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Why Ripple’s XRP is getting ahead in the crypto wars

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Let’s face it. Bitcoin is having a really bad time. Ripple’s XRP has been holding grounds nicely, but yeah, it joined the red party earlier this week; still, that would be safe to say it’s stayed ahead in the crypto wars as a whole.

Last December 17th Bitcoin went through the roof surpassing the 17k mark, but then the bears came home. Ever since then, the whole market has been going down dramatically (by more than 75% in total market capitalization), and Bitcoin has led the way down.

And that was nothing. On 14th of this month, there was a bearish run that is still going on, and it’s been nothing short of apocalyptic. As we write this article, Bitcoin is trading at $4,306 (down by 4.13% in the last 24 hours).

As things stand right now, everybody is losing. But some are losing a lot, and a handful of coins are holding their ground remarkably well. The one that’s been doing best under the recent conditions is XRP.

Let’s briefly review XRP’s recent performance. Most coins have been losing value for eleven months, even before last week’s debacle. Very few currencies were trading in the green before then. One was Ripple’s XRP.

Don’t get us wrong. Even XRP is losing right now, but it’s been trading in single red numbers while every other token in the market has been in double red numbers or worse. The point is this: given the context, XRP is doing very well, much better than Bitcoin. Why?

There are several reasons.

XRP is backed up by a series of strategic partnerships secured by Ripple, the private company that still owns most of the tokens. This is possible because that same company is working hard to create a full blockchain ecosystem centered about XRP and its many different use cases.

It is important to understand clearly: XRP has a full formal organization working on it, with talented and well-prepared people who actually get paid to do that. Communities support most other projects with varying degrees of commitment and enthusiasm.

Ripple, as a project, and XRP, as a coin came to life with a distinct purpose, and they’re pursuing it. Many cryptocurrencies are created experimentally or as a hobby by talented people that are fully capable of doing so.

Making it useful and guaranteeing adoption in the real world is an entirely different game. And that’s where Ripple’s leadership makes a huge difference. It’s pragmatic, talented, it knows its stuff, and it’s working hard so that everybody’s ships in the Ripple community sail in the same direction.

This is a time in which it is essential not to confuse losses with failure. Remember, Amazon reported losses for several years in a row before it became the money-making machine that’s made Jeff Bezos one of the world’s wealthiest men. XRP is succeeding, and that’s prompted a series of passionate (if probably irrational)  attacks from other projects.

The notorious Craig Wright (who’s claimed to be none other than Satoshi Nakamoto) has been going out of his way lately to attack XRP and to tell everybody (without trying to persuade or offer any proof, very much like his claim about being Satoshi) that XRP is a security and that it’s going to go down like a lead balloon. Is this because he can’t say Bitcoin is faster or losing less value or to have any real advantage over XRP in any practical way?

A big problem for Bitcoin is anarchism. It lacks any cogent leadership which has prompted a series of forks into other projects that use basically the same technology tweaked to achieve a particular effect. The problem is, those “new” coins are replicating Bitcoin to a great extent, so they’re diluting the original token’s value. And now, there is a hashing war between Bitcoin and one of its forks (Bitcoin Cash) which is not only taking value away from BTC but also draining computation power away.

In recent times, XRP has outperformed every other product in the market, Bitcoin included. It already left Ethereum behind concerning market and stands at number two spot for some time now. BTC’s market cap is still much more significant than XRP’s but if things keep going this way, do not be surprised if XRP ends up winning the crypto wars in years to come.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and 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 Pixabay.

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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Bitcoin

The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

In many ways, it’s the perfect partnership between Bitcoin and online casinos with multiple benefits for both.

The first of…

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