Research – Most of Crypto Assets Are Highly Centralized

The beauty of Bitcoin and other cryptocurrencies lies in its decentralized nature, ensuring there is no single point of failure. However new research has found that the majority of the digital asset existing in cryptospehere are highly centralized. Cryptocompare, the cryptocurrency market data aggregator analyzed over 200 crypto assets and had published a Cryptoasset Taxonomy Report.

The report highlights that just 16% of crypto assets are genuinely decentralized, around 55% as centralized and the rest as semi-decentralized.

Read more at news.bitcoin.com

Top Five Cryptocurrencies as per Market Cap

Bitcoin, Litecoin, Zcash, Cardano, Ether, Dogecoin, Tether, Titcoin, Potcoin, Auroracoin, Primecoin, Swiftcoin just to name a few of exploding cryptocurrency market. As per investing currency list, there are 2260 cryptocurrencies listed on the market as of 14-Sept. As of 15, March 2018 there were 1658 cryptocurrencies, a whooping upward growth. While launching a crypto may not be much of significance, but getting a position in the market is indeed a tough job.

As of March, the cryptocurrency market capitalization was under $369 billion, that indicates that each of the cryptocurrency in March was worth of ~$222 million. However, that’s not the fact – the top 20 leading cryptos account for 89% of the total market — the other 1,638 cryptocurrencies are worth a combined $39.6 billion.

In fact, if you try listing cryptos with the largest market capitalization, here are the top five cryptos as of writing this article –

top 5

As experts recommend while placing your bet choose the one with the market capitilization[total coins that will ever be produced times current value], the coins potential to survive in the market and the ease with which a coin can be traded for fiat currency like the US dollars.

While market cap, its potential to survive and ease to convert are some of the best bets, Traders owning cryptos other than Litecoin, Bitcoin, Ethereum; Bitcoin Cash also find it hard to trade them for actual fiat. Most of the coins could be traded at online cryptocurrency exchange, and individuals could also buy stuff online, but converting it into a fiat means –

  1. First converting it into a significant cryptocurrency [like BTC or ETH]
  2. Then get USD against it.

So even though a USD value is listed against each of the cryptocurrency, that does not signify you can liquidate it as per your wish.

SIX MYTHS OF CRYPTOCURRENCY EVERY INVESTOR SHOULD KNOW

2017 has been a transformative year for blockchain and digital currency. As stated by coindesk – The combined market cap rocketed from $15 billion in January to over $600 billion by year’s end. While such exponential growth has acted as a barrier to fresh entrants in crypto domains, with a dip in the market, the newbies are trying to explore the opportunity and get some exposure to cryptosphere. While the hype is all around, the fresh investors might fall for misleading information easily accessible to them.

Our post would talk about some of the myths floating around and the TRUTH behind them. So let’s dive in –

Cryptocurrency is a Ponzi Scheme

When you see your news channel/subscription flashing news like –

“Alleged India Bitconnect head, Divyesh Darji, was arrested this week at an airport in Delhi as he arrived from Dubai. He and conspirators are accused of bilking millions of dollars (Rs 88,000 crore) from Indian investors seeking to find financial refuge during the government’s demonetization campaign.” Read more at news.bitcoin.com

Or

Chinese Police Arrest Hackers Behind $87 Million Cryptocurrency Theft. Read more at ccn.com.”

It might push you to think cryptocurrency is a Ponzi scheme, but its not the fault of the technology but the people who try to misuse and con you and that could happen with any technology.

Cryptocurrency, a use case of blockchain technology has been in the market and used by various verticals across the globe. Firms like Ripple are making seamless payments around the world via digital assets. So while you make up your mind to start investing, make sure to check the reliability and credibility of the firm.

Coins and Tokens are Same

Honestly, Tokens and Coins are the categories of cryptocurrency.

Coins/ Alternative cryptocurrency coins/ Altcoins

In laymen terms, they are the coins that are alternatives to Bitcoin, Ether, etc. The way an altcoin is synthesized is as follows – First, an open source blockchain, with original protocol [ may be a variant of Bitcoin or created their own blockchain like Ethereum, Ripple with new protocol]is picked up and then the underlying code is changed, resulting in a new coin or cryptocoin. Some examples of cryptocoins are – Litecoin, Peercoin, Auroracoin, etc.

Tokens

Tokens could be defined as a representation of a particular utility or asset, which need to reside on top of another blockchain. They are a representation of an asset that is tradeable and fungible, maybe commodities or loyalty points or even other cryptocurrencies.

Tokens need another platform like Omni or Ethereum to operate and exist. Tokens are created over ICO’s or initial Coin Offerings, and is necessary to fund the operating expenses to host it as a service.

Cryptocurrency is only for criminals/tax evaders

Cryptocurrency because of its nature of decentralization and anonymity may have attracted tax evaders and criminals for money laundering and drug trafficking. But they are also used by law-abiding citizens around the world. While one of the use cases of cryptocurrency is for people in underdeveloped and developing countries to enable financial inclusion, it is also helping citizens of countries where there are political and economic instability.

Crypto transactions are anonymous

The essential feature of Bitcoin and other cryptocurrency is that it is private. However, the government in the US has implemented regulations wherein exchanges have to comply with Anti Money Laundering and Know Your Customer Regulations. In the European Union, the exchange platform needs to follow guidelines issued by Financial Action Task Force (FATF), then complemented by national rules. The framework bars the subjected entities, from keeping anonymous accounts or accounts in fictitious names. In Asia as well, the Financial Action Task Force (FATF) is applied. In South Korea that is considered to be one of the biggest hubs of cryptocurrency has banned anonymous trading of cryptocurrencies and requires the entities to verify their customers appropriately.

Bitcoin is the only Cryptocurrency available

Amongst all the cryptocurrency available, Bitcoin is the most popular, backed up by strong community base, is the talk of the town and trending, hence at times mistaken as the only cryptocurrency available.

Cryptocurrency is Not Legal

Cryptocurrency is NOT ILLEGAL. However, the discussion is whether a country accepts it as an alternative to physical currency. Also, government across the globe are trying to lay down regulations to help people from misusing it.

 

References

Cointelegraph, citowise, masterthecrypto

 

[LIVE UPDATES] There is a New Judgement Day for Crypto in India – 9/11

[9.30 AM] Today, The Supreme Court of India will hold a hearing regarding the state of cryptocurrencies in the country. It is a decisive day for the local crypto industry that has been significantly suppressed in the past month by the Reserve Bank of India’s ban on all banks’ dealings with crypto-related businesses.

[10:00 AM] The verdict itself may take a while to be pronounced, the proceedings will clear the government’s stance towards the industry and the Reserve Bank of India’s (RBI) reservations against bitcoin.

[10.30 AM] The matter is being heard by chief justice Dipak Misra along with justices AM Khanwilkar and DY Chandrachud. The attorney general of India (AGI), KK Venugopal, is also likely to be present for the hearing, following the court’s directive.

[11:00 AM] The hearing begins. Mr. Gopal Subramaniam, Sr. Advocate representing IAMAI submitted that in the world of digitalisation, such a Circular from RBI would be a loss. Source

[11:30 AM] Limited arguments were advanced on behalf of IAMAI and RBI today. Since SEBI and few others have not filed their response to the Petition seeking regulation, so the Court directed for completion of pleadings. Final arguments on 11th September. Source

[12:00] No interim relief or stay has been granted by the Supreme Court till the 9/11 hearing. It’s status quo for now.

That’s all for now folks.


Nuo is a decentralised and transparent crypto banking platform. It acts as a blockchain powered financial control centre to store, spend, borrow and grow your crypto-currencies. Install the android app or try out our crypto backed loans platform.

Credits: Quartz

TenX(PAY) up by 50% in 24 hours on banking license rumours – trading @ $8 in Bithumb

WhatsApp Image 2018-07-16 at 17.07.44
$8 on Bithumb
Screen Shot 2018-07-16 at 4.09.35 PM
$1 on Bittrex

 

With the TenX(PAY) token up by almost 40% in 24 hours, rumours that are spreading say that the project might be very close to getting their banking license approved(mostly in Korea) – this will enable it to launch their own card without any hassle or dependency on a non-crypto service. The PAY token is trading on Korean exchange Bithumb at ~$8 whereas on Bittrex and the other exchanges at ~$1.

Another rumour that is going around is that it might be very close to getting listed on Binance, which will definitely give it a huge boost in volume.

Although there has been no such announcement from the TenX team on its official pages, these seem like the most plausible conclusions. Having said that, it might just be another case of pump & dump where the select few will make the buck and leave the rest drooling.


Nuo is a decentralised and transparent crypto banking platform. It acts as a blockchain powered financial control centre to store, spend, borrow and grow your crypto-currencies. Install the android app or try out our crypto backed loans platform.

New York Crypto Miners to get Power at Higher Rate?

As per new electricity rate scheme in New York, crypto miners need to pay more than other consumers. New York State Department of Public Service Chair John Rhodes said in a statement:

We must ensure that business customers pay a fair price for the electricity that they consume. However, given the abundance of low-cost electricity in Upstate New York, there is an opportunity to serve the needs of existing customers and to encourage economic development in the region.

On the other hand in Quebec, Canada provincial utility Hydro-Quebec proposed a new regime under which blockchain companies will be required to bid for electricity and quantify expected job creation and investment.

Read more at Cointelegraph


Nuo is a decentralised and transparent crypto banking platform. It acts as a blockchain powered financial control centre to store, spend, borrow and grow your crypto-currencies. Install the android app or try out our crypto backed loans platform.

FIFA Gambling – Police Seize $1.5 Million in Crypto

$1.5 million worth of cryptocurrencies were seized by Local police officials in China as part of a crackdown on gambling during the 2018 FIFA World Cup. As  Xinhua reported the unnamed gambling platform in May following advertisements that claimed it would “accept international recognized cryptocurrencies including bitcoin, ether, and litecoin” to draw in users. Over the course of eight months, some 333,000 users used the site, which reportedly saw an estimated transaction volume of at least $1.5 billion.

Read more at Coindesk


Nuo is a decentralised and transparent crypto banking platform. It acts as a blockchain powered financial control centre to store, spend, borrow and grow your crypto-currencies. Install the android app or try out our crypto backed loans platform.

Stronghold, a crypto exchange platform, secured $3.3m in seed funding.

The company aims to utilize the funds to enhance the trading experience, endure the growth and development of its platform. The firm also plans to add more assets and liquidity onto Stellar’s network through its platform and develop its cryptocurrency asset management platform further. Stronghold offers a trading platform built on the Stellar network, it connects banks, payments systems and people, enabling them to move money quickly, reliably, and at almost no cost.

Read more at Finsmes


Nuo is a decentralised and transparent crypto banking platform. It acts as a blockchain powered financial control centre to store, spend, borrow and grow your crypto-currencies. Install the android app or try out our crypto backed loans platform.

Bitcoin mining costs hit the skies despite the fall in coin’s value

Bitcoin mining costs to outpace Bitcoin price
Bitcoin mining costs hit the skies

Bitcoin mining community is in a state of panic as the Bitcoin hash rate is shooting up rapidly irrespective of the coin’s price. In fact, the difficulty of adding a block has increased significantly over the past one year. While the Bitcoin price [as of today $6,410] has been fluctuating, the hash rate hasn’t reduced, in the last four months, it has increased by 100 %. If the trend continues, the cost of mining one Bitcoin could very well cross the value of one Bitcoin itself.

Read more at bcfocus


Nuo is a decentralised and transparent crypto banking platform. It acts as a blockchain powered financial control centre to storespendborrow and grow your cryptocurrencies.

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