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Cryptocurrency

The Genesis of Cryptocurrency

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The Genesis of Cryptocurrency

Before Bitcoin, Ethereum, litecoin, and other cryptos, there already existed some digital currencies tracing it way as far back to the 1990s. This included digicash and bitgold but these were centralized and didn’t last for long. Cryptocurrency came with a new trend, thus its decentralized nature running with no interruption from an outside entity.

Necessity they say is the mother of invention, so many times people had wanted to create some online digital cash system but to no avail as a result of issues with centralization.  With this in mind, the first Cryptocurrency was created by a group or person named Satoshi Nakamoto, (identity still unknown). His primary motive for creating this Cryptocurrency was to develop an electronic peer to peer cash system which was decentralized. The fantastic thing about the cryptocurrency is that even though it was not intended to be invented, the rise of bitcoin on the online market gave rise to the birth of other Cryptocurrencies. Now we can count more than 1000s of these currencies which are towing the way of the bitcoin.

In 2008, bitcoin was birthed and launched on 2009 where mining of the currency began. The bitcoin started with a value less than a dollar, but by December 2011, a bitcoin was selling for $11, 500. The price of bitcoin kept on increasing from the year it was launched to date making it the most valuable cryptocurrency now. Even though the currency saw lots of fluctuations, it kept on surprising the market by surging drastically in price.

As mentioned earlier, other cryptos were developed with the aim of offering more flexible terms as compared to bitcoin. In 2011, litecoin was created by Charlie Lee. Litecoin did so well on the market after some few years making some people think it was competing with bitcoin. Litecoin seeking to attract more of the masses became more dynamic and flexible regarding its mining. This was followed by Ethereum which was created in 2015. Ethereum has provided a platform for initial coin offering (ICO). Other currencies include ripple, digibyte, dash, zcash, monero, Eos to mention but few.

The interesting fact about all these currencies is the fact that they are not controlled by any central government. It provides security to it owners and protect their identity. Cryptocurrency, from the look of things now has come to stay. People are supporting it by investing in it and in turn making lots of money.

Cryptocurrency

40% Of Bitcoins Are Stored On Wallets With A Balance Of Over 1000 BTC

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40% Of Bitcoins Are Stored On Wallets With A Balance Of Over 1000 BTC

Over the past few years, several “warning bells” have started to sound for all Bitcoin maximalists. Seems like the decentralization of the main cryptocurrency is more like a myth and has neither part nor lot in ability-status congruence. According to some experts of the industry, 40% of all Bitcoins are stored on cryptocurrency wallets with a balance of 1000 BTC or more.

Who Controls Bitcoin?

According to data published by digital asset strategist/director at VanEck Gabor Gurbacs, there are only 3 wallets that own 100000 BTC and more and 115 that own 10000-100000 BTC. The main part of them is cryptocurrency exchanges with millions of users.

If we exclude some factors that could affect the accuracy of the results, in particular, remove wallets belonging to exchanges, we can get the following result.

The results are presented below on the chart of the Lorentz curve. A straight blue line demonstrates the complete equality in the distribution of coins, that is when each person gets an equal amount of BTC. The red curve under the line corresponds to reality – the ratio of the number of wallets to the number of all coins have already mined. As we can see, the first 25 % of the holders don’t own a few percents of Bitcoins. But the tiny part of the particularly well-to-do holders accounts for most of the existing coins.

lorenz curve

Source: trustory.io

That is the diagram indicates the “unfairness” of the cryptocurrency distribution. Although it simply indicates the difference in the social status and condition of industry participants.

In general, the Lorentz curve demonstrates income unfairness in economics. The closer the curve is to the straight line, the fairer the distribution of all the funds. Its position on the chart is controlled by social programs and tax reforms.

This statistic has been criticized by some Twitter users. BlockTower Capital co-founder Ari Paul advised experts to exclude wallets with an account balance of less than 0.01 BTC from the sample. According to him, any user can create thousands of Bitcoin addresses, which then will not be used. Therefore, these purses are supposedly not worth taking into account.

That wealth is unevenly distributed is probably a normal situation. However, as well as knowledge: the one who constantly studies new areas, the first to receive various things, which then become wealthy. The example is registering the first domains in the .com zone because their further sale brought millions of dollars to the owners! Among this one occur to sex.com or casino.com

Another example is early investors. Shares of Facebook or Amazon, bought a decade ago, were considered a completely rubbish investment, but someone believed in these companies and their business model.

To get closer to the cherished percentage of the richest Bitcoin wallets it is the proper time to buy cryptocurrency. That time we will live a life!

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Blockchain

The Future Of Publishing With Blockchain, Steemit vs. Publish0x

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The Future Of Publishing With Blockchain, Steemit vs. Publish0x

Blockchain technology has seen many projects for content creators to showcase their crafts.  The emergence of platforms such as Steemit and Publish0x provide writers with a great opportunity to showcase their skills to the world. Even better, they pay them. Wow!

At this time, I know newbies are asking themselves, Steemit or Publish0x? Worry no more; I’m here to analyze both platforms. Buckle up my friend, this road might be bumpy.

Steemit

Actually, Steemit has been in business for quite some time now. The platform has grabbed the attention of most content creators but not many have been successful over there. Well, this might be due to the fact that the quality of the content might not correspond to the amount of influence you get on Steemit. I know! This is the sad truth. As a matter of fact, low-quality content may receive more earnings compared to your high-quality masterpiece.

On the brighter side, Steemit is a global community. It is quite possible to meet fellow steemians in your local town, or even better, in the annual steemfest. Sounds amazing, right? Anywhere you go all over the world; it is possible you have some Steemit friends there.

Some other good news, it is up to you to influence your earnings on the platform. Does the mention of cash excite you?

Whilst it is not possible to influence the amount you earn, it is possible to influence and improve your earnings by staking Steem earnings. Another money-making opportunity is by investing in the voting bots. Yes, it is possible to create a steady income on Steemit.

I know what I have done here. The sound of bots is a turn off to many of us. I’m not a fan of bots either. However, the fact is that Steemit has a very high number of bots. I know it is sickening but well, we have no choice.  That’s Steemit for you in short. Let’s have a look at the other one:

Publish0x

This is a brand new one. We all love our new stuff and obsessed with them. Well, Publish0x is no different from them. Most tend to love it more and I’ll give you the reasons why. But first, in this ‘brand new baby’, users get rewarded using bounty0x tokens. Now, back to why most people love it more:

Money my people! Unlike Steemit where you have to wait for seven days to get your Steem, Publish0x pays instantly. People view your content and tip you. The more readers tip you, the more money you get. This is a monopoly free platform compared to Steemit which operates in monopolies. Moreover, the minimum withdrawal amount is 156 tokens which sound fair to me.

The good thing with publish0x is that it has a referral/ambassador system. Do you know what this means? It means Publish0x will grow at a faster rate. This is a good thing because traffic brings about more tips. More tips mean more Tokens. Practically, it is much easier to make money on publish0x than Steemit.

Another positive is that readers and writers both get rewarded. I know it sounds crazy but it’s true. But come to think of it, an author without a reader is worthless. Most importantly, readers and writers are all equally as significant.

No bots on Publish0x! It’s a bot-less platform, everyone is happy.

In Conclusion

It is interesting to see how this Publish0x platform develops. It is still in beta version but making strides. On a personal view, I think Publish0x has nice and friendly features compared to Steemit. It is only a matter of time before it bumps it.

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