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Ali Qamar

Crypto market June 2019 roundup: Up by more than 25%

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June was a good month for the cryptocurrency market. The capitalization grew by more than 25% (27% to be specific), mainly because Bitcoin, Ethereum, Litecoin, and NEO performed very well. On the other hand, Ripple, Bitcoin Cash, EOS, Stellar (XLM) and IOTA didn’t have a great month.

The last month is the fifth month in which we’ve seen digital assets going up. It wasn’t as good as May,  but the market’s capital went up by 27%, which is a new yearly height. Last month was the first time in which Bitcoin went up to five figures, which had not happened before in more than a year. Even after a little pullback, the market is above USD 315 billion, partly because of Bitcoin’s surge.

Last month, as always, Bitcoin was the leader in the market. Most of the growth during the month was for BTC, and it’s gained 64% in the last 18 months. When June began, BTC’s price was around USD 8.500,00. It went as high as USD 13.800,00.

Bitcoin went back to USD 11.150,00, so it lost a bit of value. It’s still the most important digital coin in the world. But maybe, according to experts, BTC is gone too high, so a correction in the market is needed as the new month starts. We’ll have to see.

The Winners

Ethereum, as usual, can’t compete with Bitcoin. It’s there, but it remains inferior. So ETH didn’t perform as well, but it still did well. It became more valuable by 10%. It went all the way to USD 267,00. It even reached USD 360,00, but it couldn’t face the resistance levels so it wen back down. Ethereum is still one of the most substantial projects in the blockchain world, but it remains undervalued compared to, ATH, for instance.

Then comes FOMO. That’s helped Litecoin a lot, which went from USD 112,00 to 127,00. It reached USD 145,00. The chances are that July will see LTC going even higher.

Bitcoin SV went up by 7%. So it gained a value beyond USD 200,00. BSV reached the world’s top 20 by market cap. And also Bitfinex LEO entered the top 20 last month as its price went up to USD 1.77.

Chainlink.

The coin in the market was Chainlink. It was the best performer by far. It went from USD 1,00 to USD 4,00, which is an increase in the price of 300%. Coinbase Pro’s listing helped to pump it up, as well as a Google Cloud partnership. In the end, Chainlink became the 16th’s digital asset by market cap during the last month.

NEO also did well, increasing 24% in value. It went from 13.74 to 17 as the month ended.

The Losers

It was a bad month for XRP. Which is strange because it’s one of the strongest coins in crypto. It went down by 7% (0,434 to 403). Ripple announced a new partnership with MoneyGram, but even that couldn’t prevent loses. During the months, altcoins did well because Bitcoin was leading the way.

Bitcoin Cash didn’t do that well either. It lost by 7.5%. It started at 439; then it went down to 406. It used to be fourth in the ranking, and it lost it to LTC. Something similar happened to EOS, which went down by 28% from USD 8,00 to USD 6,00 during the month.

Binance Coin ended the month more or less where it had started. It’s weird because BNB did well when every other project was going down.

Cardano’s ADA went down as well. It dropped 4%, which is not that much, but it’s still a loss. When the month ended, ADA was at USD 0,084.

Tron’s TRX also had losses. Well, not loses, but it was walking around in circles. It started the month at USD 0,033, and it ended again there. It was supposed to enter the top then and it couldn’t, so it remains outside, ranked 10th as we write this.

Then, there’s Stellar Lumens, which is IBM’s favorite. It lost 19% during the month while Monero was winning.

IOTA lost 18% from USD 0,49 to 0,40. Cosmos lost 5%. Ethereum Classic went down by 9%.

Here’s the short story: Bitcoin dominated the month (as usual), and it did better than every other cryptocurrency. Chainlink came close. Other winners were Ethereum, Litecoin, and N.EO. The losers were XRP, Bitcoin Cash, EOS, Stellar Lumens and IOTA

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Crypto price analysis: Bitcoin, Ripple, Litecoin, Tron, Dash, and more today

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It’s been an exciting couple of weeks for the cryptosphere. And last seven days Do you know the Japanese saying “may you live in interesting times”? Well, it’s meant as a curse. But the only way to survive some interesting times (as the current crypto market) is to keep updated with the relevant news so you’ll be ready to take advantage of excellent opportunities when they come along. In that spirit, here’s the latest price analysis for ten different digital assets.

Bitcoin (BTC/USD)

Support levels are supposed to mark the bottom of a fall. But waterfall declines don’t care about that, so you never know when the fall stops. The reactions are very short-lived (no more than three days). Bitcoin tried to recover and stay above $12,000 mark, and it failed at $11,799.74. And now as we write this, BTC keeps going down and might fall till $11,500 as the day ends. RSI is rooted in the oversold zone, and the moving averages are also on a downtrend. The market belongs to the bear. But, nevertheless, bulls seem to be fighting hard.

The first support level is $11,500, then $11,000, and then $ 10,500. A recovery, if we should see one anytime soon will face some serious resistance at $12,000 now.

While buying cheap is always the idea, the most prudent move would be to wait until the low level becomes stable, and not to buy during a free fall.

Ripple’s XRP (XRP/USD)

Not too long ago, XRP was outperforming everybody. That has changed now. It’s still going down and broken the uptrend line down, so it’s not free of the bear’s hug. But it remains entirely above its lows, unlike most other coins.

Technical parameters indicate that supply is outpacing demand.

The current support level is $0.37185, and then $0.34913. The XRP/USD pair could consolidate if the price scales above the uptrend line and the moving averages go flat. The outlook is neutral as we write, but it’s better to stay away for now.

Ethereum (ETH/USD)

Ethereum can’t find buyers anymore for a while. It got stalled at $300 level after significant rise recently, which points to lack of buying support.

Sellers are trying to bring the price down all the way to the next support level ($270). It will likely pull back as it reaches the support level (that’s the point of a support level). But even in that context, it would be too hopeful to start an ETH trade because of that. Wait for a new setup before seriously considering a trade.

The critical resistance level (which is really unlikely to be reached right now) is at $288.32. This bit of info is actually useless right now when it’s going stiffly down, but we give it to you for completeness.

Stellar Lumens (XLM/USD)

Stellar (XLM) is near a critical level of $0.101045. If the bears break it, it will go down, and it could reach $0.1547188 (as in last March 18th) or of $0.138565 (as in last December 22nd)

But the bulls could break the critical level upwards, in which case it could go up, moderately.

For Stellar Lumens (XLM), as with many other coins in the current mayhem, it’s better to wait for a better setup before deciding on a trade.

EOS

EOS broke its critical support level at $8.8723. Yet, it hasn’t plummeted, but it hasn’t rebounded either. So there seems to be enough support at lower levels. The RSI also suggests a recovery attempt is in the works.

If the bulls can overcome the $6.8723, then a move above $8.493 is possible. It will be a milestone as the 20-day EMA is the same. But if the pair doesn’t go over the current level, it could go down all the way to $5.00. There are no signs of an imminent bull run, so it’s not a good time to get in.

Litecoin (LTC/USD)

Buyers have held Litecoin’s support level fast at $119 for three days in a row, but have failed to make it go up that much.

The RSI is oversold, however, so a pullback is likely. Resistance will come at the $123–$126.49 zone as prices rise. But, the bears can still carry the day, and then the support zone would be $117–$115.653, and Litecoin could fall as far as $110.00.

Cardano’s ADA (ADA/USD)

Cardano attempted a pullback, but it could not get over the ten-cent level, and now the price is back at a support level of $0.086. If it breaks out downwards of the support level, it could go down to the next support level at $0.080354.

But if the bulls have the day, it will keep trying to go over $0.09. If it does it could reach $0.093105 and then it will find resistance there, because it was a previous support level. The 20-day EMA is close to that level too, so that will add to the resistance.

Monero (XMR/USD)

The bulls went for Monero recently, too. But they got stuck at $98. As a result, the price went down yet again.

The current danger for Monero is that it could go lower than $90. If that happens, then it could go further down to $81.

If this digital asset can find buyers at the current levels, then we will see a new attempt to break the $99 level. If the bulls succeed and cross the current critical level, then the pullback could keep on going to the next resistance level, which is at $105.

Tron’s Tronix (TRX/USD)

Tronix was at a weird level. It was a previous support level turned into a resistance level at $0.03158. It was stuck there for some time. The good news is that the bulls managed to hold prices above the low level of $0.3022194.

The chances are that the bulls will attack again and try to take Tronix above $0.03587681 and then keep going until they reach the next resistance level at $0.0393.

While we don’t expect Tronix to go under $0.0300194, it could happen. Then, it’s not unthinkable that it will go down to the next support level at $0.02744479.

Dash (DASH/USD)

Dash is still trading around the descending channel’s support level, which comes to show that sellers have the market for the time being. Any breakdown in the channel will be a bad thing and will push DASH downwards to the next support level ($160).

If support holds, the bulls will attack again and try to bring the token back to $170 and beyond, all the way to the overhead $187.68 resistance level. This could be a good coin to take long positions, but only if and when a trend reversal becomes evident.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Litecoin (LTC)’s halving is around the corner, this is why it truly matters

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Litecoin’s rewards for miners are about to be cut in half. It will happen on next August 8th, and it’s an important thing, Let us tell you why.

It’s all about the blocks

Let’s start with the mining process.

Litecoin’s mining process is a lot like Bitcoin’s, only much more manageable. Hence the name.

You could think that the whole point in mining is to produce new tokens. You’d be wrong. Every cryptocurrency’s underlying technology is called blockchain. It’s called that because it’s made up of a chain of blocks. This is the thing that makes every digital coin functional, the engine under the hood.

So the point in mining is to create new blocks for the chain. Those miners who do manage to come up with new blocks get rewarded with some coins. But the point, at least technically, is to keep expanding the blockchain so that it can keep working. New tokens are just a nice side-effect.

There’s another feature in the process. Every now and then, successful miners will get only half of the previous reward. This process is hardwired into Litecoin’s (and Bitcoin’s) blockchain, and the objective is to keep the cryptocurrency in question scarce.

Deflation

Only so many Litecoin LTC tokens will ever exist. And as the network keeps producing new ones, the process will become slower. Why? Because scarcity creates deflation, it hence keeps the coin’s value high. We see this in the real world all the time with gold and silver.

Because the precious metals supply is limited, they rarely fall in value. And this is one of the advantages that some cryptocurrencies have over fiat currencies. Any government in the world (or, more accurately, any central bank) can print as many banknotes as it wants.

Of course, if they overdo it, that will create inflation. The point is that minable cryptocurrencies’ values are backed by something (the miner’s work) while fiats are only supported by the central bank’s promise that they’re worth something. The gold standard has been gone since the Nixon days.

Halvings in the Litecoin network come about every 840k blocks. It’s expected that the system will hit the new milestone on August 8th.

There’s another crucial thing you need to know. Every time a halving materializes, the coin’s prices go up considerably. It’s happened so far every time BTC cuts its rewards in half, and the same goes for Litecoin (LTC). So the next weeks could be an excellent opportunity for savvy investors to accumulate LTC coins and then sell them when the price goes up, most probably by August’s second week.

So keep an eye open for Litecoin’s market behavior. It’s been doing well lately anyway, so the chances are that you won’t be wasting your time. As for buying… it’s up to you. You need to do your own research, make sure you understand the mining process and how the market reacts to it.

Litecoin is the world’s fifth largest cryptocurrency by market capitalization, and it’s trading at USD 1133.5 as we write this. The trend right now is bearish (as the whole market is down after today’s Bitrue hack). Which only means you can buy it more cheaply. But you have to decide on your own.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Ripple CTO: You cannot revolutionize international finances overnight

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Fortune’s Jeff Roberts interviewed Ripple’s CTO, David Schwartz, earlier this month on June 12th during the Future of Fintech conference in NYC. It was fascinating, and in this article, we give you some of the highlights.

Ripple

It all started with a very concise explanation from Mr. Schwartz about what Ripple is. It’s a fintech company which wants to help financial institutions all over the world to eliminate friction from the settlement of international payments.

He started by explaining that the current standard system for international payments (SWIFT) predates the digital era. It’s mostly just a messaging system that announces a payment is going on its way but can’t tell you the path it will follow, the fees it will charge, or even if the target account exists.

In fact, according to Mr. Schwartz, Ripple found that the “plumbing” in the system was so outdated that just coming up with a better messaging system (let alone using blockchains or cryptocurrencies) improves things very much indeed. That’s why Ripple developed xCurrent, one of its software platforms, which is indeed basically just a messaging system that, nevertheless, is way more advanced than SWIFT.

The next question was, why is Ripple’s XRP needed to solve this problem? Mr. Schwartz started by recognizing that it’s a good question. He said that Ripple has been struggling to persuade banks to adopt XRP because they’re usually very conservative institutions that prefer to move slowly.

He continued by saying that Ripple also has noted that the non-banking payment industry (remittance services) are so much more aggressive and willing to move forward. They like to save time, money, and costs for themselves and their customers.

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Next, he explained how volatility favors the use of cryptocurrencies instead of fiat currencies. Digital assets are infamously highly volatile. Prices change all the time, and they can do so in dramatic ways. Fiat currencies are very stable by comparison, but they remain volatile up to a certain point. That’s where transfer times make all the difference.

Let’s say you want to transfer USD to MXN (Mexican Pesos). If you do in in the standard way, it will take a few days. And the USD/MXN trading pair is volatile as Forex pairs go, so during those few days it will take to complete the operation, the very low volatility in the Forex market could be enough to show you its teeth.

If you carry out this transference using XRP, on the other hand, it will take two seconds. And two seconds is a short enough period that even the high volatility in digital coins will not affect you in any way. This is the problem that xRapid solves.

And on top of that, there’s an additional advantage: xRapid transfers do not need pre-funding, which means that institutions using xRapid don’t need to have frozen capital just waiting around until it’s required to complete an international transfer.

XRP is an open market place, that’s made it easier for Ripple to find partners because it’s cheap and available. So any institution who wants to participate can do so without problems.

Success story

When asked to give a success story, Mr. Schwartz talked about how a capital flow in and out of China, trading on the Yuan, formed organically during XRP’s early days. It had nothing to do with institutions (Ripple included).

There were enough people around the world interested in moving money in and out from China that they found each other and did it using XRP as a mediating coin. It had high trade volumes and high liquidity. The XRP ledger includes a built-in decentralized exchange, and that’s what did the trick. That exchange became the market place needed.

Stablecoins

The next subject was about stablecoins. Those are cryptocurrencies that are backed by some physical asset, most often a fiat currency. Mr. Schwartz said that stablecoins are a helpful thing because they help to protect investors against volatility if you can trust the issuer.

But you still need enough liquidity for the coins to be useful. But if the market sees a flood of different stablecoins, then it will not be convenient or efficient for anybody. In that scenario, XRP would help a lot because it’s neutral and open.

Facebook’s Libra

Then they talked about the elephant in the room: Facebook’s prospective cryptocurrency. Ripple’s CTO started by saying that Facebook has something of a trust debt to the public, and they will have to fix that problem before they can “credibly enter the space.” He further explained that money (which Facebook has abundantly) doesn’t buy you credibility.

That needs neutrality and reputation. While Facebook hasn’t published all the details about Libra, Mr. Schwartz considers that it looks like it’s going to be a collateralized asset. That means that it won’t be open because in that kind of market he who owns the collateral also makes the rules. And that’s beside the point in crypto, where nobody is supposed to come up with impositive regulations of any kind. He concluded by saying, “we’ll see when they publish.”

The other elephant in the room came next, which is Ripple’s issues with centralization. The CTO explained that while Ripple holds a vast amount of XRP tokens, the XRP ledger is indeed decentralized and Ripple has no legal right to control it in any way. It couldn’t if it wanted because there are very many validators in the network. It’s very democratic.

He then explained that Ripple needs and wants its competitors to succeed, as well. That’s how a cryptocurrency-based ecosystem can spread around the world and create the space in which Ripple and XRP can succeed as well. So the crypto verse is something of a ship in which everybody will make it or sink, and Ripple can’t build such ecosystem singlehandedly.

When talking about the cryptocurrency market erratic behavior, Mr. Schwartz said that the price in any digital asset is tough to understand indeed. Nobody understands what’s really going on. Mr. Schwartz likes to think that there’s a shift happening from pure speculation to utility, but he recognizes that he’s probably kidding himself on that regard, at least for the time being.

The conversation followed with Mr. Schwartz saying that SEC has so far failed to provide clear regulations for the crypto verse. First, they kind of green-lighted Bitcoin and Ethereum but then the agency recanted. He said that Ripple has been exceedingly transparent with all they do, but that SEC’s lack of progress in this regard puts Ripple in an awkward position. Regulatory uncertainty remains among the main obstacles to develop the digital asset economy.

Micropayments will be huge in Mr. Schwartz’ view. They will take over the world very much as the internet did. If that technology comes true, then you need nothing else to make even bigger payments. He proceeded to explain how web monetization currently works.

The conversation finished by playing the “overrated/underrated” game. In Mr. Schwartz’s view, Facebook, Bitcoin (qualified) is overrated; Ethereum, Ripple are on the underrated side.

It was a very illustrative interview which we encourage you to see in full because it can help you to understand a lot about Ripple for sure, but also about the cryptocurrency environment in general.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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The problem with Electroneum (ETN)

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Electroneum

Electroneum (ETN) is a project that looks very innovative and exciting on the surface. It’s a blockchain network which seeks to link every mobile phone in the world into a micropayments network that you can use to pay for anything you’d like.

Because it came to life as a Monero (XMR) fork, Electroneum’s privacy features are superior to most other blockchains in the crypto verse.

Another attractive feature in Electroneum (ETN) is the mining process. It really doesn’t exist. Mining for new tokens is done on the project’s cloud server. If you want to join the process, you just need to install an app to your mobile and tap the screen a few times. This will get you a few ETN tokens daily without draining your phone’s battery or costing you anything.

It’s promising, it looks great, but it’s not succeeding. Why? In this article, we’ll try to point out a few flaws present in the ETN project that you should probably take into account before you decide to go for it.

Volatility

The first problem with ETN is its market behavior. ETN trades at USD 0.005608 as we write this. It’s capitalized at about USD 54 million, which is not exactly a high number. It’s ranked 121 by market cap. The reason this is a problem is market mechanics.

The low capitalization, along with the low price, means that manipulating the price is relatively easy. It also means that liquidity is very low. And inferior liquidity means volatility. So while the price is low, it’s not a good investment because it fluctuates all the time wildly.

It often happens that ETN’s trading volumes are so small (nearly unexistent) that no chart can show you what’s happening. The cryptosphere is already infamous because of its volatility, and ETN is one of the worse offenders in that regard.

The use case

Another problem is the project’s use case. Yes, a micropayments network sounds very cool. But that’s the very same thing that Bitcoin, Litecoin, Monero, and many other more successful tokens are trying to achieve. The only original point in Electroneum is the emphasis on mobile technology. But there are already plenty of mobile wallets which allow you to use other tokens. And that kind of defeats ETN’s selling point.

And since we’ve touched on micropayments networks. It’s no secret that Facebook is working on a proprietary blockchain project. The company remained very secretive, but now they’ve come forward and announced that it would include a cryptocurrency called Libra. In the company’s own words, Libra is “A simple global currency and financial infrastructure that empowers billions of people.” In other words: Facebook’s Libra will be yet another crypto-based micropayments system.

Which creates yet another problem. The success of any cryptocurrency depends almost solely on adoption. ETN has 3 million users so far. Facebook has more than 2 billion. So adoption of Libra is bound to be way faster than ETN’s (or almost any other cryptocurrency) just because of the sheer size of its user base.

So what to make of Electroneum? It’s interesting, it’s exciting, it looks great on paper. But it’s never going to work out unless it corrects its fundamentals so that it stops competing directly with almost every primary cryptocurrency in the market or, even worse, with Libra in the future.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Ripple (XRP) is at the crossroads

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Ripple’s XRP is the world’s third largest currency by market capitalization, so it’s only behind Ethereum and Bitcoin. It’s the cryptocurrency that turned out to be the market’s best performer during 2017 and also during 2018. This means that the project’s fundamentals are so substantial that XRP is a coin for all seasons. It performs well when market conditions are excellent for every token, and it also performs well when the same conditions are terribly hostile for all players.

During the current year, we’ve seen the cryptocurrency market turning green since April after 18 lousy months. Given the coin’s history, we would expect XRP to perform better than the rest of the market. But it hasn’t. As a matter of fact, it’s been underwhelming, to say the least. But that could change in the next few weeks.

Some market observers think that XRP holders are in for a nice bullish run and high returns on investment because the technical indicators look very bullish and they could help their favorite international payments token very successful soon.

XRP trades at USD 0.444123 as we write this and the first resistance level (monthly) looks very far away at USD 0,051330. So R1 is hard to surpass, but it also provides a lot of room for growth.

Just today we saw the market reacting favorably to XRP after Ripple, the company, announced that MoneyGram will be adopting the technology and the coin to settle international payments.

Ripple and MoneyGram are not just strategic partners now. Ripple bought 10% of MoneyGram’s stocks. The market followed by rising in price for an impressive 150%.

It was all hype, of course, and it wasn’t even within crypto. So it went away, and we’re expecting XRP to go a bit down, which would be normal behavior after a boost. But a new surge is just around the corner.

A breakout is coming. It will take the form of a golden cross (a chart pattern that investors like). Once XRP shows the trend, nothing will stop it, at least for a while. It could reach the USD 3,30 historical high it had in the past, thus testing every data we’ve ever had about XRP.

So what else could a affect a surge on XRP? Bitcoin, of course. When Bitcoin does well, everybody does well too. So it Bitcoin finds a way to surge soon, XRP will most likely follow.

It’s an excellent time to keep an eye on Ripple. It’s been underperforming so far, but there’s every chance that it will turn out to be one of the market’s best performers. It may not happen very quickly, but we’ll see it arrive.

Also, let’s not forget that Ripple is a very stable company with a blockchain project whose fundamentals are also very robust. It’s a project that announces at least a new strategic partnership every week.

So the MoneyGram thing is good because it’s such a giant within the industry, but it’s common for Ripple to announce new partners. Some of them are not as important as MoneyGram, but all of them are important in the industry, and every announcement could trigger the next bullish run.

Ripple’s XRP is on the cusp of something, and it’s about to explode. It’s up to you to be part of it or just letting it pass by.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple has serious connections with central banks and even IMF, here is how

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Christine Lagarde heads the IMF (International Monetary Fund). That position gives Mrs. Lagarde a privileged view on how the world’s new financial system will develop. Some significant changes are coming, and the IMF, alongside the central banks, will play an even more prominent role in the future. It’s going to be global banks for a global world. Does that imply a global currency? And does Ripple’s XRP fit there?

In this article, we will review briefly some ideas posited by Mrs. Lagarde and John Maynard Keynes and try to figure out how they relate to the crypto verse in general, and with Ripple in particular.

Breton Woods at 75

We start with the conference event that celebrated the IMF’s 75th birthday. In this occasion, Mrs. Lagarde joined a panel that discussed rethinking cross-border cooperation. You can watch the full discussion if you’d like (below this paragraph we’ll embed the video for you), we’ll just stick to the main idea, which is quite simple. The world has remained too dependent on the USD as the world’s primary currency, and that’s not good in terms of equality among financial systems.

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John Maynard Keynes, the legendary economist, proposed an international currency called “bancor.” He did this as Bretton Woods was created. It was meant to be the legal tender for global operations, thus preventing dominance by any single national currency. His idea was declined in favor of the USD, which, of course, did become the most crucial currency in the world.

A supranational currency was always part of the initial Keynes plan, which was the ideological cornerstone from which both the World Bank and the IMF were born. The project was adopted almost in full, except for the neutral currency.

The exciting thing is that now we can see documents by both the IMF and the WB in which Ripple’s XRP is referred to as a “supranational currency” just as Keynes envisioned 75 years ago. In the same documents, Bitcoin is called a cryptocurrency. This is not a coincidence. Ripple is passionately opposed on calling XRP the cryptocurrency, which is why it names it a crypto asset or digital asset. Could this be the reason why?

The original Keynes plan

Digging a little deeper on the Keynes plan, we can find this quotation:

“A radical solution is to create a new international organization, an international central bank, to which would be handed over the foreign exchange reserves of all countries. This is the Keynes-Triffin Plan on International Liquidity. The major obstacle to its implementation would be the’ reluctance of countries to give up their sovereignty over reserves. But it can be considered as a proposal to set the ball rolling for future negotiations.”

This is a radical idea indeed, and it would inevitably face stiff opposition from most of the world’s governments and central banks because they would have to give up their international reserves, thus losing one of the handles they have to stir domestic economic development and monetary policy.

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The central idea is still built around an international non-national currency, and XRP could just fit the bill. It already does in most ways. The IMF acting together with the World’s Bank as a central bank for central banks could use XRP as a settlement means between the banks of the world while keeping balance along with bilateral relationships.

Mrs. Lagrade didn’t come out and spoke overtly about XRP adoption, but she espoused a series of ideas in which XRP could fit perfectly as the system’s working currency. Besides that, Ripple is already working alongside 40 or 50 of the world’s central banks so it’s already developed a collaborative network that would allow it to take center stage if the old Keynes plan should become an option (again) for the IMF.

The IMF’s leader has singled out Ripple in the past (calling it a disruptor, for instance) above other digital assets which shows that she’s very well about Ripple, its technologies and its currency.

So it would only make sense for the IMF to take advantage of Ripple (XRP)’s already developed networks, technology, and reliability to bring forward the next world’s financial system. And the IMF’s head seems to be keenly aware of this.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Beatzcoin is empowering the world’s creators

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It is earning money on the internet that used to be an innovative trend not too long ago, mainly by providing original entertainment. It’s not a trend anymore; it’s a vast industry that’s hitting hard on the traditional entertainment corporations by connecting content providers with consumers more directly than ever before.

Youtube celebrities are now a regular thing, mainly because Youtube is the premier platform. It capitalizes the hard work done by content creators. Yes, it shares the wealth a bit, but the monetization rules are considered to be a tiny bit too arbitrary by some of the talent.

The internet, new technologies, and social media are helping all kinds of people to express themselves with little more than a mobile phone, internet access, and time. Yes, a lot of this remains driven by media platforms. And yes, they keep most of the income for themselves as well.

Going back to 2005, when the video giant, Youtube first appeared, it was supposed to be a quick and convenient way to share simple home videos. Then it exploded, and it wasn’t long before you could find all kinds of content posted by people almost entirely devoted to it as a career. The term “youtuber” came into existence. And as it keeps getting bigger, the pie’s piece that goes to content creators keeps shrinking.

As the system keeps growing and looks progressively more unfair to creators, alternatives are needed to even the field out between the authors and the corporations and blockchain technology could just be the ticket. The new systems need to be fairer to those users who provide the content at the same time that they bring them closer together with those users who like their ideas and creative proposals.

VibraVid in the Tron Network

Take VibraVid Inc., for instance; it’s an application developed for the Tron ecosystem which combines the BitTorrent network protocol with Tron’s blockchain to drive interactions between fans and the creators in a more fair way, without the central authorities unavoidable in the “Big Business” model.

VibraVid includes a cryptocurrency of its own known as BeatzCoin (BTZC). It’s a lubricant that makes it easier for users to do some self-marketing, or buy content, and connect directly with the content creators.

VibraVid aims to be an environment that helps all kinds of original content provider by creators (audio, video, photographs, you name it) to get promotion and find its way to the consumers who want it. Additionally, user-engagement and self-marketing are superior to in the traditional corporate and centralized platforms.

It all is supposed to bring about more direct interaction between consumers and providers so that it’s easier for creators to increase their personal audiences and for consumers to find the kind of content they prefer. It makes everything more profitable for producers and cheaper and more entertaining for consumers.

Tasos Oureilidis, the Chief Business Development Officer of the organization, said in a medium post,

“Undoubtedly, I couldn’t imagine VV’s (VibraVid’s) current status when I entered the core team back in April 2018. One year has passed, and it seems like yesterday. Over the course of a year, I perceived BeatzCoin through a variety of perspectives,”

Oureilidis added further,

“This is due to the market’s ups and downs, migration from ETH to TRX blockchain, the decision to conduct a pre-token-trading-event during the worst bear market after December 2017, etc.”

The platform has got a good number of artists excited about it already, so there are high chances that it will get a significant fraction of attention on the launch.

The project is now ranked in the top 5 in the Tron Super Representative network, so it’s gathered quite a bit of credibility within the Tron network which is currently the world’s primary resource for decentralized applications. As things stand, Beatzcoin is undoubtedly a project worth keeping an eye on.

Editor’s note: The article was updated after publication as the firm reached to us to update the role of their team member mentioned in the piece.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Bitcoin, XRP, XMR and more: Top 10 cryptos that you can actually use

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As we write this article, coinmarketcap.com lists more than 2100 cryptocurrencies in total. And that’s not an extensive list by any means. Some digital wallets support more than 3000 coins. If you compare that with the number of tokens listed by the same site as 2017 was beginning, which was of 860, you’d have to conclude that the cryptosphere is growing faster than asparagus –at least regarding token variety.

Bitcoin, mother, and father of all cryptocurrencies, is still responsible for most of the value in the market, as well as for most of the trading volume. That’s no surprise at all, and no other digital asset is even close to challenging Bitcoin’s dominance in the foreseeable future.

It would be only too easy to think that none of those coins other than Bitcoin are worth anything, or useful at all. Given Bitcoin’s overwhelming relevance, that misconception would be understandable, but it would remain a misconception, nevertheless. True, Bitcoin remains the coin with most adoption in the world, and the best option for wealth storage purposes. As a payments system, it already rivals Visa and Mastercard. But as Goliath learned the hard way, size isn’t everything.

Bitcoin was created with a clear purpose in mind: to substitute fiat money once and for all in such a way that central authorities and irresponsible bankers could never again create a global financial crisis for which we all have to pay. That’s a very general (and ambitious) objective to be sure, but some analysts believe it could happen.

The thing is that not all blockchain projects want to change the world so radically.

Among so many cryptocurrencies, one finds that many of them are little more than pet projects from a bunch of bored developers. They are worth little or nothing, they don’t solve any problem better than Bitcoin, or any other coin and, consequently, they are not making any progress in achieving adoption because they are utterly useless.

But if you look more carefully into the market, you’ll find a few blockchain projects that were created with a particular purpose in mind, and they were deployed and developed in such a way that they are handy when dealing with the problem they’re meant to solve.

In this article, we will tell you about those projects. The ones created to be useful. Some of their applications could even be useful to you, right here, right now, if you only knew you had the option to use them. So let’s start.

Bitcoin: The Genesis

Bitcoins remains king, as it’s been from day one.

Created in 2009 by the elusive computer and cryptography developer Satoshi Nakamoto, it came to life to become an alternative to fiat currencies and to empower economically those who are left out of the traditional financial system.

Satoshi saw (as many more people did in the aftermath of the 2008 global financial crisis) that central banks and governments had become complaisant, insidious and inflationary. Colluded, even. Little more than enablers for the world’s biggest banks incompetence and greed.

But unlike almost everybody back then, he tried to find a way to solve that situation. And his solution was to use decentralization to guarantee trust. Centralized ledgers would no longer act as arbitrary central authorities that can do anything they please and charge anything they want when it comes to transferring funds.

But besides creating a global payments system that now rivals both Mastercard and Visa, Satoshi created a new way to store value. As long as there’s a Bitcoin network online, the value of every token is preserved.

The network is comprised of more than 10.000 active nodes running in full, managing and validating transfers and creating new blocks for the chain  – and thus, new Bitcoins. This attests the protocol’s power, as well as the power of decentralization as Satoshi imagined it. And it keeps growing so it will only become bigger and better.

Calculating the SHA-256 collision that allows creating a new block and a few new coins is, of course, enormously tricky. That’s been a problem because it’s made the network slow when transacting directly on the chain, and transaction fees can be high depending on the currency’s value. But even that problem has been solved for the most part by the Lightning Network, a protocol designed by the developing community to deal with those issues and that’s already delivering results and improvements.

As the oldest cryptocurrency in the world, Bitcoin has passed the test of time with flying colors.

Ethereum: The smart contracts and decentralized applications pioneer

It all started with an announcement by the project’s creator and leader, the Russian Vitalik Buterin, in 2014.

Ethereum extended the horizons of blockchain technology. Mr. Buterin found a way to use blockchains as a programmable platform that enabled users to develop and deploy decentralized applications and smart contracts. This was revolutionary in itself, it was the dawn of second-generation blockchain technology.

So why use blockchains to develop apps and contracts? Because blockchain technology ensures that they won’t have the weakest link that could bring the platform or the contract down, which is not only possible but common in centralized technology. That’s the power of decentralization.

On top of that, a truly decentralized application can’t be brought down by any means at all. Once it’s running, it will remain running as long as the network is active. That is, of course, the ideal scenario and we still don’t have many – if any – of those.

Ethereum has been incredibly successful in implementing its distinctive technology. It helped that it was the only game in town for dApps and smart contracts until last year. But regardless of the competition it now faces from third-generation platforms (Tron, EOS and others), the sheer reputation it enjoys in the cryptoverse is second to none but for Bitcoin’s.

The platform’s success regarding dApps has been challenged by Tron and EOS over the last few months, but when it comes to smart contracts, it remains the go-to project in the world.

The network has some issues to be sure. Scalability, transfer speeds, and gas prices have been a common complaint among users for a while now. This is normal in a network that’s about to become five-years-old which is an eternity in the blockchain world.

But the reason we’re including Ethereum as a project and its cryptocurrency (ETH) is that it has a practical use for sure. Also, because it’s become so important as the world’s second largest cryptocurrency by market capitalization, ETH shares almost every use case Bitcoin has. For the most part, wherever you find support for Bitcoin, you also find it for Ethereum. So while it’s not a payment system as extensive as BTC’s, it’s still a large and viable one.

Monero: Anonymity’s champion

Bitcoin’s ledger and blockchain are not private nor anonymized. As a matter of fact, it’s public and transparent. Any internet user can use the network’s block explorer and track down any specific wallet’s activity if he’s willing to put in the time and the work. Oh, you didn’t know? Well, that’s not surprising. There’s been so much misinformation floating around about BTC uses for criminal endeavors that imply almost complete anonymity that it’s comprehensible if lots of people, even some relatively familiar with the cryptosphere, incorrectly assume that Bitcoin’s network isn’t public.

Monero’s creators do know that Bitcoin is not as private as people think so they set out to create a new blockchain in which anonymity is the core value. Thus Monero was born in 2014, and this blockchain is indeed authentically anonymous, private and fungible.

The project’s kept making progress. More recently, in 2017, it’s managed to implement stealth addresses successfully, ring signatures and ring CT-like technologies (which is quite technical and we won’t go into the dirty details, so you’ll have to take our word for this: it’s suitable for anonymity). The only pending issue is hiding IP addresses.

That would be a good thing to include in the protocol and, once it’s implemented, your transactions with Monero’s cryptocurrency (XMR) would be genuinely impossible to track. The technology is so effective that some countries, notably France, are considering banning XMR (and other projects with privacy in mind) because it really takes away the government’s power to know what you’re doing with your own wealth.

That being said, you don’t really need this feature to be included to have it. If you just transact with XMR through Tor or the onion network, you’ll have the best of both worlds. Yes, Tor can be slowish. But how much time is privacy worth to you?

A Twitter by one of Monero’s leading developers, Ricardo Spagni, is very illustrative of Monero’s power to keep you off the grid (kind of). After the AlphaBay debacle, government investigators were unable to figure out even the number of XMR tokens in the platform. In his words, “Monero is so private that law enforcement can’t figure out how much the AlphaBay owner had; not so with the other cryptocurrencies.”

So this project’s practical use should be self-evident by now. It’s all about privacy and anonymity. And that is controversial insofar as it’s a useful tool for misbehavior. Let’s not beat around the bush. Monero is good for criminals, there’s no doubt about it. Does it make it a bad thing? Not at all. If WikiLeaks, Julian Assange, and Edward Snowden have taught us anything at all is that privacy is a precious resource that some of the world’s governments are not willing to grant us as private citizens. So why should we not use every support available to keep a step ahead in the game?

Factom: The blockchain’s Akashic records

It’s a low profile project that came online during 2014. It aims to be the world’s perpetual record keeper, which is no mean ambition.

Peter Kirby founded this project. In his view, Bitcoin’s design hardwires some limitations into the system that can’t be solved creatively. And yet, it’s demonstrated that it’s the most reliable and indelible record system ever known to mankind.

Factom is all about using Bitcoin’s security and immutability for information other than financial transactions.

Once the Factom platform learns a new piece of data, nothing can change it. It becomes written in stone (digital stone, in this case) because Factom anchors it to Bitcoin’s blockchain. That acts like something of an existence certificate for the piece of information in question which can be anything digital at all. Videos, documents, audios, probably even software. In this way, you can use the platform to verify the item in question and keep it safe.

Factom’s blockchain has nothing new about it. It’s quite merely Bitcoin’s SHA-256 chain (if such chain can be considered simple) and a native blockchain developed by the project. There are three things on the menu:

“Proof of Existence”
“Proof of Process”
“Proof of Audit”

It works, and it’s become the world’s premier decentralized notary.

The project’s practical value is attested by the 126+ million records it currently holds.

So far, Factom has secured over 126,485,400 records, which is a testimony to its practicality.

Dash: Digital money

Dash came to life on January 18th, 2014 under the name of “XCoin.” It was developed by Evan Duffield. On February 2014 it was renamed as “Darkcoin,” and then, on March 25th, 2015 it was renamed again as “Dash.”

The creator’s idea is for Dash to be easy to use as well as anonymous for users who care a lot about privacy.

Dash examines the best things that the traditional financial system and fiat currencies have to offer and then tries to adapt them in the cryptoverse in the most user-friendly way possible. Dash doesn’t want to be in the spotlight, but it’s instead content to be the powering engine under the hood of a user interface that looks very much as traditional banking.

Dash’s strength is in its practical use cases, which make it a good investment. The work that the management team puts in daily is also remarkable. InstantSend and PrivateSend are noteworthy characteristics that set a robust fundamental value for the project.

If your current cryptocurrency portfolio lacks at least a bit of Dash in it, you should reconsider your positions and find a way to include it.

Golem: Decentralization in computing power

Can you imagine an open-sourced, decentralized super-computer working on blockchain technology? That’s what the Golem project is, and it’s the first of its kind in the industry. It’s power by the network’s native cryptocurrency (Golem or GNT, Golem Network Tokens) which is Ethereum-based. The token’s value is not as vulnerable to inflationary pressure and speculation because the total number of coins in circulation is fixed.

Golem’s computing power comes from all kinds of computers distributed all over the planet. From small laptops and portable devices to large data centers. If you use Golem’s platform, you can use all that power to run your website, do a problematic scientific calculation, run a long piece of code, render CGI. You can even use it to run mining software.

It’s not for free. You have to pay for your usage with GNT tokens which you can get at some cryptocurrency exchange platforms, or you can get them by renting out that extra computing power that you have laying around at home or at work and that you’re not really using.

Golem’s roadmap is planned for the next 4-5 years which is an eternity in the cryptoverse. But there’s a lot of potential in a project that can make a supercomputer available to anyone in the world cheaply and effectively. Just imagine how now, any isolated scientist can have at his hands as much computing power as the world’s big boys (think NASA or some o the world’s top universities) to develop an exciting project that couldn’t take off otherwise because of lack of computing resources.

Siacoin: Decentralized clouds

This is a very down-to-earth project with a convenient usage which is to use to harness the blockchain’s power into a decentralized cloud storage system. Cloud storage is becoming more common by the minute so it will be fascinating to see how Siacoin develops in the next few months.

Sia enables users to make some passive income by renting out their unused storage space to the network, and there’s plenty of them. The system has 1.7 PetaBytes in storage space, of which it’s using only 212 TeraBytes currently.

You could wonder if the world really needs yet another cloud storage system when we already have services like Google Drive, Dropbox or Amazon Cloud. And the answer would be yes because of two main reasons. Firstly, Sia is decentralized and blockchain-based, which sets it apart from the mentioned commercial options in terms of reliability, and privacy. Secondly, Sia’s service is way cheaper. Both things are achieved by storing data on the blockchain, instead of using expensive centralized servers.

Also, centralized storage services have bottlenecks. We’ve all had that episode in which Google Drive takes ages to erase a bunch of small files or to synchronize with your computer, and it’s just useless in the meantime.

The nature of this project means that success is something that can only be achieved (or judged) in the long-term. And also, it’s the service itself what’s essential, more than the project’s native cryptocurrency’s value (it’s called Siacoin, SC), so the Siacoin project has a long way ahead.

Success would be to become a competitive option to the major centralized services we all know already. But it also has to face competition from the cryptoverse with projects such as Storj and MaidSafe offering similar options. Sia’s strengths are in improved decentralization and encryption.

The developing team is entirely satisfied with their ability to come up with an exceedingly competitive product. So much so, that they are not interested in marketing.

This is one of the most “real” blockchains in the crypto world, and it will be worth it to keep an eye on it in the months and years to come. And who knows? Even to use it if you need some extra space for storage or to rent out some space, if you have it.

IOTA: The internet of things

Many new (and not so new) blockchain projects maintain they’re the crypto verse’s next generation. IOTA is one of them, and we’ll give you some information so you can decide if they are.

The project aims to turn its cryptocurrency into the most used one on the internet.

One of IOTA’s unique features is the transaction price: there isn’t one. Transactions are entirely free which doesn’t happen at all in other projects (small as the transactions fees may be).

Also, we made a mistake in the first paragraph. We’re not talking about a blockchain project because IOTA doesn’t use a blockchain at all. Instead, it’s powered by Tangle technology.

IOTA’s adoption is chained to the adoption of IoT devices so it could grow very slowly, but when that market becomes relevant, it will already be in IOTA’s pocket which is why we shouldn’t ignore it.

Expect a slow adoption rate for IOTA because it will only grow as more and more people start using IOT things and smartphones/smart devices.

Ripple: Blockchain for remittances

Few blockchains get as much attention (both positive and negative) than Ripple and its currency, XRP.

Ripple was founded with a very definite purpose in mind, which it has pursued relentlessly for almost seven years. It’s not something that you and I can use directly, but we could still feel its benefits in years to come. Ripple wants to get rid of all the friction and red-tape that characterize sending money across borders using the company’s blockchain, software solutions, and cryptocurrency. Because of the company’s mission, its clients and partners are not individuals, but banks and remittance services and the currency’s retail use cases have been rather scarce (but that is changing quickly).

Payments issued through Ripple’s technology are settled in a matter of minutes, they cost fractions of a penny, and they’re very reliable. The traditional system (which bears the involuntarily sarcastic name of SWIFT) takes days, and it’s quite expensive, usually requiring a fee of around USD 25 or a percentage of the payment.

So Ripple’s idea is to become the engine under the hood for the world’s banks and remittance services, and it’s succeeding. It already has more than 200 strategic partners in the globe which include some of the world’s largest and more influential banks such as Banco Santander.

Besides that use case, XRP has proven to be a sound investment option. It was the most profitable coin among all during both 2017 and 2018 (which were, respectively a year of bonanza and a year of winter, so it’s the coin for all seasons), and it’s also becoming a retail currency available to end users. In the last few months, several fintech projects have been issuing debit cards funded by XRP tokens (among other currencies which include Bitcoin and Ethereum), which means that, if you have one of those plastics, you can pay your groceries, or beer or cigarettes, using your digital assets.

Ripple is growing steadily at a time in which most other blockchain projects are shrinking because of the prolonged crypto winter, it’s well managed, and it’s been a sound project from any angle you could adopt. And that’s all based on a single successful practical application.

Civic: ID service for the world at large

Civic’s mission is to use the blockchain to create a decentralized digital identity for everyone in the world. This may not sound as sexy as the previous projects on the list, but it could be incredibly useful.

Civic’s digital identity would comply with the variegated rules imposed by different governments all around the planet.

The first step is to secure data using Civic’s blockchain. Then, the stored data is verified meticulously by Civic or one of its business partners. Once the data’s validity is ensured, it’s attested and included in the blockchain as un-decryptable data. And this data can only be exchanged between a user and the party to whom he’s trying to demonstrate his identity through the use of Civic tokens (CVC).

If the project succeeds, you wouldn’t need to keep typing your info in every site you visit or use. Or every bank, or every hospital, or every insurance company, etc. The process would become frictionless if Civic’s technology succeeds, and the strength in blockchain technology would make identity theft problems impossible.

This could be the most controversial use case among those already explained in this article. But there’s no doubt that it would have practical value.

Digital assets and practicality

The crypto verse is going to keep growing in the present and the future. As it matures as a market and a system, some cryptocurrencies will consolidate, and some others will go away. And that will tell us which were the ones that are actually useful in the real-life (even if in the digital real-life only).

Our list is incomplete, of course. The cryptosphere is enormous, and covering every potentially useful asset would take a book and not just an article. So we left some excellent projects out such as EOS, Tron, Cardano, Electroneum, Binance and many others. Tron alone has several currencies with massive potential within its network (like the BitTorrent Token, USDT-Tron, and TRX itself).

But the thing to learn from all this information is this: Bitcoin was created to be useful, and not just a toy for investors to have fun speculating. And its value stems from its ability to solve problems. And the same goes for any other blockchain currency in the market. Market cycles will come and go, and we will always have incredible years such as 2017 and catastrophic years such as 2018.

But the long-run is going to be all about real-life value. That will be the one factor that boosts any token’s value in the market which is why locating the projects that have that potential and those strong fundamentals is essential for anybody who wants to dive into the cryptocurrency market.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Money production is a burden for the taxpayers; crypto can help

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The United States federal government releases an annual budget report every year. The document compares financial forecasts and expenses from previous years to the actual working budget and the current year’s projected budget.

The data in the most recent accessible report says that US taxpayers spent about USD 801 million printing their new fiat currency (a process which includes destroying the old specimens). The agency in charge of using this money is the Bureau of Engraving and Printing.

Physically transporting the newly printed money around had a cost of USD 24 million. Then another 20 million were needed for quality control and research and development. You’ve heard the expression that it takes a buck to make a buck? Well, this is the case in which that’s painfully literal.

The cost of money

The latest budget plan includes reimbursement for the BEP at the tune of USD 210 million. That’s supposed to pay for the BEP’s facility expansion in Texas as well as to begin work in a new facility that should replace the currency production facility currently in Washington.

The funny thing is that most people don’t even suspect that manufacturing money actually costs money. And the process is actually very complicated technically (and not cheap at all), so it just leaves you wondering why are governments still using the old methods to produce their new currencies.

The world is different now than it was decades ago when fiat currencies were not fiat at all but pegged to gold. Now we don’t have gold-based money, but we also do not need as much cash as in the past because other means of settling payments have appeared such as credit and debit cards, prepaid cards, micropayment systems in your mobile, etc. However, it would seem that cryptocurrencies will end up being the way to go to allow even local legal tenders to avoid most of their production expenses.

The USD and counterfeiting

Counterfeiting is the elephant in the room when it comes to fiat currencies. Just in 2016, USD 82.1 million worth of false notes went into circulation with all success. Not even 12% of all those (USD 10,4 million) were noticed before they were in the world’s money flows.

The 2018 budget overview for the US Department of Homeland Security considers that less than 1% of the circulating currency is indeed counterfeit. This could sound insignificant in the magnificent view of things. But since the USD circulation is so high and used all around the world, that seemingly unimportant 1% equates to USD 10 billion in fake notes that are floating around all over the world and giving the USD a lousy name.

So that problem worth USD 10 billion could be solved quite easily by implementing a blockchain or a cryptocurrency correctly. The cryptographic calculations needed in the creation of new blocks guarantee that you can’t counterfeit even a single dollar.

And it’s not just the cryptographic technology but the decentralization in the ledger. Any of those mechanisms are enough to guarantee authenticity in every coin, but, if you should need more security, then a simple counting operation suffices. If additional coins were being forced into the system, you could notice them right away because they wouldn’t fit into the network’s ledger or the pre-mined coins in circulations.

But you would need a functional, safe cryptocurrency, of course. Not all of them do the trick correctly. Some have recently had attacks that modified the supply data, and nobody noticed from quite some time (Zcash, or ZEC, more recently).

Our point is this: crypto adoption can help taxpayers from all over the world to save a lot of money. They’re cheaper to produce, immune to counterfeiters, and easier to move around. Adoption is inevitable. But not imminent.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.