⭐ Features Vera Thornpike

How Blockchain Addresses Healthcare’s Pain Points?

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Blockchain technology influences all industries with healthcare experiencing the major impact. How exactly can blockchain technology upgrade healthcare?
How Blockchain Addresses Healthcare’s Pain Points?
Contents

Since the introduction of the blockchain, the digital world started changing irreversibly: it revolutionized the way we handle information and perform transactions. Blockchain provides umpteen possibilities, not only for crypto trading and financial world. Other companies can reap benefits from it, too, and healthcare organizations don’t stay on the sideline. Let’s find out how blockchain and smart contracts help healthcare companies address shortfalls and discuss a few cases in point.

Healthcare is in dire need of innovation

A perfect healthcare system is the one that sustains a decent level of medical support and provides timely help on a 24/7 basis. Whether we like it or not, there’s a myriad of regulations and legal issues that make the process time-consuming and complicated. There are lots of weak sides and gaps to pinpoint:

  • Important patient data is scattered over many systems and documents. Some of the information gets lost irreversibly.

  • Healthcare research results stay unreported, and the records are full of errors and misleading data.

  • Organizations communicate in an old, outdated way. When it comes to information exchange, the process is too long.

  • The problem of counterfeit medication production is still acute.

It goes without mentioning the financial aspect: both services and education in the sphere of healthcare are far from being widely affordable. The quality of service in private medical centers and governmental organizations is different, but residents of some countries don’t have any choice at all.

Therefore, a powerful, innovative solution is required to slog through the bureaucratic hurdles and turn the tables in favor of patients. The blockchain is the way to ensure the integrity of data exchange by storing information in encrypted algorithms and offering real-time sharing.

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Focus on the information

John Halamka, Chief Information Officer of Beth Israel Deaconess Medical Center in Boston, expresses his position the following way:

Just using blockchain in healthcare because it's cool does not make sense. In 2017, I worked on several production blockchain applications, so I have a sense what works and what does not. The blockchain is not meant for storage of large data sets. The blockchain is not an analytics platform. Blockchain has very slow transactional performance. However, as a tamperproof public ledger, blockchain is ideal for proof of work. The blockchain is highly resilient.

With these points in mind, organizations should consider using blockchain for:

  1. Storage of medical records. As soon as the patient’s personal medical history is generated and signed, it can be sent to blockchain that ensures total security and integrity of data. The same is applied to the results of medical trials and research. This is a mission-critical opportunity in cases when the integrity of medical record matters.

  2. Consent management. In the current healthcare system, every state has its own regulations of privacy and consent. Blockchain can serve to record the patient consent and share data. It allows every party to check the blockchain permissions for accessing medical data.

  3. Collection of information. The idea of rewarding patients for sharing data appeals to both sides. It is already implemented in a few projects — we will discuss them a bit later. Such approach brings mutual benefits: companies get enough data for research and trials, and people contribute to healthcare for some perks or financial compensation. They are sure that the data won’t get into wrong hands.

Therefore, blockchain technology changes the way of collecting and handling patient health information (PHI). It can be beneficial at a personal level, too: IoT devices, such as smart bracelets, can collect metrics and store it in a distributed ledger.

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Real life blockchain application: 5 Interesting projects

How is theory translated into practice? Let’s review a few projects that leverage blockchain successfully.

1. Shivom

This project is designed for the collection and storage of genetic data. Shivom has become one of the first blockchain-based solutions for medical corporations and scientists. How does it work? The users registering in Shivom system are encouraged to share their genetic information: they send biological material to the organization and get rewarded by the Omx token. The information about genomes is sequenced and stored in a database. Shivom guarantees total safety of personal data.

At the same time, the platform serves as a marketplace for organizations in need of medical data: drugstores, governments, research groups, universities, etc.

The information obtained via Shivom can be used for:

  • clinical research;

  • drug development;

  • precise identification of diseases;

  • prognosis of disease;

  • personal treatment.

Aside from financial reward, a user gets another perk: their genetic information can be used for diagnostics, prognosis, and disease treatment. With detailed genetic information at their fingertips, medical workers can develop an individual treatment plan and predict the reaction of the body to certain medications.

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What is the role of blockchain? It will eliminate the problem of trust, ensure data integrity and correctness, and solve the issue of patients’ consent, ownership of information, and authentication. Users contributing their personal medical data are given the private keys in order for the information to stay encrypted. They are free to choose who can access their data.

2. Doc.AI

This project was launched in 2016 by entrepreneurs Walter and Sam De Brouwer. The main idea behind Doc.AI is the visualization of a patient’s health future. Sound too complicated? This is how it works in layman’s terms:

  1. You collect medical data (genome, microbiome, etc), and send it to Doc.AI

  2. A team of data scientists analyzes the data and makes some predictive models.

  3. You get an insight into the data and can bring the information to the doctor.

For scientists, your data is essential to research fuel, for you — it’s a chance to get a professional opinion and go through the ‘troubleshooting’ process. Probably, scientists can predict health problems you didn’t suspect to have.

At the moment, any user is free to launch a data trial. The blockchain will guarantee the safety of their information and integrity of research results. Doc.AI is a good example of AI, blockchain technologies, and community working together for the sake of humanity.

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3. Iryo

There’s nothing more irritating than coming to a hospital to find out your medical records have been lost. Blockchain eliminates such risks, and Iryo is one of the projects that make steps towards integrity and the safekeeping of medical information.

The Slovenia-based enterprise is developing an open-source OpenEHR platform with a zero-knowledge data repository. It ensures the safety of medical data and prevents breaches and hacking. Thus, instead of having their medical information stored in different sources, patients can keep all records on Iryo facilities. The project can be evaluated by people from all over the world, but first the testing takes place in Slovenia.

4. Gem

This is another solution for medical data handling. Gem was established in Venice Beach, California, four years ago and is aimed to connect the data sets in a blockchain-based platform called GemOS. The creators strive to make healthcare more patient-oriented and facilitate data management.

Gem partnered with Tieto and Philips — a European health service provider — and the US Center for Disease Control and Prevention. The latter works on population health data management. For Tieto, Gem helps connect data from Finnish blood banks and DNA registers.

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5. Medicalchain

This is an English company that’s developing a blockchain-based project for storing health records and sharing them with all related parties — doctors, laboratories, hospitals, pharmacists. Of course, it’s done after a patient’s permission only. In the nearest future, Medicalchain will also introduce telemedicine: it will help patients communicate with doctors online. Now people won’t have to meet doctors directly. In addition, third-party developers would be able to create applications on the basis of Medicalchain’s system. That means there will be the whole chain of digital solutions making our lives simpler.

In March 2018, Medicalchain started a partnership with the Groves Medical group, an organization that counts over 30,000 patients. Groves decided to be among the first to try the technology and accept cryptocurrency as payment for its services. Four of its medical centers will get access to the data stored in the blockchain.

The role of cryptocurrency

All of the above-mentioned projects implement their own tokens and blockchain. However, it doesn’t mean a healthcare initiative needs to build its own decentralized ledger to benefit from the technology. There’s a myriad of charity organizations that accept contributions in cryptocurrency to spend it on patients’ health, research, and education.

SENS

Can we stop aging? Several scientists sponsored by SENS project are working hard to address this issue. They develop medications and treatment for aging-related diseases. The fund accepts crypto donations in Bitcoin, Ethereum and Litecoin.

The SENS team performs research in its own laboratory in California. Aside from that, it organizes annual conferences and seminars, publishes scientific articles, news and reports. SENS partners with American institutes and has already managed to tackle a lot of problems, including:

  • Cardiovascular and eye diseases;

  • Genetic changes and their influence on the body;

  • Cell aging.

Donations help researchers to rent laboratories and equipment in advanced universities. Beside, SENS gives education grants for outstanding students. Its funds are also spent to organize scientific meet-ups and conferences. Probably, SENS’ efforts will take us one step closer to immortality.

Medic Mobile

This project is sponsored by BitGive, one of the largest charity organizations that accept crypto. Medic Mobile provides medical education to those who cannot access it because of poverty and low quality of life, e.g. to people in Latin America, Africa, and some Asian countries. In the first quarter of 2018, Medic Mobile helped almost 20,000 people from 23 countries to get a medical education.

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The organization educated in different spheres putting the focus on family planning, children’s health, and disease treatment. Thus, the organization raises the quality of medical help in regions where it’s crucial. Medic Mobile teaches both theory and practice: students master different medical instruments and get experience. Moreover, the organization carries research and publishes scientific works.

What about exchanges?

The crypto exchanges will be involved in the process of blockchain adoption, too. Successful healthcare ICO will make it to the exchange market to present their tokens. At the moment, the following coins can be traded:

  • Dentacoin (DCN);

  • Medibloc (MEDX);

  • Medicalchain (MTN);

  • Lympo (LMY);

  • FarmaTrust (FTT);

  • AIDOC (NRN);

  • Shivom (OMX);

  • Docademic (MTC);

  • Patientory (PTOY).

All of those tokens are of ERC-20 type.

Blockchain opportunities in healthcare

Evidently, the use cases of blockchain are endless, but what exactly are the benefits to be reaped?

Data integrity and security

The healthcare system is full of middlemen and bureaucratic procedures. Employment of blockchain allows exchanging data in a more transparent, secure manner.

There’s always the risk of mistakes, while blockchain is tamper-proof and eliminates the threat of human errors.

It also applies to research: blockchain ensures the reliability of information.

Safety of medications and drugs

Thanks to the new technology, the pharmaceutical supply chain can be protected against manufacturers of counterfeit production. Blockchain can be applied to control the process of drug development due to smart contracts and real-time recording. Thus, the process of drug production and distribution can be tracked by authorized parties and patients.

Easy access to medical records

Distributed ledgers can store medical history. Patients are free to access their information and provide access to it for third parties, such as doctors, hospitals and insurance providers. The blocks of information stay safe and secure.

Removal of third parties

Blockchain enhances payments without the involvement of third parties for billing management. All financial data is trackable.

Unique identifier for every patient

The distributed ledger gathers all patient’s data together and matches both IDs for the patient and IDs for the health records systems. Therefore, it can serve to store medical records, contacts, genetic and biometric data.

 

Thus, the technology renders advantages at all levels of the healthcare system - from individual (seamless experience for every patient) to corporate (patient data management, research).

Cybersecurity in healthcare

According to a report published by Deloitte, there were 112 million technological breaches in health record data in the year 2015. In 2016, over 27 million patients were affected by hackers. 43% of those breaches were initiated by insiders, and 27% happened because of ransomware and hacking. The number of connected health devices is growing, and it will be harder for the Health IT infrastructure and architecture to support the evolving IoMT (Internet of Medical Things) ecosystems.

By 2020, the global number of IoT connected devices is expected to reach 20-30 bln. Blockchain technology can help to bridge the existing gaps and enable device data interoperability while sustaining privacy and reliability. Such companies as Telstra (user biometrics and smart homes), IBM (cognitive Internet of Things) and Tierion (industrial medical device preventive maintenance) are making research on those use cases to introduce blockchain in IoT devices efficiently.

What should companies do?

It’s clear that blockchain technology cannot be integrated into healthcare in a day, but being among the first companies to leverage it won’t hurt. Therefore, companies from the sector should prepare for serious technical innovations.

At the moment, preparation involves:

  • learning about blockchain;

  • considering potential applications and use cases;

  • building initial capabilities;

  • collecting funds for upgrades.

The exact steps depend on the industry.

Pharma

Pharmaceutical companies are most likely to experience the influence of blockchain. They will realize the value of technology when it helps eliminate counterfeiters, validate product quality, improve the speed and performance of operations. Companies should determine how exactly the capabilities should be acquired — through the in-house technologies, a partnership with startups, or buying capabilities them as a service.

At the moment, they can start experimenting with off-the-shelf solutions and consider partnership with startups to develop their specific applications.

Medtech

Medtech developers should put a heavy focus on combining blockchain with the IoT. They need to explore how the blockchain can secure data transaction among numerous connected devices, for example, pacemakers, insulin pumps, and sleep apnea equipment. That will enhance more efficient management of patient information. Probably, a broader ecosystem should be established around connected devices (patient, health service provider, medtech supplier).

Health service providers and payers

Here, a lot of regulations and legislation issues should be addressed. At the moment, there are a lot of constraints that hurdle the efficiency of health care. For example, some countries don’t allow for the assimilation of patient data from different sources. To sharpen their competitive edge, healthcare providers need to boost their strength in such spheres as network management, medical management, and support functions.

Both providers and payers are the most influential players in the healthcare niche. They have a chance to implement blockchain by addressing technology governance issues, participating in cross-industry dialogue, and encouraging their clients to include blockchain-enabled privacy controls in their applications. Payers, in their turn, can promote new formats of service provision. For example, the above-mentioned Gem project plans to link the hospital records with the data obtained from other sources, such as wearables and employee wellness programs.

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Blockchain isn’t a panacea

Despite glowing prospects, we’re unlikely to see blockchain used in healthcare on a habitual basis very soon. To set the ball rolling, the industry should overcome dramatic changes, and the question is: “Are healthcare organizations ready?”

There are at least five factors that make blockchain implementation curve too steep:

  1. Development is very slow and challenging. When it comes to creating blockchain algorithms, programmers should keep the data consistent across every single node, and even a tiny error can disrupt the entire database. Even worse: one bug can render different data to one node and others. Fixing bugs is very hard because all users should agree to any changes — all in all, blockchain isn’t under the control of a single entity.

  2. Incentive structures are difficult to design. The rewards should be aligned with the network goals. All incentive issues should be solved right from the start. Otherwise, blockchain is worthless.

  3. Maintenance can be expensive: while in the centralized model, tasks are performed only once, in blockchain they must run thousands of times. The same data is stored in multiple places rather than one source. The cost of transmission, verification, and storage are too high, because every database (out of tens, hundreds or even thousands) should be paid instead of one centralized database.

  4. Risk of bad actors uploading wrong data. Since there’s no governing entity, blockchain can be entered by malicious users who can upload frivolous data or use the system for profit. Without strict rules for deterring bad behavior, the blockchain is doomed.

  5. The existing infrastructure should be evolved, too. Every hospital and organizations have their own well-established methods of data storage, supply chain, and payment system. All upgrades should be somehow compatible with the current technologies used — matching them is quite hard.

Bottom Line

The healthcare industry in both developing and developed countries has a lot of vulnerabilities and breaches. The use of blockchain technology and smart contracts can eliminate the problems connected with data management and security making services more efficient and quick.

Imagine that you can have all of your medical data (medical history, genetic and biometric info, data from devices) stored in one place, accessed within a second from any hospital in the world. You can discuss your health with your doctor via Skype call and make purchases in pharmacy, being sure that it’s a 100% original product. Sound good? The future of blockchain can make this utopian reality true.

However, it’s unlikely for us to enjoy such convenience in any place of the world because the implementation of blockchain in anywhere except crypto trading requires a lot of time, effort, and investment. The number of enthusiasts and pioneers testing blockchain on their facilities should be way higher to see any positive shift.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.
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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.

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!
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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?
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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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