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NEM (NEM) vs Ripple (XRP): Which crypto you should invest in?

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NEM Ripple XRP
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In recent past, both NEM and Ripple have been gaining a lot of popularity, and as a result, somehow confusing potential investors as to which is the best cryptocurrency of the two they should invest their money in. In this article, we will try and dig deeper into the lives of these digital currencies to conclude which one you should buy.

NEM

NEM is quickly emerging as the preferred virtual currency that provides businesses and individuals new information and data security functionalities. Some crypto analysts describe it as the new kid on the block of cryptos, taunting it to be better than most currencies regarding technological features and advancements.

Unlike Bitcoin which is known for storing information of its investors, NEM allows users and businesses to store data and information securely.

The main benefit of this digital coin is that it allows any file or any information to be secured on your PC. What this means is that you have the privileges of storing your data and information protecting it from any tampering or changes in the file structure.

NEM is different from other existing coins that were developed using codebases as it uses a new set of codes that are not present in the other selected currencies. Although not being as old as most digital currencies, NEM is showing a lot of potentials and impressing many investors.

Ripple (XRP)

On the other hand, Ripple (XRP) is also a different currency that provides a protocol for most financial institutions to transfer their money across borders. Individual investors are also able to move money using Ripple to anywhere around the world.

One of the significant advantages of Ripple is that transactions are done and completed at near instant speeds. Moreover, the transaction costs are far lower compared to other virtual currencies.

More and more financial institutions are warming up to Ripple and using their network to initiate international payments. Currently, the cost of transferring money internationally without utilizing the Ripple protocol is significantly high. But thanks to the Ripple blockchain technology, the prices have been substantially reduced, in turn increasing XRP’s value significantly.

Ripple has a broad partnership portfolio with influential industry players and unlike Bitcoin is, it has a faster method of reaching consensus. Some of the big brands XRP has partnered with include the likes of Bank of America, UBS, Santander, and BMO.

The Brief Comparison

In the last 14 months or so, both digital coins have shown tremendous progress by appreciating by over 1000% in value. This is one of the reasons behind the confusion investors are having in choosing between them.

Ripple’s price is attractive as it is still affordable. Also, XRP is offering banks with enough liquidity to match their needs with almost ten trillion of float in nostro and vostro accounts. Many analysts argue that it is an inefficient model believing the platform is the future due to its design nature to capitalize on the liquidity need.

On which one is the best currency to invest in, it’s going to be a good idea to diversify between them to position yourself to reap from the rich dividends from both of the coins. But yes, in case, I’d need to favor only one out of the two in question, I would go with Ripple as things stand currently.

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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 Pxhere.com

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Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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