Connect with us

Altcoins

Electroneum (ETN) price slump stagnant following KYC implementation

Published

on

Electroneum
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

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

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

Continue Reading

Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

Published

on

Hodium
READ LATER - DOWNLOAD THIS POST AS PDF

I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

Continue Reading

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Elite