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Stellar (XLM) outplays Ripple in the fight for the global adoption

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Stellar’s week has been spectacular. The Tempo partnership announcement prompted a rise in its price of thirty percent at a time in which the general market is still going down (even if Bitcoin has had a good couple of days).

Stellar is making all the right moves to place XLM in a privileged position within the cryptocurrency world.

The Tempo partnership

Stellar’s XLM and Ripple’s XRP are two coins (and organizations) competing to conquer the same market (the international transfer market, which is worth trillions each year and keeps growing). To a lesser extent (at least for now) Litecoin is also entering the global banking industry.

The only way in which either organization and crypto-coin can make some headway into the global financial services industry is by securing strategic partnerships with some key players at the start and, ideally, with everybody in the long-term. 

Ripple had the advantage over Stellar with partners as Banco Santander, SBI Holdings or BBVA. But it seems that Stellar did them one better by partnering up with the French remittance service Tempo, which is huge in Europe and Latin America (not very well known in the USA, but still very relevant)

Tempo will use XLM as an intermediary currency to do international transference quickly and cheaply, and they expect this will revolutionize the industry at the global level. Tempo has chosen to use Stellar’s network and currency to achieve this. The news has already boosted XLM’s price, and the chances are that it will surge soon as use within Tempo’s environment increases the coin’s demand and usefulness.

While Ripple’s technology is superior to Stellar’s there’s one feature in this new partnership that can make all the difference: Ripple’s partners use the Ripplenet ledger to settle payments, but they don’t need (and for the most part it seems they don’t choose either) to use XRP as a mediating currency to settle payments, only for  transfer fees, which are ridiculously low anyway. 

Tempo, on the contrary, will be using Stellar’s XLM as a bridge between the origin and the target fiat currency. That will translate into increased transaction volume and demand driven by a single partner, a feat that still escapes Ripple.

Stellar is declared Muslim-friendly

In the Muslim world banks and finances work differently because the Prophet had a few things to say about money, lending, and related issues. 

So financial products and technology that seem commonplace or inoffensive in the West are not always so readily accepted in Islamic countries. Well, that won’t be a problem for Stellar nor XLM. Islamic scholars have certified this cryptocurrency to be compliant with Sharia law and have granted a certification.

This will grant Stellar access to about one-third of the world.

Prospective listing at Coinbase

Another piece of big news for Stellar was Coinbase’s announcement that it is considering to include it in its platform. The US-based exchange is every cryptocurrency wet dream, and it seems it could come true for XLM. Mind you, Coinbase’s announcement was exceedingly ambiguous, but at least it signals at a possibility, and the market has reacted enthusiastically.

IBM launches Stronghold USD on the Stellar network

IBM is backing Stellar and a new project called Stronghold USD which aims to produce a dollar-backed cryptocurrency. IBM chose to test the launch of a token of its own using the Stellar network and technology, and Stronghold USD will also use XLM to transact.

It’s anybody’s guess how this project will fare. But even if it doesn’t work, it shows the faith and commitment IBM has on Stellar as a blockchain, as an organization, and as a currency and that will inspire confidence to other big players and potential partners and investors.

Jesse Lund, IBM’s vice president of the global blockchain, had this to say about the new project,

“IBM will explore use cases with business networks that we have developed, as a user of the token. We see this as a way of bringing financial settlement into the transactional business network that we have been building.”

These are all meaningful milestones for the Stellar blockchain. Some of them are things that Ripple would like to do but hasn’t. So yes, Ripple’s tech is superior as is its expertise, and experience dealing with financial institutions. And yet, Stellar Lumens seems to be getting ahead.

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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.

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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