AbelCrypto

Here is a roundup of the  week’s latest updates on the news and views in the ever- changing world of ethereum and other cryptocurrencies.

GAMBLING WITH ETHER

Continuing with the rapid rise in popularity of blockchain games, Abelcrypto.com https://ambcrypto.com/ethereum-eth-based-game-fomo-3d-makes-a-splash-branded-bitconnect-2-0/) reported on a new gambling game launched in the week by Ethereum. The game, named FOMO 3D, invites players to buy a key with Ether (about 0.00054 ETH per key) and enter the game. One lucky player then wins all the Ethereum in the game – a whopping 21300 ETH in the last round. The key, when entered, adds 30 seconds to the time of the game and the last person to buy and enter a key before time runs out is the winner.  Concerns regarding the risk of gambling on peoples financial status and health have been raised. 

HOLO LISTED ON MAJOR EXCHANGES

What happens when a relatively unknown cryptocoin lists on a major exchange? In the case of HOLO it jumped the ranking of the coin to 84^th on the list of the most popular cryptocoins and increased the Market Cap from $76 million to $117.5 million. The coin announced it was listing on the IDEX exchange on 23 July 2018 and according to Ethereum World News (https://ethereumworldnews.com/holo-hot-jumps-over-50-on-binance-listing/), the coin outperformed all others on the day. Holochain is different to the standard peer to peer applications as it an “agent-centric series of source chains” and not a single blockchain. 

GODS UNCHAINED RELEASED

In a leading move to launch the first e-sports competitive game on the Ethereum platform using blockchain technology, Gods Unchained was released during the week. Even though the game already has more than a million users, the game will make use of an on-chain / off-chain technology that will ensure the ETH platform does not get congested. All the game-action that does not involve in game purchases of cards will happen off-chain. The Ethereum network has been facing challenges with their lack of capacity after the launch of games such as Cryptokitties. For more information and related articles, visit bcfocus.com (https://bcfocus.com/news/ethereum-based-e-sports-project-funded-by-coinbase-launches-gods-unchained/19139/)

GROWTH OF BITCOIN TECHNOLOGY

ON 23 July, Ethereum World News (https://ethereumworldnews.com/another-chinese-city-embraces-blockchain-technology/) released the news that Nanjing, the capital of the Jiangsu Province in China, announced their intention to invest in the development of Blockchain based projects.  With a commitment of 10 Billion Yuan from the Government the vision is to develop the first completely smart city in the country. The Government of China placed a ban on all cryptocurrency activities a while ago, but despite this , Ethereum was placed at the top of the list for blockchain in the categories of technology, innovation and applicability. 

GOOGLE INCLUDES ETHEREUM IN ITS CRYPTO TO CASH CONVERTOR

Converting the value of your cryptocurrency to the cash has been a challenge for many miners and crypto-investors. A few months ago, Google launched a convertor for Bitcoin that simplified the process for users. Oracle Times (https://oracletimes.com/google-includes-ethereum-eth-litecoin-ltc-and-bitcoin-cash-bch-in-its-crypto-to-cash-converter/) reported that Google has now added Ethereum, Litecoin and Bitcoin Cash to the convertor. The application is as simple to use as searching for “ Crypto Convertor” and selecting your cryptocoin and hard currency from the drop down lists. There has been some resistance by some user who believe giving Google more information about yourself and the value of your cryptocurrencies is not a good idea. 

Please visit our site regularly to get the latest updates on Cryptocurrencies. 

Cryptocurrency is big news and trading in it is becoming highly popular and, more importantly, incredibly lucrative. Entering into not just a new currency, but a complete re-imagining of what currency is, however, is certainly a little intimidating. Thankfully, help is at hand through a number of cryptocurrency exchanges, the most popular of which are Kraken and Coinbase.

To help you understand each of these digital platforms a little more clearly, we’ve put together a list of the pros and cons of each. And, by the end of it, you should have a better idea of where you’re going to buy, sell and store your cryptocurrencies.

Kraken vs Coinbase

Kraken

Founded in 2011 by Jesse Powell, Kraken is located in San Francisco and was one of the first Bitcoin exchanges to launch on the Bloomberg Terminal. Here are the pros and cons that you need to be aware of when using Kraken:

PROS

• Wide range of currencies available: Kraken is able to boast 14 different currencies on their exchange and these include the three most popular in Bitcoin, Ethereum and Litecoin
• Low fees: Trading fees on Kraken are some of the lowest you can find among crypto-exchanges
• High limits: Kraken allows you to deposit and withdraw up to $25,000 per day
• Simple verification: Users are able to start trading in both digital and fiat (issued by a government) currencies by providing just a few personal details

CONS

• No credit/debit card facilities: The only method for withdrawing and selling on Kraken is through bank transfers and cryptocurrency
• Not user friendly: The Kraken interface has been criticised for being unfriendly to users and causing beginners to make numerous errors

Coinbase

Coinbase was founded in San

Francisco by Brian Armstrong in 2012 and now has a user base of around 13.3 million users. If you’re interested in trading on Coinbase then these are the pros and cons of the platform:

PROS

• User friendly: Simplicity is the name of the game with Coinbase and it ensures that beginners are able to get up and running with the minimum of fuss
• Good buy/deposit methods: Coinbase allows its users to use either credit/debit card, bank transfers and cryptocurrency to facilitate withdrawals/deposits
• Safe Limits: Rather than allow new users to lose huge amounts of money immediately, Coinbase sets purchase limits based on account age, buying history and verification status
• Easy verification: Bank details can be linked to your account almost instantly to allow you to start trading

CONS

• Limited cryptocurrencies: Coinbase only supports Bitcoin, Litecoin and Ethereum, so the choice of available cryptocurrencies is limited
• Medium fees: Purchase fees on Coinbase are higher than their rivals with 1.49% and 3.99% fees for bank transfer and credit card transactions respectively

Final Thoughts: Kraken vs Coinbase

No matter what people tell you, the cryptocurrency bubble is not going to burst. And that’s why there’s no better time to get involved with cryptocurrency.

Kraken and Coinbase both represent fantastic options for getting to grips with the complexities of cryptocurrency, but with a significant difference in the services on offer. Kraken, of course, provides a wide range of different cryptocurrencies to work with, but offers limited options when it comes to withdrawing/depositing funds. Coinbase, meanwhile, may offer slightly higher transaction fees, but it’s a platform which is intuitive and offers superior buy/deposit methods.

Deciding on which platform is entirely down to your circumstances, but if you choose carefully then you stand to make the whole process easier and more financially rewarding.

The high gains experienced by cryptocurrencies such as bitcoin and ethereum over the past year have created much interest and hype in this space. Even major investment banks that previously spoke negatively of the crypto movement have opened trading desks to address demand from their clients.

This article will explore why cryptocurrency trading is so popular, the difficulties involved and how to get started.

The growth of crypto

Interest in cryptocurrencies is being driven by two main factors:

• Long term growth – The value of crypto currencies has grown astronomically over the past 18 months, and this makes it very attractive to investors who speculate that it will continue to rise over the long term. People also hope to identify new coin offerings that will have the same explosive growth of bitcoin and ethereum.
• Volatility – While the value of cryptocurrencies is increasing, it is by no means a sure thing, and prices are incredibly volatile. Traders hope to use this volatility to make money in the short term, buying and selling to take advantage of the peaks and troughs.

Many see the potential of bitcoin in particular as a store of value, in the same way that gold is used today.

Cryptocurrency trading challenges

There are several reasons why cryptocurrency trading is an uncertain and volatile business:

• Complicated space – while it is not essential to have an understanding of blockchain and the specifics of how cryptocurrencies work in order to trade them, it is still beneficial to have a broad understanding of the concepts. Even at a high level, cryptocurrencies can be very complex, and the economics of how coins function differs from one coin to the next.
• Signals are not the same as stocks and shares – many of the traditional measures that traders use to assess the value of stocks and shares don’t apply to cryptocurrencies. This means that people are having to invent new ways to determine whether a coin is a good investment.
• Don’t have the historical data – Further to the fact that we don’t have good tools and measures, we also don’t have good historical data to tell us how cryptocurrencies react to different events. This makes it difficult to predict how their value fluctuates relative to geopolitical and economic inputs.
• Regulatory landscape is immature – as much of the technology that underpins cryptocurrencies is new and relatively unproven, regulators are understandably nervous. In some jurisdictions they have sought to limit trading of crypto currencies by blocking exchanges and imposing new regulation. You wouldn’t want to be holding a large amount of cryptocurrency in a country where it suddenly became very difficult to sell.

Exchanges

In order to buy or sell crypto currencies you will first need to register with an exchange or cryptocurrency trading platform. The best cryptocurrency exchange for you will depend on what exactly you are looking to buy and how sophisticated you need it to be.

Coinbase is generally seen as a good entry point, but you can get more advanced trading features on other exchanges.

Cryptocurrency trading Courses

If you’re new to this space, there are a number of crypto currency trading courses available that will have you get up to speed quickly and save you lots of time researching the topic.

You should view purchasing an online course as an investment in helping you to make longer term trading decisions further down the line.

Cryptocurrency Trading: final thoughts

The future of currencies like bitcoin and ethereum is far from certain, and it is even less clear for the multitude of altcoins that are now available on the market.

That being said, the huge gains that these currencies have seen over the past year will no doubt continue to draw attention to the space.

If you’re serious about investing, make sure you take steps to educate yourself before you get started, and be wary of the the commentators who think that this could turn out to be a bubble waiting to burst.

This article, originally published on CoinCentral, explores the key differences between Monero vs. Bitcoin. 

Bitcoin gave the world digital cash. The ability to transact large sums of money across the globe, without needing to ask permission, and without the need to use middlemen is truly groundbreaking. But for all its advantages over national fiat currencies, Bitcoin now only seems to serve a limited set of use cases. It is not very private, transactions are generally slow and becoming costly. It’s becoming harder to upgrade and add new features to the protocol making it resistant to new innovations and technologies.

Then came Monero – private by default with untraceable transactions. It has an adaptive block size. It has its own codebase and is not simply another Bitcoin clone. Even its developers are mainly anonymous. Monero ticks most the permissionless digital cash boxes – is it all too good to be true?

In this Monero vs Bitcoin comparison, we’ll take a deeper look at Monero’s features that have helped it grow to a top 10 cryptocurrency.

Why Bitcoin lacks privacy and What Monero does about it

Bitcoin is pseudonymous, meaning that users can transact without providing their identities. Instead of using real world identities as banks do, Bitcoin uses addresses to make transactions possible between wallets.

The problem is that the addresses, along with the transaction information, all get stored on a public ledger. Although users can make transactions without attaching their personal identity, it is now widely known that the Bitcoin blockchain is being data mined by blockchain analysis companies. These companies are able to de-anonymize Bitcoin transactions with a high degree of accuracy.

Unlike Bitcoin, where you need to take extra steps to achieve anonymity, Monero has privacy turned on as a default setting. Untraceable transactions and anonymity are baked into the protocol.

As a side effect of anonymous and untraceable transactions, Monero is more fungible than Bitcoin. Fungible simply means that you can’t tell apart one coin from the next. Bitcoins are subject to being tainted. For instance, if a particular exchange has been hacked, or funds are stolen, the hacked or stolen Bitcoins can be tracked and subsequently blacklisted by exchanges or vendors. This can make a percentage of Bitcoins unspendable, which is not ideal for a digital representation of cash. Monero’s inherent untraceability makes this a non-issue.

How exactly does Monero achieve privacy?

Monero uses three different privacy innovations, namely, ring signatures, Ring Confidential transactions, and stealth addresses.

Ring signatures hide information about the sender, using a technique where a group of users sign the transaction. This obscures who the actual sender was.

Next, by using a technique known as RingCT, which stands for Ring Confidential Transactions, Alice can send Bob some Monero, and the only people that will ever know the amount sent will be Alice and Bob. Although the transaction is visible on the blockchain, there is no way to determine the amount transacted.

Lastly, Monero uses stealth addresses which adds privacy to the receiver of a transaction. Stealth addresses use ‘spend keys’ to obscure the receiver’s address. A sender is required to generate a spend key address for the receiver and send the Monero through this address. A ‘view key’ is then used by the receiver to display incoming transactions. This method means that while a transaction is recorded on the blockchain, only the sender and the receiver can determine where the payment was actually sent.

Monero vs Bitcoin: Other Key Differences

Released in early 2014, it is understandable that Monero still has some catching up to do compared to Bitcoin which has been around since 2009. This is reflected in the two coin’s market cap differences, with Monero sitting in 9th place at the time of writing.

Bitcoin had a lot more time to build out its network, and it won’t be giving up its first mover advantage that easily. With Monero, however, the market cap comparison does not reflect the fact that Monero has a different use case than Bitcoin, a use case built around its privacy. Monero is now establishing itself as the ‘coin of choice’ for people that want privacy in their transactions or that want to use Dark Markets. Bitcoin lost flavor with Dark Market users who quickly switched loyalty when they realized that Monero took privacy a few steps further than Bitcoin ever could.

Monero is not a one-trick-pony either. Privacy aside, the Monero developers have been addressing some key issues that Bitcoin has found challenging.

Hard forks have proved dangerous in Bitcoin as they show major rifts in consensus and make protocol upgrades contentious. When it comes to upgrading the protocol, Monero has a policy of hard forking every 6 months. All users are given fair warning and are expected to upgrade their software, making upgrading a breeze.

Monero has a dynamic block size which can adapt to the network’s requirements, unlike Bitcoin’s hard capped limited block size. With dynamic block sizes, you also get dynamic fees. It takes an average of 2-minutes for the average Monero block to be mined, and for transactions to be confirmed – a clear advantage for retail like scenarios.

Miner centralization, due to the use of ASIC chips, is a problem that Bitcoin has not been able to avoid. Short of a contentious fork to change the Proof of Work algorithm, it looks like mining centralization is here to stay in Bitcoin. Monero uses mining algorithms that are ASIC resistant, meaning it can be mined using standard CPUs and GPUs, which keeps the mining decentralized.

How has the Market received Monero?

Monero saw incredible growth in 2016, where it was the best performing crypto for the year. It has a growing legion of fans. Many were originally Bitcoiners that became frustrated with Bitcoin’s inability to achieve consensus to add improvements. As data analysis firms started de-anonymizing Bitcoin users, privacy oriented coins became all the more appealing.

Eager to grow their community and see their currency gain use, Monero fans have organized and have even set up their own LocalBitcoins style exchange for Monero called LocalMonero.co where buyers can find local sellers for one-on-one trades.

The bottom line

Since its inception, Monero has forged ahead and carved its own path in cryptocurrency privacy innovation. When compared to Bitcoin, and despite early setbacks and engineering challenges, it clearly leads the way in terms of anonymity and untraceability. But it is not alone in the privacy niche. Hot on its heels are other privacy focused coins, like Dash, Zcash, PIVX and Verge among others.

But competition is good in the cryptocurrency space because a coin can adopt new and innovative techniques that other developers have found to be successful. It is more about keeping the protocol agile so it can implement improvements and upgrades. Monero devs have shown that this is something they consider to be very important.

Bitcoin has gone through its own upgrade recently with the activation of SegWit, providing the oldest blockchain with some much needed new capabilities. SegWit allows for second layer innovations to be built on top of Bitcoin’s protocol layer. The SegWit upgrade was hotly contested for a couple of years. This had the effect of stalling innovations like the Lightning Network for fast transactions, and Confidential Transactions which offer enhancements in user privacy.

Other innovations are also in the pipeline, like MimbleWimbe and Atomic swaps, that can make cross-chain transactions possible, meaning you can send someone Monero, and they get the value in Bitcoin – or vice versa. Such developments can foster a sense of blockchains cooperating instead of directly competing to eat each other’s lunch. With that in mind, it is probably less about picking a winner between Monero and Bitcoin, and more about both coins growing independently and serving distinct use cases and markets.

Monero’s clear efforts in being distinctly different from Bitcoin are already paying off as it is clearly the leader in the privacy niche, and it is certainly here to stay.

This is  article was written by Theo Tsihitas and originally published on CoinCentral . Read the full article here.