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Electroneum (ETN) price slump stagnant following KYC implementation

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Electroneum (ETN) which is also known as a mobile virtual currency, has managed to engrave its name into the history books as the first cryptocurrency in the world to incorporate KYC or Know Your Customer procedures. By doing this, Electroneum secures a position to be recognized means of virtual payments.

Through their Twitter handle, the Electroneum management broke the news to the public in jubilation earlier this month.

Sharing his insights on the cryptocurrency’s KYC achievements, the blockchain project CEO and leader, Richard Ells, had the following to say to the media and the general public:

“Today marks the third time our virtual currency and blockchain technology has broken new territory in the cryptocurrency space. We were the first mobile cryptocurrency in the world, we created the first cryptocurrency instant settlement API in the world, and today we are being feted as the first cryptocurrency to be compliant with the existing KYC requirements.”

This comes as great news for the upcoming virtual currency, but unfortunately, many investors and traders do not understand what this means for the blockchain technology.

What this means is all users of Electroneum will have to be KYC-compliant by 12th November 2018, according to news sources from the company’s management. At the moment, voluntary KYC registration is ongoing, and users are being encouraged to register themselves.

Richard added,

“Now that we are KYC approved, this will now allow us to advance from being a virtual currency into a virtual settlement provider like Apple Pay or PayPal, enabling us to support our core demographic: smartphone users in emerging and developing countries”

In the past few years, the cryptocurrency ecosystem has been faced with calls for regulations through KYC or Know Your Customer compliance. The world of FinTech is not being spared as these emotions are cutting across the board following the continuous adoption of virtual currencies by individuals and entities.

For a cryptocurrency that is compliant with the KYC requirements means it is a legitimate mode of payments that can be used to transact as identities are going to be linked with the balances. This will change the never-ending notion that virtual currencies advocate and are instruments for illegal activities and transfer of monies across the globe.

Is the KYC Compliance Move a Positive one for Electroneum?

Electroneum’s decision to lean towards KYC regulations open up the door for constant discussion on whether it was the right move or not. Regardless of the talks, one thing is for sure, by being KYC compliant, Electroneum has now opened the door for willing traders and users who initially were skeptic towards cryptocurrency, to be able to trade and invest without fear.

It is the primary goal of the partnership between Electroneum and Yoti digital ID, to boost the adoption rates of ETN as well as its legitimate use.

Although the progress cryptocurrencies such as Electroneum are making, the cryptocurrency world is far from free from illegitimate use as some users are still taking advantage of cryptocurrency’s anonymous nature to commit cybercrimes and corrupt dealings.

Electroneum Unending Price Slump

At the time of writing, the price of Electroneum (ETN) stands at $0.0162 with a total circulation supply of about 8 billion ETN coins. Over the 24-hours, Electroneum prices have depreciated significantly in value (down by more than 6%) even as the market shows signs of rebounding on the hourly chart.

Although the market is still recording a 2 percent net loss in both US dollar and Bitcoin, Electroneum uneasy projection remains top position signaling tough times ahead for the mobile cryptocurrency. On social media, opinions seem to be divided as a section of avid crypto enthusiasts predict gloom and doom for the crypto as another section show their support of the coin and expect it to appreciate anytime from now.

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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.

Image courtesy of Pixabay

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KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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