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Reasons Why Decoupling with Bitcoin Could be Beneficial for Cardano

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Bitcoin

There have been some glaring fluctuations in the cryptocurrency market over the past few days predominantly because of the rise and fall of Bitcoin, unarguably the most popular cryptocurrency to date. Since Ethereum was introduced to the market as an alternative coin or Altcoin in order to bring some major improvements in the crypto-world, there has been a constant vying amongst Bitcoin and the rest of the eighteen hundred altcoins. This vying is mainly for gaining a gargantuan market capitalization along with a commendable position on Coinmarketcap.

Among the numerous Altcoins that are now traded by cryptocurrency investors across the globe, Cardano is certainly one of the popular ones. Despite experiencing a recent downfall in its price, Cardano is still holding the seventh position on Coinmarketcap with a decent market cap. Very recently, this cryptocurrency made an announcement regarding the cancellation of accepting Bitcoin payments. This phenomenon initially made a huge impact on the cryptocurrency market as well as on various social networking sites like Twitter.

Whilst, some speculators are doubtful about Cardano’s future after this incident, most of them are hoping for an elevation in the price of Cardano. Here, some factors would be discussed that would help you to comprehend why this decoupling could actually be beneficial for this digital currency.

a. Being Free from Bitcoin’s Influence: It is a well-known fact that market speculation and sentiment plays a pivotal role in determining the current situation of a specific trading market. Most of the Altcoins are tied up Bitcoin because it is still the first point of contact while trading in certain cryptocurrency exchanges. Being the first ever digital currency accounts for the huge circulation of Bitcoin as well. This dependency makes several Altcoins susceptible to subtle changes constantly occurring in the market and consequently, when Bitcoin experience a massive loss in its price, other dependent coins plummet commensurately. Cardano’s recent decision of decoupling would put it outside the speculative space and in process, it would be impervious to the sudden fluctuations in Bitcoin’s price.

b. Grabbing Attention of New Traders: Despite being the first cryptocurrency to be introduced to traders, Bitcoin’s technology has certain limitations that sometimes can be used to other currency’s advantage. While several Altcoins use a similar technology as Bitcoin by implementing SHA-256 algorithm, ADA, the official cryptocurrency of Cardano offers a different technology and trading approach. On this platform, coins are mined and certain decisions are made via Ouroboros, a proof-of-stake algorithm. Also, using a different technology than Bitcoin would make it a more stable currency than Bitcoin and other similar currencies. Hence, the recent decoupling with Bitcoin is likely to help this currency develop in its own way and offer new innovative features to the cryptocurrency traders.

c. Acceptance of USD Deposits instead of Bitcoin: In the past few weeks, several renowned currency exchanges have started accepting USD instead of Bitcoin due to its capricious nature and vulnerability to certain malicious cyber-attacks. As a result, Cardano would get the opportunity to be accepted in more exchanges with ADA/USD trading pair in lieu of ADA/BTC. This incident would invariably increase the exposure and circulation of this currency.

Recent Developments of Cardano:  

On 14th February 2018, this coin got engaged in a strategic partnership with Sirin Labs which immediately resulted in a considerable price surge. According to Cardano’s whitepaper, this partnership was one of the many significant partnerships that are about to commence during this year. Without the influence of Bitcoin, the number of such partnerships is likely to increase to a great extent. Also, Cardano’s development team has announced a software update that would eliminate all mainnet bugs and compilation errors swimmingly. This update is likely to offer Cardano users the amount of security that other coins are unable to provide.

Final Thoughts:

This cryptocurrency was introduced on 29th September 2017. Within a time period of six months, Cardano has been able to acquire the seventh position on Coinmarketcap with a market capitalization of $3.8 billion (on 2nd April 2018). If this is any indication of what is about to unfold in future, traders can certainly be hopeful about this coin’s future. Decoupling with Bitcoin would just strengthen positive speculations as it would effectively remove the volatility factor from this currency’s property.

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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.

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Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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