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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.
India currently has the seventh-largest economy globally. Boasting an estimated demographic of 1.34 billion people, it is a fast-growing economy despite having a GDP of 5.7% in the 2nd quarter this year. According to the World Economic Forum, it will become the 2nd largest economy by 2050 with China in the frontline.
In 2016, under the ruling of Narendra Singh Modi, the country demonetized two of its most popular bank notes. The two notes accounted for 86% of the money circulation in India. This was no less than a punishment for tax evaders and made individuals with heaps of black money to return them to the bank before transferring them elsewhere.
Despite being a strategic move to make India adopt digital transactions and limit wealthy tax evaders from paying taxes, it was the typical Indian population that suffered the most.
The plan resulted in a significant money crunch and led to thousands of people standing in queues to return the demonized notes.
But the bright side was the sudden increase in digital transactions as reported by the World Economic Forum. The demonetization allowed the government to keep track of all the cash flow.
Future of blockchain in India
Even today, cryptocurrency transactions and exchanges aren’t a popular means of money transfer in India.
Only 0.5% of people indulge in Bitcoin. In September 2018, The Reserve Bank of India proposed plans to launch a new platform for Blockchain. If this becomes a reality, we can expect increased tax payments and move towards a cashless economy.
Can a Cashless Economy and Blockchain Converge?
It can, but there are a few obstacles and limitations. The Indian government will need to develop lasting solutions for issues like monetary addition, setup costs, transactions times and expenses.
Although minute, there is still a fraction of the population that doesn’t like to associate themselves with financial institutions of any kind. In order to promote cashless economy stance, these people will have to create checking accounts. But if blockchain proposals do succeed, there will be no need for financial institutions to intervene.
What about the Transaction and Other Costs?
Transactions costs are currently high in India. To set up a card-swiping terminal, a merchant has to invest anywhere from $61.5 to $123. This may not seem inconvenient for big merchants running big stores but can be a little demanding for someone who runs a smaller business. Not to forget, it is these small business owners who are really taking the economy of India forward. This is another reason why the country still chooses to pay via cash rather than with digital currency. The expenses are higher.
Will Blockchain Reduce Transaction Times?
It can.
In order to go cashless completely, the economy will have to focus their efforts on reducing waiting times between a processed transaction and an accessible one. This will, of course, encourage people to opt for digitalized currencies.
BitIndia is a blockchain project that aims to support the proliferation of digital transactions. Its long-term vision is to help a typical Indian embrace digital currency while reducing transaction times, transaction fees and the need for intervention from financial institutions.
The Ultimate Guide To Cryptocurrency Exchanges
A cryptocurrency exchange is a special platform that offers a wide range of functions to users of a crypto network. Here you can exchange virtual coins between yourself and fiat money, buy and sell, and make money on the difference in rates. Unlike exchange offices, stock exchange participants get more opportunities in terms of benefits and functionality. Many services allow not only to carry out operations with cryptocurrency but also to store it on internal wallets. Below we consider the features of such sites, how they appeared and what types there are. Let’s talk about the principles of the services and highlight the best of them in December 2018.
How did cryptocurrency exchanges appear?
The first exchange platform appeared on February 6, 2010, and was called Bitcoin Market. This service was a “breakdown of the pen” and had limited capabilities, therefore, representatives of the cryptocurrency community consider the “pioneer” Mt.Gox exchange, opened on July 17, 2010. Its creator is Jack McCaleb. As soon as he heard about Bitcoin, he immediately made an application and marked it on a special domain. Exchange Mt.Gox was the only service for the purchase/sale and exchange of virtual currency.
The innovation has interested a number of large investors, who have appreciated the potential of the cryptocurrency market. Every day the exchange gained momentum, trade activity increased, the demand for virtual currency increased. Already on the first day of the site appearance, it was possible to sell only 20 BTC, and in three months the turnover increased almost 10 times (up to 200 thousand coins). Each week, 50,000 BTC participated in the purchase/sale transactions, and a year later (in the fall of 2011) the daily trading volume reached 27.5 thousand Bitcoins.
How to trade a cryptocurrency
There are two types of exchanges: working with fiat money and pure cryptocurrency. If you choose a pure cryptocurrency currency, you will have to be puzzled by the question of how to buy a cryptocurrency for rubles or dollars elsewhere. This may be an exchanger or another exchange. Before you start trading cryptocurrency, you need to register and pass verification. There is no difficulty in registering and depositing funds. Verification is needed for withdrawal. It is sometimes a long process. Some sites perform automatic verification of downloaded document scans, others only manual.
The best cryptocurrency exchanges – rating
When choosing a stock exchange, it is important to focus on proven services that differ from a position of reliability, security, trading volume, and other factors. We select the TOP-5 exchange platforms in the CIS with the best performance:
Binance.com is a convenient exchange platform with a choice of Russian interface. It offers a large selection of currency pairs, small fees are charged for depositing and entering money. The service has been operating since 2017, and the main office is in Hong Kong. The current bidding technology allows processing about 1.5 million orders per second. Features of the exchange – the leading position in terms of trading volume, low commission per transaction (0.1%), support for popular virtual coins, the presence of an application for mobile devices, the lack of payment for entering cryptocurrency.
Exmo.com is a marketplace loved by many Westerners. It has been operating since 2013, which is additional evidence of its reliability. There are high-security requirements, low transaction fees, a large selection of options for depositing and withdrawing funds from the account. Internal transfers take a few seconds, and transfer of money to the EPS or card takes place within half an hour.
Livecoin.net is a large stock exchange that is in demand among residents of Western countries. It has a convenient interface, allows you to withdraw money in dollars and rubles, has the necessary set of currency pairs (about 200) and an increased level of user protection. The commission for the operation is from 0.1 to 0.2%.
Yobit.net is a convenient exchange platform that supports a large selection of currency pairs (over 1000) and offers users wide functionality. Here you can trade virtual coins that are at the stage of primary placement. Features – almost instant deposit and withdrawal of money, the availability of rare virtual coins, a small commission payment (up to 0.2%). Provides two-factor protection and bonuses for traders.
Poloniex.com is a time-tested stock exchange established in 2014. Due to its reliability and development, it quickly became a leader and became one of the most popular platforms among users of a crypto network. More than 45,000 people are registered here, and the turnover exceeds $ 350 million per day. There is a large selection of currency pairs (over 100) and a wide selection of convenient tools.
The 5 Best Ethereum Debit Cards
Cryptocurrency owners often experience difficulties in spending money, and entrepreneurs try to solve this problem by using debit cryptocurrency cards. It is assumed that you have a certain cryptocurrency – Bitcoin or Ethereum, which only grew at a price of 10%, and you would like to spend profits on a luxury trip or an expensive purchase.
To exchange a certain amount of digital coins for open currency – US dollars, euros, etc. This money was in the bank. Finally, it was possible to spend. Debit cryptocurrency cards. Entrepreneurs may not recognize that cryptocurrencies are publicly available.
A debit cryptocurrency card is similar to a regular debit card. It features the Visa or MasterCard logo. And it works everywhere. Only cryptocurrency wallet. Are you surprised? Let’s take a closer look.
UQUID
Users can upload unlimited amounts in dollars, British pounds and euros to the cards and use the funds to pay utility bills and landline telephones, television, and the Internet, shopping in stores and transportation services. UQUID also offers electronic wallet services, among partners – Paypal, Western Union, and OKPay. The project team intends to create a platform that allows money transfers using cryptocurrencies, as well as a platform for trading. In the future, with UQUID, launch a coin management fund, as well as build a cryptocurrency shopping system without using cards, which will allow users to make purchases on sites like Amazon and eBay.
Tenx
Startup TenX has entered into a partnership agreement with the organization Ethereum. The company will develop a debit card for Coin. This evening on April 11, representatives of the organization reported in a blog on their official website. The creator of the cryptocurrency Charlie Lee confirmed this information in a twitter account.
In addition, TenX has added lightcoin support to its mobile wallet without any advance statements or user notifications. The company explained this by the desire to try a new option on a small number of customers who were the first to pay attention to it.
Shakepay
The ShakePay card is one of the first among the growing offer of debit cards with Ethereum support. This is an optimized, simple map that works surprisingly well in its simple form.
Unlike some other cards that have an internal wallet, with ShakePay, you simply send Ethereum to the card replenishment address, and it is converted into a cash balance. Very simple. The lack of an internal wallet means that using Bitcoin, you cannot send a preliminary request for a quick refill, that is, you have to wait several hours each time you decide to replenish your card, but this is not a problem for Ethereum.
Monaco
The trends of the modern world are subject to the pace of advanced technology. While Ethereum developers are addressing scalability issues and struggling with various vulnerabilities, many blockchain projects are working to integrate cryptocurrencies into everyday human life. One of these projects is Monaco, which will allow anyone who wants to withdraw cryptocurrency directly from an ATM and pay at retail stores using their own debit card Monaco Visa.
Monaco Visa debit cards work wherever Visa is accepted, allowing users to conduct legal tenders for currency conversion into cryptocurrency without commission. All cryptocurrency exchanges for a legal tender will be managed by Monaco before users complete transactions on the Visa network.
Tokencard
TokenCard’s economy is based on TKN tokens (Ethereum, standard ERC20) and the Asset smart contract TKN, which accumulates commissions and manages the income of TKN owners. The full commission for the payment, including the partner company from Visa, will not exceed 1.5%, of which 1% will be sent to the TKN Asset smart contract. Payments secured by TKN tokens, 1% are not charged.
In the future, according to the developers, the main share of tokens on card accounts will be stable cryptocurrencies, such as dai or DGX, linked to fiat currencies or physical assets, but none of them has yet left the testing stage. From the recipients of the payment, TokenCard is an ordinary Visa card, through which payments are made in fiat currencies.ies.