Multicurrency Wallet Jaxx: Installation, Configuration and Use

jaxx

Proper storage of digital assets is a very important issue for every trader. Today we will analyze one of its decisions, namely, the multicurrency wallet Jaxx. How to register in the service, and what are its strengths and weaknesses?

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

  1. History of the wallet‘s creation
  2. What coins can be stored in Jaxx?
  3. How to get your own wallet?
  4. Advantages
  5. Disadvantages
  6. Conclusion

1. History of the wallet’s creation

The start of the project can be considered 2013, it is when Decentral company has a subsidiary that receives the name Jaxx. The developers had been working hard with the product for more than two years, and only in the first quarter of 2016 the first beta version of the application was launched. And from that moment the project began to gain popularity all over the world, as one of the most convenient solutions on the market.

2. What coins can be stored in Jaxx?

It should be noted that at the very beginning the wallet supported only a few cryptocurrencies and, as the project developed, this list grew. At the moment (August 2018), the official Jaxx wallet supports 65 different coins and tokens. There are absolutely all popular cryptocurrencies in the list, as well as many less common coins (Cofoindit, Maecenas, Storm and Swarm, Sonm, Wax, Viberate, Ten X, Basic Attention Token, iExec, etc.).

3. How to get your own wallet?

It is absolutely not difficult to create a new wallet in the service and any average user can cope with this. To begin with, Jaxx is a cross-platform solution and can be installed both on a computer and on a smartphone (MacOs, Windows, Linux, iOS, Android). If you want to use the desktop version, it is strongly recommended to download the installation file only from the official website of the project. To download to your smartphone, you can use the Play Market or the App Store.

When you first start, you will need to review the user agreement and other standard information. After that the program will offer two options:

  1. to create a new wallet;
  2. to restore the existing one.

You can create a new wallet in two ways:

– fast;

– complete.

The first method involves setting the majority of the default settings; in fairness it should be noted that in the future they can be edited. If you choose a full variant of creating a new wallet, then all the parameters can be set initially.

The next very important point is a security issue, so that not to kick yourself, at the registration you must immediately do the following:

  1. copy the recovery phrase to an external medium (or better to several);
  2. put the protection of the entrance with a pin-code;
  3. make a backup copy.

After that, you will only have to choose the necessary coins from the offered list.

4. Advantages

Many users call Jaxx the best wallet for cryptocurrencies in the market as it has a fairly large list of strengths. Let’s talk about them:

  • Simultaneous use on different devices (laptop, smartphone, tablet, etc.).
  • Fast technical support, which responds to users’ requests quite quickly, usually in a couple of hours.
  • User-oriented interface in which all controls are in place.
  • Ability to recover data with the generated phrase (consists of 12 words).
  • The data backup function is located directly inside the interface.
  • Increased safety. It is worth noting that private information (keys and codes) are not on the server, but on the user’s hard drive. Of course, Jaxx cannot be called a full-fledged cold multicurrency store, but the security level of this wallet is quite high.
  • Ability to install additional protection (PIN-code).

5. Disadvantages

Unfortunately, there is no ideal product, which would not have any flaws. Let’s look at the weaknesses of the cryptocurrency wallet Jaxx:

  • High commission fees for currency exchange inside the wallet. In the application you can exchange coins, it is certainly convenient, but it is more expensive than using third-party services.
  • Transaction hanging. This bug is traced only when transferring little-known tokens. There are times when money from one wallet leaves, and does not reach addressee. In fairness, it’s worth noting that when you contact support, in 99% of cases the funds are returned, but it’s still a pretty unpleasant moment, which is better to know in advance.
  • Slow solution of contentious issues. Although the agents of technical support respond quickly, but sometimes, the solution to the problem can drag on not for one week.

6. Conclusion

Jaxx is a very popular wallet in the cryptocurrency community. It has a lot of advantages, but it is not devoid of shortcomings. At the moment it supports 65 coins, it can be used on different devices simultaneously. It has an increased level of security, and also has a fairly convenient interface. If the developers solve the problem with suspending transactions of lesser known coins and can achieve a more rapid solution of problems, then Jaxx can be called an almost ideal cryptocurrency wallet.

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The Stablecoins: What Is It and Why Is It So Popular Now?

Cryptocurrencies and increased volatility are almost synonymous. The digital coins market can easily fall or grow up in price by 10% -15% in a day. But along with unstable coins in the industry there are also so-called stablecoins, which will be discussed in this article.

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

1. What is the stablecoins?

2. The list of the most famous stablecoins

3. Advantages and disadvantages

4. Further prospects

5. Conclusion

1. What is the stablecoins?

The main idea of ​​cryptocurrencies is creation of the absolutely decentralized payment instrument, which will not have any relations with usual valuable assets. But at this stage of cryptocurrencies development it is not possible to completely abandon fiat yet. In any case, currency of digital coins is counted in dollars, euros and other fiat currencies for convenience.

In order to popularize cryptocurrencies, it is necessary to create a bridge between traditional and digital financial sectors. Therefore, in 2015, for the first time, the best qualities of cryptocurrency and fiat money were combined, and so the stablecoins appeared.

The first stable cryptocurrency was Tether, it is still the most popular stable digital coin. Tether is backed up by the US dollar. This coin takes 8th place in the global Coinmarketcap rating , with total capitalization almost $2.5 billion.

But it is worth noting, that there are already enough of such stablecoins on the market. Each of them is reinforced by a certain physical asset:

  • other fiat currencies (the euro, the pound, the yen, etc.);
  • the gold and other precious metals;
  • the minerals;
  • the property;
  • etc.

It is only beginning, since it is already obvious that a digital coin can be pegged to absolutely any physical product. Thus, it is possible to maximally protect assets from cryptocurrency volatility, and at the same time to enjoy all the benefits of decentralization.

2. The list of the most famous stablecoins

So, as it was mentioned before, the very first stable USD Coin was Tether. Its rate is backed up 1:1 to the US dollar. This project was started in 2015. Literally a year later, its euro equivalent  EURT was represented to wide audience. After some time, the Japanese yen cryptocurrency appeared. As many analysts had suggested, these two coins were not widely spread.

At the beginning of  2016, DigixDAO coin was started, its rate was pegged to the gold: 1 token equals the cost of 1 gram of gold. It should be noted, that there were quite many projects, which tried to peg their coins to the gold (OneGram, GoldMint, HelloGold, AutumCoin, etc.). The silver was not forgotten either (EthereumLink, Silvercoin, Silver Back Coin, etc.). In Israel, the group of developers released stablecoin Carat, the currency of which, as the name implies, was pegged to the diamonds.

As you might have guessed, there is a huge amount of coins on the market, which are somehow backed up by physical assets, but let’s take a closer look at two more sensational dollar projects.

Gemini Dollar is the world’s first regulated stable digital coin, which is pegged to the US dollar. This project is still too young and it is not clear how it will show itself in future. Now the coin took a 1723th place in the global Coinmarketcap rating.

TrustToken is another project whose developers want to connect real and digital economy. They themselves estimate it in 256 trillion dollars. Within of this platform, the TrueUSD token was issued, it`s rate was pegged to the US dollar. Soon the developers promise to release tokens, which will be pegged to other popular fiat currencies. On the one hand, this project has many advantages (ability to implement blockchain into real sectors of economy, introduction of smart contracts, strong team), and on the other hand, there are many disadvantages (lack of roadmap, centralization, possible vulnerabilities of smart contracts, etc. ).

3. Advantages and disadvantages

First of all, let`s list the main advantages of stablecoins, there are quite a lot of them:

  • Holders of such coins can use all benefits of the digital economy, and at the same time be relatively calm about their capital`s safety. As a rule, cryptocurrency exchanges do not work with fiat currencies. And with stablecoins help it is possible to operate with dollar (or any other currency) right on an exchange. It substantially simplifies a digital coins trading process.
  • Thus people, who have no confidence in banks, can secure their capital without contact with traditional financial structures.
  • Stablecoins can be effectively used in trade and business, because their price does not change with time. A seller can safely accept $1,000 in coin equivalent, since its value will not fall down, even in conditions of market fluctuations.

Unfortunately, stablecoins are not without flaws, and now let’s take a closer look at them:

  • Such coins are absolutely useless as an investment asset. After all, 1,000 coins purchased for 1,000 dollars today, will cost the same 1,000 dollars in a few years (and it is, at best, if the project does not close).
  • Pegging to the value of a particular physical product does not protect against fluctuation of the asset itself.
  • There is a risk of freezing company’s reserve accounts, which will lead to impossibility of fulfilling debt obligations to tokens holders.
  • Stablecoins can be stolen at once in two ways (digital and physical).
  • Storing of a physical asset entails additional expenses, which often fall on its owner’s shoulders.

4. Future prospects

Because of several factors, today stablecoins are only a good concept, which is still far from widespread use. To a large extent, this direction has good prospects in future. Financial transactions which will be made through stable cryptocurrencies, will be able to bring the real economy to a qualitatively new level. With their help, bureaucratic procedures can be avoided, and due to smart contract technology, it will be possible to do without intermediaries.

5. Conclusion

The stablecoins are digital coins, whose currency is not exposed to increased volatility, because it is pegged to the value of a certain physical asset. With such coins it is possible to connect real and digital economy. But at this point, stablecoins have a number of problems which need to be solved, only after that it will be possible to talk about their widespread use.

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Bitcoin Cash: Overview, Advantages and Disadvantages, Details of The Hard Forks

In this article we will talk about the most famous bitcoin`s hard fork – the Bitcoin Cash: it`s advantages and disadvantages, forecast for the future, as well as the hard fork, which will happen on November 15, 2018.

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

  1. Briefly about the Bitcoin Cash and comparison with Bitcoin
  2. Disadvantages of Bitcoin Cash
  3. Briefly about the hard fork Bitcoin Cash
  4. Conclusion

1. Briefly about Bitcoin Cash and comparison with Bitcoin

The main popularizer of the “new” coin is Roger Ver. He is quite famous person in crypto world. He was one of the first cryptocurrency investors. Due to increased attention to this industry, he became known as Bitcoin Jesus. But later, Ver decided to actively promote the hard fork (a branch) of the first cryptocurrency – the Bitcoin Cash. The network split occurred on August 1, 2017.

What is the difference between the BTC and the BCH?

  • Increasing of transaction`s speed in several times. The main feature of the new coin is an increased block`s size to 8 MB. On May 15, 2018, developers released the update, after which the block`s size increased to 32 MB. This solution made it possible to record much more transactions in one block, and thereby to increase network bandwidth.
  • Low commissions. Bitcoin Cash has very small commissions $0,05 – $0,010, which is significantly lower than that of the “older brother” $8 – $15.
  • With the current network load, a queue of unconfirmed transactions does not exceed 200 – 250, whereas with the original Bitcoin, this number can reach 7,000 – 10,000.

2. Disadvantages of Bitcoin Cash

Significant disadvantage of this fork is the automatic adjustment of the network`s computing complexity. Unfortunately, it has direct dependence on the speed of extraction of new data. That is, if for a certain amount of time miners get an insufficient number of blocks, then complexity decreases. This pattern works in both directions.

Miners started to use this vulnerability and got BCH in periods of complexity recession, and when the situation changed, they turned to BTC. Such actions led to the network`s destabilization and increased volatility of the BCH rate. This problem has not been solved till this day, but the development team manages to restrain it.

Cryptocurrency investors do not consider Bitcoin Cash as a long-term asset yet. This coin is more used as a speculative tool. For this reason, at the moment BCH has rather vague and uncertain future.

3. Briefly about the hard fork Bitcoin Cash

The hard fork of Bitcoin Cash was on November 15, 2018. After this event, the network received two incompatible consensus protocols BCHABC и BCHSV. The community of coin divided into two parts: on the one hand Roger Ver, and on the other Craig Wright. The outbreak of the conflict is considered to be Bitcoin ABC update, which began to support smart contracts and atomic swaps. In response to this update, Craig Wright offered the community his vision for the future development of the project. He proposed to increase the block`s size up to 128 MB. Such decision was not supported by Roger Ver and his part of miners. Because of this, another coin will now appear in the cryptocurrency world.

This is very good news for BCH holders. The matter is that after hard fork, investors received the same amount of coins of the new network, which complies with their BCH`s balance.

Against this background, the Bitcoin Cash rate grew up by almost 50% only for the first week of November.

Source: https://coinmarketcap.com/

This growth was artificial, therefore, we observed the same rapid rollback before the hard fork.

Source: https://coinmarketcap.com/

4. Conclusion

Bitcoin Cash is a project with rather big ambitions, ultimate goal of which is to push the original Bitcoin from the first place. In fact, BCH has fewer problems with scaling, and also can boast of low transaction commissions. But on the other hand, there is conflict between developers, still unsolved problem of automatic control of complexity, as well as increased volatility. Now it is hard to make long-term forecasts for Bitcoin Cash, as it is not clear yet, which of two networks will be more stable.

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Top 10 Cryptocurrencies: All the Largest Cryptocurrencies to Invest in 2018

From the moment the first cryptocurrency has been launched into the net, nobody would ever believe that it will become the most attractive investment object. Even investors who earlier admitted the possibility to get profits only from IPO shifted their attention to ICO and other means of investment into digital coins.

Curiosity significantly increased in 2017, when cryptocurrency shocked the market by its capitalization, which grew from $ 18 billion to $ 800 billion. However, the phenomenal increase turned into a fatal fall of the market capitalization to the point of $ 254 billion. Now, it is the end of October 2018 and the world is anticipating another cryptocurrency growth.

That is why it is necessary to consider TOP 10 most attractive cryptocurrencies for investment in 2018.

1. Bitcoin (BTC)

It is the most popular cryptocurrency which does not require any introduction. Even those who have nothing to do with crypto industry and hardly distinguish blockchain from blockbuster know about it. The only thing is that many people have problems with the concept of Bitcoin, as a cryptocurrency and a platform.

So let’s sort it out. Bitcoin is a payment system that uses Bitcoin or, in brief, BTC cryptocurrency coins in order to account transactions. The peculiarity of the system lies in the objective to exclude centralized intermediaries such as banks, credit organizations and others. For example, you need to transfer 1 BTC and it is possible to make it through Bitcoin payment system without banks and other financial institutions. Bitcoin cryptocurrency is alternative to fiat currencies such as USD, RUB, JPY and others.

Bitcoin pros

The benefits of BTC can be discussed endlessly. After all, the largest cryptocurrency is the oldest one among all existing cryptocurrencies. It has the largest crypto community, which includes developers and investors who support the further development of Bitcoin currency.

BTC is easy to buy, as it is supported by all the well-known cryptocurrency exchanges and digital wallets. The world’s fundamental economy takes into account the world’s first cryptocurrency, and such well-known platforms as Bloomberg, Microsoft, Overstock.com, Expedia.com and others accept BTC crypto-money as the payment means for purchasing goods and services.

Bitcoin cons

It has annoyingly slow transaction speed that takes about 10 minutes. This is due to the capacity of the network which is able to process not more than 7 transactions per second.

Due to increasing competition inside the network, BTC mining has become extremely energy-consuming. Today, not everyone can afford a mining farm. As Bitcoin mining requires ultra-powerful computer equipment with corresponding cost. Beside that, it consumes a lot of electricity.

Bitcoin transfer fee is unreasonably high, which makes it less attractive for many people.

Historical performance

It is hard to believe, but in 2010 everyone could afford BTC, since the price for a one was about $ 1. Isn’t it nothing? But in December 2017, the price appeared to be not funny at all. One BTC was sold almost for the price of $ 18 thousand.

After such a rise the rapid fall has started. Now, BTC is experiencing recovery times, the crypto industry is anticipating a new wave. Even in the slack period, Bitcoin remains the first cryptocurrency in the world in terms of capitalization, which is 30% of cryptocurrency market.

2. Ethereum (Ether)

If you are not familiar yet, then let me introduce you the second cryptocurrency in the world, after Bitcoin, which is in great demand and interest of a wide audience which is not even directly dealing with digital coins.

The first Ethereum coin was created in 2015 by Vitaly Buterin. Many people believe that it is more than a cryptocurrency. Ether has the same situation as Bitcoin, as it is both a platform and a cryptocoin. As a platform, Ethereum is developed on blockchain technology for creation of decentralized services and smart contracts. ETH is an intra-platform currency which is used as a payment method for the services provided by the Ethereum platform.

Ethereum pros

It is the largest platform worldwide for creation of smart contracts. It provides a complete base for launching tokens and other projects on the basis of the blockchain technology. The transactions in the Ethereum system are completed just in few seconds, while Bitcoin keeps you waiting for 10 minutes.

Ethereum cons

When scaling, Ethereum faced many problems. The platform still checks the transactions that cause network overload on the Proof-of-Work mechanism. ETH mining requires high computational power, which can be provided only by ultra-powerful computer equipment. Not everyone can afford such equipment for mining, and the process of cryptocurrency mining consumes a lot of electricity. But now the developers are trying to solve the problem related to the demands towards electricity consumption and reduction of network competition.

Ethereum also supports only one programming language called Solidity. The world’s second cryptocurrency from time to time is faced with the competitive pressure of digital coins, such as NEO and Cardano, because they offer similar services via an improved technology.

Historical performance

2017 was the best year for ETH. Then the price of digital currency began to grow rapidly. The price increase lasted until January 15, 2018. Then the cost of one ETH was $ 1,390. Now, as of the end of October 2018, ETH is at the stage of degeneration.

3. Ripple (XRP)

This is a unique cryptocurrency, a platform that has an evolutionary mission such as the elimination of problems related to implementation of international payment transfers. Ripple platform, with its digital currency, was launched in 2012 in order to speed up and reduce cost of international transactions.

Ripple pros

Any international transfers last a week, while Ripple needs only a few seconds in order to complete this task. Also, the transfer fee is much less. Compared with traditional fee this is a very small amount of money. The platform partners are real financial institutions, including American Express and Santander. Many people think that making money with Ripple cryptocurrency is more than realistic.

Ripple cons

The platform contradicts a fundamental principle of cryptocurrencies such as decentralization. Due to the fact that half of the XRP belongs to the company for scalability, it follows that the management of the digital money flow of the Ripple platform centrally.

Historical performance

Ripple was launched in 2012, but it gained its success only in 2017. After a fantastic increase of crypto money prices, XRP has become the third largest digital currency in terms of capitalization. Ripple has surprised everyone because its price has grown almost from zero to $ 4.

4. Bitcoin Cash (BCH)

As you have guessed, Bitcoin cash is a fork cryptocurrency of the well-known Bitcoin, which was originally launched into the network in 2016. Fork appeared in the result of not taking a single decision by the Bitcoin developers regarding the system updates. In fact, Bitcoin Cash is an improved version of Bitcoin.

Bitcoin Cash pros

During the upgrade, the block size was increased to 8 MB, which significantly increased the speed of transactions. We remind that one Bitcoin block has a volume of 1 MB, which explains the slow speed of transactions.

Bitcoin Cash cons

It is suggested that Bitcoin cash becomes as decentralized as its parent company. However, now it remains doubtful.

BCH mining is a costly thing. Due to the network competition, it has become very difficult and energetically consuming to mine new blocks. Now, in order to mine Bitcoin Cash a huge computing power provided by the ultra-new computer equipment is required. The cost of such machines is sky-high. Competition in the network is constantly increasing, so mining will constantly require upgrade of computer equipment.

Historical performance

After the first launch of the network Bitcoin Cash very quickly reached the TOP cryptocurrencies. In July 2017, the currency price increased from $ 500 to $ 4 thousand. Anyone can compare Bitcoin and Bitcoin Cash charts. We recommend CoinMarketCap for monitoring. While comparing the charts, pay attention that the performance of the BCH price is very similar to BTC one.

5. EOS

It was launched by ICO in June 2017. The platform itself is considered to be a direct competitor to Ethereum and NEO. It was created by Dan Larimer, the founder of the cryptocurrency exchange Bitshares and Steemit. EOS is a platform for developers who are working on creation of decentralized management applications and improved smart contracts.

EOS pros

The platform will be much bigger and have a more global impact than the well-known Ethereum. Such forecasts are justified by an enhanced mechanism for monitoring transactions. Presumably, the developers will be able to accelerate the speed of transactions to 10 000-100 000 operations per second.

EOS supports several programming languages, including C ++. The names of the team members who have been working on the implementation of the concept, and are currently improving and launching their own platform, are known worldwide.

EOS cons

The only one and main disadvantage of EOS is that the platform is still in test mode. Therefore, all its advantages are only forecasts for the future.

Historical performance

Since its launch, the cost of the EOS token has increased significantly. At the same time, it is one of the few digital coins that has suffered heavily from the collapse of the cryptocurrency market, which occurred in early 2018. Despite the fact that currently, in October 2018, the cost of EOS cannot exceed $ 6, the cryptocurrency remains in the TOP 10.

6. Stellar (XLM)

This cryptocurrency is a Ripple fork. The founder of XRP and XLM is Jedo McCaleb, that is why it unites Stellar and Ripple. The introduced digital currency differs from the others, which are in the TOP, by the fact that the project it supports is not commercial.

Stellar pros

The XLM is much more decentralized than the Ripple. It is more trustworthy because it is non-commercial. More than 30 banks and financial organizations, such as Deloitte and IBM, cooperate with Stellar.

Stellar cons

There is a huge competition aimed at solving problems related to the international payments. Ripple is among the competitors.

Historical performance

Stellar currency exchange platform has been operating since 2014. The revolutionary solutions of developers that are integrated into the platform have helped XLM cryptocurrency to enter TOP 10 best digital currencies in the world to invest.

7. Litecoin (LTC)

A former Google employee, Charlie Lee, in 2011 created the Litecoin payment system, the cryptocurrency of which  is called LTC. The platform is developed on Bitcoin blockchain technology. This fact raises the question: “What is the difference between LTC and BTC?” as in fact, there is no difference. Litecoin hit the top ten due to the fact that it has passed the test of time.

Litecoin pros

Transactions with LTC take not more than 2.5 minutes, while Bitcoin keeps you waiting for about 10 minutes. The commission per transaction on average amounts to $ 0.179. This is undoubtedly an advantage, since Bitcoin`s average commission equals $ 1.8.

Litecoin cons

This digital currency can offer nothing but insignificant transaction speed. It is not substantially different from other cryptocurrencies. Litecoin is constantly facing the competition, which can make a much better offer, complemented by confidentiality, smart contracts, international money exchanges and others.

Litecoin currency can be mined. But this mining will be very costly due to high resource consumption such as computing power, electricity and other things.

Historical performance

Litecoin has been in the top 10 cryptocurrency leaders for 7 years. Its sidereal time was in December 2017, when the cost increased to $ 350 from $ 4. After the price increase a collapse occurred, which negatively affected the majority of cryptocurrencies.

8. Tether (USDT)

This cryptocurrency is connected to dollars, a fiat currency. It is called a crypto-fiat hybrid, because the cost is connected to a fiat currency: 1 USDT is always equal to $ 1. Dollars are not the only currency to which the USDT is pegged. The cryptocurrency also supports euro and yen.

Tether cons

There are no problems with the transfer of these coins to other currencies, as popular fiat currencies constitute a price benchmark. Although Tether currency is considered to be a hybrid one, it still retains the benefits of cryptocurrencies, such as decentralization, transparency and accessibility.

Tether pros

Perhaps, this cryptocurrency is one of the most scandalous. News portals daily break the news, where the well-known figures of the crypto industry criticize the hybrid currency. Tether may refuse to service the customers who do not meet the consumer’s conditions.

Historical performance

Tether was launched for the first time in 2015 by Tether Limited Company. For such a short time of its existence the cryptocurrency joined the TOP 10. From 2017 to 2018, the token issuing volume from $ 10 million increased  to $ 2.4 billion.

9. Cardano (ADA)

In 2017, Charles Hoskinson created Cardano. He worked on the development jointly with the co-founder of Ethereum. Cardano is a decentralized platform for creation of the similar applications and smart contracts. The idea is the same as in the Ethereum, but the difference is that Cardano is an improvement. At the moment, Cardano is the most modern generation of blockchain technology.

Cardano pros

The platform is supported by academic communities whose members are famous blockchain researchers and scientists. Cardano is much larger than Ethereum, and its throughput per second is 257 transactions.

Cardano cons

Many concepts which were presented before the launch of the platform have not been implemented up to this day as the final product. It has strong competitors – Ethereum, EOS, NEO, Fusion.

Historical performance

Despite the fact that Cardano a relatively new cryptocurrency, it already has managed to make its contribution into crypto-industry and get into the TOP companies. In the period of huge increase in cryptocurrency prices which occurred in 2018 год, ADA grew up from $0,2 to  $1,2. In March 2018 Cardano`s price significantly decreased, however now, by the end of the year it is coming back to life a little bit.

10. Monero (XMR)

This cryptocurrency is aimed at anonymous payments. Monero is issued via cryptograms and doesn’t have any relations to a fiat currency that is why the transfers are made via this platform without any banking interference.   

Monero pros

The given cryptocurrency doesn’t depend upon a fiat currency that is why it is indifferent towards inflation. XMR has its limited number which guarantees the permanent currency demand increase. Monero is considered to be one of the most reliable cryptocurrencies among the currently issued ones. More over, it guarantees complete anonymousness and its holder`s protection.  

Monero cons

Each transaction volume is approximately 8 times bigger than in the Bitcoin system. Despite the fact that Monero position itself as an anonymous cryptocurrency, some critics still extensively deny this peculiarity and put it under a huge doubt.

Historical performance

For crypto-industry Monero became more recognizable in the middle of 2016, when its price began to grow actively. In August 2016 one XMR coin was sold with the price of approximately $1,7, and in September the same year the first serious digital record recorded for Monero in the amount of $13. Nobody could ever think that new and more successful records will appear. March 2017 brought the good news with the mark of $22, August showed the number of $144 and December surprised a lot that XMR price reached $460. Do you think it was a limit? Of course, it was not. At the moment the maximum record Monera got in January 2018 with the price indicator of $494.

Thus, after huge rise the strong falling begins. The cryptocurrency today is sold approximately with the price of $100 per coin.

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Turkish Police Detained 11 Criminals That Stole Bitcoins for 80 Thousand

The Cybercrime Department of the Turkish National Police has arrested 11 people who are suspected of breaking into cryptocurrency wallets. This has been reported by the Turkish edition Hürriyet.

Istanbul police received appeals from 14 citizens. According to the victims, their cryptocurrency wallets were hacked, and Bitcoins were stolen from there. Law enforcement agencies launched an investigation and a search campaign for the criminals who hacked emails, account data and passwords.

The number of stolen BTC equals to 437 thousand TRY or $80 thousand. Presumably, the hackers transferred the cryptocurrency to several fake accounts in order to convert it into fiat currency.

On October 26, 11 people were arrested in different parts of Istanbul by agents of the cybercrime unit. The alleged criminals were found through SIM-cards that were registered on crypto exchanges. Additionally, the police monitored stolen assets through banks’ security cameras, in case of a quick transfer of funds. During the arrest, the police seized two fake IDs, identifying individuals, a number of devices that were used for hacking, a SIM card and 22 flash devices.

At the moment, the investigation is ongoing. Allegedly, there are many more victims of hacking.

We remind you that recently, a group of players of a popular computer game “Call of Duty” have stolen 3.3 million dollars.

Call of Duty Theft: FBI Details on Stolen $3.3 Million in Crypto

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The Main Myths Connected with Bitcoin: A Pyramid, A Bubble or A Valuable Asset?

There are a lot of different rumors, hearsays and myths about Bitcoin, so that its reputation is still uncertain. Most people take this asset as a financial pyramid in justifying that it isn’t proved physically. Let’s deal with it in more detail.

Contents
(please, click the topic to scroll down to it)

  1.     Is Bitcoin a pyramid scheme?
  2.     What is Bitcoin backed by?
  3.     Conclusion  

1. Is Bitcoin a pyramid scheme?

First, let’s discover what financial pyramid really means. Well, a financial pyramid implies profit received from membership fees of new users to earlier participants. You have a great possibility to gain money in such scheme if only you are a founder or a co-founder of this project. According to the law of large numbers, sooner or later the schemes like this are doomed to failure.

Now, let’s discuss the market value laws, due to which Bitcoin’s price forms. If demand exceeds supply, the Bitcoin’s price is grows, if conversely, and the quantity of sellers is more than buyers, the currency falls.The price of any asset works in this way . For example: natural resources, wheat, precious metals, stocks, etc. So, accordingly, we can surely say that Bitcoin is not a financial pyramid.

2. What is Bitcoin backed by?

To deal with this question, first we should understand what “backed up asset” means. Let’s draw an analogy with the most liquid asset in the world, now it’s the USD. This is a fiat currency of one of the most developed country in the world. Its emission is fully controlled by the US Central Bank. At the dawn of its history, the USD was supported by official reserve assets, but it wasn’t for a long time, from the 1950s, when dollar became an international economic currency, its linking to gold disappeared. Nowadays dollar is supported only by people’s faith in stability of American economy, but in no way by something physical.

The next example will help us to understand the pricing on physical objects, such as: gold, platinum, etc. So, what factors have the impact on the price of, for example, gold?

  • Production cost
  • Values from using
  • Limitation

Not for nothing, Bitcoin is often compared with gold, actually, these two assets have a lot in common.

1. Cryptocurrency also can be mined and this process has its own cost price. For mining one Bitcoin X kilowatts of electricity are required. Every year the difficulty of mining is growing, that leads to increase of prime cost of mining.

2. Bitcoin’s value is made up of easy storing and transfer of funds directly from one user to another without involvement of mediators. It’s impossible to close Bitcoin’s chain,to do it, all participants’ computers all around the world should be turned off.

3. Don’t forget that emission of the coins is strictly limited to 21 million, that’s why the popularization of Bitcoin may inevitably increase its rate.

But, most of all Bitcoin is supported by faith in it by a lot of people all over the world. Most cryptocurrency investors are sure that in the nearest 3-5-10 years the digital coins will become an integral part of world economy.

3. Conclusion

All innovative products, face with some skepticism at the beginning of their history. It’s absolutely normal, because general public can’t take changes immediately. If you understand Bitcoin’s price forming, it will be clear that it’s not a financial pyramid. If you spend five more minutes, it will be obvious that Bitcoin is supported not worse than USA dollar or gold.

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Promising Сoins in 2019 or Is It Not Too Late to Buy Crypto?

Bitcoin and some altcoins have already helped their early investors to become dollar millionaires. After the last year’s cryptocurrency boom and the deep correction in 2018, many people consider that it is too late to invest into digital coins. But in this article we will dispel this misbelief, and also talk about specific coins that have the greatest chance to be successful next year.

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

  1. Why it is not too late to enter the market
  2. The most promising coins of the next year
  3. Conclusion

1. Why it is not too late to enter the market

If to look at the situation from a global perspective, you can see that the cryptocurrency industry is still at a very early stage of its development. As of now the historical maximum of the entire market capitalization equals a little more than 800 billion dollars. On a global scale, this is an absolutely small value, for example, the capitalization of the Apple company only exceeds the mark of 1 trillion dollars. As of mid-October 2018, after a protracted correction, all cryptocurrencies are valued at only 200–220 billion dollars (taking into account the volatility). Based on this information, we can easily claim that digital coins still have fairly high liquidity in a long- term perspective.

2. The most promising coins of the next year

According to CoinMarketCap’s global rating, there are now a little over 2,000 different coins and tokens on the market. Unfortunately, not all of them have real value and at least some future perspectives. We will not talk about specific coins that will definitely give the cherished X’s next year, since making such statements is nothing more but an attempt to predict the future. We only have identified TOP-5 promising coins, which are more likely to go up in price next year, so let’s start.

Ripple

This project cannot boast of a stable rate, but it has a big number of major partners who already successfully use its technology. This coin focuses on banking sector, it has a huge throughput capacity and very small commission fees. Last year, the coin showed a stunning dynamics, its rate has increased almost 600 times. The coin has a great chance to become a mediator who will connect cryptocurrency industry and banking sector. In this case, the price of XRP tokens can reach a fundamentally new level.

Ethereum

Now Vitalik Buterin`s “brainchild” is not experiencing the best of times. The coin rate is about 200 dollars. However, do not forget that Ethereum has a good reputation and still remains the largest decentralized platform in the world. The development team certainly has to solve a lot of problems (scalability, inflation, etc.), but the project has good chances for a bright future.

NEO

The Chinese analogue of ETH, which is often called the crypto-yuan. Asian market is one of the largest markets in this industry, so the project has all the chances to firmly consolidate itself in TOP 10 leaders in the near future.

IOTA

This project is an innovative micro-payment system without transactions. For this reason, IOTA is a very fast and also very trusted system. Recently, the coin has found major partners (for example, BOSCH company), which speaks of its real value.

Bitcoin

It may sound strange, but Bitcoin is the engine for the entire cryptocurrency market. BTC has the largest number of users, its capitalization is more than 50% of the entire cryptocurrency market. Taking into account that the mining complexity is growing, and the award is decreasing, this will lead to a lack of the coins in the future, which will positively affect the coin rate. Bitcoin statistics for 2018, like in case of the overwhelming majority of coins, is sad, but among all the coins presented BTC has the biggest chances of recovery.

3. Conclusion

There are a big number of different cryptocurrency projects on the market, but not all of them have future. In order to feel more comfortable on this very unpredictable market, it is better to diversify your risks and purchase 10-20 different coins. Such approach will help to protect your investment from huge losses.

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