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Why Cryptos Might Never Go Big on Facebook and Other Social Media

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cryptos

Cryptos took the world by storm in 2017, and despite the fact that what followed was the longest and harshest crypto winter in their history — they continued to attract investors and tech-savvy users. Their popularity kept growing despite declining prices. So much so, that some of the largest social media and messaging platforms have decided to ‘go crypto,’ and try to create their own coins which would then be introduced to their users.

Companies like Facebook and Telegram are supposedly already developing their cryptos while finding ways to integrate blockchain technology as well. According to them, crypto and blockchain industries have failed to go mainstream, and now it is their turn to try succeeding at bringing these new technologies to mass adoption.

The online communication giants are planning on bringing cryptos to their platforms, which would allow their mainstream users to send payments to one another easily, similarly to what PayPal and Venmo are offering. The payments would be instant, whether local or international. Facebook attracted attention because of this in particular, as it plans to introduce its new coin to WhatsApp users and let them send funds to pretty much anyone on their contacts list.

Anonymous sources have even confirmed that Facebook is already discussing the possibility of selling its coin to investors with several exchanges. Similar reports were also coming from individuals familiar with the inner workings at Telegram and Signal.

Facebook and Telegram could bring millions to the crypto world

It is well-known that Facebook has over 2.3 billion accounts, while Telegram has 300 million active users. This type of reach is so massive that the existing number of crypto supporters can barely even compare to it. These companies’ decision to go crypto can, therefore, bring millions, or even hundreds of millions to the crypto space.

While this in itself would be a massive step up for cryptocurrencies, Facebook and Telegram are also not alone when it comes to going crypto, and many other companies are thinking about doing the same. Some of them are even working on their own coins already. If they all come up with their cryptocurrencies, cryptos might actually have a chance at reaching a mass, worldwide adoption in the next several years.

However, there is still one big issue that needs to be considered. This is a large roadblock that stands in the way of cryptos going mainstream, even if they can reach hundreds of millions of people via social platforms, and that is their overly-technical side.

Technical problems of cryptocurrency

At this point in their development, cryptocurrencies actually require a certain amount of technical know-how in order for people to become crypto users. While the lack of centralized authority is a goal of cryptocurrencies, for example, decentralization will be new to all of these new users. This is a roadblock that even tech firms encountered when they brought their own coins to the market, and it is likely that social platforms will face the same issues.

Then, there are challenges such as scams, hackers, and other criminals who might take advantage of those without experience and proper knowledge about crypto. This also goes back to the lack of central authority or regulations (at the moment, at least) which might protect the investors.

Then, there is the fact that crypto transactions are irreversible, while coins are currently still highly volatile. Cryptocurrency addresses might be another problem, as they are simply the strings of letters and numbers, and as such — they might intimidate new would-be users.

Another challenge may be the fact that cryptos use up to eight decimal places to show the coin’s value, which may confuse a lot of newcomers.

Even the experienced investors and traders still struggle with most of these issues, and if they find it hard to handle them, what chance do newcomers stand? In order to go big, cryptos might have to work on their user-friendliness in addition to security, quality, and functionality. Switching from fiat to crypto will be a big enough change for most people even without additional complications, and that might be the issue that everyone has been overlooking in an attempt to create the most useful coin.

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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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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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 been…

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