The largest US-based crypto exchange, Coinbase, made an unexpected reveal yesterday, June 12, when it announced that it will list Ethereum Classic (ETH). This is a great news for this cryptocurrency, but many were left astonished that the exchange skipped over a dozen cryptos with larger volume and market value, especially Ripple (XRP).
Coinbase chooses Ethereum Classic
The big reveal by Coinbase, the largest crypto exchange of the United States, left crypto enthusiasts completely confused, and it revolves around the exchange’s decision to add Ethereum Classic (ETC) to its list of cryptos. Many expected that the exchange would add a larger crypto, like EOS or Ripple, which is why this decision is hard to understand.
ETC is currently the 18th most valued cryptocurrency as per CoinMarketCap, while Ripple (XRP) is at the third place. Because of this, it is easy to understand why the community is so confused. Coinbase’s general manager and vice president, Dan Romero, noticed the reaction of the Coinbase’s community and has said that ETC came before XRP because accepting it is in compliance with the current local regulations.
He also added that this is not the end and that the exchange will keep adding as many assets as it can, as long as it can be done in a secure manner, and be in compliance with the crypto laws.
Ethereum Classic originally came to be as one of Ethereum’s hard forks. It was made by a group of developers who decided to fork Ethereum’s chain after it significant losses of DAO (Decentralized Autonomous Organization.) investors. In time, ETC’s development was shared between a few groups of developers, one of which was, and still is IOHK, the group that started Cardano (ADA).
ETC still shares a lot of Ethereum’s features. It is sustained by an open-source community, and it is completely decentralized. This is also one of the reasons why it came before cryptos like EOS and Ripple, which are company-owned cryptos.
Coinbase’s CEO, Brian Armstrong, commented on the exchange’s choice and said that this is only the start of the new project that will see many more cryptos added. The exchange, as well as Armstrong, seem to be pretty excited about this, but they will first support ERC-20 tokens, as well as those that came from Bitcoin forks, before moving on to the rest of the cryptos.
Why not Ripple?
As mentioned previously, one of the large reasons why Coinbase decided to pass on Ripple is the decision to first add ERC-20 coins and Bitcoin forks. However, there seems to be more to it than just that.
One of the biggest debates these days is whether Ripple is a cryptocurrency or a security. Ripple is trying to act like a crypto, but the problem lies in the fact that it is company-owned, or centralized. This is the opposite of what cryptocurrency is imagined to be, which is an online currency that doesn’t have a governing entity.
Despite this, Ripple is still a digital coin, and the arguments for both views on its nature just keep piling up. The answer whether Ripple is a security or not currently doesn’t exist, and until this matter is settled, Ripple will probably be left alone by Coinbase.
Still, Ripple’s development team has mentioned that XRP will join the decentralized cryptos in due time, which is something that it can look forward to. If and when it does, it is believed that many more exchanges would be willing to list it, which is expected to, in turn, increase its price.
As for ETC, its price already went up by 25% following the announcement that it will join Coinbase. However, in the last 24 hours, it dropped again by 14%, which puts its price at $13.52 at the time of writing.
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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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TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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