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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

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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