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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

Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Altcoins

TRON (TRX) Is Likely to Go Big in June

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We are now halfway through 2019, and the situation in the crypto space is better than ever in the past year. Numerous cryptos are seeing large gains, often cut by brief periods of stagnation or small corrections, but the overall sentiment is obviously bullish.

Bitcoin sits way above the $8k mark, and while it struggles to go beyond $8,700, it is still trying to grow. Investors and analysts are quite bullish regarding the foreseeable future, and a lot of altcoins are expected to follow BTC in this regard. However, today, we would like to talk about one particular altcoin — TRON (TRX) — as well as why it is likely to go big in June.

TRON’s progress so far

As many people in and out of TRON community know, TRX is not a project that often sits still. It is rich with announcements, particularly when it comes to his CEO, Justin Sun, whose enthusiastic tweets often seem like hype building to many.

However, TRON made some massive progress in 2018, which was the worst year cryptocurrencies have ever seen. This is not something that can be achieved through hype alone, and the project needs to have true quality and value in order to see such massive development in the middle of the longest and harshest crypto winter in…

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Altcoins

IOTA (MIOTA) Pending Update Might Bring Huge Gains in Days to Come

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IOTA
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The crypto space is erupting once again, and if popular predictions are correct — the growth is only starting. However, in the vast sea of altcoins that hold the massive potential to go big in the future, we would like to set IOTA aside as one of the coins that might blow up quite soon.

As always, there are no guarantees of this, as the crypto space still lacks regulations, and remains highly volatile. To see proof of this, all you need to do is look at Bitcoin, which goes up by $1,000 within a day, only to slowly drop by $700 in the following week, and then repeat the process. In other words, there is still a lot of uncertainty regarding any project, and that includes IOTA.

However, even with all of that in mind, many are quite optimistic about this particular project, especially after a recent announcement. The announcement in question indicates that IOTA is about to see a massive upgrade. In most cases, this would be more than enough of a reason to expect the coin to start performing better. But, in IOTA’s case, this is nearly a guarantee that it will.

The update is believed to carry a lot of fixes for a lot of problems that traders and investors have been reporting for a while. No crypto is perfect, and since IOTA is…

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