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Ripple (XRP) CEO: Bitcoin (BTC) price dominance about to end

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Not many people can generate the amount of excitement among ‘cryptonites’ as Ripple chief executive officer, Brad Garlinghouse. Speaking on Wednesday to CNBC’s Power Lunch, Garlinghouse declared that Bitcoin could be on the verge of experiencing an influence and price downfall in the cryptocurrency community as markets are gradually becoming aware of the different currencies and alternatives available to them.

When Bitcoin was initially offered in 2008, it was a game changer. For the first time, people could initiate transactions, trade, and trust in a medium of exchange without having banks or governments behind it. And with Bitcoin being the initial, most known, and largest virtual currency by market capitalization other cryptocurrencies including XRP are highly interdependent to it even though they are independent open-sourced technologies.

That’s something Garlinghouse believes is going to change over time as more people become aware of the other cryptocurrencies available through media coverage.

First, forward to 2018, Bitcoin, the almost a decade old currency, is not the default currency of choice in moving value. It is slowly evolving to be more of an asset than a currency; investors trade it like stocks or bonds, rather than as a medium of exchange of daily goods and services.

Its transaction costs have reached $4.50 taking days to complete a transaction instead of a few minutes. Garlinghouse jokes,

“How are you going to use Bitcoin to buy a cup of tea? By the time the transaction is complete, it’s going to be hours later, your tea’s gonna get cold”

Be that as it may, Ripple, the San Francisco-based company, has developed a speedier financial payment system that enables cross-border transactions with XRP being the electronic coin financial institutions use on to transact swiftly.

Barely a month passes without Ripple making huge inroads on Bitcoin’s influence. On Wednesday, Ripple signed a partnership deal with Kuwait’s largest bank (The Kuwait Finance House) adding the financial institution to its long list of partners such as MoneyGram and Visa that are now piloting XRP for cross-border transactions.

As some countries introduced new regulations and rules for using cryptocurrency early this year, Bitcoin, XRP, and other digital currencies took a beating in their market performance with the market capitalization falling by more than 50%. XRP was the worst performer shedding 70% of its value and Bitcoin losing about 50% in those few months. However, with large amounts of Ripple’s currency kept in their reserves, price fluctuations are kept to a minimum with the company controlling the currency’s value.

Last month, South Korea introduced a raft of requirements including banning all anonymous trading Bitcoin allows on its platform in a bid to neutralize all possible criminal activities. Also, the Indian government refused to acknowledge cryptocurrency as a legal tender saying they were going to put measures in place that are going to phase out payments using the virtual money.

Ripple does not operate with the same level of anonymity that bitcoin does, making the virtual coin more favorable to investors and banks. With over 100 financial institutions around the world using the blockchain, Ripple’s dominance seems to be on the rise challenging Bitcoin’s influence.

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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 Christopher Michel via Flickr

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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