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Ethereum (ETH) Ranked #1 In New Chinese Government Ratings

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Ethereum (ETH)
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The Chinese government has been known to have ordered a total ban on all cryptocurrency related activities in its jurisdiction. Every crypto from Bitcoin (BTC), Ethereum (ETH) and lesser coins was targeted in the ban that shook the crypto-verse last year and early this year. This attempt by the government was seen by many Crypto-enthusiasts as being unfair and perhaps a precursor for the authorities to issue a digital form of the Chines Yuan to further guarantee the currency as being a better stabler option to the regular crypt out there. This has not yet materialized but the Chinese authorities are now ranking cryptocurrencies.

In the new rankings that have just been released by the Ministry of Industry and Information technology, Ethereum (ETH) scored 129.4 in an assessment index by the ministry and due to its smart contract capability. The evaluation of the cryptocurrencies focused on the technical proficiency of the cryptocurrencies; the corresponding platforms that they offer; the application level of each; and their availability to the users.

Analysts were quick to add that the Chinese government rankings overlooked factors such as the track records of the cryptocurrencies to come up with the list. This then explains why Bitcoin (BTC) was ranked #13 even if it is the oldest and most popular of the bunch.

Below is the complete list from @cnLedger from Twitter:

Source, @cnLedger

To note is the number 16 to 25 rankings below the main table in the screenshot above.

The rankings by the Chinese officials could also prove what many Cryptocurrency enthusiasts have been saying with respect to Ethereum ‘dethroning’ Bitcoin (BTC) from the top due to its superior qualities and functions. Roger Ver, also known as ‘Bitcoin Jesus’ had expressed a similar opinion a week ago and had this to say:

“I see it happening, and I believe it’s imminent. Ethereum could overtake bitcoin by the end of the year and bitcoin cash could do the same before 2020.”

Bitcoin has enjoyed the spotlight for the last few years due to the fact that it was the first cryptocurrency in the markets. It also introduced us to blockchain technology and the concept of decentralization through its creator, Satoshi Nakamoto. What remains to be seen is the ‘flippening’ of Bitcoin by Ethereum.

Flippening is defined as the act of one lesser known or less dominant cryptocurrency, gaining prominence over another formerly dominant coin with time. In this case, Ethereum will be the one flippening Bitcoin.

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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 Pexels

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Cryptocurrency, Online Gambling, and Regulation: One of the Three Can’t Stay

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online gambling
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To say that cryptocurrency is disrupting the world of technology and finance is an understatement. Ever since they arrived on the scene in 2009, they’ve been geared toward forever changing the fintech landscape for good.

One of the main reasons the technology proved to be so revolutionary was blockchain — the backbone of most cryptocurrencies. Blockchain is the digital ledger that provides full transparency and immutability of data, all the while eschewing any kind of third-party authority meddling. These attributes can lend themselves quite handily in a whole series of industries.

But increasing regulation of cryptocurrency may lead to it no longer proving useful to particular niches. One of these endangered industries is online gambling, which could suffer tremendously from heavily regulated cryptos.

How Cryptocurrency Helps Online Gambling

Online gambling happens to be one of many that would (and does) benefit from integrating cryptocurrency. Gambling happens to be illegal in many countries, and the people there cannot access online gambling either, even though it specifically remains unaddressed by most legislation. They had no channels with which to finance casinos they wish to play in, seeing that banks or other financial services don’t want to interfere when there’s a chance of legal repercussions.

But cryptocurrency enabled casinos to accept players that had no alternative with which to engage…

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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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Bitcoin recovery services – Pros and Cons

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Bitcoin recovery services
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A difference between fiat currency and cryptos, and it’s arguably the most important, is that with fiat currency financial institutions such as banks will get your money back if it goes missing, or if you place an order which never arrives. Unfortunately, this doesn’t apply to cryptos, with personal responsibility being crucial.

Cryptocurrency must be stored somewhere such as in the reputable Bitcoin Luno wallet, but if this was to become inaccessible, it could mean there’s the potential for duns to be lost forever. However, there are now recovery services in place which aim to attempt recovery, but, of course, there are pros and cons which come with them.

The main advantage is, of course, there is a chance that a wallet will be recoverable, as there could be a large amount of Bitcoin stored. While the chances of recovery do vary, if a user was able to recall their password, there’s an improved chance of success. So, keeping a backup of a password is crucial in case the worst does happen.

Many recovery services are operating now, and some use different techniques to others, so there is always a chance one provider may be able to help. The more options, the better in this instance, and as customer reviews are viewable online, it will give those in need of help…

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