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Rebranding Verge (XVG) From Altcoin to Global Market Player

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When the Cryptocurrency market, on the whole, started to gain popularity over the last 2 years, few could’ve predicted that several cryptocurrencies would reach the very top of brand recognition. In particular, Verge currency, which was launched in 2014, and has experienced a massive jump in value, currently ranking it at 29th according to coinmarketcap.

Unlike before, The Verge currency has a well-established brand name, with a supportive community behind it. It has a 260,000 strong Twitter page as well as a combined 80000 community members on its Reddit and telegram channel. They are generally pro-active about the recent developments of the project, with Wraith Protocol, a long-awaited feature slated to be released. This would allow users to choose a public or private ledger when making a transaction.

When Verge was first launched, not enough importance was given to establish a globally recognized brand name. Indeed, when the currency first started attracting everybody’s attention, the Verge team realized the importance of re-branding to achieve their goals of mass adoption. The Verge team has always put emphasis on transparency, and this move is sure to positively affect Verge’s valuation.

Initial Changes: Verge was previously operating under the name “DogeCoinDark” and operated under the name until 2016 when they changed the name to Verge Currency. The move was aimed at making the currency more suitable for mass market adoption. Also, the name “Dogecoindark” indicated that it was a fork of Dogecoin, which was not the case. Hence an exciting new name” Verge” was chosen to develop an iconic brand for mass adoption.

Verge and the Current Market Scenario:

Since the beginning of the year, Verge has experienced remarkable success due to a number of factors in the market.  The currency initially exploded in value by almost 3000%, in line with the overall Cryptocurrency market. Much of the bullish sentiment can be attributed to John Mcafee’s support of the currency, where he predicted that Verge was going to hit the $15 mark. However, the Q1 slump for the year had a negative effect over Verge, with its value significantly dropping through February and March.

The Verge Team, however, placed an unorthodox pretense for their crowdfunding and promised to unveil a lucrative partnership at the end of it. This allowed Verge’s value to skyrocket against the bearish market, and Token Pay was unveiled as their new partner.

Partnership and Integration withTokenPay:

The partnership Announcement was directly linked with the crowdfunding announcement made earlier, as explained by TokenPay representatives. TokenPay would make Verge the first Cryptocurrency to get its own debit card if this is a success. This was later confirmed by the official twitter handle of Token pay, which announced the completion of the deal. The Verge Debit Card deal is expected to be in full force before the first week of May.

Final thoughts:

The majority of the currencies in the crypto-space, no matter how successful the project is, are still recovering from the overall market slump. Verge seems to be having a tough time compared to the others, as it is still trading in the red (-1.36%) at the time of writing. It was valued at a high of 0.072568 on April 22nd to $0.073044 on April 29th, suffering price drops in between. Thus, Verge functions more as an underdog against the larger coins in the industry, but slowly gaining traction. Much of the future prospects of Verge depend on the RSK implementation, which would introduce both smart contracts and enterprise-grade transactions into the system. Many analysts, however, have cited Verge’s Open source nature as one of the reasons for its slow development,  as other more centralized projects can overtake Verge due to more concentrated efforts.

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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 Saku Takakusaki via Flickr

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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