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Cryptocurrencies (BTC, ETH, LTC, XRP) Will Edge Out Traditional Financial Systems
The crypto markets have been in the red since Sunday and show no signs of stopping. Bitcoin (BTC) has been forecasted to touch $5,700 before any signs of a rebound can be seen. The King of Crypto is currently trading at $7,200 at the moment of writing this and down 1.70% in 24 hours. Ethereum (ETH) has also been affected and is trading at $539. Ripple (XRP) has not been spared and is currently trading at $0.57. Bitcoin Cash (BCH) has gone to levels below $1,000 and currently trading at $926.
The cause of the current decline has been the subject of speculation. Many traders have postulated the theory that Bitcoin manipulation is highly probable. They claim that it all started when the CME Group and CBOE started offering Bitcoin futures back in mid-December. But these institutions really be blamed? The crypto-verse is unregulated and subject to pump and dumps once in a while at the expense of the small traders.
But can it be that the actions of the ‘big shot’ financial institutions are the kicks of a dying horse? Are they seeing pending doom with the introduction of decentralization and peer-to-peer transactions as envisioned by Satoshi Nakamoto?
This might be the case. They are trying to make some profits before they fall like the wooden bricks while playing Jenga.
Niall Ferguson, an accomplished author and commentator, recently told a group at a seminar hosted by the Bank of England, that Bitcoin and cryptocurrencies were the financial systems of the future. He was also keen to note that we might be on the cusp of another financial crisis as the one witnessed in 2008. He had this to say:
“The financial system of today is not fundamentally that different than the financial system of the pre-crisis period, except that big banks are better capitalized. I don’t think much else is really different. The novelties, the things that will really matter ten years hence are still relatively small in scale. Whether its bitcoin or cryptocurrency generally or the massive revolution in online payments that is being achieved by the big Chinese tech companies, that’s the financial system of the future, and it is still small enough not to be systemically important in 2018. In short, I am left feeling we are only a matter of time before the next crisis.”
The last crisis was the fault of the American banks who were trading with derivatives of mortgages held by subprime borrowers. The interest rates of these mortgages fluctuated resulting in a domino effect of delinquent payments. What then happened is a total collapse of the economy due to lack of support for the value of the said derivatives.
Long story short, the banks messed it up. This then gives cryptocurrencies the opportunity of grabbing the wheel in terms of being the financial system of the future. Even with the current decline in the crypto market, there is some light at the end of the tunnel in crypto going mainstream. We hold the key to this adoption.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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