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What Are Crypto Collectibles?
In the simplest of terms, they are digital possessions.
They are different from common tokens that can be exchanged quickly and are equal to other tokens. They are non-fungible. It is because each possesses a distinct characteristic unlike the other. This makes them irreplaceable.
Like most collectable things, they too can be bought from someone without their permission if it includes a competitive edge.
Can You Make Money From Digital Antiques?
Yes, if you hold a unique or unusual collectable. Like jewellery, there are some rare collectibles with unique features that make them both desirable and legendary.
Suppose, you pay 1ETH for a very rare collectible via a platform. Once the antiques’ value reaches a certain high, say 100 ETH, you will only have to pay a few extra to the platform rather than paying double.
This is extremely profitable but only if bought from a platform early. When you sign up early, you only have to compete against a few contenders. But say, the platform gains popularity and more buyers come after your antiques, you will be at risk of investing more cash for tokens nobody desires.
Where Can You Save Your Antiques?
Collectibles are stored in crypto wallets. Crypto wallets comply with token requirements (ERC-721) that concern rare collectibles.
Where Does Blockchain Come In All Of This?
Blockchain prevents counterfeiting and allows easy tracking of the ownership. Even in the real world, those who collect rare art pieces or jewelry rely on security systems and traceable documentation to ensure credibility.
Blockchain assists avoid counterfeiting and make it possible for ownership to be tracked.
Blockchain has tamper evidence of whoever owned a collectible in the past.
ERC-721 token is a certified token which promotes non-divisibility. This eliminates the breaking down of the collectible in several pieces and keeps it intact.
Games that work on Antique Crypto
There have been several games in the past that offered unique collectibles as rewards. Few of these include:
- 0xUniverse: The game features gamers who purchase planets and later build a spaceship using their resources. Once completed, they can use the spaceship to travel to other virtual galaxies and conquer new worlds as they go.
- Blockchain Cuties: Blockchain Cuties is another example where players collect adorable animals. They can make them reproduce and use their skills in fights. With experience, they continue leveling up with more dream animals unlocking.
- CryptoKitties: The pioneer of such a game, however, was the CryptoKitties. It featured unique kittens with unique features. By the end of 2017, the platform sold one of the rarest kitties for $120,000.
How Do I Get A Unique Collectible?
This comes down to the platform used.
This will depend upon the platform you’re using.
In Ether Quest, antiques gain more power when they win against each other in a virtual arena. It is a fantasy-based RPG where players compete for the best fighters who can then be trained and used to win battles.
A similar case can be seen with collectibles. They are ranked on features like efficiency. The better their efficiency, the higher the token rates. The higher the rates, the more valuable and unique a collectible gets.
The blockchain is at the center of attention as the next generation technology, in which developed countries are investing large resources. According to Hao Han, general secretary of the Union of Architects of Copyright in China, Anne Shares will jointly promote the development of blockchain technology in the field of copyright protection, along with a number of well-known enterprises.
What is copyright?
In the era of the digital economy and everyday life, each of us somehow creates objects of copyright: programs, articles, photos for YouTube, videos for YouTube. The rights to such objects (objects of copyright) belong to the author by default.
The authors own two types of rights – exclusive (property) and non-property. Exclusive rights allow authors to prohibit the use of works by other persons.
There are several Blockchain platforms that attempt to provide information about who owns the image and where it is used; despite this, having a legitimate way to claim rights to an image is difficult. Copyright protection varies by country. For example, in the United Kingdom, other users are automatically forbidden to copy images, distribute copies or upload them to the Internet, but this does not apply to the blockchain. The Berne Convention was adopted in dozens of countries to try to resolve this issue; dictates that a copyrighted photo in one country enjoys the same protection in another.
How to confirm authorship?
However, the absence of registration requirements can also play against the author – no one is insured against disputes about the initial authorship. As a rule, authors and companies voluntarily take measures that will help confirm authorship in the event of a dispute.
If you need to use evidence, the author, who made the entry in the public blockchain, should prepare the wording for the claim or the claim and repeat the hashing operation.
The result of the repeated hashing must coincide with the hash recorded in the blockchain. After the operation, it remains only to explain to the court what hashing is and how the blockchain works.
If you have used any of these services, you can try to use our wording – the finished text can substantially eliminate the task in court.
Alternative option
An alternative way to confirm copyright is to save the work in the public decentralized registry – in the blockchain. This way:
- The cheapest.
- Possesses the same legal force as the above.
- Does not forced to rely on the viability of any organization.
Similar services already exist Proof of Existence, Emernotar.io, the joint solution Bitfury, and PatentBot or our service Content. All of them work approximately equally: the downloaded file is hashed, the result (the unique imprint of the file – the hash) is entered into the blockchain. If it is necessary to verify, a repeated hashing operation is performed and the resulting hash is compared with the hash stored in the blockchain. Hash matching ensures that a particular file was added to the blockchain at a specific point in time.
In conclusion
Governments around the world can adopt this technology to officially enforce copychain copyright law. People from the music, photography and literature industry are starting to develop solutions to become market leaders; this is the case with Kodak, which developed the Wenn Digital brand, a blockchain-based image rights platform that seeks to speed payments for those who want to buy professional images, helps photographers to identify violations and collect their payments. They have a web tracking technology that detects images on millions of sites. The World Intellectual Property Organization (WIPO) believes that, for example, tweets are too short to be protected by copyright.
How To Buy Ripple
After Bitcoin, XRP is the largest altcoin. Ever since its acceptance, it has continued to grow and is preferred by many international clients worldwide. Why? For starters, its cross-border transactions take less than 5 seconds to be processed. It can be bought directly from a debit or credit card or through an exchange. Due to these reasons, it has bagged and continues to bag adoration from financial institutions such as banks and even the corporate sector looking for newer means of investments. To banks, it also allows easy loan transfers worldwide.
Interested? This guide will go on about how you can buy XRP in detail.
Buy Ripple on Bitstamp
Bitstamp allows users to buy XRP via a saving account or credit card. It also makes it possible to purchase cryptocurrencies and fiat currencies like the USD or EUR. There are three sets of XRP trading offered by Bitstamp. These include:
- XRP/USD
- XRP/BTC
- XRP/EUR
To start using Bitstamp, users need to sign up and create an account.
Buy XRP on Bithumb
It is an ideal location to purchase XRP from. It is the biggest cryptocurrency trading firm in South Korea and among the top 10 largest crypto exchanges worldwide. It is favored by most users because it offers the lowest commission rates globally.
It also requires users to create an account in order to buy XRP. You are requested to fill in your personal details such as your country, email ID and password, etc. You will then be sent an email to validate the account.
Since there is always the risk of cyber-attacks, Bitthumb allows its users to pass a 2-factor Authentication. This additional layer of security makes it difficult for hackers and scammers to access their personal information and account details.
Once the account has been validated, funds can be transferred with ease. First, it will ask you to sign in to your account (level 1). Next, it will ask for your ID and mobile number, Sending ID and 1-PIN ID (level 2). It will then require that you submit a written approval and lastly to authenticate your residence.
Once your account is open, you can start trading. You will have to transfer Bitcoin into your account. Then, click “Exchange” and pick the coin you want to trade. To purchase ripple, go to the trading page and choose XRP from a list of available coins and press “Buy”.
On Kraken
In order to purchase Ripple via Kraken, the user must have an account on the exchange. As one signs in to their account, the website shall send an email on the registered email ID to validate the account. If you wish to deposit funds in the account, you must satisfy the Tier 2 verification requirement. Sometimes, users may have an issue with depositing funds as Kraken may only allow users with Tier 3 requirements fulfilled to transfer funds.
And there you have it. You have successfully learned how to buy ripple (XRP) and start trading.
Best POS Treminals to Integrate Into Business
One way to integrate and popularize usage of cryptocurrencies in everyday transactions in physical stores of small businesses is POS Bitcoin terminals. In this article, we reviewed the top 10 bitcoin terminals that are available on the market for you to consider.
BitXATM
Most experienced traders know BitXATM very well from their ATMs and now the company behind those ATMs are entering POS terminal market. The machines do accept a very wide range of normal currencies and offer almost all coins.
Coinify
The company Coinify creates terminals for the purchase of virtual currency. The terminal accepts not only familiar dollars, but as manufacturers say, it allows you to buy bitcoins for currency from more than 200 countries.
Revel Systems
At Revel Systems POS terminals, you can buy BTC, LTC, and DOGE or exchange them back for cash. They are also known to work with the help of iPads and a scanner. Lately, terminals of the company are becoming more popular in the western part of Europe.
XBTerminal
XBTerminals are the best known for providing many options to make payment, users offered to scan a QR code or with the same terminal pay with NFC or Bluetooth. And it is very helpful for store owners since every paid coin may be instantly converted to fiat money.
BitPay
Many organizations and charities prefer using BitPay terminals for their transactions for its reliability and convenience. BitPay also released API that can be integrated to any other terminal it does work with Quickbooks system as well.
CoinBox
Some store owners may not understand the whole system of cryptocurrencies or basically lack funds to invest in another terminal. For such situations, CoinBox offers a Bitcoin wallet that works the same as many other systems that can accept money transfer as payment like Paypal. CoinBox uses very popular QRcode system for the transaction.
Blockchain Merchant
This option is very like by most store owner for having no commission fee. The main aim of the Blockchain Merchant app is to be user-friendly for beginners.
CoinKite
CoinKite is known for its terminals that are designed in very similar ways as the terminals used in normal stores. The company produces Bitcoin terminals that remind normal credit card terminals. CoinKite has a well-developed system of ATMs, terminals and bitcoin debit cards that made integrating very easy and convenient. Payment is accepted in Bitcoins but can be transferred simultaneously to fiat money.
Coin of Sale
Coin of Sale does have name sounding very similar to Point of Sale (POS) and that is not a coincidence. It is a very young start-up company with innovative technology. Store owners can download the Electrum wallet app and use it for payments. It utilizes the same QR code system as many other terminals.
PayStand
PayStand actually stands out with their 0% commission fee for the store owners for any transaction. The company normally produce credit cards terminals as well as bitcoin terminals.
CoinBase
CoinBase is well known US based cryptocurrency exchange, but the company behind the brand also offers POS bitcoin terminals for business owners. The company generally cooperate with e-commerce sites and provide them software codes that can be integrated into customers web site as well as many website building platforms like WordPress.
Blockchain and its Impact on Food and Farming
Can we track where food comes from?
There are many services and apps that allow its users to track the journey their food made before reaching them.
Whenever we step into a store to buy meat, fruit or vegetables, the packaging usually mentions which nation it came from. Some brands go the extra mile and offer stories about the conditions of the farm or harvesting land where it was cultivated.
This tracking of food is hard and sometimes, even misleading. The challenge is so extensive, it becomes impossible to track where an issue began.
But blockchain can help resolve it.
Food Security has been frightening in the past. There have been many cases such as the fatal E. coli case in Arizona in 2018. The romaine lettuce grown in Arizona killed 5 people with 35 states affected and 200 cases identified.
Moreover, in 2013, we all heard about the horsemeat scandal in Europe. The advertised items were horsemeat and not beef. It was being sold in some of the biggest grocery stores in the continent. When the scandal broke out, the blame games began. The provider blamed their providers and they blamed there’s.
Blockchain will play a key role in reducing food-related scams as consumers will be aware of what they are picking up from the shelves the second they pick it up.
Would that work?
With smart farming solutions –yes!
They will encourage productivity and handle food need. Farmers who are currently utilizing blockchain call it a game changer. Customers know that the food they are consuming ranks high in wellness standards and hygiene. In case there is a problem in production, it can be determined where it started from in less than 30 seconds.
Certified fruits and vegetables will also be made available. Certification using blockchain will ensure that no details get lost in the process and is accompanied by paper validation.
Will food costs affect the process?
With the cost of food rising continuously, many questions if this will really work in the long-run. Of course, it will help in decreasing the food costs. How?
For starters, it will reduce paper-based documentation. It will also eliminate the need for intermediaries. This would result in low transaction fees. A decentralized system will encourage small-sized farms to compete with the best corporations.
Ideas like PavoCoin offer small farmers easy access to financial services. They include smart contracts that allow farmers to pre-sell their crops, take out loans to improve crops quality to quantity and offer consumers with more info about the food they put on their plates.
Will farmers suffer due to low costs?
No, in fact, they will be paid better for the work they do. They will also enjoy guaranteed selling of their crops with a broader market to negotiate their rates.
Conversely, it will also allow big brands to justify why they charge a premium for organically-grown produce. Since consumers will easily track the provenance of the produce, they will feel confident when paying extra for a high-end product.
Final word
Supply chain inadequacies will also be minimized. Merchants and farming organizations will take note of the demand flow and supply accordingly.
Blockchain dealing with food waste and smart contract initiations will guarantee that farmers earn fairly. The government will also have ample resources to control the food wastage and distribute it equally to eradicate hunger and poverty.
What is Monero?
At the moment, Monero can be considered one of the most anonymous cryptocurrencies. At the heart of her work is the CryptoNote protocol. It has also been incorporated into products such as AEON, ByteCoin, DigitalNote. The start of the Monero launch can be considered April 2014 as a fork from ByteCoin or HE! Bitcoin The reason for the beginning of the formation of a new cryptocurrency was that the base currency had already been issued in large quantities and did not represent ample opportunities for investment. Starting the project, the developers placed in the center the safety, reliability, and privacy of all the operations.
It is worth noting that the first year of Monero turned out to be difficult. In September, hackers attempted to crack and completely destroy the cryptocurrency code and resources. However, they suffered a fiasco. The impact was reflected, and the security system was substantially reworked. In addition, it was possible to increase the speed of the network, which provided an additional convenience of work.
Monero – how was it created?
Monero was launched on April 18, 2014, and was originally called BitMonero, combining Bit (as in Bitcoin) and Monero (Moneto as“coin” in Esperanto) in the name Bit.
Unlike many network currencies, which are derivatives of Bitcoin, it is based on a protocol with the blockchain (chain blocks) obfuscation principle. This algorithm is called CryptoNote, and its modular code was highly appreciated by Bitcoin programmers, in particular, Vladimir Van der Laan.
Immediately attacked after launch, Monero recovered from an unusual and new hacker attack. Two years later, discussions appeared in financial forums: “Why is Monero growing … How to start working with Monero’s wallet … Will Monero be able to replace Bitcoin … Where to exchange better … How to invest …” What caused this interest?
Monero Digital Currency Vulnerabilities
Mining Monero, with the use of a graphics processor, is ineffective since the work requires a significant amount of memory approximately 8 times the size required for Bitcoin operations.
The anonymity of transfers to Monero does not yet have a 100% guarantee. Hypothetically, an attacker who managed to capture most of the network could gain control over some transactions.
How to mine Monero?
The CryptoNight Monero algorithm is designed to support viable mining by a computer processor, although at the current stage mining with a video card is the only profitable method.
There is no specialized ASIC hardware for mining. The mining algorithm itself is actively using AES or Randal (Rijndael) – a symmetric block encryption method for microprocessors.
Resources with aggressive advertising, vivid design, and promise of high rewards should be avoided. These “pools” by 110% are HYIPs and have nothing to do with digital mining.
Creating a virtual wallet
A running wallet form will appear in the running program. After entering and confirming the password, the new wallet is synchronized with the blockchain. It is suitable not only for this cryptocurrency but also for testing the program.
Most of its options are similar to other cryptosystem wallets, but there are some differences. So, when you make a payment, a large amount will be removed from the balance, then it will be corrected to the correct values.
You can replenish your wallet by receiving money from other people, exchanging or buying cryptocurrencies on the stock exchange. The address of the wallet can be provided to any person. In secret, you must keep the password to enter the system. It is possible to restore the wallet with the help of a specially created phrase of 24 English words, it must be saved and used, if necessary.
Factors will influence the price of Monero in the future.
List of suppliers of goods and services using Monero for calculations. Remembering that the stunning growth of the cryptocurrency rate in 2016 coincided with its adoption by the AppStore for calculations, such plans of other major electronic players will be a positive signal of Monero’s price changes. Currently, the currency is more used for exchange operations with crypto money.
The advantage over Bitcoin in terms of anonymity must be confirmed by time. The upcoming upgrade in September 2017 may attract new interest in the currency; perhaps, some participants in the e-commerce market are expecting this event. Maximalists, devoted to Bitcoin, expect Monero to be retrained as the father of all cryptocurrencies. Monero developers probably have other ideas.
Even succeeding as an economic tool and retaining competitiveness with Bitcoin, Monero may still not have enough of the existing issue to fully participate in crypto commerce, which would limit its acceptance for calculations.
What Is Ether?
The fact that you want to know about ether means that you are interested in cryptocurrency and that you are committed to knowing more about it. By definition, Ether belongs to the Ethereum platform. It refers to the cryptocurrency token that is traded on the platform. Apart from being a token, Ether functions as the fuel which DApps developers that are created on the platform use.
To make the analogy simple, Ether is synonymous to the fiat money that is used to make purchases on the internet. Just that Ethereum makes use of Ether as a currency. The nature of the platform has somewhat made Ether more engaging than Bitcoin is.
What are the facts?
An article that was published by the
The bitcoin is not designed to function as a currency unit on a peer-peer network. Conversely, Ether serves as the gas that keeps the Ethereum platform operational.
How does ether work
Before smart deals can be executed on the blockchain, smart contracts optimization and other such connectivity need to be implemented. To do this, the system needs to source for computational analysis to aid the execution of the smart contracts. This is where Ether is the most useful. Ether serve as a fuel that allows a smooth implementation of these processes. Ether is capable of providing an implementation for multiple systems. These are referred to as nodes and they attest the various blocks that exist on the Ethereum platform. These nodes are responsible for implementing any change to the Ethereum blockchain. It should be noted that any change that is made on the Ethereum platform cost Ether (the fuel) and with every block certification, 5 Ethers are credited to every successful node.
The system is responsible for producing a block every 15-17 seconds. Additionally, certain nodes are capable of implementing solutions to different block problems. When this takes place, the network gifts the node with about 2-3 Ethers.
Let’s share some light on some questions that might be lingering in your hearts.
Define Gas: To make use of Gas, you have to determine the cost and amount of ether and various modifications that need to be made. To help you grasp this idea easily, think of it as the GAS that keeps your auto-mobiles going. Similarly, GAS is what keeps the Ethereum platform functional and it differs based on the operation at hand.
Define ERC-20?
As discusses earlier, the Ethereum network is important in the expansion of all cryptocurrency token and DApps. The ERC-20 refers to a technical condition that is essential for smart contract implementation on the Ethereum platform for realizing tokens. The complaint tokens can be customized to answer to different names. This is why initial coin offers make use of the Ethereum blockchain for implementing their DApps and token sale during the early stages of their projects.
This simple analogy can be used to clarify the difference between ERC-20 and Ether. Picture a scenario where you can use Ether to purchase an app from the store. Upon getting home, you launch the app and there are some in-app purchases which you can buy with (ERC-20) in-app tokens. So Ether allows you to make the initial purchase but ERC-20 allows you to make sub purchases.
Is there a limit to the supply of Ether?
This question is another major source of distinction between Ether and Bitcoin. Bitcoin has a maximum supply of about 21 million tokens. Ether von the other hand can reach a supply of over 60 million. This was demonstrated in 2014 when various investors bought about 60 million Ethers by way of Ethereum initial coin offer. 12 million out of these went to the research study group of the Ethereum foundation.
Can Ether avert inflation?
This feature is one of the few things that Ether and bitcoin have in common. Both are available in large supply, and as a result, can be quite capable of preventing inflation.
Ever heard of disinflationary token? That is what Ether is. Every year, new Ethers are created, however, the old ones are lost as a result of account owner’s death, forgotten password, or loss of interest in an existing account. To tackle this, Ether strives to bridge the gap between the old, the lost, and the new tokens. Some have argued that by 2140, Ether would stop being deflationary and bitcoin would have released its last token.
How Decentralized AI and Machine Learning Can Change Medicine
An expert system is an advanced computer system. It is used to perform tasks that otherwise will not be performed using only human intelligence. We are talking about tasks such as speech recognition, translations between languages, visual perception or decision-making, etc.
Artificial intelligence (AI) utilizes algorithms to carry out prediction-related tasks without configuration. Instead of being formerly specified, they gain information along the way.
AI has various levels which begin with:
- Supervised and unsupervised knowing
- Deep learning etc.
Both of these levels require huge data and creates functional and relatable information from the associations with accuracy and speed. This speed, when compared with human speed is much faster and free of errors.
How Does This Apply To Medicine?
There are projects like Neuron that develops products in Beta. These products allow users to train AI and use it in the best manner possible.
Ongoing Module with Computer Vision
The Selfie2BMI is a top-notch module that offers the physical stats of an individual with just a selfie. It uses optimization methods and Deep Neural Networks to predict a wide range of structural functions such as the height, weight, age, gender and BMI from just the selfie.
Blood Test Decoder
Another great initiative by Neuron, this will offer representatives who will boost one’s experience post-blood test. It will also take in any concern the user has about the blood test outcomes. The responses will be customized based on the individual’s age, gender, and any genetic conditions, etc.
Genomics Test Decoder
This will serve as a conversational representative to provide knowledge and counseling about hereditary concerns. It will request users to fill in some basic instructional questions and deliver responses.
Medicine Decoder
A trained module on prescription dosages, standards, expiration, and adverse effects can respond to customized needs.
What Does It Mean For The Medicine Industry?
Medical experiences will become more user-tailored and interactive. AI deals with numerous conditions, allowing the user the chance to take control of their health.
The Integral Burden
AI-powered solutions will make finding and gathering of medical information easier. Many patients don’t know how to access their medical history on computers. They don’t know where to begin from and thus, feel helpless when it comes to taking care of themselves. Their only hope remains general physicians and doctors who charge fees.
With AI taking charge, integration and collection of data will become stress-free both for the patient and the doctor. Moreover, AI can develop algorithms that can offer custom suggestions about diets, exercises, and prescriptions.
Unbiased and Organic Data
Blockchain allows a triple-entry accounting system enabling tracking and confirmation of data sources. This leads to terrific forecasting with auditing abilities to track the source of data and do information forensics and other procedures.
To ensure unbiased data, blockchain innovation allows the production of safe healthcare for its users. For instance, data received from randomized trials are often full of predisposition. The highly discriminating test nature methodically disfavors seniors, women and also patients with additional medical conditions.
Privacy Concerns
Many people feel hesitant about sharing their personal information online –because strangers are always lurking. Decentralized data will be time-stamped cryptographically making it immutable.
What Is SegWit2x?
Everyone has already heard about such a concept as SegWit2x and that in the coming months, bitcoins are waiting for dramatic changes. Let’s try to figure out what SegWit2x is, what will happen to Bitcoin in the coming months and whether it is worth selling Bitcoin now. It is such a technology as SegWit2x that is designed to resolve all these issues, to make Bitcoin again fast, profitable and fresh. Without going into complex technical terms, SegWit2x is what should give Bitcoin a new breath, move it to even greater popularization and new heights in value.
If we go back a few years ago, when it only became known about Bitcoin, and he was not so interested in serious investors, even 640 KB was quite enough. However, from year to year, the popularity of cryptocurrency increased, as a result of which there was a need for the emergence of a new unit, allowing transactions of 1 MB in 10 minutes. But this over time turned out to be little, and the sharp influx of people interested in Bitcoin demanded an increase in the speed of transactions.
The load on the system has increased so much that most transactions began to hang, and the technology SEgwit2x was designed to solve this problem. At the same time, it would not only allow to increase the number of transactions processed per unit of time but also protect against certain types of attacks, increase the overall efficiency of calculations and make cryptocurrency not only financially attractive but also very convenient.
Unlike the previous SegWit
Unlike the previous SegWit technology, which left the base unit size limit unchanged while moving a certain piece of information into a special additional unit, the SegWit2x technology also provides for an increase in the size of the main unit. Proponents of the latest technology offered to gradually increase the limits, and if by August 2017 it should have been 2 MB, in September it should double to 4.19 MB, then as of August 2019, it should already be almost 16.8 MB.
Who supports Segwit2x, and who opposes its implementation?
It is worth saying that all supporters and opponents of the new technology, first of all, are guided by their own interests, and not the interests of the crypto community in general. So, for the early implementation of SEgwit2x, large mining pools, well-known startups (Blockchain, BitPay and Coinbase), as well as developer Gavin Andresen from Bitcoin Core, who is no longer working in the company, have already spoken for Among the opponents of this plan are cryptocurrency exchangers, some node operators and Bitcoin Core developers, whose duties include software technical support.
What is the future of Bitcoin
What is the future of Bitcoin after the introduction of SEgwit2x, which will take place on November 14th? It is quite difficult to say unequivocally, because some market participants who support the introduction of this technology claim that this will further stimulate the already considerable bitcoin rate, which has already managed to overcome the $ 7,000 mark for one cue ball, while other experts say that technology can create serious pressure on Bitcoin quotes and lead to solid problems, up to the total split of the crypto community. And how everything will be in reality, time will tell.
As for market experts, they do not recommend users to rush into selling bitcoins. So, Michael Vogel predicted cryptocurrency “a long and bright future,” saying that he will continue to be a supporter of bitcoins. He agrees with his opinion, and the expert Alexander Matanovich, urging the owners of bitcoins not to panic and keep bitcoins on offline wallets.
How To Read Cryptocurrency Price Indexes
We tell what a cryptocurrency price index is, how it differs from the traditional index of the stock market, what information can be learned from it and where the data for it come from. A cryptocurrency price index is a website or platform that provides data on prices and capitalization of various cryptocurrencies.
Popular examples: CoinMarketCap, WorldCoinIndex and CryptoCompare. Most people come here for information about current prices of various cryptocurrencies, but there is also plenty of information for comparison and monitoring of various cryptocurrency assets. However, mostly authoritative cryptocurrency indexes track most of the existing coins, so with their help, it is convenient to monitor the state of the market – no need to manually compile the data of hundreds of individual exchangers.
How does a cryptocurrency index differ from a traditional stock market index?
The principle is the same: both provide an opportunity to assess the financial condition of the industry. It is clear that the traditional stock market indexes show information on the prices of stocks of companies, and cryptocurrency – on the prices of cryptocurrency assets. There is another difference: cryptocurrency indexes usually include most of the available tokens, and traditional ones are limited to, say, a certain sector of the economy or companies of a certain size. Thus, a cryptocurrency index is, first of all, a tool that helps an investor to assess the state of the entire market.
What information can be found in the cryptocurrency index?
As a rule, the current market price of the respective currencies is available, the market capitalization, that is, the current price multiplied by the number of tokens in circulation, and the daily trading volume of a particular coin. You can also click on the name of the coin to go to more detailed information. This may be the number of tokens in circulation and the maximum possible supply of tokens for a given cryptocurrency, a schedule of price changes over time, and a list of all exchanges where this coin can be bought or sold.
All provide such information, but each platform has its own characteristics – depending on the target audience. For example, if a particular index is aimed at day traders, it can also display the highest and lowest price of a coin in the last 24 hours. If the platform is more focused on the needs of long-term investors, the mechanism of the token may be described in more detail, for example, is the proof of work performance (PoW) or proof of the existence of a rate (PoS) used, and also what is it intended for: transfer of funds or tokenization assets.
Where do the data come from?
The most common data sources are cryptocurrency exchanges. Most trading operations are performed on exchanges. Here, depending on how much traders agree, the purchase and sale price is set, therefore stock prices are the most accurate measure of the market value of a coin and the best place to collect data.
Prices may vary slightly from exchanger to exchanger and depend on the specific market, so cryptocurrency indexes usually collect data from several exchanges. In order to understand from which exchanges the index takes the data, you can go to the “Markets” section, after selecting a particular coin. Here will be listed the exchanges on which the coin is traded, and from which the index takes information. A widespread coin like Bitcoin (Bitcoin) is usually traded at several hundred sites, and some IOTA (IOTA / USD) – while being relatively popular – at only 30.