Bitcoin has no doubt become the most popular cryptocurrency in the world for numerous reasons such as the fact that it was the first cryptocurrency, and it introduced blockchain technology. However, the most popular reason for traders is the fact that it was less than a dollar when it first came out but a few years later, it has grown so much that it is now worth more than $10,000 dollars. So much so that people have started looking for the next such currency that can deliver such gains in the future.
Bitcoin is currently the most valuable crypto coin in the market and its price tag has an all-time high of almost $19,000 although its price looks like it will end the year on the bearish trend that it is currently on. Other than trading, blockchain has been the biggest win for the industry because all other cryptos are based on this technology.
Investors are currently looking for the next cryptocurrency that has the potential of delivering gains that are as high as those that have so far been offered by Bitcoin and this leads us to Siacoin (SC). This is an altcoin that was created out of the need for a better cryptocurrency that would overcome the problems of Bitcoin. It was created by Luke Champine and David Vorick whose aim was to lead the second wave of cryptos.
Unfortunately, the mission was not exactly a success and that is evident by the fact that it did not manage to attract as much hype as they had hoped. They also encountered some problem but while Siacoin is not a perfect crypto, it is worth noting that they did manage to build something quite unique with some noteworthy improvements from the original.
After observing bitcoin, the two developers embarked on placing their focus on file storage as one of the solutions for decentralization in the cryptocurrency industry. Sia was created based on the idea that the internet is constantly growing and it continues to grow but the fact that this translates to more files to be hosted means growth will be limited by storage. Cloud storage is a good solution but one that does not fully solve the problem of storage.
Vorick and Champine came up with an innovative method through which data can be stored on devices such as PCs, tablets, and smartphones that we already own. This means Sia’s blockchain technology might in the future turn your device into a cloud storage solution. The idea is that one person who has storage needs can purchase storage space from another person with ample storage space and is looking to lease the said space.
The Siacoin currency is expected to support this kind of technology and this means that it will have a special use. The fact that it aims to solve an existing problem also means that the cryptocurrency might end up gaining a lot of value in the future.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Sia.tech
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…
Wisebitcoin Launches Professional-Grade Crypto Exchange
Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.
In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…