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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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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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