How to Buy Ethereum?

The Coin Shark has already had an article about a distributed blockchain-platform Ethereum. We mentioned how it works and told about its internal cryptocurrency called ether.

Today ether is one of the most promising digital currencies. Many startups were implemented on Ethereum platform and the use of blockchain technology expanded significantly.

According to coinmarketcap, ether costs around $700 and its market capitalization reaches almost $69 billion. If you want to hold these coins, the first thing you should do is to create a cryptocurrency wallet. We have already posted an article about these wallets that are used to sell, buy and store digital assets. However, here we have to mention MyEtherWallet (MEW) – free cryptocurrency wallet of Ethereum platform. When you sign up there, a public and a private key will be generated. You will use them to make ETH transactions. There are no fees and agents, everything is free and peer-to-peer. The instruction to the wallet recommends storing your private key printed or download it on USB for security reasons.

MEW is rather convenient and works directly with blockchain stored online. On MyEtherWallet website you will see the link to download a hardware wallet. If you are not Okay with online wallets security you can follow that link and get a local wallet that will download the whole blockchain on your device. You’ll need gigabytes of available memory for this. It’s not that easy to use hardware wallets, so you basically choose between extra security and comfort.  

There are also other services. Some of them support different cryptocurrencies  (Jaxx, Cryptonator, Coinomi, etc.). You can use them if you want to work with many currencies using one tool.

Ready with your wallet? Great!

Now you can join the crypto community.  There are several options to purchase ether. If you have a friend, college, or just any party with whom you agreed to make a transaction, you simply exchange keys of your wallets and send cryptocurrency or fiat money.

You can also use different exchange services or sign up on cryptocurrency exchanges. There are a lot of them nowadays, for example Coinbase, headquatered in the US. More than 13 million users from more than 32 countries choose this exchange to operate Bitcoin, Bitcoin Cash, Ethereum, Litecoin and fiat currencies. Millions of users trade cryptocurrency on exchanges, however, you have to understand that you always bear some risks. There have been many cases when exchanges close, go bankrupt, suffer from cyberattacks or their funds are arrested.

Many people believe Ethereum is a basis of a brand-new really free economy of the future. Blockchain, smart contracts, peer-to-peer payment system is indeed a new form of economic and commercial relations. Some are sure this is as important as the creation of Internet. That’s why ETH is so attractive today. If you decided to invest in this digital currency, we hope we have provided you with the necessary information.

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Vinny Lingham is Clear About Bitcoin: “I don’t think we see $20k for a while”

Significant part of crypto community, still cannot recover from the fall of the cryptocurrency, the rate of which is still in a red zone. According to the CoinMarketCap, Bitcoin, at the moment of writing the article, is set on at $3 747 per coin and still falling.

But some representatives of crypto community have their own view about the situation on the market and predict their own price of Bitcoin.

Vinny Lingham, an Internet entrepreneur, Co-founder and CEO of Civic, has answered to a few question of The Coin Shark, to clarify the situation on the market:

Hello, Vinny. What do you think, will Bitcoin be able to overcome the $20 thousand mark next year?

I took a $20k bet with Ronnie Moas in Vegas, last month. He predicted $28k by EOY 2019. I disagreed. I don’t think we see $20k for a while, at the very least 2020, but possibly even 2021.

In your opinion, what is the problem with cryptocurrency at the moment?

There is too much hype, and not enough substance, as well as too much focus on the technology and not enough focus on the business or consumer value add.

Can Ethereum become the leader in 2019?

It is possible, but unlikely unless they can fix the scaling issues and deal with the lack of consensus within their community.

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Bitcoin`s Overvaluation: Who Can Take Its Place?

Many experts think that Bitcoin is overvalued and that its real value is less, than the market one. Well, in this article let’s talk about the main cryptocurrency, discuss its disadvantages, the current situation, and forecasts for the future. So, first things first.

BTC`s place in rating now (rate, capitalization, market share)

The cryptocurrency industry is not having its finest hour nowadays. Over the past week, the market capitalization has decreased by $70 billion and today this mark is $123 billion. Despite the total prices collapse, Bitcoin retains its leading position – the market share of 54.4%. Now the market is too volatile, so the numbers that will be given in this material may differ from the real ones. For the moment of writing this article 1 BTC costs $3,880, and the capitalization of the coin is around at 67 billion dollars. It is possible, that when you read this article the above values ​​will be different.

Why BTC is considered as overvalued?

At the end of 2017, the BTC rate briefly exceeded $20,000. At that time, this asset was extremely overbought and overvalued. Euphoria reigned in the market, an increasing number of investors wanted to enter the market. But such a growth could not last forever, so a rapid pullback followed after.

Bitcoin has nothing to do with the physical world and by itself can not have real value, in the usual sense. What is BTC? This is just a set of data that is stored on the blockchain. Its value is determined by investors faith, as well as the users base. The problem is that the Bitcoin`s network in its current form is not able to process a large number of transactions quickly. This is one of the limiting factors on the coin`s path to get a universal acceptance.

Who can push Bitcoin from the first place?

Currently more than 2,000 different cryptocurrency projects are released. Is it really possible to find at least one coin from all this long list, that can take the first place in the global rating of cryptocurrencies? This is a rather complicated question, there is no definite answer on it. But speaking about the near future, the most answer will be “no”. The fact is, that now (the end of 2018) BTC holds a 54.4% share of the total cryptocurrency market. This means, that the remaining 2000-plus coins together make up only 45.6%.

But in the longer term, there is a chance, that some kind of token or coin will still be able to take first place. What cryptocurrency projects are capable to do this?

1.Ripple

Lately, it takes the honorable second place in global rating CoinMarketCap.

  • Price: 35 cents;
  • Market capitalization: $14 billion;
  • Issue: 100 billion tokens.

In short, the Ripple technology allows a large number of users to share assets at the same time. The project got its feet on the ground, and what is most important it is used in real life. This technology is used by large banks in order to reduce the cost of transactions (Earthport, Bank of America, HSBC, etc.). Ripple is able to process more than 1,500 transactions per second, with minimal fees (0.00001 XRP). Given the potential value of this project and the huge number of tokens, it can be assumed that Ripple has every chance to win first place in the global cryptocurrency rating.

2. Ethereum

  • Price: 109 dollars;
  • Market capitalization: 11 billion dollars;
  • Issue: unlimited (currently more than 103 million coins have been mined).

Ethereum firmly held the second place for a long time, but the last wave of correction moved it to the 3rd line in this list. We want to remind you, that literally in early November 2018, Vitalik Buterin (Ethereum`s creator) said that the project is waiting for a major update in the near future. If the developers succeed in doing all that, Buterin said, this will have a good affect on the future rate of the coin.

All other coins are too far from the top three in terms of capitalization and popularity among the masses. Potentially, almost any coin from the TOP-100, can get ahead in future, but its probability is extremely small.

Conclusion

For over ten years Bitcoin is the main cryptocurrency in the industry. The overwhelming majority of people when hear the word “cryptocurrency” unconsciously imply Bitcoin. Of course, BTC has its disadvantages, but the development team is working hard to eliminate them. This is a very complex process, the implementation of which requires a lot of time.

So, if we analyze this issue, we can say with confidence that it is unlikely, that any other coin will be able to take Bitcoin`s place in the near future.

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How to Explain to Your Grandparents in 10 Minutes What is Bitcoin?

The older generation often perceive innovations as something supernatural and incredulous refer about them. But, what should you do, if you need to explain to your grandparents what is bitcoin, despite the fact they are afraid of picking up a mobile phone? 🙂
Of course we exaggerate! But since, the cryptocurrency little by little captures the world finance market, bursting into the life of those, who aren’t interested in it – your grandparents should be prepared.

For this The Coin Shark had developed a strategy, which will help you to explain what is Bitcoin in 10 minutes. During the experiment, none of the grandparents didn’t refuse to descend the legacy to their grandchildren 🙂

Stage #1: “Bitcoin – is like a paper money, but not made of paper”

Remember, never try to explain to older generation about the innovations on the developers slang. We recommend you to draw an analogy with the things which are more understandable for them.

It is better to compare Bitcoin with the ordinary money. Explain them, that it has the same value as the paper money, in which they receive the allowance. You can also buy goods and pay for services by using Bitcoin.

Do not forget to specify that the cryptocurrency are not made of paper, but encrypted by computer code. The ordinary money which we receive we can touch but the digital – not. Because they are stored on the computer, while the ordinary money in the wallet.

As far back as you can go that cryptocurrency is based on cryptographic methods, its management is decentralized and it works on the blockchain technology – your grandparents may think that you are possessed by a demon. All this stuff are clear only to our crypto space.

Stage #2: “Miners – are gold miners”

After the first stage is complete, it is logically that your grandparents will ask you – “how to get them?”

The old and proven method of the analogy also works here. We all know that we earn Bitcoin by mining. We associate it with a gold mining. And we clarify that while mining the cryptocurrency hoes,picks are not used, but a computer.

If you see understanding in the eyes of your beloved grandparents, than you can add, that Bitcoin can be bought on the internet. Specify, where and how is not necessary.

Stage #3: “Spend Bitcoin in the specialized store”

Before telling to your grandparents, where they can buy products by bitcoin, they need to know, that it has its own rate as well as the dollar. Except the rate depends on demand. Prepare sedative, because once they know the price for one BTC they will be very surprised. Only we are complaining here, that “Bitcoin is dying” , and it will be shock for them, that only one coin can cost 4 thousand dollars. I guess you realise that you should keep silence about the rate of 20 thousand dollars.

Now you can tell them : “Since Bitcoin – is unusual money, they are spent only in the special stores”.
Good job, the grandparents are ready! Now they can tell to their friends about Bitcoin. And if they are not afraid of computer, and they were interested in your story, than in the “For Beginners” section, they may find more about the cryptocurrency #1.   

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How Much ETH is Stored on Vitalik Buterin’s Wallet?

Everyone who knows about the existence of digital money, wants to “fill” their wallet with them. Not surprisingly,  that usual cryptocurrency holders are interested in how many coins are stored on the famous crypto sharks wallets.

In the cryptocurrency world there are many opinion leaders. However, by right, Satoshi Nakamoto and Vitalik Buterin are considered as the most influential. Since, we don’t know anything about the first one (moreover, there is an assumption that, this is a group of developers), the second one is open for the crypto world. That is why The Coin Shark will share a secret with you, namely, we will tell you how many personal ETH Vitalik Buterin had.

Who’s Vitalik Buterin?

Briefly, he is “the father” of Ethereum. But it will be too boring, and will not reveal Vitalik, as a whale,on which the crypto industry is holding.

Vitalik Buterin – is a person, whose name the attention of the whole crypto industry is focused on. His innovations set trends, his words turn into genius saying. Hi is often cited in the well-known publications, and based on his “brainchild” blockchain many projects are launched and operate.

If it still not enough for you, then our Crypto Story will tell more about Vitalik Buterin in an interesting and unusual format:

Crypto Story: Vitalik Buterin

The quantity of Buterin’s personal ETH

After a harsh critic by an american economist Nouriel Roubini, famous for his negative attitude towards cryptocurrency, Buterin said, that he never owned more than 0,9% from the total issued ETH. So far, more than 100 million ETH have been released, according to TheNextWeb.

It seems, Vitalik indeed have nothing to hide. On Twitter, he posted a link to his crypto wallet.

At the time of writing, 355 ETH are stored on Buterin’s wallet. According to the current rate – $114.82, the programmer’s capital is $40,761.

That is, according to the income of 24-year-old programmer, at least according to his personal ETH,cannot be called a billionaire. However, the Fortune still considers Buterin, as one of the most influential young businessman.

Vitalik Buterin and Pavel Durov Entered the Rating of the Most Influential Young Entrepreneurs According to Fortune

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Top 10 Genius Quotations of Vitalik Buterin About Hype around Cryptocurrency

Just to think of it, one surname makes the memory reproduce images, which are connected with this blockchain genius. Vitalik Buterin is only 24 years old, and he is one of the most influential person in the crypto industry, who will be forever remembered not only for creating Ethereum.

With Vitalik’s growing popularity, the number of  interviews with his participation is increasing, the quotes from which immediately spread fast across the network. Therefore, The Coin Shark have collected top 10 exciting statements by Vitalik Buterin, which explain the hype about cryptocurrency and blockchain.

1. In interwiev with Forbes, Vitalik shared his opinion about the importance of understanding of blockchain:

“Talking with people, including the authorities is useful. The better they understand the technology, the more opportunity to work with them. This guarantees, that they will not the enemy in the technology”.

2. At the conference “Blockchain: New Russian Oil”, the publication RBK-Tatarstan, asked Vitalik Buterin : “ How will the world economy change under the influence of blockchain?” – on which blockchain genius gave the following answer, which became the iconic quotation in the crypto industry:


“Business opportunities will be increased. For the countries, in which the economy is not developed right now, it will be easier to join the global financial system. It will be easier for anybody to interact with banks and financial institutions. In the non-financial world, there will be more transparency , including the development of all kind of products. There will be many benefits. Basically, everything will work faster and more effectively. The house can be sold within 3 hours instead of 3 weeks.  And there will be more of such little examples. Everything, that is often hampered by red tape will be simplified”.

3. Here is another quote from Vitalik, about integration of business and blockchain, having been said at the conference:


“…Small business have even more opportunities to use blockchain over large business. The smarter the technology is, the more it reduces the barriers between people to trust each other, they can build a common business, organize contracts, exchange information”.

4. Buterin told to Financial Times, what he thinks of the majority of ICO projects:

There are projects that have never been put a heart into, that are just like “Ta daa, price goes up, vrooom. Buy now!”.

5. In an exclusive interview with Cointelegraph, he shared his view about ICO:

“ICO as a model has a number of huge advantages. For instance, through ICO we can democratize participation in the projects from the very beginning. This model is a perfect way to give everyone an opportunity to contribute to the development of the project from the very early stages. We definitely need to work hard to improve this space. Sometimes it’s really hard to see the scams among ICOs.”

6. On smart contracts in an interview with Forbes, he commented like this:

“The concept with smart contacts is so complex, that understanding, how to make them safer comes only with experience… We can only wait and allow people to do projects , some of  which succeed. The same as cars and airplanes were becoming safer with time, through experience we will be also realising how to make smart contacts with an acceptable level of risk”.  

7. In the same interview, Buterin made a statement, which became a favorite statement among the crypto community:


“Google is the best library.”

8. During the interview for the Israel newspaper TheMarker, which was translated by Finance Magnates from Hebrew, Buterin shared his view about the situation on the cryptocurrency market:

“I indeed think that we are in a bubble because all the cryptocurrencies are rising and people have a feeling that they will always continue to rise. A lot of projects are raising more money than what they would be able to in the normal VC market, and sometimes there is no match between the necessity and usefulness of the project and its ability to raise money. Additionally, this market is still young and people still don’t know how to differentiate between projects that will exist in the long term and those that won’t. This thing is growing at a rate that makes it hard to control. I, for example, don’t participate in most ICOs because I think they are done at too high valuations”.

9. At the open meeting in “Skolkovo” technopark, a correspondent of PLUSworld.ru highlighted the following statement by Buterin about cryptocurrency in Russia:

“The Russian crypto community is different from the other countries in its vast. In Russia, there are many projects, programmers, banks, and even government agencies, which are using or testing cryptocurrencies. We have all perspectives to believe that russian crypto community will take a leading position in the world”.

10. Also the following statement about the president of Russian, Vladimir Putin, said at the above-mentioned meeting, didn’t remain unattended either:


“So far, I haven’t met anyone higher than Putin. The president knows about blockchain, if you ask me, this is the peak of the hype”.

* The publication contains quotes translated from the original language.

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The Future of Ethereum: Will the ETH Rate Recover in the Next Year?

In this article we will talk about the future of one of the most important projects in the cryptocurrency industry. At the time, Ethereum played a big role in cryptocurrency popularization. In this article we will discuss the current situation, future prospects and forecasts for future. So let’s get started.

Content:
(please, click the topic to scroll down to it)

  1. Brief overview of the current situation
  2. Large update or what is Ethereum 2.0?
  3. Experts opinion and forecast for 2019
  4. Conclusion

1. Brief overview of the current situation

The whole cryptocurrency market is currently experiencing not the best times. Over the past few days, its total capitalization has fallen by more than $30 billion. And there were changes in the first three of leaders: Ripple took the second place, having overtaken Ethereum more than in 3 billion dollars. The rate of ETH is now 103 dollars, according to CoinMarketCap.

Such a rapid decline is indirectly connected with recent events, namely the hard fork of Bitcoin Cash. We want to remind you, that on November 15, 2018, the BCH blockchain was divided into two chains: BCHABC and BCHSV. You probably wonder, how these events can be interconnected? The fact is that the community of already defunct Bitcoin Cash coin was divided not peacefully. Craig Wright (BCHSV supporter) threatened Roger Ver (BCHABC supporter) with real war. Now both sides need to acquire as much computing power as possible. For this, they need the available funds which they have in the cryptocurrency. Accordingly, they sell their coins to buy mining equipment, which leads to such a drop in rates.

Ethereum has long been surrounded by not the best news background, plus there is a general decline on the market, these all cause such a rapid ETH rate collapse.

2. Large update or what is Ethereum 2.0?

It’s no secret that Vitalik Buterin’s platform is far from ideal, and it has a fair amount of drawbacks: inflation, scalability, throughput, etc. All these factors hinder the project development. Buterin himself and his numerous development team have repeatedly said that the work on large-scale updating of the Ethereum platform is in full swing. But no specifics were cited. And finally, at the Devcon4 conference, which was held in Prague in early November of this year, Buterin made an official statement about the upcoming release of Ethereum 2.0.

What will the updated Ethereum be like? In short, we will finally see the activation of Casper and the long-awaited transition to the Proof-of-Stake consensus algorithm, the EWASM update (virtual machine) and much more. After successful implementation of all these innovations, the network of the Ethereum will be able to process more than 1,000 transactions per second (now this mark is 17), and will also become more secure and energy-intensive.

3. Experts opinion and forecast for 2019

Analysts opinions, as usually, are uncertain: some believe that the project has a great and bright future, others, on the contrary, are confident that rapidly developing competitors (such as EOS, for example) will be able to push Ethereum from the top of CoinMarketCap.

Now the future of the project directly depends on the upcoming network update. If the development team copes with the task, then Ethereum is likely to succeed.

If we talk about an experts forecasts about the price of Ethereum in 2019, it will be pertinently to recall the thoughts of the famous Wall Street analyst Tom Lee. By his opinion, the rate of Ethereum can reach $1,900 in 2019. His forecast is based on historical data, he believes that eth will be able to overcome its historical maximum by approximately 40%.

4. Conclusion

The Ethereum project has long been the “second locomotive” in the cryptocurrency market. The current news background, as well as the general rhetoric addressed to this project, is extremely negative. But in the face of all, Vitalik Buterin made a long-awaited statement about the upcoming release of Ethereum 2.0. The future of the project directly depends on the successful implementation of this update. We can only wish a good luck to the development team and keep track of further development of events.

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