third parties, and suffer no payment delays. There are other benefits as well, but rather than listing them, we will discuss some of the top crypto payment gateways that accept Bitcoin, and that can be used for enjoying all of the benefits mentioned earlier.
1) Coinbase
Coinbase is the largest and most popular crypto exchange in the US, and also one of the largest ones around the world. By simply downloading the merchant app, business owners can start accepting Bitcoin and a handful of other coins. Furthermore, one of the greatest benefits is that it is possible to instantly convert Bitcoin into fiat, and vice versa.
Coinbase has a number of other features as well, such as great speeds and no transaction fees when it comes to accepting coins; integration with numerous services (Shopify, OpenCart, WooCommerce, etc.), it adds a payment button to merchant’s website, and it is integrated with API.
2) CoinsBank
CoinsBank is also a very popular service which can easily be synced with a debit card. It also offers a mobile app that is available for iOS and Android devices. Apart from that, it allows instant withdrawals and deposits, and it features greater security due to two-factor authentication. It works with most major fiat currencies, such as the USD, GBP, EUR, or Russian Ruble. Both the service and the support system are available at all times. The exchange also does everything in its power to provide minimal risks and maximum profits.
3) BitPay
BitPay is another US-based service, and one of the oldest Bitcoin payment gateways in the world. It has been around since 2011, and using it is easy. All that users need to do is download the exchange’s app, and they will be ready to start accepting payments in crypto. It also offers its own Bitcoin Debit Card for easy transactions and crypto-to-fiat conversion.
It also features open-source plugins for eCommerce platforms, and it even allows Bitcoin donations. It should be noted, however, that all payments transactions can be made wth Bitcoin. BitPay also uses PoS mechanism, it is accepted around the world, and it allows bank deposits in around 38 different countries, while it supports 40 different languages.
Its interface is simple and user-friendly, while it also features two-factor authentication for greater security. The speed of transfers can also be manually set, in accordance with users’ needs. Finally, it is compatible with all Bitcoin Cash (BCH) wallets.
4) CoinGate
Next, we have CoinGate, which allows the use of Bitcoin and altcoins, while it accepts payments in multiple currencies, including BTC itself, as well as EUR and USD. It also uses POS applications for different platforms, including iOS, Android, and web browsers. It also comes with plugins for eCommerce platforms, and it supports numerous digital currencies.
5) Blockchain
Blockchain is also among the oldest payment gateways for Bitcoin, similarly to BitPay. It is a great payment gateway for personal use, as well as for businesses. It supports only three cryptocurrencies, however, which include Bitcoin, Ethereum, and Bitcoin Cash. It is also a well-known (free) crypto wallet, but it goes beyond that, as it serves as a repository of information, developments, and statistics.
Next, it provides Bitcoin payment APIs, although the implementation process is more complex than those of previous entries. As such, it requires a bit of technical know-how, but it is easy to use it as a mobile app for Android.
6) BTCPay Server
BTCPay Server is an open-source, self-hosted, free Bitcoin payment gateway which also supports multiple altcoins. It allows merchants and regular users to accept payments into their wallets directly, with no additional fees or transaction cost. This is seen by many as the service’s biggest advantage.
It also features great speeds due to the lightning network, and it offers greater security and privacy. Sending payments is easy thanks to the BTCPay button.
7) Blockonomics
Blockonomics is another very popular and useful crypto gateway which is permissionless, and it requires no authentication from third parties. It also does not need additional API integration in order o work. Making payments is easy, and all that potential customers need to do is scan the QR code. This makes it extremely secure, with increased anonymity for everyone involved. It also supports several cryptocurrencies, many of which are from Bitcoin’s ecosystem, as well as some of the most well-known and used wallets, like Ledger Nano S, Trezor, and alike.
8) SpicePay
SpicePay is also a great choice, as it allows accepting and exchanging coins quickly and easily, in addition to providing a secure wallet for storing them. It has a number of features, such as increased security and convenience, support for numerous fiat currencies, like USD, GBP, EUR, and CAD. It also allows withdrawals to SEPA or PayPal, and it features e-commerce and retail plugins. Finally, it allows users to save around 2% on every transaction, while its BitGo feature allows the use of its app on the desktop and mobile systems alike.
9) CoinPayments
Next, there is CoinPayments, which is specially designed for online merchants. It supports over 1200 different cryptocurrencies, including BTC, XRP, BCH, and LTC. Furthermore, the merchants are charged 0.5% per transaction.
It offers plugins for all of the most popular webcarts out there, and it makes the payments faster by supporting GAP600 Instant Confirmations. It also rewards users through the coin and token airdrops, and it can converge coins automatically.
10) SpectroCoin
SpectroCoin is yet another free wallet that can allow users to exchange their funds instantly. It works with over 30 cryptos, and it has quite high withdrawal and deposit limits. It also features e-commerce plugins, a Bitcoin debit card, and a SpectroCoin API, which allows purchase or sale of numerous coins.
11) GoUrl.io
This is a completely free Bitcoin wallet which is also open-source. It is also among the most trusted wallets on a global level due to its e-commerce plugins and API interface. It allows users to sell much more than coins, however, including videos, music, images, URLs, and even text, all in exchange for cryptocurrencies.
It does not require a bank account authentication or an ID, which increases the users’ privacy. Users can easily sell any product and get Bitcoin or some other cryptocurrency in exchange. It also offers an Affiliate Program which also allows participants to earn more.
12) Shopify Gateway
Shopify is a great e-commerce payment gateway, with a massive user base. Its transaction fees are extremely low, while all transactions are secure and fast. Payments can be received at any time or place, while its POS apps allow users to use the wallet on multiple devices. It also does not require PCI compliance.
13) ALFAcoins
Approaching the end of the list, we have ALFAcoins, which is also among the most trusted Bitcoin payment gateways. It also supports some of the newest coins as well. It also has a unique feature, which is a BitSend payout system. The system makes payments easy and quick, which is perfect for paying salaries or bonuses in crypto. The platform works with a number of top coins, including Bitcoin, Bitcoin Cash, XRP, Ethereum, Litecoin, and DASH.
It also has loyalty programs, financial services, and digital gaming, all of which allow users to earn additional funds. Payments are easy to make, and funds are transferred rather quickly. Furthermore, the service is available around the world, even in countries such as North Korea or Iran.
14) BitcoinPay
Finally, there is Bitcoin pay, which is one of the simplest, and likely the most popular ways to accept crypto payments into a wallet or a bank account. It features zero fees, and it is easy to use. Its customer support is also available at all times, while the service can be used on iOS and Android as well. Users can request payments via email, and make them instantly.
Furthermore, it supports e-commerce plugins from over 196 countries around the world, and it works with other platforms such as Magento, PrestaShop, OpenCart, WooCommerce, and more.
Conclusion
In rounding off this piece, it should be made absolutely clear that the most decentralized way for accepting BTC payments is for merchants to make use of a wallet that does not require any confirmations. Additionally, merchants should ensure that their online payment system has no leaks/failure points and has all of its required security protocols in place.
In case a merchant is making use of Bitpay or some other similar service, he should make sure that he does not get involved in any illegal activities, since he risks losing all of his payments.
We hope this guide has been helpful to you and can, in some way, assist you in setting up a business that is fully capable of accepting Bitcoin payments (both in their digital or physical form).
Aziz, Master the Crypto Founder
I’m Aziz, a seasoned cryptocurrency trader who’s really passionate about 2 things; #1) the awesome-revolutionary blockchain technology underlying crypto and #2) helping make bitcoin great ‘again’!
The post Accept Bitcoin Payments: Top 14 Merchant Gateways To Use appeared first on Master The Crypto.
Digibyte decentralized cryptocurrency specializes in digital asset-based blockchain technology security with high transactional volume throughput via its $DGB token.
Jared Tate, creator of Digibyte blockchain, author of Blockchain 2035 (first book written by a blockchain founder), is the leader of the community-driven developer-friendly project that is a fork of the bitcoin source code, not the BTC blockchain itself, that specializes in security of distributed digital assets.
Similar to Satoshi’s roll out of the Bitcoin protocol software on January 3rd, 2009 with a message from the newspaper, inventor Jared Tate also did the same with Digibyte five years and one week later on January 10th, 2014 with a message from USA Today’s 1/10/2014 reading “Target: Data stolen from up to 110M customers.” Also like Bitcoin, there was no pre-mine or ICO launch and this message was on the very first block of the $DBG blockchain.
The DigiByte Blockchain technology has quite a bit of variations made from the original Bitcoin source code and whitepaper. We will cover these below like the 21 billion coins issued in 21 years (1% monthly gradual decrease vs the major 4 year), or being 40x faster than Bitcoin with 15-second block times (vs 10 minutes) and doing 560 transactions per second versus only 7 for BTC.
Name: Digibyte
Symbol: $DGB
Date Launch: January 10, 2014
Official Website: digibyte.io
All-Time High Price: $0.128895 DBG/USD exchange rate value on January 6, 2018
Creator: Jared Tate (Josiah Spackman Ambassador and Foundation Member)
Core Team: Gary Mckee, Noah Seidman, GTO90, Yoshi Jager, ploenne, Rudy Bouwman
Whitepaper: No [“we want to be doers. Not white paper pumpers, to under-promise and over-deliver.”]
Features: First altcoin cryptocurrency to adopt SegWit, real-time difficulty adjustment
Functions: Digibyte blockchain has three layers; a core protocol layer, digit asset layer and apps layer
Extras: Block Explorer, BitcoinTalk Forum
Events: DigiByte Global Summit (April 19th, 2019) https://digibytesummit.io/
Social Media Profiles: Twitter, Telegram, Reddit, GitHub
Book: Blockchain 2035: The Digital DNA of Internet 3.0
PR Services: Cassiopeia Services
Support Contact: official website contact form
Let’s review the Digibyte cryptocurrency coin and blockchain technology to see how this unique decentralized communications system works as well as how the promising DigiAssets layer works to help bring issuance of digital assets, tokens, digital identity, smart contracts and more to life.
Digibyte Review: How DGB Coin Works
What is DigiByte?
The DigiByte Blockchain – DigiByte DGB
The Development of DigiByte
The Rest of the Team
The Technology of DigiByte
The 5 Mining Algorithms
Price History: DigiByte’s Spike’s and Crashes
DigiByte’s Future
Reasons to Invest in DigiByte
Purchasing and Storing DigiByte
Purchasing DigiByte
Storing DigiByte
How to Get a DigiByte Wallet
Summary
The cryptocurrency industry kicked off with the launch of Bitcoin over a decade ago, and Bitcoin managed to rule the blockchain until new digital assets called “altcoins” came out. These altcoins have often followed the trajectory of Bitcoin through the years, but there are many assets that have managed to hang in the top assets by market cap as they’ve proven their worth.
What is DigiByte?
Before diving entirely into everything that DigiByte can do, the most important piece of the puzzle is to understand exactly what it is. DigiByte was one of the first altcoins in the entire world, created in 2014. However, it was mostly on its own that year, launching an initial token sale and didn’t have much publicity at the time.
DigiByte has collected many supporters through the last few years, and advocates of the token state that it is more scalable and secure than other cryptocurrencies on the market. Those same supporters believe that it is a solid contender against Bitcoin, Litecoin, and other top options in the market, and already has about 100,000 nodes around the world. However, much like Bitcoin, DigiByte is created with a maximum supply of 21 billion DGB. With this limit, no more DGB can ever be created. The digital asset cryptocurrency DGB has a 1,000:1 ratio to BTC and will be mined in 21 years (2014-2035).
Despite the popularity amongst its users, the adoption of the token has been rather slow, and it is still considered to be obscure, in comparison with the competitors of the token. With the long-time performance of DigiByte, it should come as no surprise that it has also established its own blockchain – DigiByte DGB.
The DigiByte Blockchain – DigiByte DGB
Launching with the DigiByte crypto asset was the blockchain, making it the longest-running blockchain in the entire world. There are many features that it possesses that makes it potentially faster than others, but that year had only a few other public blockchain projects even introduced at the time. The blockchain has an active community, though it may never reach the popularity that Bitcoin did.
Reviews of DigiByte state that the blockchain actually processes at a much faster speed than Bitcoin, and that speed has been rising. Based on projections from the company, the blockchain should be able to handle 2,000 transactions per second by 2020.
The Development of DigiByte
DigiByte was created by a man named Jared Tate in 2013, who launched the genesis block of the cryptocurrency in January 2014. Once the launch commenced, Tate decided to dedicate all of his time to the development of the project, funding the project with donations from the DigiByte foundation. Statements from CoinCentral.com state that it is possible that the team involved with the token hold a lot of DGB themselves, due to the mining processes required for the asset.
Rudy Bouwman is the secretary and vice chairman of the DigiByte Foundation, though he was only appointed to that position in November 2019, according to his LinkedIn profile. Before then, he was the CMO and co-founder of the DigiByte Awareness Team.
The Rest of the Team
While the official website for DigiByte doesn’t state who the team is, but LinkedIn shows a few developers that state that they are involved with the project. Along with Tate and Bouwman, the team seems to be made up of:
Mohamed Rashad, a miner since January 2017
Glenn Grider, a core member in exchange liaison and research since April 2016
Nana Esi Hammah, an economist and outreach associate since May 2018
Michelle Dougherty, a member of the DigiByte Blockchain Awareness since March 2019
Suhas Hegde, a blockchain architect since February 2016
Additional employees are listed on DigiByte for a total of less than 30 people, though their names are presently unavailable.
The Technology of DigiByte
The website for DigiByte is filled with plenty of marketing information, but details on the technical side is a little difficult. The asset is considered to be a UTXO-based cryptocurrency, which means that every new transaction includes a specific identifier on every coin. Anytime a coin enters a user’s wallet, it is categorized as “unspent,” and sending that coin to another person makes it “spent,” inherently stopping the digital currency from being overspent and solving other security issues.
DigiByte’s token is mined in the same was as Bitcoin – with a Proof-of-Work mining algorithm. However, unlike Bitcoin, the platform uses five different mining algorithms – Qubit, Skein, Groestl, Scrypt, and SHA256.
There are three layers associated with the software infrastructure of the DigiByte cryptocurrency. Those three layers include:
Core communications and global network
A public ledger and digital assets
Applications
The 5 Mining Algorithms
By taking on five mining algorithms, the company creates a better opportunity for mining decentralization than what other ASIC-friendly cryptocurrencies do. The SHA256 algorithm is used by Bitcoin, while the Scrypt algorithm is used by Litecoin and Dogecoin. Every 15 to 18 seconds, a new block is mined, using different algorithms, so each one of the five algorithms mine a block every 1.5 minutes.
DigiByte is responsible for introducing Segregated Witness technology, keeping the blockchain small and scalable with limited transaction sizes. Due to these small sizes and five-year track record, the blockchain in the project is the longest in existence, even surpassing Bitcoins’.
Every DigiByte enters circulation with the use of mining, though miners need to use their computing power to process these transactions, adding blocks to the network. A CPU, CPU, or ASIC is needed to do so, which will need specialized mining software and a DigiByte wallet. Consumers can either mine on their own or they can join a mining pool, which is created when multiple miners pool their resources together to share their processing powers. Members of a mining pool split the rewards of their effort equally. Many consumers end up choosing to mine in pools, since solo mining with low hash rates reduces the chance of solving a block.
The different mining algorithms are made to work with different mining hardware. SHA256 and Scrypt are predominantly used by ASIC miners. Skein and Groestl predominantly are used with GPUs instead. However, Qubit works on a combination of different types of hardware. Considering the high cost of specialized mining hardware, it could be less expensive to simply purchase DigiBytes directly, if the user doesn’t already own the computing hardware needed.
With the use of multiple algorithms, the DigiByte miners cannot take 51% control, which means that centralization cannot be achieved, and the network is secured against an attack.
Price History: DigiByte’s Spikes and Crashes
The price of DigiByte has been volatile in recent history, recording relatively constant activity through 2017 with minimal growth. However, there were multiple spikes and crashes through both 2017 and 2018.
The spike in June 2017 coincided with a possible announcement that was set to be released on Twitter. Investors acted quickly to get involved by purchasing DigiByte, which pumped up the price. While the company hinted at the upcoming announcement, the actual release of the announcement didn’t come until a few days later, which stated that the company was launching a new wallet with some new features. However, before the announcement even came out, the price had already dropped below the price of DigiByte before the hint even came out.
The next spike happened around the same time as Bitcoin’s surge, which took Bitcoin to nearly $20,000. From December 2017 to January 2018, the price rose, following a tweet from John McAfee, who said that DigiByte is a company that is worth keeping an eye on. The spike lasted through the start of 2018, but the correction of the cryptocurrency market at the end of January 2018 took down most crypto assets, including DigiByte.
Digibyte price history chart: month by month highs and lows for DGB coin the past two years
Apart from a brief period in Q3, there’s been no real fluctuation for the cryptocurrency in 2018. The rise in price at that time was around the same time that the company announced that their wallets would be available for iOS and Android. At that time, the Apple App Store also started making it possible to make payments in DigiByte.
Through 2019, the cryptocurrency has remained mostly steady with a few spikes – March 2019, April 2019, and between the end of May and beginning of July. However, since mid-June, the value of the cryptocurrency has continued to drop, falling from $0.016274 to $0.0065, as of November 24th, 2019.
DigiByte’s Future
With very little change in the last few years on the cryptocurrency, DigiByte seems to be getting more attention in the gaming industry. In another platform developed by the creators called DigiByte Gaming, gamers are offered the chance to gain DGB as a reward for taking time on the games included.
The CEO of DigiByte – Tate – has committed to pushing for greater focus on the DigiByte Foundation and public outreach. The adoption of DigiByte has been one of the more difficult challenges that the team has faced, though the continued progress of this asset relies on it. Though the token seems to have historically had a solid and loyal following, the token took a dive this year.
The fast transaction speed and scalability of DigiByte makes it ready for the long run in the cryptocurrency market. Predictions by CoinSwitch last year suggest that the total value of DGB will reach $9.20 by 2021.
Digibyte (DGB) History Timeline:
October 2013 = Work on DigiByte begins
January 10, 2014 = DigiByte official launch
February 28, 2014 = DigiShield Hardfork
September 1, 2014 = MultiAlgo Hardfork
December 10, 2014 = MultiShield Hardfork
December 4, 2015 = DigiSpeed Hardfork
April 28, 2017 = SegWit Activated
Sep 19, 2018 = DigiByte Core 6.16.5 Released
April, 2019 = DigiAssets Released
July, 21st 2019 = Odocrypt Hardfork
Digibyte Crypto Exchanges to Trade DGB on:
Bittrex
Cryptopia
HitBTC
Huobi
KuCoin
Litebit
Livecoin
OKEx
Poloniex
Shapeshift
Sistemkoin
Upbit
Yobit
Reasons to Invest in DigiByte
There are many reasons for consumers to invest in the DigiByte crypto asset, starting with the fact that it only takes about 15 seconds to process a transaction, unlike Bitcoin’s 10-minute wait. To add to the security offered by the platform, the creators of DigiByte implemented DigiShield and MultiShield, supporting the longest blockchain in the world.
Now, DigiByte is making the technology available to global payments systems, allowing merchants, consumers, and mainstream societies around the world. With DigiByte Gaming, the asset can even be used in gameplay, giving it long-term potential and the opportunity to expand upon its value. However, as Bitcoin and other cryptocurrencies thrive, they may create competition for DigiByte. There are these Digibyte (DGB) marketing pictures floating around on the internet comparing it to Bitcoin and Litecoin:
and
and
Still, despite the competition, DigiByte remains one of the top 100 cryptocurrencies by market cap, placed directly in the middle.
Purchasing and Storing DigiByte
Right now, DGB is accepted on multiple cryptocurrency markets, including Bittrex, Poloniex, Sistemkoin, HitBTC, Kucoin, Upbit, and YoBit, where it shows high trade volumes. There’s never been an initial coin offering, though the company held a private investment financing round on the project in December 2014 with undisclosed seed capital listed.
Purchasing DigiByte
To purchase DigiByte, consumers need to sign up on an exchange’s website, like Bittrex, Huobi, or Poloniex. However, Binance is another story. Over the last few years, it has become an unfortunate battle, though reports in late 2018 stated that the DigiByte didn’t even need to be listed with Binance. In March of 2019, Tate even stated that the Binance Coin is a “blood sucking token” and “a parosite.”
CoinSwitch advertises that they have a method for consumers to get the best price for their purchases. CoinSwitch is a cryptocurrency conversion platform. Consumers can also use it as a way to exchange other cryptocurrencies for DGB crypto.
Storing DigiByte
DigiByte offers a wallet that is compatible with all operating system, which makes it easy to use it from any compatible device. The wallet from DigiByte must be downloaded from the official website. However, there are also multiple third-party wallets that already support DGB, including Coinomi, Ledger, Trezor, Guarda, Exodus, Satowallet, and others.
How to Get a DigiByte (DGB) Digital Asset Wallet
In order to secure a DigiByte wallet, consumers must download it from their official website. Consumers will need to choose the wallet based on their operating system. Presently, the website has options for:
DigiByte Core Windows (32 and 64 bit)
DigiByte Core Mac OS X
DigiByte Core Linux (32 and 64 bit)
DigiByte Android
DigiByte iPhone & iOS
DigiByte Go Wallet (Chrome Extension)
After downloading the wallet, it will need to be installed on the device, where it can be opened. Consumers are advised to accept the defaults and that the time it takes to sync the wallet might be a little longer. For the best protection, back up the wallet as well.
The website also includes third-party wallets that consumers can download to store their DGB, including Trezor, Ledger, KeepKey, SafePal, Trezor, SecuX, Coinomi, Exodus, ABRA, Jaxx Liberty, OwnBit, EdgeWallet, Atomic, Trust, Satowallet. and Guarda. Consumers that want to see additional wallets can visit DigiByteWallets.com.
Who is Jared Tate?
As mentioned, Jared, a Texas-based computer programmer from Arco, Idaho, is the Digibyte creator and co-author of the Blockchain 2035 book.
Jared has been involved with Bitcoin since 2012, which in the fall of 2013 he found improvements to make in the Bitcoin source code and could not get his changes implemented so we went off and created DGB in 2014 after his bitcoin core protocol improvements were rejected and applied them in the new digital asset, DGB.
Here are a few videos of interviews he has done:
and
and
Summary
Every cryptocurrency is created with a different purpose as each creator interprets a current problem with a way to solve this problem. Digital currencies allow for the possibility of instant transactions and transfers that can cross borders and are even usable for services and physical goods. However, they can also be restricted to specific communities, like social networks and online games. At the end of the day, when there are thousands of crypto coins to choose from, the Digibyte blockchain and DGB cryptocurrency focuses on speed, scale and security and offers a passionate community that in today’s market seems greatly undervalued and will surely benefit from the next bull run more than most of its competitors. We would not be surprised to see $DGB and the Digibyte coin be a top 10-20 token given all of the innovation and advancements they have brought to the ecosystem.
Aziz, Master the Crypto Founder
I’m Aziz, a seasoned cryptocurrency trader who’s really passionate about 2 things; #1) the awesome-revolutionary blockchain technology underlying crypto and #2) helping make bitcoin great ‘again’!
The post Digibyte Cryptocurrency and Blockchain: DGB Coin Analysis appeared first on Master The Crypto.
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The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
