⭐ Features Alex Morris

Blockchain History: From Ancient Fei Stones to Disruptive Technology That Underpins Bitcoin and Other Cryptocurrencies

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Blockchain history before Bitcoin and Blockchain history after Bitcoin: Learn more about the nascent technology, Blockchain’s history, and the technology’s future
Blockchain History: From Ancient Fei Stones to Disruptive Technology That Underpins Bitcoin and Other Cryptocurrencies
Contents

Introduction to the state-of-the-art technology

Blockchain is a disruptive technology that is making waves throughout the globe, revolutionizing a slew of industries (from banking to the global shipping industry). Many pundits, including Zillow’s CEO, believe that this nascent technology has more potential than the Internet, while Binance’s founder believes that the idea of mainstream decentralization is not that far-fetched. In this article, we will take a closer look at the history of Blockchain to eventually make a prediction about what the future holds for this technology.

Blockchain

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Decentralization: A 1,000-year-old concept

Before we begin discussing the history of Blockchain in detail, we would like to share with you an outlandish suggestion made by cultural anthropologist Natalie Smolenski, who believes that Blockchain could have actually appeared almost 1,000 years ago (of course, not in the form of a distributed ledger). Smolenski says this is one of the “old wine in a new bottle” situations when the already established transitions of some ancient tribes have a lot of in common with (you guessed it) Blockchain.  

“Like all breakthroughs, Blockchains are a profoundly new way of doing old things,” Natalie Smolenski

In 500AD, the tribe of the Yap Island used gargantuan Fei stones as their form of currency, but they had to tackle the problem of mobility: these stones were too bulky to move around. Subsequently, they came up with an idea to create what could be considered the very first decentralized ledger in history — every tribe member knew exactly who owned a specific stone, which would eliminate the need for further disputes.  

Remarkably enough, such ‘transactions’ lasted up to the 19th century on Yap Island. Then the villagers ditched this tradition and switched to the US dollar. It is also worth mentioning that such a practice was never adopted outside of the tiny island. It actually represents what exactly Blockchain is today; instead of a mental ledger, there is a mental one, which binds together millions of computers around the globe. Most probably, the Yap villagers never realized that they’d come up with a truly revolutionary technology.

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Philosophical and technical bases behind Blockchain  

While claiming that the inhabitants of the Yap Island might indeed be responsible for the emergence of Blockchain technology sounds far-fetched, the seeds of this state-of-the-art invention may go back directly to the 1940s. During the peak of the World War II, genius British cryptographer Alan Turing made a breakthrough by deciphering the Enigma machine.

1974 Nobel Prize winner Friedrich Hayek, who became famous because of his magnum opus ‘Decentralization of Money’, is considered to be one of the biggest philosophical influencers in the history of the cyberpunk movement. Ayn Rand was among other inspirations: she came up with the idea of ‘Galt’s Clutch’, a secluded community that would one to distance himself from corrupt institutions.

This magnum opus predicted the decentralization of money, which would help stomp out government-backed monopolies. Bitcoin, the first privately issued money, is a stepping stone for the implementation of Hayek’s vision.

When it comes to technical bases, Bitcoin — as well as the technology that underpins it — is based on cryptography (a huge chunk of information is shared between encrypted computers worldwide). In 1976, the Diffie-Hellman algorithm allowed securely exchanging cryptographic keys by dividing them into private keys and public keys. Ralph Merkle, in turn, is responsible for the creation of public-free cryptography (Merkle Tree). These inventions were essential for the establishment of Blockchain technology.

Philosophical and technical bases behind Blockchain

In 1991, way before Blockchain became the ultimate ‘buzzword’ of recent years, Haber and Stornetta published a paper entitled “How to Time-Stamp a Digital Document”. The document describes a tamper-proof method of time stamping, which would make it impossible to stamp an inaccurate date on a document. This seemingly groundbreaking technology went unused, and the patent expired in 2004, remaining a remnant of history.   

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Blockchain’s public debut in Satoshi’s white paper  

Since then, the development of the Blockchain technology remained in limbo. In 2008, however, everything has changed for good with Satoshi Nakamoto introducing the white paper of Bitcoin, the first decentralized digital currency that later took the whole by storm. The rest is history.  

Blockchain’s public debut in Satoshi’s white paper  

(Source: Bitcoin.com)

Bitcoin became the first known use case of Blockchain technology in history (if we don’t count the aforementioned Fei stones). After the release of the white paper, the first open source client of Bitcoin appeared back in January 2009.

The term “Blockchain” made its first public appearance only in Satoshi’s ubiquitous white paper.  It is worth mentioning that Satoshi didn’t use the term ‘Blockchain’ in his work — the technology was actually represented by two separate words (‘block’ and ‘chain’).

While there were some remotely similar technologies, there is no doubt that Satoshi (whoever this elusive creator is) can be regarded as the founder of Blockchain. There is also an alternative opinion that Blockchain wasn’t created by anyone, and it simply represents an evolution of a technology that combines three elements (cryptography, distributed networks, and consensus protocols).

The thing is, Satoshi’s white paper actually suggests that Blockchain and cryptocurrencies are two inextricably connected notions, and there was no life for this technology outside of the digital money space (despite almost a decade-old history).

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Blockchain separates from Bitcoin

While Bitcoin remains the biggest use case of Blockchain, more and more companies and organizations are inching closer towards decentralization in order to increase their efficiency.

Blockchain separates from Bitcoin

(Source: Bitcoin.com)

The very first precedent was set by a startup dubbed Namecoin that wanted to democratize the current management system. The domain names are mainly controlled by centralized entities, and they have long been a matter of grave concern for Internet freedom advocates. There have already been a couple of occasions when the US government would seize the site’s domain. By storing all domains on a distributed ledger, Namecoin would make it impossible to correct the registration data. The government would need an encryption key in order to seize this domain.

As the popularity of cryptocurrencies began to grow, many people started confusing Bitcoin and Blockchain, the technology that underpins all decentralized digital assets. During 2013-2014, when Bitcoin started showing the first signs of mainstream adoption, Blockchain also appeared in the limelight, and many realized that its use cases might extend far beyond crypto with this technology being actively applied in a myriad of industries (healthcare, transportation, etc.). Individual companies and even whole countries started pouring money into Blockchain. For instance, the South Korean budget is set to allocate a staggering $925 mln to further develop the Blockchain technology (one of the biggest fintech-related investments in recent history).      

The rise of Ethereum

The next era in the development of Blockchain is associated with one name: Vitalik Buterin, one of the developers behind the Bitcoin codebase who decided to come up with his own project due to numerous programming limitations. While he saw the Bitcoin ecosystem forming a distinctive shape, he realized that many crypto projects that were still in a stage of inception needed the common ground to build on.

As a result, Ethereum, the second public Blockchain, appeared on the horizon along with a groundbreaking invention of the so-called ‘smart contract’. The 2013 Ethereum white paper already went down in history. In mid-2014, the Ethereum yellow paper was released, with Gavin Wood specifying the modus operandi of the Ethereum virtual machine (EVM).  

The rise of Ethereum

(Source: Getty Images)

The major advantage of the Ethereum Blockchain consists of the ability to record various kinds of assets, not being restricted strictly to cryptocurrencies. Smart contracts have already witnessed a widespread adoption with tech giants such as Microsoft using it to cut red tape. Even critics who argue that Ether (the currency) is doomed to fail, they admit that the Ethereum, which embodies the second-generation Blockchain system, is here to stay. There are hundreds of active projects that were built on the Ethereum Blockchain, representing a huge imprint on the history of the technology.     

Apart from smart contracts, Ethereum birthed the concept of the so-called decentralized organizations (DAO), which represent the whole corporations that are operating with the help of smart contracts.   

The creation of Ethereum eventually resulted in the ability of developers to create the applications that run inside it. Decentralized application (dApps) represents the next logical step in the development of the technology — there are already hundreds of such applications that are powered by Ethereum. Instead of Twitter or Spotify with a centralized governing model, dApps offer more freedom to users, enhancing stability and eliminating numerous censorship issues. Still, there are numerous caveats that are linked to their adoption: dApps fail to grow their user base due to their poor usability.  

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In general, the evolution of Blockchain could be described in several stages:

Stage 1: Bitcoin

At first, the Blockchain was solely used as an underlying technology for Bitcoin (and later other cryptocurrencies). Bitcoin became the first decentralized digital currency in history.      

Stage 2: Ethereum Blockchain

With the implementation of smart contracts, a slew of assets could be recorded on a distributed ledger. Furthermore, the technology gave a huge boost to the adoption of Blockchain outside of cryptocurrencies.

Stage 3: DApps

Blockchain is inching closer towards run-of-the-mill users with decentralized applications that are supposed to come as a viable replacement for traditional applications.   

Stage 4: Cross-Blockchain

The scenario when Blockchain finally becomes usable in the real world, disrupting many industries.  

Transition to proof-of-stake Blockchain consensus algorithm

If you are somehow familiar with cryptocurrencies, you are definitely now new to the concept of cryptocurrency mining. This is a process of cooperating Bitcoin many nodes on the network. Blockchain technology allows recording all the data on a distributed ledger, which basically means that it is stored on a gargantuan number of computers around the globe. For the whole network to function properly, there should be a robust consensus mechanism in place.

The original consensus mechanism is called Proof-of-Work (PoW). The peculiar thing is that the PoW mechanism dates back to the 90s, long before Satoshi came up with a ubiquitous Bitcoin white paper (the actual term was proposed by Markus Jakobsson). Still, this consensus algorithm became commonly known along with Bitcoin. According to the white paper, PoW would help solve security concerns, preventing the much-feared 51 percent attack. There is a block reward involved for every cryptographic puzzle solved by an individual miner or a group of miners.

However, due to numerous disadvantages of PoW (huge energy consumption, geographical limitations, etc.), a new consensus algorithm emerged on the horizon: Proof-of-Stake (PoS). When it comes to proof of stake, the creator of a new block is defined based on his stack of coins.

Transition to proof-of-stake Blockchain consensus algorithm

The currencies that are based on this consensus algorithm do not presuppose a block reward; miners profit off transaction fees. Hence, the PoS algorithm is a significantly more cost-effective option. PoS-based coins help to tackle the problem of energy saving that has always been an issue as far as Bitcoin mining is concerned. As U.Today reported earlier, Bitcoin mining has such a great impact on the environment that it could potentially boost climate change.

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Tackling the scalability trilemma with altcoins

The next logical step in the history of Blockchain development consists of finding new scaling solutions. Some naysayers bash Blockchain because transactions take a very long time to be conducted compared to more established financial systems (VISA, Swift). With Bitcoin Blockchain, it is only seven transactions per second (TPS). Ripple, on the other hand, shows much more impressive results with 1,500 TPS, but there is still much homework that needs to be done in order to match the processing power of the VISA network that is able to process 24,000 TPS (although, Ripple is already six times faster than PayPal). Ripple shouldn’t be confused with the actual cryptocurrency (XRP) — it’s a Blockchain-powered startup that is currently getting a big number of banking clients on board with its new xRapid product.  

Coming up with a scalable Blockchain solution is an easy feat due to what is known as the scalability trilemma. The essence of this trilemma is that the Blockchain network is only capable of having only two out of the following three features: decentralization, security, and scalability. Blockchain and Ethereum put emphasis on the first two, which takes a toll on the speed of transactions. Still, a scaled Blockchain that would be able to outperform them — conducting millions of transactions in a snap — is yet to be done in history, but some promising projects are already in the offing.

Altcoins with separate Blockchain seems like a plausible solution to the scalability problem since it would significantly reduce the user base. Notably, there is a full stack of scalable Blockchains in the offing, with Ethereum 2.0 leading the way. Cardano, on the other hand, is already here: the reputed project spearheaded by Charles Hoskinson is considered to be the third generation of Blockchain because of its scalability and interoperability.

Other third-generation Blockchains to watch in 2018:

  • Zilliqa;

  • EOS;

  • ArcBlock;

  • Aion.  

Each of the aforementioned third-generation Blockchains aim to tackle the main issues of Bitcoin and Ethereum in their own way with a major emphasis being placed on scalability.   

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The growth of Blockchain: talking numbers

According to one of Deloitte’s research papers — which aims to illustrate the evolution of Blockchain with the help of GitHub data — there have been more than 87,000 Blockchain-related projects. Perhaps the most striking finding actually pertains to the number of currently working projects; the longevity in the Blockchain industry is very poor, with only 8 percent of projects still being maintained by their developers.

Nevertheless, there is still a very positive trend when it comes to the number of projects developed by  commercial organizations: it has skyrocketed since 2009, serving as a clear indicator of wider Blockchain adoption. It is especially important for the industry because such projects tend to be updated more often while holding more significance.  

The growth of Blockchain: talking numbers

However, Blockchain adoption is still rather snail-paced with regulatory uncertainty being the main issue. A new PwC survey showed that 27 percent of CEOs think that lack of legal clarity remains the main hindrance with lack of trust among users coming in second place (25 percent).

The future of Blockchain  

As mentioned above, a lot of banking institutions (including such behemoths like Morgan Stanley, are already jumping on board with Blockchain adoption since the technology has the potential to increase the efficiency transaction processing. However, it doesn’t stop there — dozens of industries are already unitizing it. Whether it’s giving refugees a chance to restore their identity or preventing food poisoning, there’s one ‘magic wand’ that helps to modernize everything with the help of decentralization.
Since no one is able to alter data on a Blockchain, it’s a perfect solution for record keeping, and there is a myriad of future use cases where Blockchain could come in handy. Ironically, there’s even a Europe-based startup called Kapu that puts the whole history on a Blockchain in order to have a risk-proof source of all kinds of historical data.   

With that being said, Blockchain has many critics (and their list not limited to the unhinged Bitcoin opponent Nouriel Roubini). They claim the technology is overhyped, and cryptocurrencies still remain the only major use case. dApps (decentralized applications) fail to get a grip of a real user base while many Blockchain-related projects are only in a trial phase. While it is partially true, it is quite reasonable to assume that the mass adoption of Blockchain won’t happen overnight – it would take years or even decades for the technology to catch up, and there has been a lot of progress since the inception of Bitcoin. Case in point: it took the Internet almost four decades for this technology to break into the mainstream (its foundations were created as early as in the 60s).  

Meanwhile, the US — the current leading market for Blockchain development — is expected to cede ground as early as 2023. China, which retains its hawkish stance towards crypto, is betting big on Blockchain, going as far as issuing Blockchain-related guidelines for its officials. Remarkably, the UK’s current 5 percent share in the crypto space is expected to shrink to just 2 percent.

The future of Blockchain  

One also cannot exclude the possibility that Blockchain might not be the same technology that we know today. A lot of companies, for instance, are already trialing so-called ‘private’ Blockchains that allow sharing data only within a small circle of individuals, and there is always a chance that another groundbreaking invention will turn Bitcoin and Ethereum into history.

No matter what future holds for Blockchain, one thing is crystal clear: the world will never be the same after its invention.

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⭐ Features Stavros Georgiadis

Tron Price Prediction 2019 – A Bottom at $0.0255 Has Formed. Will It Last in February?

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Tron (TRX) has a 1-year performance of about -34%, which is much better compared to the collapse of prices of other cryptocurrencies
Tron Price Prediction 2019 – A Bottom at $0.0255 Has Formed. Will It Last in February?
Contents

Tron Price Prediction 2019 – A Bottom at $0.0255 Has Formed. Will It Last in February?

Tron (TRX) has a 1-year performance of about -34%, which is much better compared to the collapse of prices of other cryptocurrencies. In fact, Tron has a year-to-date performance of +35.94%. In this article we will mention some Tron price prediction ranges from various sources, plus we will make our own Tron price prediction for February 2019 based on our technical analysis. Some key stats for Tron as of Feb. 2, 2019 are the following:

  • Price of Tron (TRX) is $0,026339
  • Market Cap: $1.755.963.777 USD, 503.847 BTC
  • Volume (24h): $200.614.221 USD, 57.563 BTC 
  • Circulating Supply: 66.666.917.581 TRX
  • Total Supply: 99.266.129.237 TRX
  • Rank 8 on CoinMarketCap based on top 100 cryptocurrencies by market capitalization

Tron price prediction February 2019 based on various sources

What are some Tron price prediction opinions?

  • WalletInvestor is pessimistic about the price of Tron in the long-term, but according to its forecast trend line the price of Tron may be above $0.030 in February 2019. It has a Tron price prediction for the next 14 days as $0.0331 USD to the upside and $0.0256 to the downside.
  • PrevisioniBitcoin is bullish on Tron, estimating that it will have a minimum price of $0.030 in February 2019.
  • CoinFan makes the following Tron price prediction range. A minimum price of $0.051126476 and a maximum price of $0.069171114. This seems to be a very optimistic price forecast as the minimum price is almost 96% above the current price of about $0.02633 as of February 2, 2019.
  • DigitalCoin only provides as a forecast the price of $0.03284536.
  • ExpressTricks has a Tron price prediction of $0.50 for February 2019, another very optimistic forecast.
  • CryptoGround is on the other side of forecasts, with a conservative Tron price prediction of $0.0270 for a time period of one month, a return of +1.79%.

Tron price prediction based on technical analysis

What does the weekly and daily chart for Tron tell us trying to make a forecast for February 2019? We will examine the two charts, trying to make an unbiased Tron price prediction for February 2019.

Tron price prediction based on weekly chart
Tron price prediction based on weekly chart
Tron price forecast based on daily chart
Tron price forecast based on daily chart

The two scenarios, the optimistic and the pessimistic ones, bullish and bearish for the price of Tron in February 2019 can provide some possible ranges.

Tron price February 2019 prediction bullish scenario

A very positive note is that both on the daily and weekly chart there is a trend shift from downward to upward. On the daily chart the price made a bottom around the level of $0.011, retested the low level of $0.012 and made a nice rally up to the level of $0.036 on January 10, 2019.

The price of $0.0257 as of Feb. 10, 2019 is above the 50-day and the 20-day exponential daily moving averages. The fact that both these moving averages are trending up is positive for the price of Tron. It means buying pressure. On the weekly chart the MACD indicator is trending up, and its histogram is positive, Momentum indicator is rising, and price is above the 50-period and 20-period exponential moving averages.

Switching back to the daily chart, the ADX/DMI indicator shows a strong trend and the +DI line is above the -DI line, with values of 25.41 and 20.20 respectively. A first target price is the upper daily Bollinger band at $0.029. Next potential targets would be the high prices of $0.0312 and the recent high price of $0.036.the 20-day exponential moving period with a value of $0.026, where current price of Tron is now, should provide a strong support.

Tron price prediction February 2019 bearish scenario

On the weekly chart the level of $0.0296 is a very strong resistance. Other strong levels od resistance are $0.0279, and $0.0288. On the daily chart the MACD indicator has made a bearish crossover, the Momentum indicator has lost its upward direction and now is pointing down, and there are strong levels of resistance at $0.0264, $0.027 and $0.0275. If the current uptrend is to pause and reverse, then possible targets are $0.0243, $0.0237 which coincides with the 50-day exponential moving average and then $0.022.

Traders should monitor the trendline that extends from the low price of $0.0127 on Jan.10, 2019 to the high price of $0.0263 as of Feb. 2, 2019. If this trendline does not hold as support, then lower prices are very likely.

For February 2019 we prefer the bullish scenario, as odds are for now in favor of it. As always it is not an investment recommendation, just an analysis and a forecast.

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⭐ Features Yuri Molchan

Is Tron Merely Another Pump and Dump Project? An Interview with Crypto Chico, ‘Truth Lover’ and ‘I-Dotter’ Regarding Crypto Projects

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Tyler Swope, also known as Crypto Chico, shares his personal vision of the Tron project on the particular case of the BTT ICO that happened on Binance the other day
Is Tron Merely Another Pump and Dump Project? An Interview with Crypto Chico, ‘Truth Lover’ and ‘I-Dotter’ Regarding Crypto Projects
Contents

On Wednesday, Jan. 30, Tyler Swope, nicknamed Crypto Chico, published a YouTube video claiming Tron and Binance plotted to grab some money by launching the BTT token on Binance Launchpad. U.Today prepared a news story, reporting this untypical point of view regarding Tron, Binance and their CEOs.

We have gotten in touch with Tyler Swope and asked him to clarify his position regarding Tron and their marketing strategy in particular.

‘I swear to tell truth, the whole truth and nothing but the truth’

U.Today: Why are there so many crypto communities on Twitter who have a negative opinion about you?

Tyler S.: They have negative opinions on me cause I tell the truth of what goes on in crypto, and the truth hurts the most.

‘Tron is nothing but a pump and dump scheme’

U.Today: Tron has been making a lot of progress recently, having taken on several big games, including TronGoo (formerly EtherGoo) and MMORPG KuaiXiYou. It has managed to advance from beyond the top-ten list of crypto assets inside it pretty quickly, raising its market cap.

On dappradar.com many of the top ten dApps, those that show a great cash flow, are Tron-based, and none are powered by its rival Ethereum, for example.

Is Tron Merely Another Pump and Dump Project? An Interview with Crypto Chico, ‘Truth Lover’ and ‘I-Dotter’ Regarding Crypto Projects

Still, in the video about BitTorrent you poured some harsh criticism on Tron and Binance, along with their CEOs. What is the reason you are publicly criticizing those projects?

Tyler S.: Because it was an obvious pump and dump, marketing ploy and I would like the public to know this.

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‘Justin Sun is no relative of mine’

U.Today: How are you connected with the Telegram channel ‘TRON (TRX) Announcements’, which posted a link to your video and claims that they know what indeed is happening with Tron?

Tyler S.: I have no connection to them and never heard of them before in my life before 30 January 2019.

‘Crypto market is irrational’

U.Today: What do you think the future of Tron is, in light of your video regarding the BTT ICO? Does it have any chance of reaching the list of the top-four coins in 2019, as Justin Sun promised?

Tyler S.: No, I don't believe it does, but who knows, this market is irrational.

‘Deceptive marketing tactics’

U.Today:  How can Tron be so popular with the community and dApp developers if you claim that Tron’s code contains a great number of bugs?

Tyler S.: They used deceptive marketing tactics and any good developer is not building on Tron. I used open source tools SonarCloud and SonarQube, you can check for yourself.

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⭐ Features Darryn Pollock

Bitcoin Obituaries Keep Rising But Why Is Bitcoin Still Not Dead?

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Bitcoin has been pronounced dead multiple times in its 10-year life; its recent fall brought about another obituary, but why is it that Bitcoin is NOT dead?
Bitcoin Obituaries Keep Rising But Why Is Bitcoin Still Not Dead?
Contents

A popular site called 99Bitcoins keeps a close eye on the number of times that Bitcoin has been declared dead in the mainstream media. Currently, it has accrued 336 obituaries for the digital currency.

The latest drop in the price of Bitcoin, which took it from the mid-$6,000 mark down to near on $3,000, sparked fresh panic and capitulation as many believed that the cryptocurrency had had its last days.

There were concerns over its utility and usefulness, as well as the potential for a so-called death spiral in the mining of Bitcoin as many miners shut up shop. Yet, Bitcoin continues to exist, and at time of writing, has bounced back to over $4,000.

So what is it that is keeping Bitcoin alive? It has no CEO, no company headquarters, and because of its decentralised nature, has no one to drive it to keep it alive; it relies solely on those who are interested in it.

The underlying blockchain

Bitcoin, or cryptocurrencies in general, have a very special relationship to their underlying technology, blockchain. They are of course dependent on each other to operate, but they also move independently of each other in many respects.

Blockchain is advancing in a very different path to that of Bitcoin, but it was Bitcoin’s initial explosion in the mainstream financial space that made people take blockchain seriously.

Now that the cryptocurrency bubble has essentially burst, there is a lot less hype and interest in it. However, blockchain, the technology behind it all, is getting a chance to come out and shine for its technological reasons alone.

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For this reason, Bitcoin is still very much relevant. Blockchain progression is building steadily, and solidly, and because of its adoption across all centres, people still appreciate the usefulness of a digital token.

Bitcoin, as the major digital token that encapsulates all the main points of cryptocurrency and blockchain — such as decentralisation and transparency, and of course distribution — is the epitome of a functioning token economy.

Manageable mining

Another reason why Bitcoin hasn’t totally capitulated is because of its built in mining difficulty adjustment. Many people feared that Bitcoin could go under if the miners, an important part of any proof-of-work cryptocurrency, decided to abandon Bitcoin because of the increased difficulty and the loss of profitability.

Indeed, when the price dropped significantly in November, many miners did shut down and the hash rate also fell. But, because Bitcoin has a built in adjustment, the lower hash rate caused the mining difficulty to increase, and thus caused profitability to increase again, enticing miners back.

With more miners mining, there was increased health and activity on the blockchain, which leads to better interest and investment in the markets. This, in turn and in a compound way, then helps boost the price and drive more miners back in, again increasing profit and price.

Shedding the speculators

There is also a big difference between a burst speculative bubble and the death of a market. Some markets can be destroyed by the bubble pop, but in the case of Bitcoin, it is mirroring the dot com bubble because it has a similar nature.

With its underlying blockchain equitable to the internet, and the ICO hype and other factors equitable to Dot Com companies, one can see that this type of burst bubble is a chance for Bitcoin to shed its foolish speculative investors, and allow for those who are serious and successful to rebuild the market based on the important technology underneath.

Bitcoin will continue to be called dead, and erroneously so because it has only hit the mainstream in the last 18 months or so.

However, if one is to zoom out a bit, one would see that an investor who bought Bitcoin two years ago rather than, say, one year ago, would still be over 300 percent up on their investment.

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⭐ Features Guest Author

GameCredits Bittrex Review: The Detailed Guide for Beginners

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GameCredits (GAME) is an in-game payment platform that is poised to become a major disruptor in the multibillion-dollar gaming industry
GameCredits Bittrex Review: The Detailed Guide for Beginners
Contents

GAME (a.k.a. GameCredits) is an innovative cryptocurrency that has been very popular within the international gaming community. Thanks to the recent strategic partnerships with Microsoft and Xsolla, the team behind GAME crypto managed to achieve the incredible leap in promotion of this cryptocurrency.

Why should you exchange GameCredits on Bittrex?

There are so many exchange services out there. Why should you use the services of Bittrex in order to exchange or trade your GAME coins? The main advantage for beginners — Bittrex has never been hacked unlike other large platforms. Since 2017 all user accounts of this U.S. exchange service are solidly protected.

Also, this project implements the multi-level wallets strategy. About 90% of customer funds are stored offline. 2-factor authorization is offered for users (in particular, for withdrawal of their funds from wallets). If it is not activated, the exchange sets certain limits on withdrawals.

Features of Bittrex for GAME users

Bittrex offers a modern trading platform that is always accessible offline. If you type GAME in the search field on the main page, you will instantly see the chart with prices changing in real time. For example, currently (5th December 2018) you may see that the price of 1 GAME in the pair USD/GAME on Bittrex is $0.07.

Below the chart is a window with platform’s apps. The platform is designed for both beginners and experienced traders. You may check the possibility of a thorough technical analysis of any assets using technical indicators is implemented.

By default, an algorithm for calculating volumes is set straight on the chart of GAME/USD and GAME/BTC. The site features 450 currency pairs traded with Bitcoin. There are quite good trading opportunities with both BTC and ETH for GAME owners.

However, Bittrex does not have currency pairs with fiat money. Buying Bitcoin, Ethereum or Tether is possible by bank transfer. In order to use this service, you must pass the account verification. Traders have the opportunity to open different types of orders.

For example, they can buy GAME and other available assets at the market price or choose pending orders for the purchase of a particular cryptocurrency at the desired value. The only drawback - Bittrex does not offer any margin trading.

Deposit and withdrawal of GAME funds of the Bittrex exchange provides wide opportunities for those who want to replenish their account and withdraw money from it with GAME cryptocurrency. Two stages of verification actually mean that the base level is the inclusion of 2FA and filling in the "About me" fields. To withdraw more money (more than 4 BTC), full verification is required.

Currently, there are two types of accounts on Bittrex:

  • Basic. Users provide name, address of residence, indicate the date of birth. This data is verified through open sources (social networks, for example). However, if security officers of the company fail to verify the information, more detailed verification will already be required with the participation of the user;

  • Advanced. To open such accounts, the user must provide scanned copies of identification documents along with a selfie attached;

How to buy and sell GAME on Bittrex?

According to almost any user’s review of GameCredits on Bittrex, the website offers the opportunity to trade market and limit orders. The first allows you to buy a cryptocurrency at the current price at which it is offered on the market.

Let’s suppose, GAME coin is worth $1. A user wants to buy it and is ready to pay that price. In this case, he chooses a market order, enters the volume of the transaction and presses the “Buy” button. If the user already has bitcoins and he wants to sell them, at the same time, the current price on the market fully suits him, this can also be done by placing a market order, only for sale.

Fees for services here are considered average for the global market. Bittrex charges 0.25% commission for all transactions. At the same time, payments from traders can be reduced depending on the time of the user’s trading status.

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Gov’t of India Reportedly Plans to Regulate Crypto, What’s the Motive?

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The government of India is exploring the possibility of legalizing crypto and regulating exchanges
Gov’t of India Reportedly Plans to Regulate Crypto, What’s the Motive?
Contents

Several local publications have reported that the government of India is exploring the possibility of regulating crypto.

At an official government meeting hosted by the interdisciplinary committee, a task force led by members of the Ministry of Economics and information Technology and the Ministry of Home Affairs, the committee ruled in favor of regulating cryptocurrencies with strict policies.

Sudden Change in Stance Toward Crypto

In April, the Reserve Bank of India (RBI) imposed a blanket ban on cryptocurrency trading, prohibiting the country’s financial institutions from dealing with cryptocurrency-related businesses.

The unexpected ban on cryptocurrency exchanges implemented by the country’s central bank effectively disallowed trading platforms from obtaining banking services from local financial institutions.

Several exchanges tried to pivot to cryptocurrency-to-cryptocurrency trading but with the dominance of Binance, OKEx, Huobi, and other crypto-only exchanges, local digital asset trading platforms failed to compete and shut down their businesses.

At the time, the RBI threatened to end its relationship with any local bank that deals with digital asset exchanges. A circular released by the central bank read:

“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs (virtual currencies). Regulated entities which already provide such services shall exit the relationship within a specified time.”

In July, industry leaders, associations, and companies challenged the controversial decision of the RBI by filing a complaint with the Supreme Court of India. Within several months after the filing, the court ruled in favor of the RBI, allowing the central bank to impose a ban on cryptocurrency trading.

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However, on December 26, a senior government official told The New Indian Express in an interview that the government believes cryptocurrencies cannot be dismissed as illegal currencies and the asset class has to be regulated with strict policies.

“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon,” the official said.

The change in the stance toward cryptocurrencies from the government of India likely comes from its acknowledgement of the risk in unregulated cryptocurrency trading. By placing a ban on digital asset exchanges, it forced investors out of a self-regulated market to unregulated peer-to-peer and over-the-counter markets that are difficult to regulate and monitor.

If the intent of the government is to prevent money laundering through the usage of cryptocurrencies, a more effective way of doing so is to allow cryptocurrency trading on exchanges with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) systems in place.

When Could It Take Place?

Many reports were released in the past anticipating the legalization of cryptocurrencies by the government of India. Yet, the government showed no signs of regulating the asset class in the past 12 months.

With the G20 agreeing to regulate cryptocurrencies to crack down on money laundering, India, which is a part of the G20, could follow the global trend of regulating the asset class.

Given the history of India in the cryptocurrency sector, it may take several months to potentially years before cryptocurrency trading is revitalized and completely legalized with stable banking services provided by local financial institutions.

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