The cryptocurrency market continues to get recovered as almost every cryptocurrency has seen an upsurge in its price. The price of Bitcoin has headlined the advance and has leaped the $10,000 mark for the very first time since 1st February.
The cryptocurrency market cap has surged above $475 billion, which means that the cryptocurrency market is seeing a speedy recovery since it recently fell to $382 billion.
Bitcoin Price Hits $10,000 Mark:
Bitcoin continued to resist its critics even on Thursday and showed a 6% progress in its price with striking distance of $10,000 for the very first time since the starting of February. But since, the top cryptocurrency has yet been able to break through this barrier and it is now valued at $10,100 which means it has finally surpassed the $10,000 mark. Bitcoin has a market cap of $170 billion at this very moment, which has aided its market share to rise up to 39%.
Ethereum Price Joins Bitcoin:
The price of Ethereum has also joined Bitcoin price surge, even though its recovery is not as speedy as Bitcoin’s. Ethereum is trading at $933 at this time, which represents a 24-hour decline of about 0.20% in its price. This leads Ethereum with a total market cap of $91.5 billion and 19.1% market share.
Substantially, altcoins accomplished positive development against the dollar. But, these advances were rough, and just a few assets sort of protected the index.
Ripple has seen a decline of 2.24%, which basically halted the fact that Western Union, which is a “money-transfer giant” has confirmed the rumours that trial based on Ripple blockchain is going to include XRP integration.
Bitcoin Cash continues to protect its mark with gains of around about one-half-of-one percent whereas Stellar has seen a decline of 1.89%.
The cryptocurrency which is ranked on number 5th, Litecoin, declined by another 7%, which brings its price to $212 with the market cap of $11.7 billion. It’s one of the closest competitors, Cardano, has also seen a decline by 3.29% however it still holds the sixth position in the rankings.
NEO, which is ranked on number 8th has declined by 1.73% and is priced at $122, with the market cap of $7 billion. There is a 2% decline in the price of EOS, which is valued above $9 at this time whereas, IOTA is here to round out the top 10 with a 1.9% upsurge, which leads its value to $2.10 at this time.
In earlier days, the concept of money used to be a physical substance, such as gold and silver. Some ancient cultures used living things as a form of money – cattle were one of the oldest forms of money.
However, the modern world is becoming more technology centered. Ever since the introduction of the internet, everything, from space to schools and shopping centers is dependent on the internet, and even online transactions have suddenly become a THING! More and more people are starting to make online trades, as it gives them the ease to purchase any desired item without having to leave the comfort of their bedroom.
Many of these purchases are often made with e-money or Bitcoin – the most widely used form of digital currency.
The currency first came into circulation in 2009. During that short time span, Bitcoin was able to spark a lot of attention and worldwide interest. As a result, many merchants are now starting to accept Bitcoin payments for their services.
However, despite all the talk about how people nowadays keep themselves updated with the latest technological innovations, many still seem to struggle when it comes to differentiating between Bitcoin and e-money.
In this article, we’ve outlined how E-money and Bitcoin are different from each other. Let us begin.
How are they different?
Electronic Money aka e-money and Bitcoin are two systems for making payments that are digital in nature. Besides that, nothing is common between the two.
Electronic money is a mechanism designed to interact with traditional currency such as Euros and Dollars. Whereas, Bitcoin is an independent cryptocurrency with its developers and users having complete control over it.
Some anonymous programmers using the pseudonym, Satoshi Nakamoto, launched Bitcoin in 2009. It’s a digital file that consists every transaction that has ever happened in the network in its ledger, aka, block chain.
Bitcoins are not like fiat money, they are mined using computer power of high-tech computers in a distributed global network of volunteer “miners”.
The money balance recorded electronically on a stored-value card is electronic money. Unlike Bitcoin, e-money is under the regulations and controlling of the Government central banking system. Banks and customers would have public-key encryption keys. Public-key encryption keys come in pairs. Only the owner knows the private key whereas the public key is available to everyone.
In comparison, Bitcoin is strictly limited to Internet connection but E-money just requires access to electronic devices like mobile phones and an agent network. Also, e-money is equal to the amount of fiat money in exchange for electronic form whereas, Bitcoin has no possibility of reaching the real world in the form of a bill.
Example of a system supporting E-money
M-PESA is a mobile phone money transfer system that had launched in Kenya in 2007. It starts with converting fiat money into an equal e-balance, by only entering the recipient’s mobile number and the transferred amount. The issuer confirms the transaction by sending an SMS to the recipient. The benefit of this method is to eliminate the interference of banks which makes it so popular and successful in Kenya.
E-money and Bitcoin have their pros and cons but it is solely the responsibility of the user on how they handle their earnings. If more and more people shift from paper money to virtual currencies, this could irreversibly change our lives and social interactions.
Google is taking an action against the online advertisements related to cryptocurrencies at the beginning of June.
The company is upgrading its Financial Services Policy to restrain crypto advertisement, including wallets, trading advice and initial coin offerings (ICOs). This means that companies with legal cryptocurrency offerings won’t be permitted to serve ads through any of Google’s advertisement products, which place advertising on its own sites as well as third-party websites.
In another post, Google said that it took down 3.2 billion ads that violated its advertising policies in 2017, nearly double of the ads that it removed, back in 2016.
Facebook took the same step in January, the move affected most of the Google’s advertised products, which means organizations won’t have the ability to serve crypto advertisement on the search engine giant’s own sites, as well as third-party sites in its network.
Google’s director of supportable ads, Scott Spencer, told CNBC
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
The company also said that the policy will be executed across its platforms, including Facebook, Audience Network and Instagram. In the beginning of this year, Facebook banned crypto-related advertisements, mentioning the potential for “deceptive promotional practices.” It’s been reported that the crypto advertisements have also been vanishing from the social media sites of China as there’s a ban on ICOs and crypto exchanges in China.
Bitcoin investors get apprehensive as Bitcoin’s value surpasses $3000, hitting a new record within a week after the split.
According to CoinDesk.com, Bitcoin climbed to $3,360.87 on Saturday and by Sunday, it had settled down to $3,286.87 while pushing bitcoin’s market capitalization past $50 billion for the first time ever. It’s market cap now lies at $52.3 billion at press time.
The reason behind these price jumps is the launch of Bitcoin Cash, which is a new version of the cryptocurrency. While Bitcoin’s price did have a 5% drop during the initial days of the new currency, it rapidly recovered. Previously in June, Bitcoin had hit the $3000 however, it fell 20% soon after.
As expected, market volumes have increased along with the price due to the increase in trade volume within the past couple of days and by the looks of it, Bitcoin is back and better than ever.
bitcoin image via atlanticbase.com
rocket image via Science Learning Hub