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Cryptocurrency Ecosystem and Altcoins

When we start our conversation about cryptocurrency ecosystem, bitcoin considered the only player in a digital market. Where bitcoin has the dominate value in the market as compare to other cryptocurrencies. 500 cryptocurrencies trading are in a market with symbols, with their identities.

Altcoin is using to describe the cryptocurrency that shares the core building blocks. The best example of altcoin is litecoin.

Cryptocurrency Ecosystem

Basically, there are 150 to 500 altcoins in total. There are five altcoins with the market capitalization of $10 million each.

The revolutionary logic about altcoin is, “altcoins serves two purposes “. Antonopoulos says. “First, they test new tech features, showing whether they work and whether the market will accept them.”

Variations

The proof of work who keeps securing the transaction records and distribution of currency. In addition,

Variations include those allowing a currency to be processed by different equipment than bitcoin (Litecoin, current market cap $330 million), those purporting to use less energy (Peer coin, $47 million), and those that offer faster transaction confirmation times (many, among them Feather coin, $5 million). Other crypto coins claim more idiosyncratic variations, such as the demurrage built into Frei coin ($2 million), which loses value if it is held without being spent. There’s even a currency that uses its proof-of-work algorithm to search for new prime numbers (that currency is named, of course, Prime coin, $6 million). Those features that prove attractive and compatible after ‘testing’ by an altcoin, Antonopoulos says, will likely be incorporated into Bitcoin.

Strength of Bitcoin

Any of the altcoin fails to displace the dominant place of bitcoin. As the bank of America points out that is, bitcoin’s dominance is the guarantee of altcoins. Without bitcoin strength, may be some of the altcoins will disappear.

Where Antonopoulos describe the second purpose of altcoins whose lessons will strengthen the survivor. Which is demonstrate spectacular failure modes.

Antonopoulos contains 80 to 85% of all cryptocurrency capitalization. Whereas remaining altcoins offer the release value for those who think, that bitcoin is the most expensive cryptocurrency. One feature has been more efficient as compare to other. Altcoin built-in process needs honest, transparent and relatively selfless behavior by its developers.

Charlie lee lead developer of litecoin gives the easiest and transparent ways to mine. As he says,’’ I released the source code a week before the launch [in October of 2011], so people could prepare [to mine].”

Because of this struggle, Now, litecoin is the second digital cryptocurrency after bitcoin. After which, peer coin is at the third number of cryptocurrency, its creator sunny king releases source code nine days before its mining. Lee says “I haven’t seen any other coin roll out with the same level of transparency.”

The most important thing for the cryptocurrency is the community acceptance. Bitcoin and other cryptocurrencies are acceptable in societies. Which clearly means that the developers want to provide the transparent and trustworthy transaction system. Ellis says,” Banks are operating a tollbooth economy.” “Banks want 10% of revenue for credit cards,” a cost that cryptocurrency is distributing. Altcoins, Ellis says, “anyone with sufficient will and devotion and time to nurture the community”.

Now we can earn money?

In the meantime, altcoins are in a bumpy ride. Antonopoulos says “99% of them will expire in the process of creative destruction”. “And that’s fine because every once in a while, something unique and amazing will pop out’’.

Tags: Bitcoin Disadvantages.

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SEC Uncovers A Case Of Fraudulent ICO

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No doubt cryptocurrencies have become notoriously volatile as various governments and financial organisations are imposing restrictions regarding the sale and purchase of fraudulent ico. On the other hand it is also a fact that continuous boom in the cryptocurrency market is the main reason behind the birth of some alarming situations regarding its investment and fundraising options. With an increase in the popularity of Initial coin offering and cryptocurrencies, many top social networking websites have recently banned advertisements related to all sorts of activities related to this specific market. Recently Facebook, Google and Twitter are on the top of the list among the sites which have prohibited ads related to cryptocurrencies. Not only that but the US Securities and Exchange Commission has also issued a strict warning according to which celebrities can no more endorse ICOs without proper announcement. Even a country like India has officially announced that Bitcoin is no more than an illegal tender within its borders.

ico fraud

some massive frauds and illegal activities related to the digital tokens have also become a reason for such restrictions. One of such recent fraudulent activities was reported by the US security exchange commission against two co-founders of a supposed financial services start-up for organizing a deceptive initial coin offering.

Who Was Behind That ICO Fraud?

The names of the two founders are Sohrab Sharma and Robert Farkas who are behind that ICO fraud. They were running of a cryptocurrency firm by the name of Centra Tech which was also authenticated by champion boxer Floyd Mayweather. The US Securities and Exchange Commission charged the founders of Centra Tech for organizing a fraudulent initial coin offering. All that information was made public in a press release dated April 2.

 

Sohrab Sharma and Robert Farkas, were arrested and charged for raising 32 million dollars in an unregistered investment with the help of so called “CTR Token”. Farkas was fully prepared to leave the country, but was arrested moments before he could board his flight.

How Was This ICO Fraud Discovered?

According to the statement issued by US Securities and Exchange Commission, Sohrab Sharma and Robert Farkas offered a number of financial products on behalf of their company Centra Tech which also included a debit card backed by Visa and MasterCard. It was being claimed by Centra Tech that with the help of this debit card users could instantly convert cryptocurrencies into US dollars and other legal tokens. In fact it was all based on a fraud as no such agreement existed between Centra Tech and Visa or Mastercard.

 

Centra Tech was also alleged for creating fictional resumes and biographies in order to promote its fraudulent company. The company also hired celebrities like champion boxer Floyd Mayweather to promote their initial coin offering.

 

According to a warning issued by the US Securities and Exchange Commission in November last year, the ICOs which involved celebrities could be illegal.

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The Avant-garde Bitcoin Desk in Wall Street- Goldman Sachs

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Due to extreme volatility and back and forth fluctuations of Bitcoin noticed previously, the most talked about the argument is that if Bitcoins and its peers are overruled or still intact. Financial institutions and similar authorities have managed to maintain a safe distance from this digital currency market during the whole stretch. Embracing all the risks and jeopardies, Goldman Sachs has risen with the plan of establishing the first Bitcoin trading desk in the Wall Street.

crypto investor

But what resulted in the giant wall street titan like Goldman to dip toes in the crypto world? According to a Goldman executive, this step was taken keeping in regard a lot of queries and requests by the clients and also crypto investors. A good number of people showed their interest and curiosity in holding Goldman Sachs Bitcoin as their alternative asset.

The First desk

Goldman has hired Justin Schmidt as their first digital asset trader to grip the daily operation. Having a former experience with a hedge fund, Schmidt is determined to navigate the client’s interest in exchange and transaction of the Bitcoin. With an extensive past experience and knowledge, Justin Schmidt has joined one of the most vaunted banks as a vice president and head of Digital Asset Market in the institution’s Securities division.

Being the first major U.S bank to take such initiative, holding the reputation for always staying ahead of its peers, the institution is dedicated to measuring possibilities and options to entertain their clients play with digital crypto if they wish to.

The Breakdown of The Protocol

The facilitation and assistant Goldman is giving to the crypto world will definitely raise institutional transaction and trading of Bitcoin. Raising these legitimacy bars, the cryptocurrencies are beginning to rise up to the ‘seen’ surface levels.

Though following by many significant absurd comments, Goldman is very hopeful and certain about its position. Goldman concludes that they don’t think Bitcoin is a fraud and they honor their client’s interest to hold Bitcoin as a valuable commodity. After receiving inquiries from hedge funds and clients who received the donations in the form of these digital currencies and weren’t aware how to deal with it.

Being extremely volatile and unpredictable, a great deal of uncertainty comes readily with this currency. After a massive hit seen by the start of the year, the prices of Bitcoin have recovered certainly. being fully aware of the risks and certainties of the nature of the initiative, Goldman claims to be knowing what they are getting into.

Insight

Goldman Sachs Bitcoin trading will not be initiated right away. To entertain and engage crypto investors, they have planned on trading Bitcoin Futures using their own money on the clients’ behalf at start. Running the trade via its New York desk, they are expected to launch its own version of futures too. So, it will not be an actual trading of the crypto, just the trade of non-deliverable forward futures. These trades will further be settled in regulated fiat currency it was quoted in.

The follow-up

Following the footsteps of Goldman Sachs Bitcoin as the first regulated financial institution to propose such a service, it is expected other banks in line to follow the same lead. But the biggest name ruling out the scenario is the British multinational investment bank, Barclays. According to the presenters, they think this crypto world to be fraud, infectious and delusional. But the key point is a market grown as big as this one, for how long you can ignore it. This initiative by Goldman Sachs shows how far this crypto market has traveled and come under limelight to be considered worthy in the eyes of these wall street titans.

But it is highly hoped, this initiative is not just stopping right here. After reaching its peak by the end of last year and its recession by the start of this year, the hopes with this digital currency has risen. Despite a downfall by 48%, the volatility of this currency is expected to be increased during time due to the more people entering down the pool of this crypto world. It is expected to cross by $50,000 by this year. There are more and more acceptance and support expected in the following next five years in regard to this cryptocurrency.

Despite the firm faced criticism, Goldman Sachs has proven itself as the utmost technologically sophisticated institution on wall street.

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Bitcoin and Games – Is Bitcoin making things More Difficult for Gamers?

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As digital currencies are creating momentum between a higher user base and getting fame within the non-virtual world, there are also some unexpected effects. For a supporter of Bitcoin, the largest cryptocurrency by market cap, more users of Bitcoin mean a more competitive and a greater market, as well as other examples of brick and mortar stores, are also taking on Bitcoin.

This shows that Bitcoin users can spend their coins without converting it into fiat currency and more easily as time goes on. Furthermore, a higher demand for Bitcoin creates a greater number of potential and Bitcoin miners are hoping to capitalize on the increased interest.

On the other side, some people are feeling negative pressure due to these developments, and one these groups are computer gamers.

Competition in Gaming and Mining Operations:

There is a question, why would Bitcoin fame make thing difficult for gamers? It comes down to basics as hardware costs for gamers are going high as demand for powerful rigs and in some particular graphics cards has driven prices up. It shows that gamers and Bitcoin miners both require some expensive hardware in order to run their operations most effectively.

Some professional and amateur miners have set up a huge number of rigs around the world, everyone working on complicated mathematical problems in order to get Bitcoin as a reward. The mining rigs use particular graphics cards as AMD RX 400/500 series, the increasing interest in mining has flooded the market with demand requests to purchase those cards. Many sellers in the market are out of stock completely, and the cards which are available have high prices.

Why Do Gamers Feel the Pressure?

On the other hand, the gamers use similar graphics cards for a different purpose. Many of the gamers felt the pressure of higher prices on the graphics cards and other different hardware items which they need in gaming.

However, one of the largest manufacturers of graphics cards “ASUS”, recently declared plans to introduce a new series of products with digital currency mining in mind. This may guide to the new generation of graphics cards with different focus dependent on whether the user is going to mine or to game.

As interest in mining is growing day by day, it is questionable that the pressure will abate. But in such situation, maybe gamers will get that their graphics cards are not much expensive any longer.

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Looking for Bitcoin Information? Here Is Everything You Need to Know

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Bitcoin Information

Bitcoin is a digital currency that only exists electronically. To be more precise, it’s a cryptocurrency that is based on code and encryption keys. The currency first came into circulation in 2009 and was created by an anonymous programmer called Satoshi Nakamoto.

The currency is relatively new and not many people have any idea about how Bitcoin works. The goal of this post is to give newbies clearer understanding of what bitcoin is, how it works and how it can be used to buy/sell services and goods.

What Are Bitcoins?

People often confuse the terms Bitcoin (capitalized) and bitcoin (not capitalized) with each other, not realizing that these two are completely different entities.

Bitcoin latest news refers to the Bitcoin Network while bitcoin information refers to the currency itself (i.e. 1 bitcoin, 2 bitcoins).

What Makes Bitcoin So Special?

There are several factors that make Bitcoin special and give it an edge over traditional currency. The list is unending. However, I’m going to write some advantages of Bitcoin to give you a clear idea as to what makes Bitcoin so special.

  • Bitcoin is a peer to peer currency and is autonomous to third party influence.
  • Bitcoin transactions are stored in a public ledger called blockchain. The recorded information is transparent and offers open access to its users, making transactions more transparent.
  • Since the Bitcoin transactions don’t go through a clearing house (Government, MasterCard, Visa Card, etc.) the fees involved are extremely low.
  • The currency is stored in a Bitcoin wallet which is equivalent to bank accounts for traditional currency.
  • The security level of Bitcoin is extremely high. The currency is secured with encryption keys and only the owner of the coins can know about it; which makes stealing coins nearly impossible.
  • Bitcoins are finite and their value depends on the volume of usage. The more people use this currency, the higher it goes in value.

These are some of the key features that make bitcoin special.

Are Bitcoins Decentralized?

Yes, bitcoins are decentralized. There is no government/private agency, a monitoring authority or clearing house to monitor bitcoin flow. This makes the digital currency spendable nearly anywhere around the world.

Due to it being decentralized, Bitcoin is also dubbed as “the currency of internet”. This is because the Bitcoin transactions are not bound to any physical boundaries and can be sent to/received in any part of the world.

Is Bitcoin Anonymous?

Bitcoin transactions used to be completely anonymous. But now many bitcoin escrow service providers have started implementing KYC (Know Your Customers) and AML (Anti Money Laundering) regulations.

These regulations bound the users to provide proof of identity and residence which makes it harder to achieve anonymous transactions.

How Can You Use Bitcoins?

Bitcoins can be used in a similar fashion as traditional currency i.e. to buy/sell goods, services, and for investment purpose. Another use of bitcoin is to generate revenue through money transfer.

How to Earn Bitcoin?

There are two major ways to earn bitcoins: buying and mining.

Buying Bitcoins:

Bitcoin can be bought through many online exchanges. The exchanges operate on both local and global scale. You can also buy bitcoins from other people via LocalBitcoins.

Bitcoin Mining:

In Bitcoin mining, users on different computers assemble together to form a block and work to solve mathematical algorithms. Those who successfully solve the problems earn their reward in bitcoin.

Conclusion:

Bitcoin is well secured and the fact that Bitcoin transaction data cannot be deleted or tampered with makes it even more protected. Moreover, the currency is cost effective and many major corporations have shown their interest in accepting Bitcoin as payment. The future seems pretty cool!

 

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Some Vital Tools for A Successful ICO Marketing Campaigns

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ICO marketing campaigns are taking over the world. If you want to be successful in this zone, you must have to present your product offering as a ‘must-have investment.’

  • Over 1,500 cryptocurrencies are operating across 10,000 markets.
  • The strategies for ICO marketing should fuse dynamic marketing, traditional ICO and marketing tactics campaigns to make a successful plan.
  • The collaboration that is present within successful ICO marketing plans hinges upon the association amid numerous methods.

ico token

Quality Grade Content

  • ICO marketing guidance isn’t much different, as the high-quality content is crucial.
  • This starts with a perfectly constructed white paper.
  • The white paper’s content should provide vibrant and clear instructions regarding how the token sale is going to be advantageous to investors.

Campaigns Based on Research

  • Market research is the keystone on which all successful and effectual campaigns are built.
  • Actually, methodical research will regulate if there’s a need for a new cryptocurrency in the market.
  • Flawed and weak research leads to failed consequences.
  • The ICO marketing companies should distinguish demographics from target markets, as well as an all-inclusive understanding of the crypto-community is also needed.

Marketing Plans

  • The most effectual means to market a cryptocurrency is through Telegram, which is a popular messaging app.
  • Telegram is a cloud-based messaging service which is run by a non-profit firm and is available for; iOS systems, Linux, Android, Windows NT, Windows Phone, Mac OS, and Android.
  • You can find other ICO marketing solutions as well like; social media sites, cryptocurrency forums which are highly ranked and other cryptocurrency informational platforms, like Bitcointalk.
  • Altogether, these marketing networks provide the finest possible attempt for a successful ICO.
  • Also, it’s essential to include traditional social media choices in the combination, as these can inflate the sway of the marketing campaign.

Resources Available to the ICO Marketing Team

ICOs (Initial Coin Offerings) are amid the most popular investment opportunities in the market.

  • Initial Coin Offerings (ICOs) with the blockchain tech uses a token-based model.
  • New cryptocurrencies that appear on the scene are expected to inflate at an exponential rate, which makes it more imperative to have the correct ICO marketing plan for the token-based business model.
  • ICO marketing companies comprehend the nuances and details of this unstable
  • Marketing activity should be focused on accomplishing the needs of all investors and trigger others who have just a little interest in the ICO token

Role of PPC

  • PPC is known as ‘Pay Per Click’.
  • It targets users based on certain analytical data so that it can reach an extensive audience that any other token-website could do alone.
  • PPC can immensely influence on adoption, sales, and ROI by redirecting attention from the crypto media network to the ICO pre-launch site.
  • It has got the ability to make leads and changes, allowing PPC marketing to endure a foremost and a leading tool in any ICO-marketing-package.
  • PPC is helpful for every stage of a crypto-development.
  • The ICO campaigns can successfully channel focus directly to the website of the company.
  • Efficiently managed PPC campaigns are expected to lead to successful results.
  • Facebook has banned cryptocurrency PPC ads. Plus, Google is also looking forward to ban all crypto-related PPC ads from June 2018.
  • Likewise, Twitter has also enforced a ban on all crypto-related ads, which will start soon.
  • The main reason behind this ban is to protect gullible folks who have no knowledge about the volatility of the market and to save them from making costly mistakes.
  • ICO marketing specialists use ‘Pay Per Click’ procedure in crypto media networks as this time-tested method attract well-versed crypto enthusiasts, investors, and traders.

Email Marketing Campaigns

  • Email marketing is immensely helpful for a well-structured ICO campaign.
  • At this time, multiple email marketing options are available for ICO marketing including, self-service campaigns and managed email campaigns.

Self-Service Email Marketing Campaigns

  • Self-service email marketing campaigns let ICO companies pick their favourite email listing and then generate their custom-made message.

ICO marketing manager

  • An ICO marketing manager can project the HTML-creative and then succumb it.
  • Email marketing campaign’s cost differs according to the offering’s quality, the number of emails, and the budget of the company that are expected to be sent via the campaign.

Channels Used for Cryptocurrency Resources

  • BitcoinTalk is considered as the leading portal to the crypto world.
  • For a successful ICO marketing campaign, it must exploit the power of these platforms.
  • BitcoinTalk has drawn the attention of the crypto community in a huge way and its effect has spread everywhere through the ecosystem.

For the ICO marketing campaign, publicity is always better and to get the well-known word out there, social media marketing across powerful crypto-oriented platforms, (BitcoinTalk, Facebook, Twitter, Instagram, and Pinterest) is essential.

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