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Petro Coin, public sale in November. Here is all you need to know

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Venezuelan Presiden has made a progression of announcements concerning the Petro. The public sale for the dubious virtual currency is set for November 5th.

Venezuelan President Nicholas Maduro has made a progression of announcements concerning the Petro. At present, the public sale for the dubious virtual currency is set for November 5th.

Venezuelan President Nicholas Maduro gave key updates about the country’s Petro advanced currency amid a joint radio and television communicate.

As per a notice distributed on Venezuela’s government website, individuals are presently ready to visit the official Petro website and download the official wallet on Google Play.

President Maduro illuminated an unpleasant course of events for the Petro amid his comments. He said the virtual currency would be accessible on six international exchanges as of October first.

It isn’t yet clear what exchanges these are, particularly since a few have named the coin as a scam.

 


President Maduro likewise noticed that a gathering with diggers and cryptocurrency experts would happen on October 29th, only a couple of days before the Petro has a public sale on November fifth.

Something else, Maduro said oil from Venezuela would be sold in Petro. As per him, 51 percent of the cash supply for the Petro will be held by Venezuela’s Crypto Asset Treasury. The other 49 percent will be accessible to the public.

 

The Petro will purportedly keep running individually government created appropriated record. A report from Age Times stated:

50 percent of petro’s price will rely on the oil price, 20 percent on the gold price, 20 percent on the iron price, and 10 percent on the diamond price.

 

WEBSITE AND WALLET

The official government website noticed how the Petro utilizes the X11 hash calculation, considered the “most secure” one. It says the Petro is ensured by a PoW and PoS calculation half breed.

As per the site, which additionally includes an official whitepaper for the advanced currency, the Venezuelan government will attempt and position the Petro as an ‘investment choice, reserve funds instrument, and methods for trade.’

The whitepaper likewise gives more knowledge into the Petro. It clarifies how the government will discharge 100 million pre-mined tokens on November fifth, each at a $60 price point.

As of press time, the Google Play Petro wallet had a rating of 4.2 stars from 158 surveys. Some said it was “magnificent” and “unimaginable,” while others said it expected to “be more cleaned,” and that it was not protected.

Venezuela’s National Bank Reveals Application to Change over New Crypto-Pegged ‘Sovereign Bolivar’

 

Broadly Observed AS A SCAM

Some observe the Petro as an apparatus to skirt sanctions. Not very many think the coin is something besides a scam.

Experts in and outside of the district have kept up there is remarkably no proof that the Petro, or even the plans encompassing it, have brought about any kind of progress.

A scorching August report from Wired magazine respected the government’s turn to peg the bolivar to the Petro, and afterward relaunch as “pure nonsense.”

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Will XRP overtake Bitcoin to become new king of cryptocurrencies?

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Can XRP take over Bitcoin in the total market capitalization with the massive adoption of XRP by financial institutions all around the world?

XRP is often called as ‘banker’s delight’ and banks love XRP as it has hundreds of partners globally with many of the world’s biggest names in banking. Banks are actually tired of using the SWIFT system which it turns out is not that swift. XRP can seriously put the heat on swift and provide money savings and transparency at every level. Bitcoin with its 10 minute block time and unstable fees can be a bit problematic when it comes to this but bitcoin is a massive improvement over the previous architecture and the banks themselves. Can XRP take over Bitcoin in the total market capitalization with the massive adoption of XRP by financial institutions all around the world? Let us make some comparisons.

No Forks

Another benefit of XRP is no forks. A real company with a real office run by professional people that you can contact if you have a problem. The whole bitcoin forking thing has been a very device issue in the crypto community and has done little to give large businesses any kind of confidence in the crypto economy especially when they are new to the crypto economy.

 

XRP a ‘security’ issue

XRP might be a security and is currently being litigated in the courts but until this is resolved there will be this uncertainty around XRP in the likelihood of seeing things like XRP futures, XRP ETF or major banks stockpiling XRP.

 

Proof of Work

While there have been many criticisms of the Proof of Work network including the massive burn rate of hardware and the huge environmental footprint in terms of energy consumption, we could do a whole host of what about the bitcoin energy use, but the reality is that the XRP ledger uses less energy than bitcoin. The long-term trend of Proof of Work mining and Bitcoin mining overall will at some point have some explaining to do as currently, we do see a lot of projects moving away from the proof of work networks.

 

Banks don’t like bitcoin

The Banks around the world really don’t like bitcoin and sure this is a badge of honor for bitcoin but the theory goes that they will actively work to suppress and hurt bitcoin. With the big Wall Street products coming specifically targetting bitcoin, it appears that the banks want to profit from bitcoin, not to crush bitcoin. The love and hate relationship of banks with bitcoin is currently in a love period. Interestingly both bitcoin and XRP could be put under real pressure by an influx of national cryptocurrencies or even more worrying  for XRP, the banks implementing their own solutions. As of now, banks are loving the solutions that Ripple Labs are putting forward for them to use. It is much easier to implement someone else’s technology rather than build your own technology especially when it comes down to interoperability between hundreds of different international banks. XRP is not unique in this, other payment providers use bitcoin or stellar lumens to do the same thing that is done with XRP. The difference is of course that Ripple’s network and banking partners are huge. But then banks do not actually hold and stockpile XRP, they can actually just quickly move in and out to do transactions. But just because banks don’t need to stockpile XRP doesn’t mean they won’t. Previously, a report was published about South Korean banks which are currently holding around 1% of all cryptocurrency.

 

Daily Transaction Volume

In terms of daily transaction volume, XRP has dropped back to around half a million daily transactions from recent highs of 1.6 million daily transaction which is well ahead of bitcoin’s quarter million daily transactions. But don’t forget that the lightning network is still in its baby phases and so far away from reaching critical mass so we should really not underestimate the possibility of the lightning network to seriously disrupt this narrative around daily transactions in the future.

 

Transactional Fees

On the fees side XRP is consistently way lower than bitcoin with bitcoin having unstable network fees but again lightning network is coming.

 

Circulating Supply

Ripple’s control over the XRP’s supply vs bitcoin’s code based emission is another area of concern for many investors. As much as some people may want one or the other to fail. But it doesn’t seem that any of these are going anywhere unless XRP is deemed to be a security. But if XRP is declared not to be a security then maybe XRP can rise massively.

 

XRP is crypto and banking coming together. For some, it is like a dream come true and for others, it just gives them a headache as the true aim of cryptocurrency was to destroy the banks and not join them. If XRP ever does get mass adoption by banks and manages to have a larger market cap by bitcoin. Would this mean an end for bitcoin? Certainly not. The use case of XRP does not eradicate the use case of bitcoin.

 

What are your thoughts about XRP and its adoption by banks? Tell us in the comments section below.

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Malaysia to regulate cryptocurrency and ICO in 2019

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The government of Malaysia is going the draft the regulations for Cryptocurrency and ICO (Initial Coin Offerings) in early 2019.

The Star, local media in Malaysia reported that the government is going the draft the regulations for Cryptocurrency and ICO (Initial Coin Offerings) in early 2019. In the news, the media reported that Lim Guan Eng, the finance minister of Malaysia was updated by the Securities Commission of the country about the same.

Unlike largely populated countries like China and India who completely banned cryptocurrencies, Malaysia has taken a great step in regulating digital assets rather than straight away putting a stop on it as the government believes in the adoption of new technologies such as bitcoin.

Lim Guan Eng also adviced all companies and parties that wish to introduce their own cryptocurrencies such as bitcoin in the form of initial coin offerings to consult country’s central bank: Bank Negara Malaysia which will be responsible for the decision on the financial mechanism.

Malaysia has been adopting the blockchain technology lately in many industries including the setting up of a university degree verification system on the blockchain.

Malaysia also has plans to introduce their own government-backed cryptocurrency which was stated to be put on hold at the moment before the regulations are drafted early next year.

Despite the cryptocurrency market crash, the adoption of bitcoin and blockchain technology seems to be rising rapidly throughout the world. India, which earlier banned cryptocurrencies this year has stated that their government is working on drafting the regulation for bitcoin and cryptocurrencies which will be out early next year. With the upcoming Bakkt exchange and ETF approvals, and a lot more upcoming in the cryptocurrency market there is a huge scope for bitcoin and other prominent cryptocurrencies to rise massively in 2019.

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The Power of Bitcoin: BTC Halvening in 2020

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The halvening helps the world to remember the power of Bitcoin

Bitcoin has an anticipated total supply which began with roughly 7200 bitcoins being made every day. Presently we have survived two halvenings, the last one in 2016, and these days there are just roughly 1800 bitcoins created every day.

At the time of writing this article we are at square 551809, well on our approach to 630000, the following halvening.

 

 

The current gauge for the following halvening is May 2020, which is only 16 months away. Anyway it is vital to comprehend that as we are surviving these halvenings, the power of Bitcoin is getting to be apparent for the entire world. Everybody is really beginning to comprehend this is the way Bitcoin’s fiscal approach works and that it is solid and viable an unchangeable reality.

The ramifications of this are ever higher over the long haul and more halvenings are experienced. The acknowledgment that bitcoin is a genuine contender to national bank cash begins to set and the genuine transformation of cash is nearer and nearer. It additionally implies these occasions will be evaluated in before the occasion itself and all the more successful each time. As individuals definitely think about it and have considered.

Not every person yet gets it. It is your favorable position to comprehend it now before every other person does. After 2020 it is conceivable that relatively few on the planet do not have this seeing anymore and as we, in the long run, move to the appropriation of the late larger part, the train has genuinely left the station. Despite the fact that it might be hard to trust, the train has not left the station yet.

 


At the time of writing, Bitcoin is trading at $4037, after an 80% correction from the all-time high of $19500 in December last year.

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