Connect with us

Blogs

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

Published

on

Ripple CEO Bitcoin dominance
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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

Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

Continue Reading

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Altcoins

Top 3 Coins to Buy Before They Go Big

Published

on

coins
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

Continue Reading

Elite