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Winklevoss Brothers confirm launching Fiat Backed Stablecoin.

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Tyler and Cameron Winklevoss, founders of Gemini, have gotten permission from New York regulators to dispatch their own Stablecoin.

Tyler and Cameron Winklevoss, creators of cryptocurrency trading platform Gemini, have gotten permission from New York regulators to dispatch their own Stablecoin, as indicated by a post on Gemini’s Medium Monday, September 10.

The purported Gemini dollar currently has the sponsorship of the New York Branch of Money related Administrations (NYDFS). The siblings’ Medium post portrays the coins being sponsored by U.S. dollars that are “held at a bank situated in the Unified States and qualified for FDIC ‘go through’ store protection, subject to appropriate confinements.”

The move speaks to the first cryptoasset from the twins, whose mission to dispatch a Bitcoin exchange-traded support (ETF) got a second dismissal from regulators in July.

“It’s not simply Gemini Trust,” Forbes cites Tyler Winklevoss as saying:

“Yet, you need to construct a network of essential players that are additionally trusted to take care of for the [sic] trust issue of a stablecoin.”

Trading of the Gemini dollar starts today, Tyler disclosing to Forbes he trusts it will illuminate issues related with time delays between day in and day out crypto markets and time-confined fiat ones.

“…If there’s a value dislocation in a specific market and it’s a Friday night brokers can’t move fiat currency until Monday,” he included.

Cryptocurrency analysts have given progressively blended gatherings to stablecoins – cryptocurrencies intended to be less unpredictable – as debate over market stalwart stablecoin Tether (USDT) stews.

The NYDFS green light makes the Gemini dollar the “world’s first” directed stablecoin to dispatch, as per the siblings, in spite of the fact that Trust organization Paxos likewise declared its own particular stablecoin’s administrative endorsement Monday, making a similar claim.

“These endorsements show that organizations can make change and solid norms of consistence inside a solid state administrative structure,” NYDFS administrator Maria T. Vullo remarked to Forbes.

#Bitcoin

New to crypto? Buy only the original Bitcoin BTC, do not fall prey to shitcoins

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Bitcoin is the best start for the beginners to get a feel for the cryptoverse. Bitcoin is well known and if you are new to cryptocurrency, trust only BTC

Comprehending the rationales for the dominance and reliability of Bitcoin over shitcoins.

 

The anonymity of Bitcoin developer is the key to its acceptance

Bitcoin, having the first movers advantage has a lot of influence on the crypto community. Due to the various reasons, bullish momentum or bearish trend of Bitcoin is followed by all the Altcoins, but there are some exceptions. Any form of Fear, Uncertainty, or Doubt, affects the world’s first cryptocurrency and later on, due to the ripple effect, all the other coins closely associated with Bitcoin, fluctuate respectively. The censorship free kind of Blockchain platform offered by Bitcoin is highly useful to the customers who are obsessed with privacy or anonymity. Bitcoin, in fact, is the only cryptocurrency whose founder is not known until now.

 

Cryptocurrency is equivalent to Bitcoin

According to statistics, it has been estimated that among the merchants accepting cryptocurrencies, Bitcoin is accepted by 80% of them. The fame is so well seeded in the minds of people that “Bitcoin” is at times considered to be pseudonymous with “cryptocurrency“. Therefore, even the merchant’s have incorporated the Bitcoin payment system, as it is mostly used by the people. The number of Merchant stores accepting Altcoins but not Bitcoins is very rare. This insight clearly makes it evident that each and every individual are exposed to the cryptoverse only through the popularity of Bitcoin.

 

Bitcoin attracts Development, not Shitcoins

All the major venture, in the form of Research and Development, takes place in the name of Bitcoin and maybe further is expanded to other Altcoins. This particular reason is enough to give an overview of the Bitcoin reliability. The Bitcoin network, although experiences scalability issues, but it’s popularity has never been on a negative scale.

 

The cause for the anonymity of Bitcoin inventor

The mastermind behind the Bitcoin project, who called herself/himself Satoshi Nakamoto, has been anonymous since the invention of Bitcoin. Even until today’s day is identity has not been revealed, therefore, the users of the Bitcoin blockchain can subconsciously be assured about the security of his funds on the network. Else, even for the futile activity of the developer, the community would start to speculate about the future of the coin. Consider, Altcoins for example, where all the Altcoins have some or the other owner. Any speculative activity of theirs would spur FUD in the respective community.

 

Added perks of Bitcoin over Altcoins

Being anonymous also ensures an immunity against the government seizures. Pause and imagine, if the owner of any Altcoin was alleged for some issue, irrelevant of crypto, then his/her venture may be taken down by the government. The distributed nature of Bitcoin and anonymity, seeds stability in the network. The community members also start to judge the project based on the capabilities of the team members, in the case of Altcoins. The Bitcoin network is spread across the world, and it can also be considered bigger than the Internet. According to computer scientists, the entire Bitcoin network dominating the globe is around 11000 times powerful than the top 500 supercomputers from the world combined. Bitcoin even dominates for the highest number of wallet addresses registered. It qualifies to be, the top cryptocurrency to be listed on most of the exchanges around the world.

 

The Shitcoins aren’t made for the global Cryptocurrency

Many other Altcoins like Litecoin, Ethereum, etc are popularly known as Shitcoins because of their undirected focus towards becoming a global cryptocurrency. In simple words, these cryptocurrency coins are specifically developed, not to become a global cryptocurrency but for other futile and short-term purposes. Utility token is the other name for such coins, which would not gain widespread acceptance, because of their popularity and acceptance only in a single stream. On the contrary, Bitcoin is a generalized form of cryptocurrency known by everyone.

 

Closing thoughts on acceptance of Bitcoin for the beginners

The acceptance of Bitcoins in various countries, across the world, may be restricted due to their legal implications. Therefore, Bitcoin is the best start for the beginners to get a feel for the cryptoverse. Bitcoin is well known by the masses and an immense amount of information is available on the internet as well, regarding Bitcoin.

 

Note: Cryptocurrency investments are very risky and this article is not, in any way, an investment advise. The article is only the opinion of the writer and you should do your own due diligence in researching about any digital asset you wish to buy.

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#Bitcoin

Is Bitcoin banned in India? Complete Analysis

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The major incident that first led Reserve Bank of India to send out a notice such as that was because of the price inflation that was noticed in Bitcoin.

Cryptocurrencies have been changing every business market in every country including India, sufficient enough to say it has been changing the business market of the whole world. A country like having many traditional values are reluctant before exploring something new and trusting the new values.

India and cryptocurrency markets

Banking service as it is in India has many sentiments and follows strict protocols to make sure that there are no malicious content or malicious practices between both the parties and bank as third party makes sure of this. When these protocols are not followed they are penalized with heavy consequences to make sure the mistake does not happen again.

In a market such as cryptocurrency the transactions happen between two parties without any interference from the third party. There is not much availability to records and the transaction procedures are privatized too. Operations such as this are threatening to the protocols followed by the Indian markets. Thus, Indian financial markets are reluctant towards moving towards the cryptocurrency markets.

What is Bitcoin

Bitcoin is a digital currency that are issued in the form of virtual digital coins in various digital currency exchange platforms where users can use them to trade and transact for their financial purposes either as an individual or as business entity.

India and its differences with Bitcoin

Indian markets are always sure of what is next in terms of financial analysis and markets to meet out demands and make sure the country does not run into an economic crash. India has a low gross domestic profit (GDP) compared to other fast-growing countries making it try harder and harder to level its financial markets with advancing countries.

When cryptocurrencies such as Bitcoin entered the Indian markets, it threatened many businesses as there is no middle man in it. This led every financial analyst in India to believe that this might give an opportunity to all malicious practitioners to undertake this as an opportunity to hack or use this virtual money for malicious threats. But this did not lead India to consider banning Bitcoin but rather the incident that took place regarding Bitcoin in the foreign markets is what lead Reserve Bank of India (RBI) to put a notice to all Indian banks asking it to shut down all operations that is taking place with Bitcoin or any other cryptocurrency as a means of financial transactions.

The major incident that first led Reserve Bank of India (RBI) to send out a notice such as that was because of the price inflation that was noticed in Bitcoin. The sudden price inflation of Bitcoin overnight started making Reserve Bank of India wonder what would it be the consequence if the more and more Indian business markets started investing in it too. Because of Bitcoin inflation, the price of everything in India markets would go high making it a difficult situation for all the customers as well as the Indian people as it would affect the daily life of the public too.

Considering this Reserve Bank of India issued a notice to all banks asking them to stop all transactions that was under Bitcoin transactions. All investors were given a period of time to sell them and exit the Bitcoin market. All investors who saw the potential of Bitcoin filed a petition on this subject to The Supreme Court of India asking for it to release the notice and allow everyone to use Bitcoins.  However, there is not much development on the case as of yet. So, if any individual wants to buy a Bitcoin and trade them, they are still allowed to do it. It just that business entities cannot do transactions under Bitcoin as it goes against the ReserveBankofIndian rules and the ban it is trying to impose on Bitcoin being used by business markets of India.

The operational line of Bitcoin in India has been on a process towards its ban starting from investors of India investing in Bitcoin which led Reserve Bank of India to analyse Bitcoin by which they noticed high inflation and price fluctuations leading to issuing the notice to all banks of India to stop using Bitcoin and then the government imposing heavy duty taxes on everyone investing in Bitcoin to stop the practice of using them which then was followed by the Indian financial ministers issuing a bill stating activities using Bitcoin as a medium for transaction will not be encouraged. Various analysts and research teams from India have been appointed to study how Bitcoin works and their opportunities along with their drawbacks. Meanwhile in India some research teams have been trying to prove that Bitcoin is dangerous to support Reserve Bank of India. The supreme court finally issued a ban but upon many files petitioned as a plea to lift the ban, the supreme court of India has been reconsidering its decision and is waiting to make the announcement if the ban will be lifted or not for using Bitcoin. This ban lift was supposed to be announced on September 11th which got postponed to September 17th and then again postponed to coming Monday.

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#Blockchain

Komodo Platform and KMD Coin: Complete Analysis

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he Komodo platforms are the pioneers in collaborating with major blockchain platforms Bitcoin and Ethereum to through their Atomic swap Technology.

Gaining insights with respect to the future Blockchain platform of the crypto world.

 

Many cryptocurrencies are developed only for specific purposes

We all have been observing that different cryptocurrency projects are developed for specific reasons. For instance, Bitcoin represents global currency, Ethereum is for smart contract and Decentralized Autonomous organizations, and Ripple is for faster transactions. In brief, there is no single platform which can provide all the above services, in a consistent manner where the users need not jump from one Crypto to another for different applications. In fact, most of the blockchain platforms do not support the functionality of atomic swaps which is most important and famous in the cryptoverse. However, there is one Blockchain platform, which has consistently been developing itself, in almost all the cryptocurrencies domains, Komodo.

 

The Komodo platform supports many applications

The Komodo platform is one such Blockchain platform which is a means to launch the Initial Coin Offerings in a decentralized manner, a decentralized exchange, a cryptocurrency coins with 5% of interest model, etc. The Komodo platform is the first Blockchain platform to support the launch of an ICO in a decentralized manner. The Komodo platform dominates over the Atomic Swap technology too, where almost 95% of the cryptocurrency’s Atomic Swaps are handled by it. It even addresses the scalability issues of the cryptoverse, where the Komodo platform reached 14,000 transactions per second during the initial days of launching itself. It is to be noted down that one transaction accounts for 100 payments.

 

It entails the Delayed Proof of Work for stability

The Komodo platform even supports an improvised version of the Proof of Work consensus mechanism which happens to be Delayed Proof of Work. The Komodo platforms are the pioneers in collaborating with major blockchain platforms Bitcoin and Ethereum to through their Atomic swap Technology. It is one of the most versatile forms of blockchain platform, as it can be utilized for different purposes by the developers or users respectively.

 

The world’s first decentralized initial coin offering

The Komodo blockchain platform sets security and privacy with the utmost priority. It is a direct descendant of ZCash and an indirect one of Bitcoin. On April 17, 2018, the world’s first decentralized ICO took place on the Komodo platform, which was for BlocNation blockchain. This feature is highly in demand, but the developers of the Komodo platform are inviting only one decentralized ICO at a time.  As the Blockchain platform, covers so many aspects, it is highly challenging for the investors to decipher it.

 

BarterDEX is a result of Komodo platform

BarterDEX is Komodo platform’s exclusive decentralized exchange. The exchange supports two functionalities, it can be utilized for trading purposes and also acts as a platform for the development of cryptocurrencies. The Crypto enthusiast can explore BarterDEX exchange and can perform the trading operations along with the development of another blockchain platforms. The DEX has lower transaction fees of 0.15% along with faster transactional confirmation. Basically, the Komodo platform works rigorously in order to lower the barrier of the Blockchain ecosystem.

 

Agama wallet is also developed and maintained by the Komodo platform

The Komodo platform even supports an exclusive multi-coin wallet named, Agama Wallet. The users can use the wallet to store their KMD coins, where a 5% interest is provided by them, just to hold the coins.  This 5% passive income model was incorporated within the Agama wallet to force people to avoid storing their tokens on the exchange, which would indirectly increase scarcity and, hence, the value of the coin. This 5% model was initiated, to nullify the number of tokens being mined and indirectly to prevent losses to the long-term holders of the coin.

 

The Komodo coins power the ecosystem

The Komodo coins power the entire ecosystem, where 200 million coins, marks the total supply of the coins. Keeping the current mining rates in mind, according to experts, it has been estimated that the total supply would be reached until 2031. On December 26th, 2017, the Komodo platform reached its all-time high of about $12.54. Currently, the prices are hovering around $1.046. Being the jack of all the subsystems of cryptocurrencies, the prices are expected to rise substantially.

 

Future of the Komodo platform

Very similar to methodologies incorporated by the Zcash blockchain, even the Komodo platform incorporates privacy, through the “zero-knowledge proof”. It enables the customers to get absolutely anonymous or transparent based on the requirement. There is a lot more to be discussed with respect to the Komodo platform and the discussion might never end. In a nutshell, the complex ecosystem is creating benchmarks with its roadmaps.

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