According to a new report called 'Detailed Report Into The Cryptocurrency Exchange Industry' released by CryptoCompare, the US dollar represents half of the BTC-Fiat trading on average throughout the last 30 days. The other two leading currencies are the Japanese Yen (JPY) and the Korean Won (KRW)
Not a Surprise: USD Is Dominating the Market
3,443 USD -0.08%
Bitcoin SV was the worst-performing cryptocurrency in the top-ten on Thursday. The coin that previously demonstrated inverse price action with the rest of its peers now finds itself struggling to regain momentum despite signs of early adoption across the market. BSV Update Over the last 24 hours, the BSV price has fallen an average of […] The post Bitcoin SV Under Pressure Despite Growing Support Base appeared first on Hacked: Hacking Finance.
In a recent interview with Internet History Podcast, David Schwartz, the Chief Technology Officer of the leading blockchain firm, Ripple spoke about the mining scenario in the XRP ecosystem and compared it against that of Bitcoin [BTC]. Here, he stated that the initial idea, while developing the XRP ledger was to get rid of the proof-of-work mechanism that Bitcoin uses. Here, the CTO backed his statement by mentioning the issues that align with the protocol. Schwartz explained that XRP is not an adversarial system like the Bitcoin ledger. Furthermore, the BTC ecosystem pits miners against each other in a competition for a fixed pool of resources. This creates adversarial interests that make the security model of Bitcoin difficult, he said. In his words: “It’s not an adversarial system like the Bitcoin ledger is. if you’re mining and I’m mining, we’re competing for sort of a fixed pool of resources and that creates sort of adversarial interests that make the security model more difficult.” Subsequently, the blockchain mastermind also elaborated on the nature of the XRP ledger, addressing it as cooperative. He stated that all the members of the ecosystem are working together on advancement. He added: “[…] which means that if you’re going to improve the stability of the network, I want you to participate. Because you’re not taking anything away from me and I think that can make a more secure model but it does mean that the system can’t sort of give out the digital asset.” He further stated that all the XRP that will ever exist was created in the genesis ledger in June 2012, when the system was built. Regarding proof-of-work, he said that the mechanism has distributed the asset broadly but miners have high expenses wherein the costs of ASIC and power have to be taken into consideration. In his opinion, the money is sucked out of the ecosystem as the miners start selling due to high costs of mining. Lastly, the Ripple official mentioned that the XRP ledger leaves out one inherent feature of predictable market supply, which is fulfilled via Ripple-created escrow accounts. The post Ripple CTO compares Bitcoin [BTC], XRP security models; calls proof-of-work “adversarial system” appeared first on AMBCrypto.
The State of The Market — December 13, 2018BTC: $3,440.26 (-1.17%)XRP: $0.304427 (-1.03%)ETH: $90.52 (-0.44%)After a few action-packed days, the market is relatively calm today. Bitcoin is trading above $3,400 and is not expected to crash below $3,000 anytime soon. With a few more days left for 2018, a short-term rally is possible as institutional platforms launch. The market changed by just $1 Billion today. Dentacoin (DCN) is up by nearly 18%, making it the top gainer in the last 24 hours.In other news, Basis, a stablecoin which raised $133 million from Alphabet’s venture capital arm GV, Baincapital Ventures, Andreessen Horowitz and others, is closing its doors due to regulatory issues, according to The Block. Basis plans to return most of the funds it raised. Also, Allianz Global Investments (Allianz GI) CEO Andreas Utermann has called for a ban on Cryptocurrencies. He said regulators should outlaw cryptocurrencies because it has wiped out people’s savings.1) According to a recent report from Finance Magnates, American cryptocurrency exchange Kraken is considering a private offering. It has already sent out emails to its high-value customers about the investment opportunity. The exchange is seeing a valuation of $4 Billion, with the minimum investment size being $100,000. Kraken has employed a 3rd party service to take care of running accredited investor checks, execute transaction documents and funding of investments. Founded in 2011, Kraken is one of the oldest cryptocurrency exchange. (Read More)2) Data from Google Trends shows that “What is Bitcoin” and “How to buy Bitcoin” ranked among the top questions people asked Google in 2018. Both phrases ranked highly in global and U.S. Google searches and it appears that more people were interested to learn more about Bitcoin than searches for Donald Trump and Barack Obama. To date, people in the U.S. remain more intrigued by Bitcoin than the Russian collusion investigation of the Trump administration and this comes even as Bitcoin price has dropped by more than 80 percent this year. Market analysts have attempted to correlate Bitcoin search activity to the digital assets price action and previous studies concluded that spikes in Bitcoin activity corresponded with Bitcoin price rallies. (Read More)3) A new report issued by the Cambridge Center for Alternative Finance suggests that the number of “newbies” entering the crypto space in 2018 practically doubled from the numbers listed for 2017 despite bitcoin’s record drops. Though some analysts predict the Bitcoin to fall further, the data shows that Bitcoin is potentially in line for another rally. However, the study confirms that bitcoin is still largely being used for investment purposes rather than for commerce or making purchases. Besides, volatility still remains an issue for Bitcoin, among others. (Read More)Subscribe to the Berminal Brief NewsletterDownload Berminal App for FreeThe Berminal WebsiteBerminal Official TelegramBerminal TwitterKraken Is Valued At $4 Billion, And Bitcoin Tops Google Search In 2018 was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.