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What are the most exciting reasons to become involved with digital currencies?

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digital currencies

Ever since cryptocurrencies have come into being, people have been constantly debating whether or not they should look into investing in it. Some look at it as something that could revolutionize the current way we trade and make transactions and purchases while some just consider it a fraud. However, people who have convinced themselves regarding the legitimacy of this currency and wish to proceed ahead can also look into the following wonderful reasons to invest in cryptocurrencies that could make their prospects even more exciting.

 

Exponential growth

Although 2018 was a bumpy ride for cryptocurrencies especially Bitcoins, it is making a spectacular comeback. China has already set up a Blockchain Industrial Park which aims to fund and facilitate the expansion of blockchain and blockchain based startups and applications. Japan has accepted Bitcoins as a legal mode of payment. There are now over lakhs of pizzerias, jewellery stores, restaurants, hotels, retail stores, online shopping websites and many more places that have started accepting Bitcoins as a legal form of payment. With the astonishing rise in the market cap and value of a wide range of cryptocurrencies, more and more financial institutions are looking at investing over a billion dollars in this market. A wide range of alternative cryptocurrencies only provide people with a plethora of options to explore and then make an invest in one or many places of their choice.

 

Fraud proof

The subprime business dealings at Wall Street had led to the great financial crisis in 2008. With the inception of Bitcoins in 2009, this financial crisis was one of the main reasons that triggered people’s interest in cryptocurrencies. Our traditional transactions require a middleman or a central authority which acts as a figure of trust for legitimate, honest tradings to occur. However, with cryptocurrencies incorporating a decentralised, distributed shared ledger technology courtesy of blockchain, no one gets the power of central control. You own your data over this network. Trust is developed between the payer and payee on this platform by the use of secure and highly reliable cryptographic techniques. The irreversible nature of digital currency transactions is an added feature. All these features put together make for a very secure and tamper free platform for trade deals and merchant – client relations to be established.

 

You are the owner

Even if it is your money in the banks and other financial institutions where you have stored your money and created accounts, you don’t really own it. You are at the mercy of the financial body. There is, in reality, no electronic cash system where your money is actually, completely and wholly owned by you. However, owing to the decentralized nature of cryptocurrencies, you are given back full control of your currency. No one is required to manage things for you, you do not require the affirmation of any other person or entity to conduct trade deals or even simple transactions.

 

Quick instant settlements

There comes a certain ease and convenience of use when one decides to work with virtual currencies. You do not need to go to banks or other financial bodies. All you need is a smart device with a steady internet connection. Once you are on the grid you are your own bank. You can make all your payments and transactions without the need of a bank. In addition to these, you do not have to pay any additional transaction fees, processing fees etc which are taken by banks and other institutions simply as their service charges. This significantly reduces your cost of expenditure.

 

Moreover, your usual credit settlements take over a week to pull through and finally be affirmed. These settlements sometimes take even over a month to happen. This becomes a great source of inconvenience for customers regarding their money matters. However, one does not need to worry about these problems when they make transactions using a decentralized distributed ledger. This is because settlements on such a network are quick and instant. The take as little as 10 minutes to pull through and be completely settled without any disruptions. This makes banking payments quicker and efficient without having to rely on the mercy of the banks.

The worth of blockchain economy stands nothing less than a few hundred billion dollars and companies and people all over the world are constantly working towards making it a mainstream technology.

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#Monero

Beryllium Bullet: The New Monero XMR Fork Explained

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Monero (XMR) forked effectively on 18th of October 2018 called Beryllium Bullet, the network has seen no significant hiccups up until now.

Monero (XMR) forked effectively on 18th of October 2018, and the network has seen no significant hiccups up until now. This release is not normal for the typical ones that endeavor to stay aware of deflecting ASIC miners. The release, called “Monero 0.13.0 “Beryllium Bullet,” incorporates a critical upgrade of the network’s protocol through the presentation of bulletproofs.

Beryllium Bullet: Monero Fork

The enhanced protocol takes into consideration more grounded privacy, less expensive and quicker transactions, and more noteworthy ASIC miner resistance.

 

Bulletproof is a special component among digital assets, in any event among huge top networks. It gives clients more privacy by concealing the quantity of coins that they send in transactions. The technology executes new logarithmic math with the end goal to check transactions.

 

The redesigned protocol likewise brings substantially less expensive transactions fees and snappier transactions. As the group’s blog refresh states:

“With our current range proofs, the exchange is around 13.2 kB in size. On the off chance that I utilized single-yield bulletproofs, the exchange lessens in size to just around 2.5 kB! This is, roughly, an 80% decrease in the size of the transaction, which at that point means an 80% decrease in fees also. The space funds are far and away superior with different output proofs. This speaks to a huge diminishing in the size of the transactions. Further, our underlying testing demonstrates that an opportunity to check a bulletproof is lower than for the current range proofs, which means faster blockchain approval.”

 

Another symptom is happening also: XMR miners are revealing that mining difficulty has dropped steeply since the fork. The blockchain’s ledger will now likewise require significantly less hard disk space. In general, the form is a monstrous update that enables Monero to remain the best privacy coin.

 

Monero developers firmly suggest that everybody overhaul their wallets and hubs on the off chance that they haven’t done as such as of now, as running the old variant could lose transactions.

 

Monero’s for quite some time held objective is for all clients to mine the coin, not just makers or mining farms that have the assets to toss around colossal hashing power, as has occurred on the Bitcoin network. Along these lines, normal clients can remain profitable with GPU and CPU chips. Monero developers conceded to semi-annual network overhauls and changes to the Proof-of-Work (PoW) work with the end goal to remain one stage in front of ASIC producers. The present fork proceeds with that fighting.

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#Cardano Price Analysis

ADA Daily Trading Signals: 19 October

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ADA Price is below the two EMAs with the stochastic oscillator signal pointing down at 43%. This implies further downward movement within the range.

Dominant bias for CARDANO (ADA) – Ranging

Resistance Levels- $0.08800, $0.09000, $0.09200

Support Level-$0.07000, $0.06800. $0.06600

 

ADA is in a range-bound market   The loss in bullish momentum at $0.08091 in the resistance area for the continued upward journey after the retest gradually set the bears back in the market. The doji opening candle of 18th October at $0.08001 followed by the bearish hammer confirmed the bears’ takeover. ADAUSD was initially down to $0.07752. Increased bears pressure pushed the cryptocurrency further down to $0.07537 in the support area as ADAUSD enters the range.

ADA Price is below the two EMAs with the stochastic oscillator signal pointing down at 43%. This implies further downward movement within the range.

 

ADA 4-hour chart

ADA 4-hour chart

 

ADA is in consolidation and trading between $0.08050 in the upper supply area and at $0.07200 in the lower demand area of the range. A breakout at the upper resistance area or breakdown at the lower support area may occur hence patience is required for either to happen. Confirmation with good reversal candles after retest will be of great importance.

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#Daily Price Analysis

XRP Daily Trading Signals: October 19

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Dominant bias for XRP – Bullish

Resistance Levels- 0.6000 $0.6500, $0.7000

Support Level-$0.3500, $0.3000. $0.2500

 

XRP had a temporary drawdown which is a plus to the cryptocurrency on its journey to the moon. The bullish opening of 18th October at $0.4832 expected to push the price of XRP up showed exhaustion as the candle closes with a wick. This returned the bears to market.  The bears’ pressure was strong as XRPUSD initially down to $0.4719. With increased bearish momentum, the cryptocurrency went further down to $0.4560 in the support area as the trading session runs to a close

Apparently, the pullback was necessary for the market correction before uptrend continuation. The retracement was within the 50.0 fib level a trend reversal zone. The implication is that the bulls still lurk in the market and a strong comeback may occur sooner than expected. Moreover, the broken diagonal line in the Fibonacci is another great tool. Each time price touches it, it bounces off it. A bounce may also be expected if price makes a touch at it before going up.

 

XRP 4-hour chart

XRP 4-hour chart

 

The 200 EMA is seen acting as a strong support for bullish movement as XRP price lies above it. The stochastic oscillator signal points down at 32% which suggest minor downward price movement may occur before uptrend continuation.

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