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Skeptics: Ripple’s XRP is not a true cryptocurrency

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Why 2019 Might Be The Best Year For Ripple's XRP

The cryptocurrency community is known to be cliquey, for the lack of a better term. There are Bitcoin Maximalists and there are those who think Ethereum is the future.

Still, others see Ripple and XRP as the protocols that will bring the most change and carry the most value. However, there is a sizeable faction that thinks Ripple is not decentralized and should not be considered a “true cryptocurrency.”

A major concern that Bitcoin enthusiasts and fans of decentralization have is that Ripple controls the supply of XRP. Capital.com explains the gripe that cryptocurrency purists have with XRP.

They say “the Ripple company has control over who can actually process XRP transactions. This renders the Ripple network as a centralized and permissioned network, making XRP centralized crypto. This lack of decentralization causes much controversy about Ripple’s status within the crypto community.”

Another point of contention that Ripple detractors have is that the coins are mostly held by the creators.

“To this day, the company holds around 60% of the total amount of XRP.”

That number, according to Capital.com, has many in the space questioning the motives and the legitimacy of the company.

“Ripple boasts a vast array of institutional clients such as Nomura and Santander, but under further examination, it would seem that most companies are ‘partners’ as opposed to clients, who receive XRP as a reward. In short, Ripple is using its share of XRP to create the mirage that it has to pay customers.”

Ripple’s massive and supportive community has also been called into question. Many claim the “XRP Army” is composed of thousands of bots.

From its inception, Ripple has dealt with tough scrutiny from inside and outside the cryptocurrency industry. Aside from questions regarding decentralization, the entire space is also keeping their eye on the legal decisions that will be made regarding Ripple’s status as security.

Although purists will argue that XRP is not a “true” cryptocurrency, XRP can still be deployed as a useful tool for businesses or average citizens to send funds across international borders.

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Why some cryptocurrency exchanges offer prices different from the actual price and How to take advantage

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Why some cryptocurrency exchanges offer prices different from the actual price and How to take advantage

One common question I usually meet is why cryptocurrency exchanges offer different prices from the actual price of an underlying asset. Interestingly, many people are not aware of these disparities in prices among exchanges.

Let us take Bitcoin, for example. As at the 24 June 2019, 10:32 AM (GMT), this was how four different exchanges priced Bitcoin (BTC/USD)

Bitfinex = $10,963

Bitstamp = $10,917

Binance = $10,935

Coinbase = $10,915.

The above-listed figures were the prices of Bitcoin on four leading exchanges on the same day and at the same time. This takes us back to the question, “why do different exchanges have different prices for an underlying asset?”

 (Not just Bitcoin)

Reasons for the Difference in Prices.

One of the reasons why this situation exists in the cryptocurrency market is the lack of a standard price for cryptocurrencies. 

There is no usual price for a digital asset. Bitcoin is not connected to a single exchange, and obviously, all exchanges are not the same. Cryptocurrencies are not backed by gold or any fiat and are not controlled by any centralized authority.

What this means is that there is no agreed pricing system for digital assets. For this reason, exchanges may determine the prices based on their market mechanism or invisible forces.

This brings us to another question, which is, “since there is no standard price for cryptocurrencies, then what determines the price?”

The answer is simple. The trading volume or the interplay of demand and supply of an exchange platform determines the price in a particular moment.

There is no fixed or fair price anywhere. Most of the websites that display cryptocurrency prices including Google show the average or aggregate price from the leading exchanges, whilst the rest pick their feed from Coinbase or maybe CoinmarketCap. 

How to Take Advantage.

Some traders use this strategy, but the profit may not be as huge as you may expect. Checking from the difference in prices in different exchanges as listed above, you can buy Bitcoin or any supported asset at a lower price and sell them at an exchange that offers a higher price for them. However, you should make sure that the percentage difference in prices is not less than the percentage difference in transaction fees.

In other words, make sure the transaction fee and trading fee do not exceed the profit you make from these transactions.

 Some traders also use a software called “Trading Arbitrage” to make profits from the imbalance in the price of a digital asset. You can read about it and start with this trading strategy.

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Five Undervalued Cryptocurrencies In The Crypto Ecosystem

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Trouble Looming Blockchain Industry 2019

For so many years a lot of Cryptocurrency has gone through a lot to be where they are today. Unlike bitcoin which has gained popularity due to its technology and speculations.

In view of this, some undervalued Cryptocurrencies are now making it each and every day due to the performance and market cap, they are now ranked higher than most valued Cryptocurrency in market cap.

There are five Cryptocurrency that is performing greatly and are not well noticed as they deserve.

Sapien is currently one of the undervalued Cryptocurrency. It is a decentralized platform for social news that focuses on solving several problems in relation to today’s media.

Just like Ethereum, it uses a smart contract which serves as a filter for fake news that spread very fast on a centralized social media platform.

Sapien is a platform for free speech which serves as a discourse for people to share their ideas which moves society forward.

Just like Facebook, youtube, etc have shown censor willingness which has paved a way for platforms such as sapien which is a sign for networks future prospects.

Ethos is a decentralized mode of exchange. It was first known as Bitquence, due to rebranding it is known as Ethos and the price been surging since its introduction.

Ethos focuses on Cryptocurrency trading in relation to social media. Through that, users are able to learn from each other, follow the investment of others and share their insights.

Ethos provides its users with a rich Cryptocurrency wallet, which allows users to use their wallet for much more than trading and storing Cryptocurrency.

In simple terms, ethos aspires to increase mass adoption in terms of technology trading in crypto space.

Next on the line is Tael, also known as Wabi which is a technology used to power tech-rock system.

The main purpose of this tech-rock ecosystem is to help customers to verify the authenticity of the product they purchase.

Tael deal with products such as medications, alcohol, etc that are counterfeit and deadly to countries through the internet by securing the supply chain.

It has all the potentials of what Cryptocurrency investors look up for as one of the undervalued Cryptocurrency.

In market capitalization, the total supply of tael is low and there is a lot of room for growth.

Neo coin is one of the undervalued crypto coins which is considered to be Ethereum killer. Just like Ethereum, it has smart contract technology which can digitalize asset.

A digital asset can be exchanged, managed or distributed within the platform of NEO.

Its smart contract is designed in a way that it can transfer one ownership from one person to another.

Neo focuses on digitizing assets like food, cars, property, etc. If the asset can be digitized, it can be traded on Neo’s platform.

Now that we are in the smart age of economies, it is time we keep an eye on the Neo digital currency as it grows and will make all internet transaction a reality.

Supercomputer Organized by Network Mining is known as SONM is an altcoin I have been dreaming about and one of the few undervalued Cryptocurrency in the crypto ecosystem.

SONM is the Cryptocurrency that eats into AWS’s market, meaning you can develop an app, host websites, etc using SONM architecture.

It’s new on exchange grounds but has grown steadily since November 2018.

Its technology started working in 2018 and since then, the real value for token holders are now coming in.

Now that it is listed among the bigger exchange platform, it has gained more liquidity and trading volume.

When it comes to undervalued Cryptocurrency, these coins are worth keeping tabs on. Even though, there is no storage for the undervalued crypto coin with great potentials.

Based on the capabilities of their blockchain technology which offer a great variety compared to most undervalued Cryptocurrency, there is the need to keep an eye on them.

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