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How Cryptocurrencies outpaced human minds

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Cryptocurrencies are a marvel of modern day technology. However, we as traders sometimes misinterpret what these digital coins were intended for.

Cryptocurrencies are a marvel of modern day technology. However, we as traders sometimes misinterpret what these digital coins were intended for. They were intended to replace our bank notes and fiat currencies. They were supposed to be the ultimate transaction option of the 21st century. Something that helped you do all of your banking, shopping and pretty much everything else much more rapidly.

But, and that’s a big but. Most of the people saw them as an investment. As a means of making more money, rather than utilizing them for what they meant to be utilized for. At this point it’s not too good of an idea, to have an account littered with Bitcoin for your shopping needs. This can be explained with simple Forex currency correlations. E.g. As you wait for a discount on that cool hoodie you saw on Amazon, the Bitcoin on your account gets less and less, which means that you would have benefited from just buying the piece of clothing without a discount. But with fiat currencies like USD and EUR, it’s quite impossible to get a completely different deal within that small timeframe. Why? It’s all about the volume.

But I’m getting ahead of myself. We’re here to discuss how cryptocurrencies as a technology managed to outpace our comprehension of them. Before we jump into it and discuss it. I’ll try to bring you an amazing example of when this sort of event happened in the past.

 

Lessons from the past

Follow me as we go into the fields of France, at the German border. The year is 1914 and the War to end all wars has just started. Most of the countries at this point have doubled their efforts at industrializing their economy and military. However, what they could never imagine was the devastation this industrialization would bring them.

 

You see, when the war began, there were not too many competent commanders who were well versed in the tactics of modern warfare. Most of them used outdated strategies like cavalry charges or infantry charges. This was why it boiled down to a stalemate for 4 years as people froze and died in the trenches, while the generals were trying to figure out why they were loosing.

 

World War 1 was one of the most devastating wars humanity has ever faced. And the sole reason to why it was so devastating, was the clash of the outdated mindset and the harsh reality. A large number of casualties were because the generals didn’t know what do to in face of artillery fire, and most of the soldiers had never experienced it as well. You see where I’m trying to get here right? A modern problem was approached with an outdated solution. A cavalry charge, in the face of machine gun fire. Basically a death wish.

 

A familiar scenario

But how does this correlate to Cryptocurrencies? Well, use the same argument, but with a bit of a twist. A modern solution was approached with an old mindset. Cryptocurrencies were seen as a means of making quick money and not using them for the value that they represented. Basically, people getting into cryptocurrencies didn’t quite know what they were doing.

The hype that we were able to direct to them, was enough to blind most of the investors when Bitcoin surged at nearly $20,000. Remember the articles you’d read in December, saying that BTC would reach $100,000. And only a few, who knew what cryptocurrencies were about, were able to predict the crash.

 

The main lesson from this crypto crash is not that Cryptocurrencies are untradeable or they shouldn’t be traded. It’s the complete opposite. We are in the midst of a bear, of course, it’s a perfect time to buy and trade. What I’m getting at is that we shouldn’t look at cryptocurrencies as a means of generating money. Buying them one day and then selling them off on the other. If cryptocurrencies are to really take off and give you the maximum amounts of profits, they need to be incorporated more into our economy. Take for example Venezuela. Which is a primary example of the value cryptocurrencies can bring.

 

One of the primary reasons for the crypto crash can actually be attributed to this false perception of the digital currencies. The more people don’t understand how the system works. The more susceptible they are to mistakes, which not only ruins investor sentiment but also destroys the market for those who actually know what they are doing.

#TRON

TRON planning 4 major upgrades by Q2 this year: TRX to the moon?

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The development team of Tron are working on releasing four upgrades to improve the functionality of the TRON blockchain network.

The development team of Tron or TRX which is now one of the biggest blockchain platforms to build and deploy Dapps are working on releasing four upgrades to improve the functionality of the TRON blockchain network.

 

Misha Ledgerman, the co-founder of the iamdecentralized platform that is being built for supporting the development of blockchain technology, recently tweeted about the major upgrades that TRON is going to release in the Quarter 2 of this year. Ledgerman is known to be a great supporter of the TRON blockchain. According to the tweet, the four major developments will be:

– BitTorrent Speed
– Institutional friendly multi-signature and account management
– USDT launch on TRON blockchain
– Private transactions

 


 

BitTorrent Speed and Multi Signature Wallets:

After TRON acquired BitTorrent for over $140 million in 2018, the total users of the TRON blockchain have increased massively as BitTorrent already had more than 100 million users. For improving the overall functions of the BitTorrent application and the BTT token (BitTorrent Token), the development team of Tron and going to launch the ‘BitTorrent Speed’ which will be an application for compensating the users who will provide bandwidth and seeding to the network in BitTorrent Tokens.

 

USDT on Tron and Privacy Feature:

TRON has recently partnered with Tether Ltd, the company behind the most used stablecoin USDT. In accordance with the partnership, a new USDT Token shall be created on the TRON blockchain which will provide the ability to exchange and make use of information on the applications build on the TRON blockchain.

 

Apart from this, for the privacy feature, TRON developers are going to implement the zk-SNARKS technology which is currently used by ZCash. This would provide a privacy feature to the users for conducting private transactions. Justin Sun had announced this feature during the podcast with Bad Crypto.

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#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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Adoption

The Amazon of Switzerland: Digitec Galaxus now accepts Bitcoin.

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The biggest online retailer of Switzerland, Digitec Galaxus has now started to accept bitcoin along with other cryptos as a method of payment.

The biggest online retailer of Switzerland, Digitec Galaxus which is also known as the ‘Amazon of Switzerland’ has now started to accept bitcoin along with other cryptos as a method of payment.

 

Digitec Galaxus accepting cryptocurrency payments:

According to Digitec Galaxus, they were willing to integrate cryptocurrency payments on their platform for a long time. The users will now be able to make their payments using Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ripple, Binance Coin, Litecoin, Tron, OmiseGo and NEO.

 

According to the Co-Founder Digitec Galaxus, Oliver Herren, Cryptocurrencies such as bitcoin are captivating and could very soon be an important method of payment for all ecommerce stores and they are happy to support it. He also said that people will pay using cryptocurrencies because the ones who own them are willing to use them somewhere, some are not being able to convert them into fiat currency because of banking regulations and others would just like to try latest things.

 

Digitec Galaxus also admitted that by integrating cryptocurrency payments, the company is going to showcase itself as a progressive brand.

 

Partnership with Coinify:

Digitec Galaxus has partnered with a third-party cryptocurrency payment processing company, Coinify. All the payments accepted through cryptocurrencies shall be instantly converted into fiat currency i.e. Swiss Franc. This would ensure that the cryptocurrency market volatility does not create an issue for the company.

Cryptocurrency payment method will be available only for Switzerland based users for now, although, the company plans to integrate the same soon for the users in Germany as well.

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