What are the Advantages of Cryptocurrency?
Over the last couple of years, cryptocurrencies gain more and more popularity. Let’s touch upon some of their main advantages in comparison to fiat money.
1. It is decentralized and does not rely on banks or governments. Transactions can take place in different parts of the world and take seconds, without the need to pay hefty charges to banks.
2. Because cryptocurrency is decentralized, it’s immune to deflation or inflation that can happen as a result of the choices of a central government.
3. Anonymity is one of the most important perks of cryptocurreny. You do not need to reveal your identity.
4. Anybody can make money through the process of mining. All what’s needed is access to a computer and the internet.
5. Because the cryptocurrency market is highly volatile it can be a high reward (but at the same time, high risk) investment.
6. Cryptocurrency is not subject to inflation. With coins like bitcoin there is a set amount that will ever be created.
7. And last but not least, since cryptocurrency exists in digital form, millions of trees can be saved by not using paper currencies. It can contribute to our environmental well-being.
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Posted 26 July 2019 - 01:13 PM
What are the Advantages of Cryptocurrency?
Posted 30 July 2019 - 12:19 PM
Exactly 63 years ago on July, 30, 1956, the slogan “In God We Trust” appeared on American dollars.
Moreover, the phrase is an official motto of the USA.
The first time the motto was used in 1864 when minting 2 cent coins, but it was adopted on the national level in 1956.
Sometimes the phrase is jokingly extended to “In God We Trust, All Others Pay Cash” which shows economic attitude of Americans, and shopkeepers would use it to discourage credit.
Posted 27 August 2019 - 01:39 PM
Dear readers and users of our platform, we have two pieces of good news.
1. From now on, the offers of the exchangers are accompanied not only by a minimal, but also by a maximal exchange amount.
To see the maximum the exchanger is ready to exchange, all you need to do is to hover the cursor over the line (on mobile devices it is needed to touch and hold a finger on a selected line for some time).
We would like to remind you that the current reserves of an exchanger may be lower than a maximal exchange amount, please pay attention to this when selecting an exchanger or use the “Calculator” tab to sift out exchangers that are not suitable for you.
2. Against the backdrop of a significant flow of USDT tokens capital to the Ethereum blockchain, many large exchanges have already added support for ERC-20 standard tokens.
Now in our monitoring BestChange.com you can see two types of tokens USDT-Omni and USDT-ERC20 separately from each other with their unique exchange rates and reserves.
We would like to remind you about the difference between these tokens:
Tether Omni — these are USDT tokens launched on omni layer protocol based on Bitcoin network. Its address is a BTC format address.
Tether ERC20 are USDT tokens launched on ERC-20 protocol standard based on Ethereum network. Its address is an ETH format address.
The users are recommended to carefully familiarize themselves with the type of tokens before making any exchange operations. If you have any questions about the used standards, please contact the support service of the exchanger before making the exchange.
As always, you can find the best exchange rate for the most popular currencies on our site. BestChange.com, exchangers monitoring is always at your service.
Posted 03 September 2019 - 08:06 AM
ℹ️The cost of bitcoin transaction fell by almost 90%
BTC trades almost reached the level of the end of 2017. This is the period when the main cryptocurrency began its famous rally, the peak of which was the increase in the coin rate up to $ 20,000. According to the information of Bitinfocharts service, since that moment the cost for transactions has dropped by almost 88%. In December 2017 commission was around $10-30, and now it has fell down to $0,58 on average. It can be due to considerable popularity of processing operations of BTC transactions at the end of 2017 in comparison with today. Then up to 400 000 operations went through the network daily, when now this figure has dropped to 300 – 350 000 transactions. Another factor influencing the commission cost is the growing popularity of SegWit protocol, the share of usage of which has recently exceeded 60 per cent.
ℹ️Transparent Volume experts: Only 17% of bitcoin transactions do not raise suspicion
According to the new service Transparent Volume of the Nomics cryptocompany, the majority of transactions with the main cryptocoin are suspicious. The experts say that only 17% of BTC operations can be considered genuine. Around 35% of transactions are evaluated within the range from “satisfactory” to “bad”. The total amount of such operations today has reached $3,99 billion.
Transparent Volume is created to monitor the circulation of digital asses between different platforms. It works in real time. Nomics believes that usage of Transparent Volume will help users obtain full and objective information about current trade volumes. The service positions itself as a platform whose work is associated with lesser risk of recording information about fictitious transactions and other misleading facts.
Posted 09 September 2019 - 10:44 AM
There are prospects: forecasts of digital currency market participants
This week was full of various events for both participants of the cryptocurrency industry as well observers. Here are some expert comments on the current development of the digital asset market.
On Monday Yves Mersch, Member of the Executive Board of the European Central Bank (ECB) criticized Facebook’s Libra.”Libra could reduce the ECB’s control over the euro, impair the monetary policy transmission mechanism by affecting the liquidity position of euro area banks, and undermine the single currency’s international role” . The official has also noted that Facebook’s cryptocoin will in fact be accountable to shareholders, raising trust issues, as it will not be backed by a central bank. Mersch called on regulators to take tight control over Facebook’s projects, and for users not to trust the tempting but questionable promises from the representatives of the American company.
Meanwhile, Jack Dorsey, the head of Square payment start-up and Twitter co-founder, continues to insist that cryprtocurrencies will continue to spread. The businessman believes in bitcoin, but he thinks that it is still too early to call it currency. In one of his latest interviews Dorsey notes, that bitcoin’s rises and falls in prices are more characteristic of a investment asset, such as gold. He hopes that as soon as the cryptocurrency becomes the currency of the Internet, his own start-up will pay more attention to services that create added value, rather than those that are engaged in money transfer
Mark Mobius, an investor in developing markets and Mobius Capital Partners founder said that gold-backed cryptocurrency can be an interesting phenomenon. The investor emphasized that there is a whole generation of people who have faith in the internet, and they have faith in cryptocurrencies.
“People believe in dollar because they have faith that with dollars in their hands they can buy something. Crypto enables people to buy something merely because they believe it has value”, Mobius said.
In the beginning of the week trader Peter Brandt tweeted that bitcoin has entered the fourth cycle of the parabolic uptrend that could lead it significantly past its all-time high price. The analyst is confident that the price of Bitcoin will reach one hundred thousand dollars in the long run. And although this bold prognosis does not yet have lots of supporters, one can’t ignore the fact that the price of the main cryptocoin is showing steady growth since Monday.
According to Coinmarketcap, by September,6, bitcoin rose in price up to $10 875, starting from the mark of $9 623 on the night of September,2.
Posted 20 September 2019 - 08:42 AM
Largest chain of convenience stores in Lithuania will promote bitcoins
Narvesen chain (60 stores) and Lietuvos Spauda kiosks in Lithuania are launching the sale of bitcoin vouchers that can be exchanged online into real bitcoins. A person will not need any ID for that, they will only need to provide their email address and the address of their cryptocurrency wallet.
This project is aimed at simplifying the possibility to buy Bitcoins, even for those who have never done that. Narvesen stores and Lietuvos Spauda kiosks have been chosen for that purpose due to their popularity among Lithuanians and positive attitude to cryptocurrencies, and their clients is a necessary targeted audience.
Head of BitMEX crypto exchange is confident in explosive growth of BTC
Arthur Hayes, CEO of cryptocurrency derivatives platform BitMEX is confident that the main crypto coin will once again reach the mark of $20, 000. Crypto enthusiast thinks that will happen because of pumping the economy with newly-printed money which will lead to the loss of interest to fiat money.
Hayes believes that The US Federal Reserve will restart quantitative easing policy. Last week the European Central Bank launched the program and decreased the deposit rate down to a new historical minimum.
Analysts: Payment companies will have to look for new development options
Analysts of the consulting firm Bain & Company are confident that the payment market will soon change dramatically, as mentioned in their last report. Payment operations will cease to be a separate specialization. Digital wallets will grow in popularity among regular users.
“Payments will become free for users and, in the end, for retailers, they will be instant and embedded into other products and services. Cars and fridges, and not people, will be able to place automated orders for replenishing supplies”, - experts think.
Industry innovations will push the payment systems to search for original ways for development. Only this way they will be able to meet competition and tap into new markets.
Posted 25 September 2019 - 08:27 AM
The market of popular crypto currencies is still in the “red zone”
During the last day the price of bitcoin was gradually growing. However, the crypto coin, as well as the other top-10 tokens, has not yet left the “red zone” of the market. According to Coinmarketcap, at 15:00 CET, the first crypto coin’s price was $9,690.
Market players have different opinions in this regard. Some insist that they hope for the prospect of BTC growth. Others say that there are no drivers for growing in price yet, and the price fluctuations are strictly speculative in nature.
During the last 24 hours, Ethereum dropped more than by 6%, having reached $197. Litecoin has demonstrated the most dramatic drop (-9.23%), having fallen down to $66.
Opinion: BTC is now more stable than a year ago
Alex Krüger, the famous cryptocurrency trader, expressed an opinion that currently the position of the first cryptocurrency is much more stable than it was in 2018. Then, the average trading BTC rate was at the level of $6,400, and this year the crypto coin has managed to get over the $10,000 mark.
The crypto enthusiast believes that the BTC rate growth signals the average increase of crypto coin’s popularity. The gradual adoption of bitcoin is also indicated by the fact that 25 thousand retailers in France, for instance, the Sephora network, plan to accept the first cryptocurrency. It is scheduled to happen already in the beginning of the following year.
Nigerian government official paid $15K ransom in Bitcoin
In a publication for Daily Trust, Nigerian government official Dr. Umar Ardo said the criminals made him pay a $15,000 ransom in bitcoin to release his kidnapped daughter.
Last week, Dr. Ardo’s daughter Amado was kidnapped at a gunpoint around a shopping center. What strikes about this incident is that it is for the first time in history that criminals demand payment in cryptocurrency.
Why in bitcoin? Investigators believe the criminals requested the ransom to be paid in bitcoin to remain anonymous and escape penalty, since blockchain transactions are completely anonymous.
Sadly, incidents like these cast a shadow at the refutation of cryptocurrencies. Despite the indisputable advantages of blockchain technology, many leaders have voiced concern regarding anonymity connected with that.ndustry innovations will push the payment systems to search for original ways for development. Only this way they will be able to meet competition and tap into new markets.
Posted 21 October 2019 - 10:30 AM
Hidden miners were found in audio files
BlackBerry Cylance threat researches discovered malicious virus – Monero miner embedded within WAV audio files.
When played, some of the WAV had no glitches, others generated white noise. The specialists discovered embedded code Monero CPU miner, as well as the code used to establish a reverse shell to remotely connect to the victim’s network.
NewsBTC analyst: bitcoin dropped down to $7,500
Aayush Jindal, expert for NewsBTC website believes that the world’s main crypto coin will continue falling. The next levels will be $7,800 и $7,500.
According to him, the resistance at supporting bitcoin’s price of $8,000 was a reason behind the new bearish trend on the 4-hours chart.
There is a major bearish trend line forming with resistance near $7,950 on the 4-hours chart of the BTC/USD pair. MACD and RSI indicators also signal the declining movement. Currently BTC is trading around the mark of $7,900.
Are whales to blame for bitcoin’s decline?
On Friday bitcoin lost about 1,8% in price. The dump started at night, and right on the verge of it Whale Alert analysts detected a transfer of 10,000 BTC (around $80 mln) to Binance trading platform.
If these two events are connected is not clear, but the crypto community is actively discussing the topic of bitcoin-whales manipulating the market. Unlike the classic markets, the crypto market has no protection against such activities.
Posted 24 October 2019 - 08:24 AM
Visa and MasterCard created an Apple Pay competitor for paying for online purchases
Payment systems Visa, MasterCard, American Express and Discover joined their efforts to create a new option to pay for online purchases in “one click”. The joint project Click to Pay will make online checkout easier as all the payment details will be kept in one place. This eliminates the need to enter your credit card number each time.
The new payment service is expected to become the main competitor of Apple Pay and PayPal. A similar function (one-click purchase) is already working on Amazon, but the use is limited only by this online-retailer.
Ex-CFTC Chair: we deliberately collapsed bitcoin
Christopher Giancarlo, former chairman of the US Commodity Futures Trading Commission said that the Treasury and the SEC are responsible for bitcoin’s drop in price after reaching its historical minimum in December 2017.
According to him, the regulator intentionally approved the release of bitcoin futures on Chicago Mercantile Exchange to allow to open short positions.
"We saw a bubble building and we thought the best way to address it was to allow the market to interact with it."
Giancarlo said that the US Treasury and SEC decided to collapse the BTC price to prevent the bubble from reaching the dangerous size for the economy. In their time regulators overlooked the beginning of the 2008 financial crisis, that’s why in 2017 they took preventive steps.
Casa start-up solves the problem of passing on crypto assets
Custodial start-up Cassa offers a service of guaranteed passing on of crypto assets.
The gist of the offer is that the owner makes an agreement with Case in which he gives an additional key to his wallet.
Thanks to the fact that the optional key with multisignature is transferred to Casa, this eliminates the theft of bitcoins.
In case the owner of the cryptocurrency passes away, Casa fulfills the last will of the deceased.
Posted 29 October 2019 - 12:47 PM
Will China buy all the bitcoins?
Xi Jinping, General Secretary of the People’s Republic of China, called for more efforts to advance development in the field of blockchain technologies, which lead to a frenzy in the world of cryptocurrency. For instance, after Xi’s speech, the search volume in the app WeChat for hashtags “Blockchain” and “Bitcoin” increased 12 and 2 fold correspondingly, and Chinese cryptocoins saw a dramatic price boost during the last weekend. For instance, TRX surged by 50%, and Neo almost doubled its value, having fixed it at a little over $11 for a coin.
Against the background of this frenzy, some people saw China's growing interest in cryptocurrencies as a threat. One of them is Anthony Pompiliano, who tweeted: “Someone tell President Donald Trump that there are only 21 million Bitcoin and China is planning to buy them all. This is going to be the real US – China competition. That should get him to pay attention. The guy hates losing and will try to buy them all.”
However, despite this tweet was supported by many people, the majority favor a different opinion on forums dedicated to cryptocurrencies: “If China buys all bitcoins in free circulations, it will acquire nothing more than a large number of empty “candy wrappers”, because, as cryptocurrency owners think “in this outcome the interest to bitcoin will evaporate, and the demand for it will drop to zero”
Crypto Capital Principal indicted
According to court documents, presented to the accused by the Attorney of the Southern District of New York, Crypto Capital Pricnipal Oz Yosef was planning to transfer $ 10,000,000 to a bank located in the Bahamas for the purpose of misappropriation, which falls under the article on bank fraud.
During the investigation, the company’s funds were frozen. It must be noted that $880 of these funds belonged to Bitfinex cryptocurrency exchange.
51 % attack in BCash chain
For a day, in the interval between October 24-25, one or several miners controlled half of all computing power used for mining Bitcoin Cash. During this time the unknown perpetrator(s) managed to mine 73 blocks.
This situation attracted great attention, and the position of the cryptocurrency already not very welcomed in the Internet became even more precarious. For instance, Twitter user Notgrubles suggested delisting Bitcoin Cash from main trading platforms.
Posted 31 October 2019 - 01:48 PM
The People's Republic of China adopts the first law on cryptography
This law will come into force on January 1, 2020. Interestingly, the law is not connected directly with cryptocurrencies, but is aimed at creating standards for the application of cryptography and passwords management. However, according to experts, passing this law means nothing other than China’s approaching the launching their new national cryptocurrency. It is connected with the fact that cryptography is the main component of cryptocurrency.
TRON dislodged Ethereum in an updated Chinese cryptocurrency rating
CCID of China has presented its fourteenth rating of cryptocurrencies. The leaders occupying the first three positions remained unchanged, but also some reshuffling took place. Ethereum lost 13 points for basic-tech, due to which it ceded the second place in the rating to TRON cryptocurrency.
Bitcoin does not participate in this race to the top and from the moment of publication of the previous rating, having received a small boost to its total index, still occupies the eleventh position.
Posted 08 November 2019 - 07:25 AM
Actions of one whale could influence on bitcoin surge in 2017 and Stellar has destroyed 55 billion of their token
Bitcoin price surge of 2017 could be fueled by one whale
The University of Texas has published research which shows that a whale was buying a large amount of BTC during drawdowns and additional emission of USDT. It is important that such a “scheme” was used only on the Bitfinex exchange.
Connection between bitcoin growth and USDT have been discussed before. TokenAnalyst experts have already noted an incredible coincidence between bitcoin pump and Tether emission. However, it was believed earlier that this had been caused by actions of lots of independent traders.
A group of researchers analyzed all BTC and USDT transaction between March, 1, 2017 and March, 31, 2018 and came to a conclusion that it had been one large player. At the same time, no similar pattern was detected on other exchanges.
It should be understood that Bitfinex controlled over 20% of the market in 2017-2018, and it is only by 2019 that the exchange’s market share dropped to 7,3%.
Stellar burst into the top 10 cryptocurrencies after destroying 55 billion tokens
Stellar team reported destroying 55 billion of tokens. They took this decision after analyzing the plan of blockchain implementation. The coins that got destroyed were mainly the ones for airdrop (out of 43,5 billion only 6 remained), as well as operational fund (out of 16 billion, 11 remained) and affiliate programs (12 billion out of 25).
This was announced at Meridian conference in Mexico, Stellar Development Foundation announced the burning and in two hours the token rate increased by 16% from $0,069 to 0,083. Currently, correction took place and Stellar’s price is $0.0806.
The developers said that no further coin burning is planned. In total, 55 billion (worth of $4 billion) of XML were destroyed.
Einstein Exchange shuts down with the debt of 16 million
Einstein Exchange clients say that the exchange’s management and employees stopped replying to requests and complaints, and the users cannot get access to their funds.
Currently, the management of the exchange has been transferred to the British Columbia Securities Commission (Canada). The total damage estimate is $16 million.
When the exchange was registered its management provided judicial evidence of possessing assets to satisfy all withdrawal requests, however refused to provide the location of the funds.
Currently the office of the exchange is closed, there is no access to their website and investigators cannot establish the location of Michael Ongun Gokturk, the exchange founder. The pages of the exchange in social networks are buried under complaints of dissatisfied customers.
Posted Yesterday, 13:51
Ethereum developer confirmed the date of hardfork
The next upgrade of Ethereum blockchain called Istanbul, which the users have been waiting for over six months, will be implemented before the end of the year. This has been announced by their developer Peter Szilágyi in Twitter.
The hardfork is scheduled to take place at block 9069000 which should be generated around December, 4, 2019.Fot this new client Geth has already been launched, which already has hard fork.
The peculiarity of the upgrade will be implementing of ProgPoW, programming algorithm aimed at eliminating the advantage of ASIC-miners over GPU-miners.
But the users look more forward to the next upgrade Berlin which is scheduled for the first half of 2020.
North Korea accused of money laundering with the help of cryptocurrencies
The UN Security Council Sanctions Committee on North Korea led an investigation which discovered the connection between the country and the Hong Kong blockchain company Marine China.
According to the representatives of UK Security Council, the country’s leadership has been using various strategies with cryptocurrency to evade from international sanctions. It is reported that North Korea made at least 5,000 transactions using stolen cryptocurrenies. It was made to make establishing the source of the money more complicated.
It is believed that the North Korean hackers were using phishing attacks and computer viruses to steal digital currencies and then laundered and cashed it in Singaporean banks. The Committee has not named the total amount of stolen funds.