Wikicoin Alex Morris

BTC vs. XBT: What’s the Difference Between Bitcoin Symbols?

📚 Wikicoin
CoinMarketCap, a touchstone for cryptocurrency research data, displays the BTC ticker, but U.Today tries to determine what other Bitcoin symbols you may stumble upon
BTC vs. XBT: What’s the Difference Between Bitcoin Symbols?
Contents

Understanding crypto tickers

Despite some common beliefs, no one registers a cryptocurrency ticker (they are not protected under copyright law). It pertains to all known crypto tickers, including the ubiquitous BTC and ETH. They are perceived as the standard ones due to the fact that they come straight from Satoshi’s and Vitalik’s respective white papers.

For ICO issuers, it is a mundane practice to specify the name and the ticker of the token to avoid confusion. In order to list stocks, bonds or other securities on the NYSE, there is an approval process involved, but there are no geographical restrictions, which essentially means that the same ticker could work in another country. However, when it comes to the decentralized world of cryptocurrencies, it is not an easy feat — there are certain coins in the likes of Nimiq’s NET that fail to get listed on exchanges because it coincides with another cryptocurrency.

The tale of two Bitcoin tickers

Before Bitcoin hit the mainstream, the only existing Bitcoin ticker was BTC (the logical shorthand that doesn’t raise any additional questions). As mentioned above, the BTC ticker was created by Bitcoin’s elusive creator Satoshi Nakamoto, so there was no need to come up with another variant — everyone perfectly understands what BTC is.         

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So, what is XBT? When the popularity of the flagship currency started skyrocketing (along with its price), there was a need for a currency code, but the problem was that the ‘BTC’ ticker name actually violated the ISO 4217 standard. According to these rules, the first two letters of the currency symbol are supposed to represent the country (case in point: USD where ‘US’ stands for the United States). When it comes to Bitcoin, there was an issue with Bhutan — the ngultrum (BTN), the country’s national currency, created roadblocks given that its very first letters coincide with that of Bitcoin.  

That eventually prompted the appearance of a brand-new Bitcoin code: XBT (it is still not considered to be the official ticker of Bitcoin). Apart from the vast majority of national currencies, ISO 4217 also provides codes for the so-called ‘super currencies’ that are not restricted to a certain currency and pose as a global medium of exchanging money. These currencies are also dubbed ‘X currencies’ due to the fact that they always begin with this very letter:

  • gold (XAU);

  • palladium (XPD);

  • platinum (XPT).

image

Why not XBC?

Given that Bitcoin is an international currency, it is now crystal clear why it starts with X, but the third letter of the new abbreviation might still seem rather confusing for uninitiated traders. XBC is by far the most obvious variant if you take into account the name of the currency (‘bit’ and ‘coin’). The answer is simple: there is already a currency with this ISO 4217 currency code that stands for a European Unit of Account.

The state of adoption  

Now that you know the origin of the ‘XBT’ ticker (if you knew about its existence in the first place), let’s compare it with BTC, the old-timer that has been associated with Bitcoin since its very inception in 2008. For instance, if you want to google the price of Bitcoin, BTC is your best bet (however, the XBT cryptocurrency will work just fine as well).  

There is no consensus between different cryptocurrency exchanges on what Bitcoin ticker should be universally accepted. For instance, Coinbase, a major San Francisco-based cryptocurrency exchange whose valuation has recently exceeded $8 bln, sticks to BTC. Meanwhile, Kraken, Coinbase’s biggest competitor in the fiat-to-crypto niche, was one of the first exchanges to give edge XBT edge over the more established abbreviation.

image
In a brief post, Kraken explains that establishing one common standard contradicts the idea of decentralization, which is why there is no officially accepted ticker. They claim that the Satoshi-proposed ticker enjoyed the widest use in the crypto space, but the new abbreviation is particularly important for cryptocurrency adoption since it places the fledgling asset class in gold as a global currency that is gradually gaining legitimacy.

Having a currency code in a centralized system may not seem like a big deal. However, it makes a world of difference when it comes to the Bitcoin adoption problem — the green light given by ICOs allows Bitcoin to enter the databases of major clearing networks (PayPal, SWIFT, etc.). Needless to say, the new ticker also boosted the recognition of Bitcoin on Wall Street (Bloomberg terminals were among the first to adopt the new XBT abbreviations).  

XBT subunits

After coming up with an alternative Bitcoin symbol, another top-level issue consists in determining subunits.

One XBT coin has eight subunits, but this is not the final division given that the number of decimals would have to increase over time. Still, only three subunits have managed to achieve mainstream adoption in the crypto space:

Subunit

Symbol

Value (of 1 BTC)

'millibit'

mBTC

1/1000

‘bit’

μBTC

1⁄1000000

‘satoshi’

satoshi

1⁄100000000

NB! Some exchanges have long been displaying BTC price in bits, leaving only two decimals on the right.

Things are getting even more complicated — prepare for more tickers

If you are dealing with huge economic sites such as the likes of Yahoo! Finance, you won’t likely see either of those abbreviations. They normally use the NYXBT ticker that represents the NYSE Bitcoin Index created by the New York Stock Exchange back in 2015.
image
It is worth mentioning that the index is not quite convenient for cryptocurrency traders since it updates only once a day (at 6 p.m. EST). Due to the volatile nature of cryptocurrencies, the exchanges (Coinbase and others) that update data in real time would be by far a better choice. The current prices are also displayed on U.Today (at the very top of the website).        

To make things even more confusing, there is one more ticker called $BCOIN that is specifically designed for the website StockTwits. Meanwhile, investors who trade Bitcoin on the stock market are certainly familiar with the Bitcoin Investment Trust ticker (GBTC). There is also yet another Bitcoin stock symbol, BITCF (it stands for First Bitcoin Capital Corp).    

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Same issues with Bitcoin’s stepbrother  

Remarkably enough, Bitcoin is not the only coin with multiple confusing tickers. Bitcoin Cash, the offspring of the world’s largest cryptocurrency, initially used the logical BCC symbol, but there was already the BitConnect token with the exact same symbol. Eventually, the BCH ticker symbol appeared, but some exchanges still stick to BCC.
image
Recently, it provoked a heated discussion on one of the biggest crypto-related subreddit, with users calling out Binance for failing to update the old symbol. Due to the big scope of the controversy, Binance CEO Changpeng Zhao himself had to comment on the situation, claiming that the change of the ticker would cause at least a two-hour long trading halt.

“We felt the tradeoff is not worth it. Thank you for your understanding.” – CZ, the CEO of Binance.  

Conclusion

One has to realize that both of these tickers are interchangeable, and both of them are here to stay. Hence, the BTC vs. XBT discussions are futile.

While BTC has already become a staple in Bitcoin’s community, XBT saw a wider adoption by traditional financial institutions along with some crypto exchanges such as the likes of Kraken

Wikicoin
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Darryn Pollock

Bitcoin Cash’s Breakup a Bitter Split for Entire Crypto Ecosystem

The highly publicised hard fork of Bitcoin Cash was not only an ugly divorce, but a ‘disservice’ to the industry, says Barry Silbert
Bitcoin Cash’s Breakup a Bitter Split for Entire Crypto Ecosystem
Contents

While it would probably be a stretch to say that the Bitcoin Cash hard fork on November 15 caused the most recent and significant drop in the value of the entire cryptocurrency market, there are some big coincidences, especially with timing.

The fork itself built up into a real crescendo of ugliness as two important figure heads in Bitcoin Cash butted heads. Roger Ver and Craig Wright turned what should have been a routine upgrade of the Bitcoin Cash blockchain into a real philosophical fight that spilled out onto the public forum.

This has led many to criticise the actions of the two men who essentially started a hash war in order to gain superiority for their planned blockchains, and to this end, prominent cryptocurrency figures have spoken out.

Barry Silbert, the man behind crypto-centric conglomerate Digital Currency Group (DCG), has come out and called the Bitcoin Cash hard fork a ‘disservice to the industry’, and going beyond it being a catalyst for the price drop, he is probably right for other reasons.

A disservice

The Bitcoin Cash war is still technically ongoing, as the two chains that forked have refused to die down. Ver and his Bitcoin ABC chain have retained the name Bitcoin Cash, while Wright has formed a new cryptocurrency called Bitcoin SV.

“The fork is a distraction. The industry did itself a real disservice, but let me give you the other side of that — if Bitcoin emerges as the winner, it will have been battle-tested, as it has been challenged by competitive cryptocurrencies and internal development strife,” Silbert explained.

Looking deeper at the negative effect this battle between two large personalities has had, one can also see that the perception of the cryptocurrency space is damaged from this fracas. The fact that two men can wield so much power and influence, as well as capital, and cause such bad blood does not look good for those outside of the cryptocurrency space.

The likes of the SEC and other regulators have insinuated that there will be no future for cryptocurrencies unless they can sort out issues of market manipulation and such, and while this is not market manipulation, it is still too fast and loose for most regulators to accept and agree with.

More to it

Silbert, although not a fan of the BCH fork, is not tying it totally to the reason for the latest drop in the value of the cryptocurrency market. Instead, the DCG chief believes that the unraveling ICO market, as well as the fall in stocks, is correlated to the fall.

The ICO market no doubt was one of the major reasons for the explosion in the price of Bitcoin at the back end of 2017. Now, with ICOs almost fading to nothing, it cannot be too hard to expect there to be a fall back towards the norm that was devoid of the ICO hype.

More so, Silbert has also explained that crypto’s largest investors are funds/groups with asymmetric risk appetites. These funds often hold positions in high-risk, often-tumultuous technology stocks, coupled with cryptocurrency holdings. So, seeing that lines that can be drawn between the recent sell-offs seen in equities and crypto, it is apparent that the macro market has been proding Bitcoin investors.

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📈 Pricewise Thomas Hughes

Ripple Price Prediction For November: Quietly In Reversal

Pricewise
Ripple XRP is moving higher and two Ripple price predictions tell the same tale. Read on to find out what you need to know about Ripple XRP future value 2018!
Ripple Price Prediction For November: Quietly In Reversal
Contents

While major cryptocurrencies like Bitcoin, Litecoin, and Ethereum wallow at their long-term lows XRP is quietly moving higher. The native token of the Ripple blockchain network advanced 30% in the first week of November and has XRP predictions in readjustment. At last look, the XRP/USD was affecting what could become a major reversal and the beginning of a long and drawn-out rally.

Ripple Predictions Turn Bullish

The XRP/USD made an inconspicuous double bottom over the last summer with lows in August and September resulting in a push higher over October. Now, the double bottom is confirming support at the crucial baseline that has Ripple price forecasts on the rise. The November rally is confirming support at the short-term moving 30-day exponential moving average and the indications are strong the move will continue higher.

image

Both stochastic and MACD are showing strong bullish crossovers that support the Ripple forecast. The first target for resistance is at the 0.5720 level and already tested once. A move up to and above that level would be very bullish for this token and pave the way for a move up to the $1.00 level and eventually a retest of the all-time high.  

Ripple forecast 2018: Adoption is going to drive this token higher

Most Ripple prediction did not come true in 2018, largely because of the overhanging shadow of bearishness within the cryptocurrency market, this is a Ripple forecast you can bank on: adoption of the Ripple network by global financial leaders is going to drive this token higher in the near, short, and long-term.

Most recently, Ripple Labs, the development team for the Ripple network, announced the integration of Ripple Net into OnePay FX. OnePay FX is a cross-border payments mobile application designed by Banco Santander. Banco Santander is one of the EU’s leading banks, valued at over $80 billion, and a sign of Ripple’s value to mainstream financial institutions.

Bank Santander’s reason for choosing Ripple is simple. The bank says that after experimenting with Ripple Net and a few other blockchain based products it saw new levels of transparency, certainty, and speed that is unparalleled in the traditional banking sector. Santander’s Head of Innovation, Ed Metzger, said the bank plans on using the blockchain to improve the lives of its customers.

“We believe that financial services is moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with OnePay FX.”

The primary purpose of RippleNet within the OnePay FX ecosystem is to ensure cross-border transactions. The bank wants its international customers to be able to seamlessly send and receive money, a benefit more than necessary for the bank's future growth in today’s global world. As an example, customers will be able to send instant payments directly to merchants and other payment processors with only a few clicks on their mobile devices and without the need for bank cards.

OnePay FX is currently available to Banco Santander clients in the United Kingdom, Spain, Poland, and Brazil but there are plans for rapid expansion. The system is expected to cover the European Union, South American, and Asia in the not-too-distant future.

Ripple Price Prediction 2018: The flippening

A flippening has been in the Ripple XRP price prediction 2018 since before the end of the year and it is on the verge of happening. The flippening, when XRP’s #3 ranked total market cap exceeds that of #2 Ethereum, will be an important catalyst for new investment in XRP as it will indicate a shift of dominance between the two tokens.

  • Bitcoin is the #1 cryptocurrency by market cap at $112 billion and commands 52% of the market.

  • Ethereum is the long-standing #2 cryptocurrency by market cap at just over $22 billion. It commands about 10% of the total market.

  • Ripple is the number #3 cryptocurrency by market cap and may surpass Ethereum at any time. It is currently valued at just under $22 billion and commands about 9.5% of the total market.

Ripple is currently valued around $21 billion, about $1 billion less than Ethereum, and would not need a very big boost in token prices to take over the #2 spot. With more than 42 billion XRP’s in circulation, it would take less than a nickel rise in prices for the flippening to happening, assuming, of course, Ethereum prices remain stable (and there is little reason to expect ETH to make a significant move higher until it overcomes scalability and security issues).

The bottom line is simple; Ethereum suffers from peanut butter syndrome and that will drive the flippening, if not this year then next. The world’s “most advanced” cryptocurrency (ETH) is spread very thin trying to be everything to everyone while Ripple is focused on solving the singular and age-old problem of speeding up and securing financial transactions.

Ripple Prediction 2018: Regulation is the real catalyst

Like most cryptocurrency forecasts, the Ripple Price Predictions, in almost all cases, fail to account for regulation as a catalyst for price movement. RippleNet has gotten a vote of confidence from Banco Santander but the question of regulation still overshadows the entire cryptocurrency market and will likely do so until regulators in the EU and US make their final decisions.

image

In the US, the SEC and CFTC have allowed for only limited access to the multi-billion dollar cryptocurrency market and are under increasing pressure to formalize their stance. While the implementation of a BTC ETF is forefront on the minds of traders, regulation, retail access to trading products, and mass adoption of cryptocurrency will be a boost to all digital tokens including XRP.

The Bakkt platform, a joint venture between the Intercontinental Exchange and its partners, is building up the infrastructure many in the industry say is needed for the SEC to approve retail trading of cryptocurrencies and cryptocurrency-based trading products. Bakkt is expected to go live with its first product in early December, a BTC future, with more slated for launch over the next few months (as they get regulatory approval).

The risk to Ripple predictions 2018

One of the biggest risks to Ripple 2018 is in how the US regulators classify the token. Unlike Bitcoin and Ethereum, which are clearly commodities, Ripple may qualify as a security. This conundrum has been at the heart of the US regulatory saga as no two regulators can agree on how to classify digital currencies. If Ripple is left out of the US regulatory scheme because it too closely resembles a security such as stock or bonds it could see its price plummet.

The good news is that US regulation will likely be two-pronged. On the one side, the CFTC will oversee tokens like BTC, ETH, and LTC as well as products like futures and futures options based on Ripple XRP future value 2018. On the other hand, the SEC will oversee those tokens that more closely resemble securities of publicly traded companies. Regardless, regulation will be a driving factor for this and all digital tokens in 2018.

image

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Payza Founders Indicted for AML/KYC Violations, “Knowingly” Laundering Money

US prosecutors allege the founders of Payza have transmitted $250 mln in funds without the necessary money transmitter licenses, connected with other illegal acts.
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Contents

The cofounders of Payza, brothers Firoz and Ferhan Patel, have been indicted on multiple charges related to their operation of Payza, according to the US Department of Immigration and Customs Enforcement (ICE). The brothers are being charged with:

“One count of conspiracy to operate an unlicensed money transmitting business and to violate anti-money laundering program requirements, one count of a money laundering conspiracy and one count of operating an unlicensed money transmitting business in the District of Columbia.”

If convicted, each man faces up to 25 years in prison.

Payza

The government is alleging that Payza has operated without the necessary state licenses and “knowingly transmitting funds that were derived from illegal activity.” Prosecutors claim to have connected Payza to “Ponzi schemes, pyramid schemes and a child pornography site.” It is unclear whether the Patels knew that they were facilitating such activities, although prosecutors are alleging that they “knowingly” facilitated them. However, based on the charge of violating AML requirements, it seems most likely that the Patels simply did not do the required due diligence and may not have actually known that some funds were being transmitted for illegal use.

US Attorney Liu says:

“The arrest and indictments in this case demonstrate that we will vigorously enforce laws meant to protect the American consumer. Money transmitting businesses are required to be registered federally and licensed in most states and jurisdictions, including the District of Columbia.  Consumers should beware of those that do not follow these laws because they could be acting as a cover for other illegal activity.”

Crazy regulations

Cryptocurrency regulation in the US is a horribly tangled affair. Both the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) claim that digital currencies fall within their regulatory purview. The Internal Revenue Service (IRS) insists that cryptocurrencies are property and are subject to capital gains taxes, and the Financial Crimes Enforcement Network (FinCEN) treats digital currencies like money, subjecting them to AML and KYC laws.

So which is it? Is cryptocurrency a security, per the SEC? A commodity, per the CFTC? Property, per the IRS? Money, per FinCEN?

At present, nobody knows, and that’s led to a great deal of frustration among cryptocurrency users and businesses. Although, to be fair, the Patels were apparently warned that they were breaking the law and continued operations:

“Despite receiving cease and desist letters from various states, and being told by a consultant that operating a money transmission business without the necessary licenses was a crime, Firoz and Ferhan Patel continued their illegal activity, the indictment alleges.”

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NEM Puts Coincheck Behind, Looks Forward to Industry-Changing Catapult Tech: Jeff McDonald

🎤 Interviews
In his exclusive interview, Jeff McDonald explains how NEM is going to get ahead of Ethereum
NEM Puts Coincheck Behind, Looks Forward to Industry-Changing Catapult Tech: Jeff McDonald
Contents

 

CryptoComes talks to NEM’s Jeff McDonald about his leaving the foundation, the Coincheck aftermath, the NEM’s future plans and why Ethereum will flip Bitcoin as premier Blockchain.

Katya Michaels: The news is that you are leaving NEM foundation as Vice President - is this true? What motivated this decision and what are your plans now?

Jeff McDonald: I've been working with NEM for four years. I started in February of 2014 and it's been a very awesome ride. I've done a lot of different things- the Apostille protocol, the voting protocol, I helped champion supernodes. I feel like I've been very successful and at the same time, I'm spread very thin right now.

I have two companies that I am invested in, Luxtag and KChain, and I want to focus a little bit more on them now. Both are being built on NEM Blockchain and they have been doing really well lately. We've got multiple contracts with really important names in Malaysia. Kchain in South Korea just recently released their first token- not on an ICO. They have great name recognition and connections in South Korea.

Both of these projects really need me right now, I want to help them and I need a little bit of time for that. I'm leaving the Vice Presidency, but I'm not leaving NEM at all. I continue to be very active speaking for NEM - here at CryptoBlockCon LA, in San Francisco tomorrow, next week in Philippines, at Consensus 2018 in May.

Everything's good with the foundation. I'm really proud of NEM China and the team they built, I'm really proud of NEM Philippines, really proud of NEM Malaysia. All of these have really good teams behind them.

As the new leadership comes in, our hope is that they're going to scale out more countries. NEM US for instance, build up NEM Europe more, NEM Russia. I really want to see all these regional countries grow and be a big part of NEM.

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Coincheck hack aftermath

KM: I have to ask about Coincheck- what is the update on reimbursing victims and finding the perpetrators? Why has NEM foundation stopped tracking the stolen funds?

JM: The police are doing their investigation. We consider that a secular matter, to let the police do what they're doing. As far as tracking the accounts that had stolen funds, we've left a lot of evidence on chain for the police to do a chain analysis and catch the perpetrators.

As far as I know, Coincheck has allowed most everyone, if not everyone, to claim back their funds, which is a really good thing. They've held up their end of the bargain, I think and I'm very happy that they did that. I feel that it was a very sad incident.

We're just moving forward now- Coincheck is mostly in our past and we are looking forward to Catapult now, which is a huge deal.

Regulations: Japan vs. US

KM: Can you talk about regulators in Japan and describe your experience?

JM: Japan is actually a great example of regulation. They have been really bold in going out and making regulatory decisions. I think that overall that is great for the cryptocurrency industry. Other countries don't really know what to think about it, but because Japan is being so clear with its community, it opens the door for big business.

I mean if you look at cryptocurrency, why hasn't Apple made its coin? Why hasn't Google made a coin? Recently in Korea, Kakao, which has near a hundred percent market saturation, mentioned that they're getting into Blockchain. A lot of really big companies want to get into Blockchain, but for one thing, Blockchain technology is not quite good enough to handle the scalability at the levels that these big companies work.

Even if the Blockchain was good enough, though, the regulatory issues are not clear.

Japan has been awesome to say what is legal, what is not legal, and now the doors are open for big businesses in Japan to come in and really roll up Blockchain so that millions of people can be using it for something other than speculation.

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KM: How soon do you think the US will catch up to that kind of regulatory clarity?

JM: It'll still take a couple of years. The good news is that the conversation is happening and the US hasn't just said “It’s illegal!” The US has been very careful and very slow. Of course, I would want more clear and faster regulation, but I'm very satisfied with the happy medium in America right now.

I think that a lot of people won't like that I say this, but I think the SEC is doing a good job. They're going after scammers, and pumpers and dumpers. If you're an honest person and you're making a good project, following best practices, building something on the blockchain for real use - voting, or database security, or tickets- the SEC is totally fine with you.

Let's be realistic. There's only so much you can ask, for a government the size of America to move quickly with all these different agencies. They're all saying something a little bit different, but sooner or later they'll all get on board and become clear. I think that will happen in the next two or three years.

KM: Do you think ICOs will be greatly affected by regulatory activity in 2018 as compared to last year?

JM: ICOs are here to stay at least for another couple of years. ICOs in America might get cut back, but there will be a country somewhere - whether it's Japan or Belarus or Ukraine or Isle of Man- that will fully welcome Blockchain and ICOs and give clear and light regulation. Then, there will be another big boom of ICOs. The cat's out of the bag, the door is open, there is no stopping. There's too much money, it's too easy.

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Japanese investors

KM: What are your impressions of the Japanese investor community?

JM: The Japanese are great because they're actually really interested in the philosophy of the technology. It's really interesting, seeing the different countries and what people focus or don’t focus on.

One of the reasons why NEM is so big in Japan is because the Japanese have taken the time to actually read, study and understand the vision before they invested.

We have these die-hard Japanese fans that are just amazing. We have our own bar in Japan, with a special drink named after the Apostille protocol!

Dethroning Ethereum

KM: A lot of people believe that NEM can dethrone Ethereum as the premiere smart contracts platform. What do you think about that? What are the obstacles to that happening, if any?

JM: I think that our technology has been fundamentally designed as more stable and secure. Literally every day, there are projects leaving Ethereum and coming to NEM. We've lost one project from NEM to Ethereum, and that was for financial reasons. I think that the data on the ground is showing that people who are building applications prefer NEM over Ethereum. Now we need to build on that momentum and scale it out.

If the growth patterns of Bitcoin, Ethereum and NEM continue with the same trajectory, what will happen is Ethereum will flip Bitcoin as the premier Blockchain. That's going to happen later this year, maybe next year, but it’s really just a matter of time.

Ethereum is better than Bitcoin basically in every way you can imagine. It's faster, it has more utility, it’s just better. NEM turns out to be not in every way, but in a lot of important ways better than Ethereum. Sooner or later, people that are building will get this.

Ethereum's always had better marketing - they started off with marketing and then went to development. We started off with development, built a real product and then went to market. So we're still relatively unknown, but there's some technology coming out with Catapult that, for a lot of projects, will make NEM the only option.

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Catapult

KM: Is Catapult coming out soon?

JM: It will be open source next month. We've solved so many problems. For example, private key management, specifically losing your private key, which is a huge issue in Blockchain. We have a great contract coming up with Catapult. Whenever people are setting up an account, they can initiate this contract as an insurance mechanism to solve that.

Also, we have solved the gas problem. Let’s say CryptoComes makes a coin on Ethereum and you send it to all your readers. They say “thanks for the CryptoComes token,” and then they want to spend it, but they don't have any Ether for gas. Now, they have to sign up on an exchange, register and get an ID, send the money and then transfer Ether to the CryptoComes wallet. Only then, they can use CryptoComes to buy some advertising or send to their friends or whatever.

In NEM, we have this new transaction type which is going to allow CryptoComes to sponsor the gas fees. This is a really beautiful transaction because it allows regular users to get the CryptoComes token airdropped into a downloaded wallet, send it to their friends, start sharing it and creating an economy - even if they don’t know anything about Blockchain or Ether.

With Catapult, somebody can make their own app, their own wallet, and have their users or their business using that token without ever having to join an exchange. It’s seamless, frictionless, integrated into the system.

So there's a lot of great technology that's coming with Catapult that's just going to make NEM the only option.

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Bitcoin Bulls Gain Confidence, Litecoin and NEO Grow, Monero Falls Behind

Pricewise
Bitcoin achieves previous local maximum. Litecoin and NEO react positively, while Monero investors are still in despair
Bitcoin Bulls Gain Confidence, Litecoin and NEO Grow, Monero Falls Behind
Contents

By the end of the first week of May, the market has returned to its normal state: assets are regaining independence and no longer moving up and down synchronously, Bitcoin and altcoins are compelled to fight for the attention of investors who are investing funds with a great deal of caution. As we expected, the phase of unrestrained growth for altcoins is over for now, while Bitcoin’s lateral movement continues (despite yesterday's achievements of bulls).

The number of both long and short margin positions is falling, which means that exchanges will be less aggressive in using bots for price manipulation.

Although, the market still needs a shepherd- a big player who will indicate the direction of movement, especially for Bitcoin.

On the other hand, the price of most altcoins has arrived at a comfortable value for holders- less than January’s, perhaps, but enough for respectable portfolios.

Movement of top 10 assets becomes multidirectional

Market capitalization has grown to $450 bln in the course of the day. The $10 bln gain can be attributed to the price increase of Bitcoin. The main question at the moment- will these funds remain with the main asset or will they be dispersed among altcoins? Out vote goes for the first version. For the first time in a long while, we see multidirectional movement among the top 10 coins. The old-timers Bitcoin, Ethereum, Ripple and Litecoin all show gains, and IOTA joins them from the less “traditional” assets. Other altcoins are at a loss, with EOS doing worse than others with a decline of seven percent.

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BTC/USD

The break through the triangle happened earlier than we expected, and the prices were not given a chance to test the level of $8,900. Even now, after updating the previous local maximum (the new one is $9,780), we do not discount the possibility of correction.

Despite the obvious growing trend, we can only be confident that Bitcoin has left the lateral trading after it gains a foothold above the psychologically significant mark of $10,000.

[BTC / USD, Bitfinex, 4 Hour Chart]

Readers who bought Bitcoin after the upward break in the triangle can be congratulated, but they should not lose vigilance- the market will certainly try to take this profit away. The price has already been corrected to 0.786 of the old Fibonacci grid, and may even go down further, to the value of 0.618 and the price of $9,350, respectively. The equilibrium price in the lateral trade is $9,200, coinciding with the correction level of 0.5 and the intersection of the already broken facet of the triangle and the ascending channel. Such points of accumulated interest often act as magnets for the price, but it is unlikely to be reached today.

Prospects for further growth after a quick bullish run also remain vague, but the targets are clearly seen. The closest is $10,200, the next one is indicated by the mirror level and the 1.618 value of the Fibonacci extension- $10,500. The day’s key mark is at $9,550, if the price gets a hold above it, the scenario of further growth is more likely, otherwise- the scenario of correction.

LTC/USD

Despite a growth dynamic resembling Bitcoin’s, which becomes evident when comparing charts, the situation for Litecoin investors is less optimistic (though recently, that always seems to be the case).

If the main asset was able to overcome its previous high, its younger brother has formed a classic "double top” with the potential for further correction.

[LTC / USD, Bitfinex, 4 Hour Chart]

The nearest correction level is 0.236, coinciding with the price of $152, and Litecoin will almost definitely not fall below $144. Immediate growth is also unlikely, but over a few days, the price may reach $175, which is indicated by the activation of the potential flag. Above, Litecoin will face the most powerful mirror resistance level, which has more than once held back growth- it is marked in green on the chart. We recommend close monitoring of the asset’s approach to this level.

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XMR/USD

We don’t have any good news for Monero investors today. The asset is experiencing difficulties with rising above the $260 level, which has turned into a resistance. Young bull calves (we can’t quite call them mature bulls) were able to push the price out of the descending channel for a short time, but could not hold the position.

[XMR / USD, Bitfinex, 4 Hour Chart]

But even if success favored the horned ones, the parallel expansion of this channel a little bit higher would certainly foil plans for further growth. Because of this, we predict that the asset will once again test the level of $230, where buyers should try their hardest to support the coin.

We don’t see any prospects of rapid growth for Monero - at best, the bulls can expect a test of the previous local high-  $300.

The medium-term goal of $340, which we marked on the chart, can be kept in mind, but there are no reasons to count on its rapid achievement.

NEO/USD

We are definitely liking NEO’s chart: the asset is slowly but confidently moving in the ascending channel, without sudden ups or downs. In addition, confidence in the asset’s future is boosted by the huge initial purchase volume which we observed at the end of April. Active purchases started from the level of $80, which means that it will serve as a support in case of a negative development.

[NEO / USD, Bitfinex, 4 Hour Chart]

The medium-term prospective target for NEO remains the same- it is $105. However, some interference can be seen from the mirror level, similar to the one on the Litecoin chart. It is likely that the price will rebound from it, without reaching the designated goal directly. Depending on the growth rate, this can happen in the range of $98-$102.

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