Alexander Goborov

The Biggest Crypto Owners in the World by Nation

Millions Own Cryptocurrency in America
The Biggest Crypto Owners in the World by Nation

Cryptocurrency is a hot commodity nowadays: it’s in the media, it’s on trading platforms, it’s in the minds of many who have made fortunes through it and those who are still at work to achieve financial stardom. But how many people, in fact, own cryptocurrency the world over? Based on the data gathered throughout the year, we’re bringing you the ten crypto ownership world leaders by the percentage ratio of their respective populations:

Turkey is first with 18%, then Romania with 12%, Poland with 11%, Spain with 10%, Czech Republic with 9%, USA / Austria / Germany / Italy are all with 8%, followed by Australia with 7%. In spite of Turkey’s apparent superiority, the winner by the actual number of people is the United States: given that its population is around 327 million people, 8% of it is roughly 26 million people (three New York Cities put together!), which is way ahead of other countries. This is, however, not that unusual since the US is also leading the planet in terms of its crypto-computational power, i.e. it has the most miners and nodes verifying individual blocks in the global Blockchain.        

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Bitcoin Not Going Anywhere: Its Computing Power as Awesome as Ever

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While some may claim that Bitcoin’s reign is over, here we explain why it cannot possibly be the case
Bitcoin Not Going Anywhere: Its Computing Power as Awesome as Ever
Contents

Bitcoin’s price is now at around 4000 USD, the lowest figure in over a year, showing a sharp decline of 1500 USD only in the last three weeks. Some claim this is Bitcoin’s finale at last. They are dead wrong. And here is why.

Blockchain vs. Crypto

What must be made clear is that Bitcoin is a cryptocurrency, but more importantly, it is also a Blockchain. What’s the difference, some may ask? Well, a substantial one, in fact. While one (i.e. a crypto coin) depends on the other one (i.e. a Blockchain) for its very existence, they are not the same, and one does not necessarily imply the other.

Some companies might have their own Blockchain platforms but not have their own cryptocurrencies as such. Take Tether, for example, which is the eighth biggest cryptocurrency in the world by market cap and the second most traded one after Bitcoin. While Tether, indeed, has its own Blockchain, technically speaking, it lacks an own crypto coin in a true sense of the word, as its token USDT is a stablecoin pegged against the US dollar, which gives it a fixed value.

So, in actuality, while Tether is the biggest player on Bitfinex for all crypto to fiat exchanges, and it uses its own Blockchain to execute business, at the same time it relies not on its Blockchain but rather on the US Department of the Treasury and the Federal Reserve to provide value for its token. It is, therefore, a major Blockchain player with a hypothetical digitalized fiat currency.

In contrast, take Maker, for example, whose digital currency is the second most valuable currency in the world today after Bitcoin in terms of price. Apart from also having a USD-pegged stablecoin Dai in order to fight off volatility, Maker’s main crypto unit is its altcoin MKR, which is an independent cryptocurrency in its own right, and an expensive one at that. Be that as it may, Maker doesn’t have its own Blockchain: it is using Ethereum’s. The same goes for Electrify.Asia and its token. So, there are plenty of companies with their own cryptocurrencies that have no Blockchains of their own.

Bitcoin’s True Power Revealed

Now that we’ve made it clear that Blockchain and cryptocurrency are not one and the same, let’s look at Bitcoin again. While its current price is down, its Blockchain is as strong as ever. In other words, Bitcoin the crypto coin may be in decline, but Bitcoin the network is doing just fine. How fine exactly shows the graph below:

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In order to move external data onto a Blockchain and form blocks, cryptographic hashing is used. It is a computational process of converting information into an arbitrary 256 character output, with one single output being equal to one hash. TH/s refers to one trillion such hashes per each second of computation. And as the graph reveals, Bitcoin’s average for this month is around 47 million trillion or 47 quintillion hashes. This is the number:

47 000 000 000 000 000 000 of 256-character hashes every single second.

This is a staggering figure by any standard. Bitcoin’s Blockchain is extraordinarily powerful, undoubtedly so. Yes, there is a drop from September’s and October’s averages, which were roughly 51 quintillion hashes per second. But Bitcoin’s hash rate today is as good as the one from this August; in fact, it is three times higher than the figure from this January when Bitcoin’s price, let’s not forget, was more or less at its all time highest. So, right now the price is down… but the power is way up.

Conclusion  

To make things even more straightforward, let’s use a simple analogy. A Blockchain can be considered a stadium where a game is played, whereas a cryptocurrency is the actual game. This game can be a game of football (coin A) or rugby (coin B) or, say, polo (coin C) or anything else athletically appropriate, and it can be played on any stadium whose size and specs fit, i.e. on any suitable Blockchain.

Likewise, a stadium can have its own team playing a game on it (own cryptocurrency), or it can be rented out to other teams for their games (e.g. external tokens on Ethereum), or there might be a game with the constant score of 1:1, such as with stablecoins… or there might even be no active game at all, in theory.

The main point here is this: Bitcoin’s game may be down at present as its team is going through some rough times due to injuries and whatnot. However, most certainly, its stadium is a humongous architectural marvel. Granted, never say never, but, in all likelihood, this gargantuan structure is not going to be demolished any time soon. Bitcoin with its vast digital infrastructure is here to stay.

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Alexander Goborov

Tron May Be the Most Liked Cryptocurrency, According to Facebook Stats

With over half a million FB likes, Tron appears to be the most popular decentralized cryptocurrency on the most popular centralized network
Tron May Be the Most Liked Cryptocurrency, According to Facebook Stats

There are many ways to measure a cryptocurrency’s strength. Arguably, the two most reliable indicators are market capitalization and price index statistics.

CoinMarketCap reveals that Bitcoin is the leader by market capitalization with almost 110 billion USD, followed by Ethereum (~20.5 billion USD), Ripple (~18.5 billion USD), Bitcoin Cash (~8 billion USD), and EOS (~5 billion USD).

Price-wise, the leaders are as follows: unsurprisingly, Bitcoin is leading here as well (~6330 USD for one crypto coin), followed by Maker (~625 USD), Bitcoin Cash (~460 USD), Ethereum (~200 USD), and Dash (~150 USD).  

Nevertheless, there also exists another, more “mainstream” social statistic, Facebook likes. It may seem overly trivial to some, but Facebook’s influence on our lives in general, and the crypto world in particular, cannot be overlooked in spite of it being a centralized social platform. So, like it or not (no pun intended), Facebook does reflect a degree of popularity, albeit of a rather particular type, and does paint a picture of a company’s global standing, albeit an incomplete one.

Be that as it may, it can still be fun to look at and consider every once in a while. So, here it is. According to the figures provided by our partner DataLight, the situation looks the following way:

Facebook Likes

Tron is in first place, Infinity Economics is second, Ethereum is third, Ripple is fourth, Revain is fifth, Putin Coin happens to occupy the villain-like number six (naturally), and Litecoin is today’s very likable lucky number seven, followed by everyone else.

Obscure players aside (clearly, marketing departments never sleep), it comes as no shock that Ethereum and Ripple are in the top five. Nor is it unusual that Tron is leading; after all, it has recently overtaken Ethereum by number of daily transactions. And deservedly so, knowing that Tron’s founder, Justin Sun, tends to put some of his own profits into charity work.

From all of us here at U.Today: stay put, stay well, and have a splendid weekend!

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Twitter Followers This Week: LEDU in Lead; Tron, Binance, and Bitcoin ABC with Promising Figures

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Despite a complex situation in the market, Twitter accounts are alive with new followers: here we look at the figures of the past seven days
Twitter Followers This Week: LEDU in Lead; Tron, Binance, and Bitcoin ABC with Promising Figures

Twitter is often considered to be a fair indicator of how well a company is doing. So, with a bit of help from our partners, we’ve decided to bring you the latest stats on new Twitter followers from the past seven days, between today and last Thursday. The figures are as follows:

Twitter

Bitcoin Cash ABC (BCH) has close to 2500 new Twitter followers this week. Roger Ver must be doing something right despite the recent fork’s tribulations.

Binance Coin (BNB), the crypto coin belonging to the world's largest crypto-exchange, has around 2650 new followers this week.

Tron (TRX) led by Justin Sun, known for his philanthropy among other things, has around 2750 new Twitter followers.

KuCoin Shares (KCS), a less known crypto-exchange platform compared to Binance, established in the fall of last year, has an impressive figure of around 3800 new Twitter followers.

And finally, Education Ecosystem (LEDU), a platform of online learning with its own token, headquartered in San Francisco, has close to 6000 new followers on Twitter, 5823 to be precise, making them this week’s leaders. According to the founders, the company is in the process of “building the world's biggest project-based learning library on any topic”, so good on them.

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The Blockchain Market Continues to Expand: Predictions for the Near Future

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The global Blockchain technology market is expected to reach almost 2.5 billion USD by the year 2021
The Blockchain Market Continues to Expand: Predictions for the Near Future

According to the recently acquired data by the research portal Statista (based in Hamburg, Germany), which have been kindly shared with UToday, the global Blockchain technology market is set to grow at an impressive rate in the near future. The trend looks as follows:

image

Having moved past the ~200 million USD mark two years ago, the ~350 million USD mark last year, and the ~550 million USD mark this year, the forecast predicts close to 1 billion USD next year and almost 1.5 billion USD in 2020. The projected figure for the year 2021 is set to be around 2.5 billion USD.

Note that these numbers pertain to the actual market adoption of the Blockchain technology and does not include money pools associated with daily cryptocurrency speculations, nor market capitalization values of individual altcoins.

For more insights look here:

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Struggling Economies in South America Forcing LocalBitcoins Boom

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Economic alternatives such as Bitcoin are being snapped up in South America as many countries on the continent face financial uncertainty
Struggling Economies in South America Forcing LocalBitcoins Boom
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Alexander Goborov, Darryn Pollock

Venezuela has been at the forefront of a cryptocurrency adoption wave as it is one of the few countries globally to have a government-backed coin, called the Petro. However, the Petro is just the tip of the iceberg for a continent that is having widespread economic issues.

Failing economies and hyperinflation across most of South America’s nations have seen an influx in trading volume for peer-to-peer site LocalBitcoins where individuals trade Bitcoin with one another as an alternative to their native currency.

So, while Venezuela may have the Petro, and their president’s desire to push it, there are a lot of citizens who are stocking up on a decentralized alternative in preparation for worse things to come.

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Big drive in crisis-riddled Venezuela

A look at the current trading volume of LocalBitcoins in a number of South American countries shows an obvious influx, even more so than at Bitcoin’s peak in volume during the December 2017 crypto bubble.

In Venezuela, the spike only really began in March of 2018, when the South American country started to truly feel the hyperinflation of its native currency, the Bolivar, which added to other major social and political problems of the nation. Since March though, the figures have been growing exponentially as more and more people look to the decentralized site to stock up on an available currency of value. Currently, the trade is peaking at close to 1.25 billion bolivars, which is over 19 million US dollars, a serious sum, indeed, that the Venezuelans have invested in Bitcoin this October.

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Similar situations in crisis countries

But, it is not just Venezuela that is seeing this influx in LocalBitcoins trading. Others, such as Argentina, whose Peso is also under threat at the moment with inflation striking it hard, have recently started to contribute to a giant surge in LocalBitcoins trading. Last week alone, the Argentinians put close to 8 million Argentine pesos into Bitcoin purchases, which is roughly a quarter of a million US dollars.

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Bear in mind that here we are talking about Argentina’s average citizens residing in a country with a comparatively low standard of living. Undoubtedly, these figures are indicative of major local fiat to crypto movements, as they are, crucially, of Argentina’s willingness to re-enter the crypto market in a big way.

Along with the two aforementioned countries, this pattern is also clear in Colombia, Peru, and Chile, all of whom are struggling right now, having entered an economic crisis period with their local currencies becoming extremely frail.

After some far-reaching turmoil comprised of inflation and general socio-economic instability, the Colombians have also decided to join the crypto race and bought close to 8 billion pesos worth of Bitcoin this month, which is roughly 2.5 million US dollars.

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This month’s Bitcoin purchases in another South American nation, Peru, are currently peaking at close to 3.5 million Peruvian sols, which is over 1 million USD, an impressive amount for those who support themselves mainly through agriculture.

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Despite the fact that, compared to neighbours, Chile is considered to be a wealthier country with its standard of living approaching that of Spain, here, too, we see some local fiat to crypto movements. Likely as a result of the economic crisis that started last year, the Chileans spent close to 150 million pesos on Bitcoin last week, which is roughly the same figure as the one shown by Argentina, around a quarter of a million US dollars.

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What comes next is yet to be seen. One thing is self-evident: as of today, South Americans seem to have more faith in cryptocurrency than the rapidly-becoming-valueless paper money issued by their Central Banks.

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