Category: Crypto

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Crypto News

This Is Why Central Banks Are Afraid Of Bitcoin (BTC)

Central banks have no love for Bitcoin (BTC) and other cryptocurrencies. While some good deeds are taking place, the general sentiment is presumably negative. The applicability of cryptocurrencies and the decentralized technologies that characterize them are questioned, mainly by banks. Central banks feel the need to control the Bitcoin (BTC) and even proposed several times a central body to put a real value on this cryptocurrency.

Bitcoin (BTC) Value Measurement

A lot of people and organizations are fighting to establish the real value of Bitcoin (BTC). A decentralized type of currency that is not issued or controlled by any central body presents many and varied challenges, but it also poses the dilemma of whether this type of currency can ever hold any real value.

For central banks, the fluctuation of the Bitcoin (BTC) price indicates its huge volatility, at least when compared to gold or other mainstream commodities.

Also, it’s obvious that gold is attracting more investors than BTC, but the crypto is still valuable, even more than gold, of course, against the USD.

The necessity for a central body to control the Bitcoin (BTC)

The lack of centralization of the Bitcoin (BTC) world is a frequent topic of discussion. More precisely, there is no central developer, firm, bank or governmental entity in charge of holding the leading digital currency in the world, at the moment.

But cryptocurrencies represent a very distinct and modern view of money. While central banks rely on people’s money to function and people rely on central banks to hold their cash, Bitcoin (BTC) and other cryptocurrencies don’t work that way, as there is no central body to control the holdings, the transactions. There is no central body to function on cryptocurrencies.

That is the first reason why central banks are afraid of BTC and cryptocurrencies.

Even more, some specialists go as far as stating that Bitcoin (BTC) is a real threat to traditional banking because it offers an alternative characterized by decentralization and freedom. But, unfortunately, blockchain technologies on which the cryptos rely must mature more before becoming a viable alternative to traditional banking.

However, in the end, keep in mind that another reason why central banks fear Bitcoin (BTC) and cryptocurrencies is that these digital assets are going on the right track to becoming viable alternatives to the traditional banking system.

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Crypto News

Square And Xapo Cryptocurrency Exchange Platforms To Get BitLicense To Operate In New York Legally

New York adds two cryptocurrency exchange platforms to the five that were already operating legally. More specifically, Xapo and Square became cryptocurrency exchange platforms are next for obtaining the BitLicense. The initial approval of Square’s license came on Monday, June 18th, while Xapo received it on June 14th.

According to Maria Vullo, Superintendent of Financial Services of the New York Department of Financial Services (DFS), the agency certified Square to enter the “well regulated foreign exchange market.”

The DFS also approved the licensing of the Xapo, Inc., exchange bureau after passing revisions to “cybersecurity, anti-money laundering, anti-fraud, and consumer protection policies.”

The Paxos Trust Company, formerly known as itBit and a subsidiary of Kabompo Holdings Ltd., was also granted permission to trade in various cryptocurrencies such as Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Stellar (XLM).

Square and Xapo cryptocurrency exchange platform to get the BitLicense to operate in New York legally

The announcements coincide with the statement of Barry Silbert, CEO of DigitalCurrencyGroup (DCG), who through his Twitter account announced the partnership of Genesis Trading with Square for the development of the application for the purchase and sale of Bitcoin (BTC), Cash App.

“Finally, the association that Genesis built over the last year with Square is revealed publicly. It has been great working with Jack Dorsey and his team,” said Silbert.

According to a press release from DCG, Genesis Trading processed the BitLicense next to Square, thus receiving approval to bid Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Litecoin (LTC), ZCash (ZEC), and Ripple (XRP), although the latter is the subject of discussions between U.S. regulatory agencies, as it can be considered a security.

BitLicense is the regulatory requirement imposed in New York State for cryptocurrency exchange platforms to offer their services in this state. This measure, which has been in operation since 2015, has been the subject of criticism and controversy since it was proposed by former DFS superintendent Benjamin Lawsky, causing an exodus of companies operating in this town.

Now, Square and Xapo cryptocurrency exchange platforms are next in row to obtain the BitLicense to operate in New York legally.

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Crypto Games News

Poketoshi Allows The Bitcoin Community To Play Pokemon Using The Lightning Network

Want to play Pokemon with the Bitcoin community? Then, you should know that the Portuguese developer Joao Almeida created Poketoshi, an application for the Lightning Network micro-payment protocol that combines one of the versions of the Pokemon game with Bitcoin (BTC) payments protocol.

For its design, Almeida used OpenNode which is a service specialized in digital payment settlement for merchants using Lightning Network micro-payment protocol.

The developer shared some of the statistics generated by this application which in its first 24 hours online received 61,916 satoshis, through a total of 635 transactions.

Poketoshi allows the Bitcoin community to play Pokemon using the Lightning Network micro-payments protocol

This application is a kind of tribute to Twitch Plays Pokemon, a “social experiment” devised in 2014 by an Australian programmer who remained anonymous. Using the Twitch video game streaming platform, the idea was to allow users to play Pokemon indirectly.

The game was very successful and even holds the Guinness World Record for having “the highest number of participants in a single player online video game” with 1,165,140 users.

Poketoshi uses the same principle, but every move in the game must be paid for using the Lightning Network micro-payments protocol. The goal is to monetize the game so that the streaming service can pay for itself while allowing the Bitcoin community to use the micro-payment network directly.

100 satoshis for every move

The game’s interface has a Super Nintendo controller, through which players can make the game’s avatar moves, always by paying 100 satoshis, regardless of the button chosen.

The Portuguese developer said the original idea for the game was put forward by Nakamoto Institute President Michael Goldstein. The latter tweeted:

Lightning Network plays Pokemon. An experiment in social coordination using the skin of micropayment in the game. One satoshi per button,

Michael Goldstein, on Twitter

In short, Poketoshi allows Bitcoin community to play Pokemon using the Lightning Network micro-payments protocol.

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Crypto News

VeChain vs. Ripple (XRP) – The Ideal Choice for New Investors

Investing in the cryptocurrency market is risky business because you never know when the market will go on an upswing or crash. This is why so many people get interested in investing money in altcoins, especially since there are so many stories about people who made good investments and got rich overnight. Seeing how the market is so highly volatile, we advise people to only invest sums that they can afford to lose and to invest in projects that they believe in.

VeChain vs Ripple

Investing in huge cryptocurrencies such as Bitcoin and Ethereum is considered to be a “safe bet”. However, a Bitcoin token is currently worth $6,729.00 which makes it difficult for people to invest money that they can afford losing. Here is where VeChain and Ripple come in.

VeChain and Ripple are great for new investors who are looking to expand their portfolio and get involved in the cryptocurrency market because their tokens are affordable with VeChain being priced at $3.22 per token and Ripple at $0.537489. With that said, lets see what these cryptocurrencies are all about.

Ripple (XRP) is Focused on Banks

The thing that makes Ripple special is the fact that it focuses on allowing banks to transfer currencies between each other. Ripple is currently partnered with more than 100 banks and it can transfer funds on a global scale in a matter of seconds. Things get even better than this since Ripple charges $0.0004 XRP per transfer which is basically free.

VeChain

Unlike Ripple, VeChain is not trying to get banks to use it and instead of that, VeChain’s goal is to connect blockchain technology to the real world. VeChain features advanced IoT (internet of things) technology which makes it ideal for developers who are looking to introduce blockchain technology and cryptocurrencies in real world applications.

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Crypto News

This Is The Naked Truth Behind Ripple (XRP) – XRP Is Not A Cryptocurrency

It’s no breaking news that the cryptocurrencies market took everyone by storm. More and more investors, both individuals and institutional traders, are seeking for the best trades in this increasingly popular market and, of course, a share of the enormous pie the cryptos represent. Also, there is no news that Ripple (XRP) has been, and still is, under the focus of many traders, either newcomers or old-school crypto investors. But, not many are aware of what’s the deal with Ripple corporation and XRP. Thus, this is the naked truth behind Ripple (XRP).

Back in 2009 when Bitcoin (BTC) emerged out of the blue, the world was baffled by the idea of virtual currency, a virtual asset that is not and never will be centralized or, in other words, controlled by a government or a central bank. That’s why, maybe, BTC was quickly adopted as a method of payment for illegal activities commanded and conducted under total anonymity on the dark web.

But the time passed by and Bitcoin (BTC) escaped from the “underground” and created a real craze, growing year after year. On the other hand, the BTC cryptocurrency has always been decentralized and community-powered, as no society, government, bank, or corporation has ever controlled it.

There are several other cryptocurrencies just like Bitcoin (BTC), such as Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and others. However, Ripple (XRP) is not one of these.

Ripple holds 60% of the whole XRP volume and can always pull the switch off

When they’ve emerged on the market, back in 2002, Ripple owners generated 100 billion XRP tokens which were not backed up by anything valuable.

Out of these 100 billion XRP tokens, 20 billion XRP remained within the Ripple’s creators, and 80 billion XRP tokens were released on the market. But, the naked truth about Ripple (XRP) is that Ripple Labs holds about 60% of the whole XRP volume. It is up to them if they sell their share to gain huge profits or if they release their 60% on the cryptocurrencies market at low prices to devaluate the Ripple (XRP) market for reasons known only bt them.

In short, Ripple (XRP) is kept by a third-party that can have something special in its agenda and could cause damage to investors any time it wants to.

The Naked Truth Behind Ripple (XRP) – XRP is not a cryptocurrency

To understand why XRP is not a cryptocurrency, you must comprehend the concept of “debt-based fiat money,” which is as old as the banknotes.

First, remember that the first banknotes in the world were pieces of paper that reflected the amounts of gold, silver, or anything with an intrinsic value an individual held in a primitive form of a bank. With time, the concept changed, and the governments started to print money with no backup in gold. The concept of “debt-based fiat money” is based on the fact that people believe in the value written on a piece of paper but that value is not an intrinsic value and is not backed up by any other valuable asset, either.

The same thing applies to Ripple (XRP), to some extent. More specifically, Ripple is a remittance network, an exchange system, and a settlement system, which uses XRP, its proprietary digital token to perform these actions.

Accordingly, Ripple (XRP) is not a cryptocurrency because it’s backed up with fiat money and is not intended to be money but only a way to exchange money, in opposition with Bitcoin (BTC) which is a cryptocurrency per se and holds an intrinsic value, that is the difficulty of generating a block on its blockchain.

Another reason why XRP is not OK is that the token is centralized and operates on a relatively closed blockchain that is not open source or straightforward as in the case of real cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and so on.

On the other hand, Ripple (XRP) is not mineable. Thus, people cannot contribute to its generation, which is handled by Ripple corporation and its subsidiaries.

The naked truth about Ripple (XRP) is that XRP is not a cryptocurrency as it is owned by a centralized institution which has never hidden its conceptions about centralizing cryptocurrencies market and how good the things will be if that will happen. Nonetheless, Ripple is just a company which had the idea to blend the components of fiat money with the blockchain technology.

In conclusion, Ripple (XRP) should be cataloged as “digital fiat money” not as a cryptocurrency.

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