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The trading price of Ripple on South Korean cryptocurrency exchange has been removed from the Coinmarketcap yesterday.  Over past week, well-regulated South Korean cryptocurrency exchange market has been accountable for more 50% of global Ripple. The world’s second largest cryptocurrency exchange with $2.6 billion daily trading volume process $750 million worth of Ripple trades on a daily basis.

Coinmarketcap Failure:

The decision of Coinmarketcap for suddenly removing South Korean rates is questionable though it has removed South Korean rates from all the other cryptocurrencies including Bitcoin, Ethereum, and other cryptocurrencies. The price of all the cryptocurrencies that are concerted in the South Korean market has decreased significantly.

For newcomers, the sudden removal of South Korean rates from Ripple’s global average price looked like a major correction. According to Ripple’s chief cryptographer, David Schwartz, Coinmarketcap’s decision to eliminate Korean prices from the displayed XPR price made the price appear to drop possibly triggering some panic selling. Look meticulously at the data and don’t be deluded. He also highlighted that the latest price of Ripple without the high premium rate of the South Korean market is more meaningful. Although it has triggered a minor sell-off as investors began to validate concerns over the short-term performance of XPR.

Is it a Good Decision?

Analysts and experts have conflicting viewpoints on the removal of South Korean rates from the global price of cryptocurrencies on Coinmarketcap.  David Schwartz also said that the removal of South Korean rates is advantageous for the market and for every cryptocurrency that is listed on the Coinmarketcap since only a portion of investors is affected by the premium rates in South Korea.

It’s quite difficult for foreigners to trade cryptocurrencies in the South Korean market and also very much challenging for South Korean investors to take benefit of the arbitrage opportunity. The price of cryptocurrencies in the South Korean market is exclusive to local traders and investors.

The question about the rates from the South Korean market whether they should be imitated on the global price of cryptocurrencies still remains unanswered. Whereas some experts believe that it could make the ecosystem better. Others believe that the sheer trading volume coming from the South Korean market and strict rules imposed by the government to regulate the sector, South Korean rates should be considered in the calculation the global average price.

Eventually, due to the strict capital controls, it’s not possible for the foreign traders to move South Korean won out of the local cryptocurrency segment. Therefore, experts believe that the removal of South Korean rates is defensible.

Story credits: ccn.com

Image: Google images

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What Makes Bitcoin So Valuable – A Brief Insight Into Bitcoin

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What is bitcoin? Bitcoin is basically the “IT Girl” of the digital world. Being the world’s first decentralized digital currency, it has gained a lot of fame and value along the years. Its climb to success is a roller-coaster ride packed with ups and downs which surprisingly all Bitcoin users have gotten used to. However, a question that lingers at the back of everyone’s mind is- what makes Bitcoin worth anything?

Why is Bitcoin Used?

Ultimately, bitcoin value is determined by its demand. The supply & demand is what drives Bitcoin so high. One factor being the limited supply – just 21 million bitcoins to be precise. Due to the finite nature, Bitcoin is always in demand.

While it’s not backed by any government or central authority, Bitcoin has managed to create an ecosystem itself where its users are able to trade bitcoins as and when they want. Be it exchanging it for other currencies, buy goods and services, or using it as an investment. Also, let’s not forget the minuscule transaction fees; while banks charge you efficiently for international transfers, Bitcoin does it for much cheaper.

In fact, it has proved itself to be useful, maybe even more than fiat currency. Particularly because it allows users to send and use bitcoins in any country without breaking legal obligations.

In short, the bitcoin market is growing each day. Many competitors were born but Bitcoin is still everyone’s favorite. As unbelievable as it sounds, people bought bitcoins back when it barely cost a hundred bucks and now they’re millionaires. This just shows how much this currency has offered and how much more it could offer in the future.

Bitcoin is the future for me!

 

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Best Way to Buy Bitcoin with Bank Accounts

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Bitcoin is for the unbanked – and those who’d like to get unbanked. Transferring bitcoins to bank account is not viable, but buying is. There are several exchanges that allow the feature of buying bitcoin with the bank account. The most renowned ones being:

CoinBase:

CoinBase is the world’s biggest Bitcoin broker. In the United States, you can purchase bitcoins with an associated bank account by means of ACH bank transfer. In Europe, you can purchase with your bank account by means of SEPA exchange. Buys made with ACH take 5 days for the coins to be conveyed, while SEPA buys take under two days. CoinBase charges 1.49% fee on all exchanges. Americans may include a Visa or Mastercard as reinforcement to unlock instant payments by means of bank transfer.

BitStamp:

Bitstamp is one of the world’s biggest Bitcoin exchanges. It makes it simple for Europeans to buy bulks of bitcoins quickly with SEPA bank exchange. Practically anybody on the planet can utilize their bank account to send a wire exchange to Bitstamp. Fees may apply.

Kraken:

Kraken is the world’s biggest euro-designated Bitcoin exchange based on daily trading volume. It underpins bank transfers from US, European, Canadian, British, and Japanese clients and deposits can be made through SEPA exchange and international bank transfers.

So, these are the top three Bitcoin exchanges which allow their clients to buy bitcoins with the bank account. based on your location, choose one that you are most convenient with.

Tags: best place to buy bitcoins, buy bitcoin with bank account

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What is the Real Value of a Bitcoin?

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In the past decade, Cryptocurrencies have become a revolution in the modern economy and banking system. It acts as an alternative currency which serves as a financial transaction database for the general public and the cryptocurrency which pave the way for this successful revolution is Bitcoin. Bitcoin was the first of its kind and introduced in 2009 and since then it serves as the digital gold standard in the whole cryptocurrency industry. The value of bitcoin has been increasing over the past decade and the value of bitcoin in future estimated to have upgradation after recognizing present rate of increment. The value of bitcoin has increased from 0 to 7300 dollars from its introduction in crypto industry.

value of bitcoin in future

  • Value as a Currency

Bitcoin has emerged as a new world currency over the past decade. It serves as a global way of payment. Usually, the currency system depends upon the country’s economy and a centralized banking system which check the exchange rates of the currency with the global stock exchange. But Bitcoin doesn’t need all. It doesn’t depend upon any banking system.

Nowadays Bitcoin is usually measured or exchanged in terms of American dollars or Japanese yen it means anyone can exchange bitcoin either in dollars or yen depending upon the rate of exchange in the global market which can be high or can be low as zero. The difference between the other currencies which are supported by the banking system and bitcoin is that it doesn’t require any banking structure for its exchange and can be exchanged for dollars and yens depending upon their values.

  • Value as an Investment

In the field of Finance, the investment is a term which generates a value that describes the sum of future revenues generated. Up till now, bitcoin doesn’t hold any type of present and future revenues so It can say that now Bitcoin as an investment has zero minimal value.

According to the famous businessman, Warren Buffet bitcoin cannot become an investment and it is a mirage. Buffet said the idea which has high inherent value is just a joke in his view and it will have a bad ending.

  • Bitcoin a New Gold

Sometimes Bitcoin is also referred to as a new gold due to its inability to generates revenues. The assets which don’t generate any revenue such as gold but the gold has minimal value because of the industrial use and the manufacture of industrial goods that has given gold a minimal value despite having no financial assistance. Bitcoin has been compared to gold over the years due to having low financial investment.

  • Bitcoin as a Ponzi Scheme

Bitcoin also termed as a Ponzi scheme, which is described by the fraud investment in which manager provides fabricated reports and try to lure the new investors into the reports so they invest in their project and generates revenue for the older investors.

The characteristics of Ponzi scheme is:

  1. Usage of verbal guises
  2. Encouragement of high return to the new investor that lure them to invest
  3. Not having solid assets ground
  4. Minimal withdrawal of money by providing new plans

In the end, it can be said that the Bitcoin has integrated a revolution in the modern currency and banking system and the value of bitcoin has proved its popularity among the people and made it a global way of payment. In the recent, the value of bitcoin in future will increase as the rate of increment in the present time and maybe it will become a new gold or a mode of investment.

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Future of Crypto – State of DEXs, ICOs And Blockchain Technology

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Blockchain Predictions For 2018

Due to the abrupt increase of ICOs, Ethereum and the whole cryptosphere also went high in price exponentially last year. In 2017, there were several projects that got hacked because they had bugs in the code of their smart contract, numerous scams also came out, as well as few startups also showed up, which failed to deliver on their roadmaps.

Telegram is a popular social messaging app and is considering to launch a token sale. It is said that this token sale would become one of the biggest ICO token sales.

  • The leaked whitepaper of Telegram explains that it seeks to add a crypto micro-payment functionality to its chat platform.
  • Also, it is going to present an innovative and new scalable multi-blockchain network under the name “TON” (Telegram Open Network).
  • For accomplishing this, the project will try to raise $1.2 billion through an ICO.

Telegram Whitepaper

  • The Telegram’s whitepaper is potential to resolve all the important issues that Bitcoin and Ethereum are facing at this moment including, scalability and interoperability, and present a network that will handle millions of transactions each-second.
  • However, the problem is that the company doesn’t tell precisely how it is going to make this work.
  • In the 132 pages of text, specifications regarding how TON will overcome challenges related to building a huge and scalable architecture cannot be found anywhere.
  • Although developers are not too much overwhelmed, unprofessional investors might find the notable potentials of TON appealing.

 

Generally, reasonable regulations are going to serve well for the blockchain space in this long run and lastly, startups will halt taking money recklessly – only because they can and will instead concentrate on developing advanced technology.

Decentralized Exchanges and Scalability Issues

  • The adoption and implementation of decentralized exchanges haven’t been elevated until now, though it seems like they’ll turn out to be fairly mainstream in 2018.
  • With SEC regulations approaching, this probably also has centralized exchanges rattling.
  • To find token liquidity somewhere else, people will have to consult DEXs (Decentralized Exchanges).
  • It is expected that projects like EtherDelta will become popular this year as people are slowly repelling from Bittrex, Coinbase, etc.
  • At the same time, this doesn’t mean that centralized exchanges will be forgotten instantly – they are still world’s more expedient than any other operating or soon-to-be-launched DEX. However, they are probably going to mislay a huge amount of their market share this year.

 ico token sales

Lightning Network

It’s believed that payment channels including Lightning Network will also become a trend soon.

  • This promising technology allows people to open a bidirectional payment channel and transact through it without paying any fee.
  • Fees are required but only for opening or closing a channel and appears to be a potential solution to the scalability problem of Bitcoin.
  • It can assist other blockchains, as well.
  • Projects like Raiden Network already exist since they seek to achieve chain payment channel functionality to Ethereum.

 

If we talk about Ethereum and the future of crypto – its future switch to ‘proof of stake’ and after it happens, the user base network will perhaps get divided again. Anyone who owns loads of mining hardware might dislike the idea to drop ‘proof of work’ for clear reasons. On the other hand, there are cryptocurrency enthusiasts who think hard forks have to be avoided, in general. According to them, altering the blockchain in such way is contrary to the main principle of blockchain immutability. Consequently, there’s a chance that we might get a third network by the end of this year – on top of Ethereum and Ethereum Classic.

 

Adoption of Blockchain Technology

  • The blockchain technology can reconsider the supply chains industry.
  • One of the largest retail corporations in the world, Walmart, is utilizing a decentralized ledger to improve the traceability of the product.
  • Nestlé is intensely using blockchain technology to lessen food contamination, as well.
  • Microsoft and IBM are enthusiastically spreading private blockchains for individual and exclusive business use cases.
  • Last year, 57% of big corporations were either considering or utilizing blockchain technology.

This year, large organizations and big financial institutions including payment providers and pension funds will also embrace the blockchain technology.

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A Brief Guide on How to Use Bitcoin

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How to Use Bitcoin

Plenty of people who are new to the concept of Bitcoin often ask “how do you use Bitcoin?” and the answer to this question is not that easy because Bitcoin works in the same way as traditional currency. The only difference is that it exists in the form of code and stored on High-Tec computers.

Since the majority of visitors who come to our site are freshies and looking to learn as much as they can about Bitcoin, we will provide a quick guide on how to use Bitcoin.

Start with A Bitcoin Wallet:

The first and foremost thing needed to start your Bitcoin venture is a Bitcoin wallet. There are several types of Bitcoin wallets, but Coinbase or Blockchain are the friendliest ones, especially for those who are new to Bitcoin world.

A Bitcoin wallet works the same way a software (Yahoo, Gmail, etc.) does for receiving emails or a traditional bank account does to send or receive money. But in this case, only Bitcoins are stored in the wallet.

A wallet comes in the form of a software and allows you to send, receive or store the cryptocurrency.

In order to receive Bitcoins, you are required to give the sender your Bitcoin address which starts from 1 or 3; followed by a string of random numbers and letters.

Here’s an example of a bitcoin address: 1GrwYYTDJic27cstVCjzS8Muvutw6JUYqB

Get Some Bitcoins:

Once you have your Bitcoin address and a wallet, all you need is some coins. wondering how to buy coins? check out our guide on how to buy bitcoins from PayPal in two minutes. Apart from PayPal, there are several other methods too. However, the cost will vary based on which method of payment you choose – reversible or irreversible.

The reversible payments (credit card, PayPal, etc.) cost more than irreversible ones (bank/wire transfer) due to the risks involved in the transaction.

Now that you have bought coins, it’s time to put them to good use.

How to Use Bitcoin?

The number of companies starting to accept Bitcoin as a method of payment is growing each day. Some top-notch companies like Microsoft, Overstock, Virgin Galactic, etc. are now offering their services in exchange of Bitcoin.

You can use your coins to buy virtually anything through a Bitcoin debit card. The card also gives you the freedom to shop physically at all the Bitcoin-accepting stores.

If shopping isn’t your priority, make an investment of your Bitcoin assets. There are several ways in which you can invest your coins. Following are the most common ones:

  • Bitcoin trading
  • Holding on to them
  • Getting mining equipment

But before you make an investment, remember that Bitcoin investment can be a risky business due to high volatility in its value.

Another use of Bitcoin is to open an online store and set Bitcoin as an additional method of payment. It will not only give you an opportunity to earn bitcoins but will also provide an extra payment option to your clients.

Lastly, your coins can be used to settle a bet, pay back a friend who bought you dinner or return a loan. In conclusion, Bitcoin can do almost anything that traditional currency does. The only difference is that Bitcoin exists virtually and is relatively new in the market.

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