Connect with us

Cryptocurrency

Into The Walls Of Cryptocurrency, The Good, The Bad And The Ugly Side

Published

on

Into The Walls Of Cryptocurrency, The Good, The Bad And The Ugly Side

Everything in this universe has its ups and down (good and Bad sides) to be precise. Well, the same thing is applied to the Cryptocurrency space.

Cryptocurrency, as we all know is a digital currency that operates independently from a Central bank based on blockchain technology. Cryptocurrency market is driven by Speculators, especially Bitcoin. Most Cryptocurrency traders always look at the bright side (Good) of Crypto coins whilst ignoring the other sides (Bad and Ugly) when trading.

Will, it is advisable to check all sides (Good, Bad and the Ugly) before trading. Just relax as we dive into the walls of Cryptocurrency.  

First and foremost, the Good side. Cryptocurrency has been in the system for some time now. The question is what makes it so special? is it its characteristics and the ability to make transactions so simple and efficient. Just as the former member and Chairman of Overstock.com, Jonathan Johnson indicated that crypto does indeed make doing business easier.

In terms of speed in relation to transactions (withdrawal). The processing speed of real money at the bank is very slow compared to cryptocurrency since it has to go through a lot of processing like account verification (signature, id verification, etc.) With Cryptocurrency, since crypto miners are always active.

Withdrawing your Cryptocurrency is easy, fast and reliable.

Crypto coin such as XRP has the fastest and secure blockchain. It has an average of 1,700+ TPS which speeds up transactions. There are other Cryptocurrencies such as Bitcoin cash, Litecoin and many more with high speed that makes business easier as said above.

When withdrawing real money from a bank using a credit card. The processing fee is much higher than that of Cryptocurrencies. Most Cryptocurrency wallets such as ebitpoint and coinbase transactional fee are much lesser and very fast to process.

In short, Cryptocurrency has a neutral and standardized confirmation policy supported by software with no third party involved.

The Bad side of Cryptocurrency has a negative effect on society in general. As youth nowadays are now Crypto addict. Especially the get rich type, since all they think about is getting rich by investing without any advice from an expert.

Mining Cryptocurrency requires a lot of power (electricity). The amount of power drawn during mining is very massive. Aside from causing financial loss to the state it also generates a large amount of pollution (noise pollution).

It can be used worldwide and very difficult to trace, especially in darknet where all illegal activities go on and the major mode of payment is mostly via Cryptocurrency.

I hate to tell you that Cryptocurrency has an ugly side. Yes, an ugly side. As technology grows, Cryptocurrency crime grows alongside. Crypto crime has been in crypto space since the invention of Cryptocurrency, which has attracted all sort of crypto criminal activities such as money laundering (Allowing money that was used by criminal activity and using that to buy Cryptocurrency in other to hide the link).

ICO scam (scammers baiting crypto investors into sending coin or token to unknown address with huge returns and bosting as leaders of certain companies), illegal pornography, weapons, and other illicit commodities.

Volatility is the well-known ugliest side of Cryptocurrency. That is the instability of prices as a result of a vast array of factors. For example, China, Japan, and the United States hold the largest Cryptocurrency in the world. If their government decides to ban its citizens from the use of Cryptocurrency out of their system, the price of Cryptocurrency will fall drastically. The price of Cryptocurrency can be $5000 and in the next 10 seconds, it will rise to $5900 or fall to $ 3000 due to market activities.

As a crypto enthusiast, it is my advice for all Crypto traders to get worried as everything has its ups and down in relation to crypto space. But no need to panic, the rate at which the price of Cryptocurrency is rising is good for business.

Bitcoin

J.K. Rowling and Elon Musk Engage in Twitter Conversation About Bitcoin

Published

on

J.K. Rowling and Elon Musk Engage in Twitter Conversation About Bitcoin


Just recently, the CEO of SpaceX – Elon Musk took to Twitter to reveal his current holding of Bitcoin. The conversation ensued during an effort to educate British author and film producer – J.K. Rowling on the subject of cryptocurrencies. Following a tweet originally referred to CoinDesk’s senior reporter – Leigh Cuen by the Orator of the Harry Potter fiction on Saturday, for an explanation to bitcoin’s operability.

J.K. Rowling subsequently received Musk’s reply among several others from Bitcoin’s advocates and cynics alike; such as the co-founder of Ethereum and Bitcoin Magazine– Vitalik Buterin, among many others. Notably, the author’s tweet drew some attention to the tune of 2,800 replies, as at the time of writing.

Furthermore, the co-founder and CEO of Tesla, Inc., emphasized that the bulky issuance of currencies by the central banks of various economies is making the digital currency – Bitcoin, more solid in juxtaposition to fiat. Musk also went on ahead to convey his views towards digital money as being positive, even though he currently owns a quarter of a Bitcoin as stated in his tweet that reads;

“I still only own 0.25 Bitcoins btw.”

Yet, Cuen replied Rowling with a reassuring statement while providing her with guides to sample use-cases of Bitcoin. Cuen stressed this in a tweet with the message;

“Hi! My D.M.s are open if you want to chat w/out onlookers. The very short version is: Bitcoin is money fueled by a community of contributors. There is no king or central bank in charge. There are countless stories we can use to explore the ethics of a world w/global currency.”

Albeit, Rowling expressed her discontent with regards to the explanations she received, as her curiosity rapidly became debased by the myriad of responses she received. She disclosed her uneasiness towards the topic in question – with a bit of sarcasm while tweeting the following;

Another noteworthy reply is that of Vitalik Buterin, who added that;

“It is a digital currency. There’s ~ 18m units of it. It is not backed by anything, it’s just valuable because it is, like collectibles. There’s a network of computers (which anyone can join) that maintains a decentralized global excel spreadsheet of how many coins each person has.”

Although, Rowling might have admitted being woozy before publishing these tweets, however, her views on the digital currencies and Bitcoin are unlikely to change when she becomes sober or in the foreseeable future.

Continue Reading

Cryptocurrency

Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

Published

on

Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

Time and again, several members of the XRP community have opined that the massive dump of the crypto asset in the market has impacted on its price, negatively. Now, there are speculations for another dip in XRP’s price. The latter is after Whale Alert informed on September 7, 2019, that 100 million XRP tokens have been transferred to Jed McCaleb, Ripple’s co-founder. 

Ripple Sends XRP Worth About $26 Million to McCaleb’s Wallet

According to Whale Alert, Ripple transferred 100 million XRP valued at $26,322,440 to Jed McCaleb’s wallet. The transfer has led to the sentiment in the crypto space that XRP might tank below its $0.262 price today. Also, the opinion is due to McCaleb’s reputation for dumping huge amounts of XRP in the market.

McCaleb is Ripple’s co-founder, and in 2014, Ripple transferred 9 billion XRP to him as his share for founding the company in 2012. However, the blockchain company entered a seven-year agreement with McCaleb to control how much XRP he can sell in the market yearly.

Per the agreement, the co-founder could sell $10,000 worth of XRP per week in the first year, $20,000 per week in the second, third, and fourth years, and “750 million XRP per year for the fifth and sixth years.” In the same vein, he could choose to dump 1 billion XRP yearly for the seventh year, and 2 billion XRP yearly after the seventh year.

McCaleb’s Dump of XRP Impacts of Asset’s Market Price

Given that this is the fifth year since the agreement was made, McCaleb can choose to dump thousands of XRP tokens daily. In 2014 when he announced his plans to sell a significant part of his XRP holdings, the value of the asset declined by 40%. As such, the continuous dump of the asset has also been pointed out as one of the reasons why it is not spiking like other top cryptocurrencies.

Asides from being reputable in the XRP community, McCaleb is also a name associated with Mt Gox, one of the first cryptocurrency exchanges. He founded the platform and sold it off years before its hack. Similarly, McCaleb is the creator of Stellar (XLM), the 11th largest cryptocurrency by market cap.

Nonetheless, the crypto community has aired its views about the potential for McCaleb to release another share of XRP to the market. Crypto BitLord, for instance, said: “Wow. Another cool $26M Jed can unload at market. This shits out of control.” Another remarked that: “know, right?! Private businesses shouldn’t be allowed to exist. The name “Jed” should be banned.”

Continue Reading

Trending