Over 60% of Top 100 Cryptocurrencies Have No Working Product, Study Claims

Over 60% of Top 100 Cryptocurrencies Have No Working Product, Study Claims

Of the top 100 cryptocurrencies listed by market capitalization, only 36 are actually what the authors term “working products” in a study recently published online. Newer ecosystem website, Invest in Blockchain, commissioned the study. It’s sure to be debated, and hotly, as to which coins made the cut to 36, but the authors attempt to assure readers certain standards were applied across the board in order to make their determination much of the cryptosphere is a giant dumpster fire.

Also read: Bitcoin Stickers Attract Unwanted Attention from Authorities

A Cold 36% Out of 100 Top Cryptocurrencies Have Working Products

In fact a cold 36% of the top 100 cryptos have what the writers define as “working products.” They agree that “it’s important to define what exactly constitutes a working product in the first place.” Simply taking into account a project being “open-source, building a basic blockchain and launching it isn’t a very high bar to set. We wanted to be a bit more rigorous with our criteria.”

“If you haven’t run into at least a handful of people who are cynical about the state of the blockchain industry and think it’s mostly scams and vaporware, well… you probably haven’t been into crypto for very long,” John Bardinelli and Daniel Frumkin wrote in the study, Cryptocurrencies In The Top 100 With Working Products That Are In-Use. “And the truth is, those cynics have a good point.”

Over 60% of Top 100 Cryptocurrencies Have No Working Product, Study Claims

 

The study was put out by the site, Invest in Blockchain, founded in 2017. They claim to have “researched the top 100 cryptocurrencies (by market cap) in an effort to learn how many of them actually had working products that are providing real value. The same research done in 2017 may have yielded some truly discouraging results but, even now, the results aren’t exactly stellar.”

For the authors of the study, a “working product” is 1. “active and available to the public,” 2. “Its mainnet has likely been released for some time, bumping the version numbers well above 1.0,” and 3. “Businesses and individuals use it on a daily basis for dapps, smart contracts, or digital currency transactions.”

Dash Doesn’t Make the List

As they researched, the authors were sure to match project promises made to what has actually been delivered, the present state of the company, its roadmap, and release history. Still, there “are many projects in the top 100 that have launched their mainnet, and can claim to have a ‘working product’ by a loose definition,” the authors note.

“However, we have chosen not to include projects which aren’t actually being used by any significant measure, which means that most of the recently launched mainnets will not yet meet our criteria.” For example, “a dapp platform that has a mainnet but that doesn’t have any noteworthy dapps on top of it isn’t considered ‘working’ by this criteria,” they conclude.

Over 60% of Top 100 Cryptocurrencies Have No Working Product, Study Claims

Projects that made the cut are: “0x Protocol, Ardor, Augur, Bancor, basic attention token, bibox token, Binance Coin, Bitcoin, Bitcoin Cash, Bitshares, bytecoin, decred, ethereum, Golem, Huobi Token, komodo, Kucoin Shares, kyber network, litecoin, Loom Network, Monero, nano, NEO, PIVX, Polymath, Pundi X, QTUM, Ripple, Siacoin, Steem, stellar, tether, Wanchain, Waves, ZCash, and zencash.”

As noted, there is bound to be controversy with lists such as these. Commenter PertReader1 notes, “LOL you include PIVX a fork of Dash, but ignore Dash? You mention that PIVX ‘launched’ in 2016, yeah as a fork of Dash. How can you practice such yellow journalism?” One of the authors, John Bardinelli responded, “We left Dash out of the picture because of Dash Evolution. DE redefines the project’s focus.” To which yet another commenter, kanuuker1, fumed, “That’s a total load of crap. Evolution is only the next major update. Our goals haven’t changed in years. Dash has a fully working project and is much further along in its development than every other project.”

Do you think there are too many coins out there? Share your thoughts in the comments section below.


Images via Pixabay.


Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section.

The post Over 60% of Top 100 Cryptocurrencies Have No Working Product, Study Claims appeared first on Bitcoin News.

Huobi Launches Partner Exchanges in Russia, Philippines, Taiwan, Indonesia, Canada

Huobi Launches Partner Exchanges in Russia, Philippines, Taiwan, Indonesia, Canada

Chinese exchange Huobi and its partners are launching cryptocurrency exchanges in five regions: the Philippines, Russia, Taiwan, Indonesia, and Canada. Partners “share Huobi’s order integration system, wallet system, asset management and clearing systems.” The exchange in Manila has launched with trading in three markets with over 40 trading pairs.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Five Partners, Five New Exchanges

Chinese digital asset and service provider Huobi has announced that it has chosen five partners to launch cryptocurrency exchanges in five regions.

Huobi Launches Partner Exchanges in Russia, Philippines, Taiwan, Indonesia, CanadaHuobi is one of the world’s largest cryptocurrency exchanges, with a 24-hour trading volume of $915,183,234 at the time of this writing, according to Coinmarketcap. With offices in Singapore, the U.S., Japan, South Korea, Hong Kong, Thailand, and Australia, Huobi claims to serve millions of users in over 130 countries.

The five partners are Yatai International Holding Group, Vnesheconombank, Chi Fu Group, Asia International Finance Holdings (AIF) and Dbank Group, according to South China Morning Post. Each partner will utilize Huobi Cloud to set up a new cryptocurrency exchange in “the Philippines, Russia, Taiwan, Indonesia and Canada, respectively,” the publication added.

Huobi clarified on Thursday:

Corporate partners also share Huobi’s order integration system, wallet system, asset management and clearing systems; in addition to Huobi Global’s world-leading depth, liquidity and market data.

The company officially launched Huobi Cloud on July 20, aimed at “enabling its partners to build secure and stable digital asset exchanges quickly.”

Launch Schedule

Huobi has provided a rough schedule for when the new exchanges will be launched by its partners. The exchange in Bali, Indonesia, will be launched on August 22. The one in Taiwan will be called Shubao Digital Asset Exchange and will be launched on August 26. The one in Moscow will be launched on September 3. The company has not provided the launch date for the exchange in Canada at press time.

The only exchange that has already been launched by one of the above partners is in the Philippines; it is called Huibi. Launched on August 12, it is headquartered in Manila and co-founded by Ya Tai International Holding Group.

Huobi Launches Partner Exchanges in Russia, Philippines, Taiwan, Indonesia, Canada
Huibi exchange in the Philippines.

Huibi lists three markets on its platform: USDT, BTC, and ETH. Eight trading pairs are available for the USDT market, seven for the BTC market, and 26 for the ETH market. There is no fiat support.

Huobi is also expanding its presence in the U.S. On Wednesday, August 15, the company announced that it “has entered into a strategic partnership, including a significant investment” with Openfinance Network, a US compliant security token trading platform launched earlier this summer. This follows Huobi’s recent attempt to enter the US market with the launch of Hbus exchange.

What do you think of Huobi and its partners launching exchanges in these countries? Let us know in the comments section below.


Images courtesy of Shutterstock, Huibi, and Huobi.


Need to calculate your bitcoin holdings? Check our tools section.

The post Huobi Launches Partner Exchanges in Russia, Philippines, Taiwan, Indonesia, Canada appeared first on Bitcoin News.

Interview: MakerDAO CEO Rune Christensen Talks Stablecoins

I recently spoke with MakerDAO CEO Rune Christensen. MakerDAO is the company behind not one, but two, top 2oo-cryptocurrencies by market cap. One of these is Dai, sitting at #107 with a modest market capitalization of $46 million, and the second is Maker (MKR), which currently sits at #29 with a market capitalization of $272

The post Interview: MakerDAO CEO Rune Christensen Talks Stablecoins appeared first on CCN

Markets Update: Bloody Crypto-Markets Suffer More Losses

Markets Update: Bloody Crypto-Markets Suffer More Losses

Leading up until this Tuesday a great majority of cryptocurrency markets have lost considerable value over the past few days. Since our last markets update this past Saturday, the overall cryptocurrency capitalization as a whole has dropped significantly by losing $20 billion USD. All eyes will surely be fixed on digital asset charts this week as there’s been a plague of bearish market sentiment cast over the entire crypto-economy.

Also read: Coingeek Speaks on Consensus Changes and Next-Gen ASIC Chip 

There’s Blood in the Crypto-Streets

When it comes to cryptocurrency markets today on August 14, there’s an awful lot of ‘blood in the streets.’ During yesterday’s trading sessions, the entire cryptocurrency economy dropped under the sub-$200B zone and today the valuation is hovering around $195-199B. This is due to the extreme losses many digital currencies have suffered through over the past three days. A great majority of coins are seeing losses between 3-25 percent today as many assets have touched their previous bottoms or lower. Overall trade volume this Tuesday has increased, likely because prices are so low right now, and over the last 24-hours around $15.9B cryptocurrencies have been traded.

Markets Update: Bloody Crypto-Markets Suffer More Losses
The top ten digital assets today on August 14, 2018, at 10 am EDT.

Bitcoin core (BTC) has been able to dodge a lot of the downward blows as the currency has lost a lot less percentage wise than most other coins. This has led to BTC dominance or its market capitalization measured in comparison with the entire crypto-economy valuation to spike upwards of over 54 percent. Out of the top ten digital assets, cardano (ADA) has taken the biggest blow and has sunk to the 8th highest position because it lost over 16.8 percent in value over the last 24-hours. The price of ADA has dipped to around $0.09 per coin at the time of publication.

Markets Update: Bloody Crypto-Markets Suffer More Losses
Out of the top ten digital assets, cardano (ADA) has lost the most over the last 48-hours.

This is followed by the second biggest top ten loss with ethereum (ETH) seeing its market value lose 16.1 percent today with one ETH trading for $268. The third largest top ten loss today belongs to EOS as its markets are down 13.7 percent with one EOS trading for $4.44 per coin.

Bitcoin Core Market Action

Bitcoin core markets are down 3.94 percent today, and the cryptocurrency has been fighting to hold above $6,050-$6,175 per coin over the last day. Last night the BTC/USD price dropped to $5,880 coming awfully close to the currency’s assumed bottom at $5,774. Today BTC trade volume over the last day has been fairly decent at $5.5B and the currency’s entire market valuation is about $106B at press time.

Markets Update: Bloody Crypto-Markets Suffer More Losses

The top five exchanges swapping the most BTC includes Bitflyer, Okex, Bitfinex, Binance, and Coinbene. The trading pairs seeing the most swaps today with BTC includes tether (USDT 50.2%), USD (26.5%), JPY (11.3%), EUR (4.7%), KRW (2.4%) and bitcoin cash (BCH 1.88%).

Markets Update: Bloody Crypto-Markets Suffer More Losses
BTC/USD 4-H, August 14, 2018, 10 am EDT Coinbase.

Bitcoin Cash (BCH) Market Action

Bitcoin cash markets have seen a 24-hour loss of around 15 percent today and the currency’s market capitalization is around $8.5B. At the moment bitcoin cash is trying to stay above $490-515 at the time of writing but bulls have been struggling. Last night BCH dipped to a low of $472 on Bitstamp, but trade volume had spiked over $400M+ pushing the price back up after the drop.

Markets Update: Bloody Crypto-Markets Suffer More Losses

The five leading bitcoin cash exchanges today include Coinex, Okex, Binance, Hitbtc, and Bitfinex. The currencies that are currently being traded with bitcoin cash the most includes tether (USDT 49.1%), BTC (27%), USD (13.1%), QC (2.83%), ETH (2.79%), and the KRW (1.88%).

Markets Update: Bloody Crypto-Markets Suffer More Losses
BCH/USD 4-H, August 14, 2018, 10 am EDT Bitfinex.

The Verdict: Volatile Markets and Heavy Losses Increase Uncertainty

Digital asset markets have been wild over the past few weeks and many traders seem uncertain about where the ‘good-ship-crypto’ will go from here. 2017 was an exceptional year and the past seven months of 2018 has been literally the exact opposite as far as cryptocurrency values are concerned. The cryptocurrency economy as a whole has lost considerable value which in turn is brewing deep skepticism towards the future of certain crypto-markets. For now, most traders remain uncertain of where things will go and many are praying they played their positions correctly in hopes they don’t get squeezed. At the moment digital asset prices are starting to see a slight recovery after the significant losses last night. 

Where do you see the price of BTC, BCH and other coins headed from here? Let us know in the comment section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Bloody Crypto-Markets Suffer More Losses appeared first on Bitcoin News.

Turkish Bitcoin Volume Soars as Traders Flee the Lira

Turkish Bitcoin Volume Soars as Traders Flee the Lira

Trading volume on Turkish cryptocurrency exchanges has soared over the last 24 hours as citizens have sought refuge from the weakened lira. Turkey’s national currency has faced a torrid time on a day when President Recep Tayyip Erdogan accused the US of trying to “stab it in the back”. Trade volume on domestic exchange Btcturk is up 350% in the last 24 hours, with BTC capturing 38% of the action.

Also read: Crypto Cafe and Coworking Space ‘Hash House’ Established in Xi’an, China

Turks Seek a Haven from the Crumbling Lira

The Turkish lira (TRY) plunged to record lows against the US dollar today as tensions between the stricken nation and western counterparts ramped up. The embattled President Erdogan sees Turkey’s financial straits as a US-led plot to cripple the country, as opposed to the consequences of an imprudent economic policy that’s lead to rising inflation and spiraling debt accrued in foreign currency, exacerbated by borrowing to fund a construction boom.

Turkish Bitcoin Volume Soars as Traders Flee the Lira
The Turkish lira hit new lows against the US dollar today

While Turkey’s interior ministry has been threatening to take legal action against almost 350 social media accounts deemed to have made “provocative” comments against the lira, cryptocurrency holders have been busy exchanging their TRY for BTC, XRP, and ETH. After bitcoin core and the dollar-pegged tether (USDT), ripple and ether formed the leading trading pairs at Btcturk over the last 24 hours; the site also offers LTC.

Turkish Lira is the Third Worst Performing Fiat Currency This Year

Only the Venezuelan bolivar and Sudanese pound have performed worse than the Turkish lira, which is down 45% this year. While BTC has lost close to 54% this year, it’s looked a veritable fortress of strength against TRY of late, and with limited options for swapping their lira into a more stable currency, Turkish citizens have flocked to bitcoin. In addition to Btcturk, which has exchanged close to $14 million of BTC in the last 24 hours, regional exchanges Paribu, Koinim, and Koineks have witnessed a major increase in volume this week, as has Localbitcoins.com.

Turkish Bitcoin Volume Soars as Traders Flee the Lira
Trade volume (in USD) on Btcturk this week

Amidst rumors of Turkish banks ending support for customer accounts holding USD, and President Erdogan desperate to quell the flight to the currency whose issuing nation he blames for the lira’s plight, citizens are left with few places to turn. (Tether is the closest most Turkish traders can get to the US dollar right now.) While predictions of ‘hyperbitcoinization’ in Turkey may be premature, it is evident that cryptocurrencies such as BTC are proving a lifeline in nations whose fiat currency is devaluing by the day.

Do you think the Turkish lira can recover or will the flight to cryptocurrency increase? Let us know in the comments section below.


Images courtesy of Shutterstock, Xe.com, and Coingecko.


Need to calculate your bitcoin holdings? Check our tools section.

The post Turkish Bitcoin Volume Soars as Traders Flee the Lira appeared first on Bitcoin News.

Bitcoin Price Creeps Near $6,500 as Tether Issues $50 Million Worth of New Tokens

The bitcoin price saw a slight bump on Monday, rising just under two percent to extend the market’s weekend recovery into the new week. After trading as low as $6,109 on Saturday, bitcoin is now priced at $6,458 on Bitfinex, which translates into a $111 billion market cap. While there are many factors that impact … Continued

The post Bitcoin Price Creeps Near $6,500 as Tether Issues $50 Million Worth of New Tokens appeared first on CCN

An In-Depth Look at the Cryptocurrency Economy’s ‘Stablecoin’ Trend

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' Trend

Back in the early days, cryptocurrency enthusiasts used to laugh at the thought of a stable cryptocurrency pegged to a specific fiat currency like the US dollar. Although nowadays things have changed and the digital currency tether (USDT) captures more cryptocurrency trade volume than most of the leading nation-state issued fiat currencies like the USD and JPY. Moreover, the past year or so more ‘stablecoins’ have been entering the crypto-economy, and some individuals think stablecoins are necessary elements for the future of this technology.

Also Read: Wormhole Mainnet and Developers’ Guide Launched

The ‘Second Bitcoin White Paper’ Written by JR Willett Unleashes the ‘Stablecoin’ Idea in 2012

‘Stablecoins’ — whether you hate them or love them they have become extremely popular over the last two years, and tether (USDT) a digital currency that’s issued over the Omni Layer protocol has become a puzzling phenomenon. Asset­-pegged cryptocurrencies started being heavily discussed and written about in 2012 in J.R. Willet’s Mastercoin white paper, and around 2014 the concept really started gaining steam. There have been many attempts to create stable coins that failed miserably at pegging. The cryptocurrency, nubits (USNBT), was supposed to stay valued at one US dollar. Nubits stuck to around a dollar since it launched up until June 9, 2016, and then sunk below that point until September 6, 2016. Again the currency kept stable for a while all the way until March 21, and it hasn’t been able to keep the 1:1 ratio ever since then.

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' Trend    Tether the King of All Crypto-Dollars

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' TrendIn November of 2014, Reeve Collins revealed the project ‘Tether’ a blockchain based coin that’s issued using the Bitcoin Core (BTC) network utilizing the Omni Layer protocol. The Omni network can grant and revoke tokens created by metadata embedded in the BTC chain and the project’s prodigal son is USDT. Every USDT issued is allegedly backed by one US dollar and the creators claim all the funds are held in reserves by Tether Limited’s bank. This particular claim is extremely controversial and USDT has been the center of a lot of attention.

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' Trend

Nevertheless, tethers have been consistently stable ever since its price was first recorded on Coinmarketcap in February of 2015. The use of tether has become a popular vehicle for traders looking for a safe haven during bear markets. Tether makes it easier for traders to not have to convert back and forth into fiat and USDT is used by lots of popular trading platforms. Exchanges who use USDT include Binance, Poloniex, Bitfinex, Okex, Huobi, Hitbtc, Bittrex, ZB.com, Bitforex, Fcoin, and there are many more. Because a lot of cryptocurrency prices have been floundering, tether has managed to make its way into the top ten digital currency market capitalizations as USDT is now in the ninth position.   

Maker Dao and Dai Tokens

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' TrendAnother interesting stablecoin that has remained fairly consistent so far is the digital currency dai, a token created using the Maker Dao. The Maker Dao is a protocol that’s built on the Ethereum network and essentially it uses the dollar conversion rate when it locks up tokens autonomously. Essentially a user deposits a blockchain-based asset as collateral which then, in turn, creates stable dai tokens. Since dai tokens were first recorded on Coinmarketcap’s (CMC) historical index on December 27, 2017, the price has remained stable between $0.99 and $1.02 per coin. Dai tokens are not as popular as Tether (USDT), and the platform is relatively new. However the Maker Dao and dai tokens are being regularly traded on decentralized exchanges (DEX), and other token trading platforms like Bancor, Radar Relay, and Ethfinex. Dai is used by these exchanges, and by the general public, for borrowing and leverage opportunities because the currency’s price remains valued at $1 USD consistently.

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' Trend

The Trust Token Asset Tokenization Platform

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' TrendThen there’s the stablecoin called ‘trueusd’ — a coin that’s issued by the Trust Token Asset Tokenization Platform. The creators of trueusd (TUSD) claim that each token is backed by collateralized USD assets dispersed over various escrow accounts within the Ethereum-based Trust Token Platform. So much like tether (USDT) the trueusd tokens are said to be backed 1:1 with the US dollar, and at the moment the currency has a $60M market valuation. Exchanges have started using trueusd for stablecoin pairs much like how tether is used these days. Just recently the Indian exchange Zebpay announced using trueusd and the trading platforms Bittrex, and Binance also have listed the coin. Trueusd was first listed on CMC’s historical data on March 6, 2018, and the token has also remained stable between $0.99 and $1.01 per TUSD.

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' Trend

More Stable Coins Are Coming

The three stablecoins mentioned above are probably the most popular so far, and each one has seen significant adoption. The controversial tether (USDT) is the reigning champion of stable assets today. However, there are a slew of other stablecoins that are making their way into the crypto-economy, or plan on joining in the near future.

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' Trend
A few new stablecoins planning to join Tether, Trueusd, and Dai. Kowala’s Kusd, Havven’s Eusd, and Vaultusd.

A stablecoin called kowala (KUSD) has recently partnered with the hardware wallet firm Ledger. Ledger devices will be able to send, receive, and store KUSD. Another stablecoin in the works is called NUSD, which is an EOS blockchain-based asset that was built by the Havven development team. Following that project is a smart contract platform that plans to collateralize its tokens called Usdvault (USDVAULT), with gold bullion that’s professed to be housed in Swiss vaults. The Vault creators claim the stable coin will be based off a 1:1 USD price ratio, but the asset’s 1:1 value is essentially backed by the precious metals located in Switzerland. Further not too long ago the unicorn cryptocurrency company Circle Invest explained it is working on a stablecoin as well that will be tied to the value of US dollars.

It seems that even though some of these coins are controversial, and people need to put trust in the claims that the assets are truly backed by a certain collateralized asset, so far they still continue to grow very popular. Of course, the main concern will always be whether or not these stable currencies are truly pegged to real US dollars, and if they’re not and they are based on the price ratio, can they hold the 1:1 values over time.

What do you think about stable coins like tether, dai, trueusd? Do you think this concept will continue to be popular in the cryptocurrency universe? Let us know what you think in the comment section below.

Disclaimer: Bitcoin.com does not endorse nor support these products/services.
Readers should do their own due diligence before taking any actions related to the mentioned companies or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images via Shutterstock, Satoshi Pulse, Tether Limited, Trueusd, Dai Logo, and Pixabay.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post An In-Depth Look at the Cryptocurrency Economy’s ‘Stablecoin’ Trend appeared first on Bitcoin News.

Stablecoins Gaining Popularity in India to Minimize Central Bank’s Impact

Stablecoins Gaining Popularity in India to Minimize Central Bank’s Impact

A growing number of cryptocurrency exchanges in India are adding stablecoins such as trueusd (TUSD) and tether (USDT) to their platforms. They are part of the solutions exchanges have come up with in order to minimize the impact of the crypto banking ban imposed by the country’s central bank.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Unocoin Adds TUSD

Stablecoins Gaining Popularity in India to Minimize Central Bank’s ImpactUnocoin, one of India’s largest crypto exchanges, announced on Wednesday the addition of TUSD to its crypto-to-crypto platform, Unodax. An ERC-20 token built on the Trusttoken platform, each TUSD is said to be backed by one USD held in reserve which can be redeemed. Unodax currently offers 23 TUSD trading pairs including BTC, BCH, ETH, LTC, and XRP.

“The decision [to add TUSD] has been taken to minimise the RBI circular’s impact on cryptocurrency investors and traders,” Inc42 reported. The Reserve Bank of India (RBI), the country’s central bank, issued the circular banning banks from providing services to crypto companies on April 6.

The publication quoted the exchange’s CEO and co-founder, Sathvik Vishwanath, commenting on the addition:

After the RBI banned bank transfers for crypto trading and investments, we were looking for the plausible solutions to help our users continue to hodl, without any disruptions and hassles.

“With trueusd, we are excited to present our users with a long-awaited stable trading plan for crypto-assets traders on our Unodax exchange,” he continued. “Crypto enthusiasts may use this stable coin as a medium of exchange for other crypto-assets and minimise their risks in a volatile market.”

Zebpay Slashes Withdrawal Fee for TUSD

Stablecoins Gaining Popularity in India to Minimize Central Bank’s ImpactAnother major crypto exchange in India, Zebpay, added TUSD to its platform earlier this week, as news.Bitcoin.com previously reported.

The exchange also slashed withdrawal fees for multiple currencies. For TUSD, “withdrawal fees are zero till 31st August 2018.” Zebpay wrote:

You can now buy, sell and trade TUSD in two trading pairs: TUSD-INR and BTC-TUSD.

Wazirx Uses USDT in P2P, Adds TUSD

Stablecoins Gaining Popularity in India to Minimize Central Bank’s ImpactCrypto exchange Wazirx launched an escrowed “P2P” service on July 10 that uses tether to enable users to deposit and withdraw INR in an effort to bypass RBI’s ban. Issued on the Bitcoin blockchain via the Omni Layer protocol, each USDT is backed by one USD that Tether Limited claims is held in reserve and can be redeemed for cash. Wazirx has also added TUSD as a deposit option.

The exchange explained that USDT is used “to make stability and crazy liquidity happen,” elaborating:

While building Wazirx P2P, we realized that since crypto price fluctuations are beyond our control, we needed to bring in a stable coin…Since we wanted to add the stable coin with the highest liquidity in the global market, we’ve decided to go with tether.

More Indian Exchanges Offering TUSD and USDT

On Saturday, August 11, Zecoex announced that it has introduced the TUSD trade markets for BTC, ETH, and XRP pairs.

Stablecoins Gaining Popularity in India to Minimize Central Bank’s ImpactCoindelta has also added USDT for trading, deposits, and withdrawals. Trading against INR was enabled on July 19 and against the platform’s long list of cryptocurrencies on July 24. The exchange noted, “USDT is a stable coin, the value of USDT is always tethered to the US dollar price. This makes it easy for people to hold their funds.”

Koinex introduced TUSD on July 6 and aims for this trading market to serve as an alternative to INR as a stable currency. Users can deposit and trade TUSD against INR, BTC, ETH, and XRP. The exchange detailed:

With the absence of INR corridors, we began to find a suitable alternative to the stability of digital assets against fiat currency. After sincere efforts, we are glad to announce the introduction of trueusd (TUSD) as a stable coin on Koinex.

What do you think of Indian exchanges using stablecoins to minimize RBI’s impact? Let us know in the comments section below.


Images courtesy of Shutterstock, Unocoin, Zebpay, Wazirx, Trusttoken, and Tether.


Need to calculate your bitcoin holdings? Check our tools section.

The post Stablecoins Gaining Popularity in India to Minimize Central Bank’s Impact appeared first on Bitcoin News.

Huge Demand for ‘P2P’ Crypto Trading Seen in India After RBI Ban

Huge Demand for 'P2P' Crypto Trading Seen in India After RBI Ban

Exchange-escrowed trading directly between cryptocurrency buyers and sellers is growing in popularity in India following the crypto banking ban imposed by the country’s central bank. One local exchange, in particular, is seeing “tremendous” response from Indian traders for this service as “tens of thousands of new users have signed up” in a month.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Indians Warming Up to New Solution

Huge Demand for 'P2P' Crypto Trading Seen in India After RBI BanSince the country’s central bank, the Reserve Bank of India (RBI), banned banks from providing fiat service to crypto companies, local cryptocurrency exchanges have come up with solutions for their users to be able to withdraw Indian rupees. One popular solution is exchange-escrowed trading which local exchanges call peer-to-peer (P2P) trading.

Indian crypto exchange Wazirx launched this service about a month ago. CEO Nischal Shetty told news.Bitcoin.com that the response from traders for this service has been “tremendous,” stating:

People love P2P…Everyone had their doubts whether P2P would work or not, the convenience etc…[But now] We’re seeing above 1 trade match every minute happening in P2P…we’re talking about peer-to-peer transactions at a rate of more than 1 per minute.

He further revealed, “tens of thousands of new users have signed up on Wazirx after we introduced P2P. In fact we got more signups in the last 2 weeks than we got in the last 2 months.”

Platforms With Similar Services

Huge Demand for 'P2P' Crypto Trading Seen in India After RBI BanThe Wazirx P2P system was built “to replicate how a traditional order book in an exchange behaves,” the CEO described. It uses tether (USDT) in transactions. Sellers convert their cryptocurrencies to USDT and sell them for rupees. Buyers convert their rupees into USDT which can be used to trade any cryptocurrencies on the exchange. “Wazirx acts as an escrow account for holding the cryptos during the transaction,” the exchange detailed.

“The P2P system has replaced the previous system of depositing fiat into Wazirx account and in return getting INR balance in your account,” Shetty explained to news.Bitcoin.com. “What happens now is that you deposit the fiat into another user’s account and get USDT in return…After you get USDT, you can trade in our USDT market in the regular way (non P2P).”

Furthermore, orders are automatically matched by the exchange. “The auto matching open order book in P2P has never been attempted before and people love the ease,” he noted, elaborating:

In most cases, P2P is even faster than the traditional method of deposits and withdrawals people here were used to because in P2P if the person is active online then they would immediately do the money transfer to the peer’s bank account.

Huge Demand for 'P2P' Crypto Trading Seen in India After RBI BanA few other exchanges also offer similar solutions. Coindelta, for example, launched its P2P exchange called Flux on July 26. Users can transfer their BTC, ETH, XRP and USDT between the main Coindelta exchange and Flux. Other cryptos must be converted to USDT on the Coindelta exchange first before sending to Flux.

A popular exchange-escrowed service in the country that uses a classified-style order book listing is Loop by Koinex crypto exchange. Currently, only BTC, ETH, and XRP are listed on the platform for trade.

Zecoex and Giottus crypto exchanges also offer services where users can make offers to sell from their crypto balances and then wait for buyers to select them from a list of available offers. Another exchange for Indians, Instashift, offers a platform for users to buy and sell cryptocurrencies between each other for five fiat currencies, including the Indian rupee.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

What do you think of how Indians are bypassing RBI’s ban? Let us know in the comments section below.


Images courtesy of Shutterstock, RBI, and Wazirx.


Need to calculate your bitcoin holdings? Check our tools section.

The post Huge Demand for ‘P2P’ Crypto Trading Seen in India After RBI Ban appeared first on Bitcoin News.

Exchanges Round-Up: Goldman Considers Crypto Custody, SA Exchange Launches USDT

Exchanges Round-Up: Goldman Considers Crypto Custody, SA Exchange Launches USDT

In recent news pertaining to cryptocurrency exchanges, it has been reported that Goldman Sachs is considering exploring custody and other services pertaining to cryptocurrencies; a South African exchange has introduced Tether pairings in the hopes of driving down the local premium on crypto prices through offering arbitrage opportunities to foreign traders; and Blockex has announced that Sublime Group has started operating as a market maker on its exchange.

Also Read: Philippines Building Crypto Valley of Asia

Goldman Sachs Exploring Crypto Custody Services

Exchanges Round-Up: Goldman Considers Crypto Custody, SA Exchange Launches USDTBloomberg has reported that leading financial services company, Goldman Sachs Group Inc., is exploring cryptocurrency custody as a potential future product. According to “people familiar with the matter,” Bloomberg wrote that the firm “is considering a plan to offer custody for crypto funds.”

A spokesperson for Goldman Sachs stated: “In response to client interest in various digital products we are exploring how best to serve them in this space. At this point, we have not reached a conclusion on the scope of our digital asset offering.”

A lack of established custodians in providing cryptocurrency services has increasingly been perceived as a barrier to institutional investment into virtual currencies in recent discourse, with Blake Estes of Alston & Bird stating last month: “So much of the security of bitcoin and other cryptocurrency rests with who stores that private key, who controls the vault. Blockchain (the technology behind the transfer of assets) itself can’t be hacked, but it all still boils down to who ends up holding the keys. I’d tend to think that pension funds will not venture into uncharted territory until they’re certain about the security of who has custody of the keys.”

South African Exchange Launches Tether Pairings to Drive Down Local Price Premium

Exchanges Round-Up: Goldman Considers Crypto Custody, SA Exchange Launches USDTJohannesburg-based cryptocurrency exchange, Altcointrader, launched Tether (USDT) pairings. The company has introduced USDT with the intention of driving down the premium on cryptocurrency prices in South Africa.

Richard de Sousa, Altcointrader partner, estimates that BTC trades at “6%-7%” higher in South Africa when compared to USD prices. With the introduction of USDT pairings, Mr. De Sousa expects that foreigners seeking to capitalize on the arbitrage opportunities presented by the South African markets will drive down the premium on local prices over time.

“The trading pair is quite important because it allows people to buy bitcoin without using rands,” De Sousa stated. “They will level the price and make it more competitive. There are massive arbitrage opportunities. It won’t happen overnight, but those who see the opportunities and are willing to take them will benefit tremendously, and this benefit will trickle down to the man in the street because the price of bitcoins in [South Africa] will become closer to the international standard.”

Sublime Group Announced as Market Makers for Blockexmarkets

Exchanges Round-Up: Goldman Considers Crypto Custody, SA Exchange Launches USDTDigital asset brokerage exchange, Blockex, has announced that Sublime Group has begun operating as a market maker on its exchange, Blockexmarkets.

The chief executive officer of Blockex, Adam Leonard, stated: “Market Making is a core part of any mature exchange and we are particularly delighted to welcome Sublime Group aboard to our market maker program because they are a great fit for our business.”

Rishan Bhagowat, Director of Sublime Group, added: “The digital token age is upon us and BlockEx has shown they are the institutional-grade exchange provider that bridges the traditional and new capital worlds. This shared vision makes BlockExMarkets.com an ideal market for us to support. We’re more than excited to partner with BlockEx and contribute to the realization of the next generation of capital markets.”

Last month, Blockex was announced as one of 29 businesses accepted into cohort 4 of the U.K. Financial Conduct Authority’s regulatory sandbox.

Do you think that major players like Goldman Sachs will soon enter the cryptocurrency custody industry? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Exchanges Round-Up: Goldman Considers Crypto Custody, SA Exchange Launches USDT appeared first on Bitcoin News.

Bitcoin Suffers, Ripple Drops 5% as Crypto Market Continues Downward Trend

The crypto market has lost $5 billion of its valuation overnight, as major digital assets including Bitcoin, Ripple, Ethereum, and Bitcoin Cash recorded slight losses in the past 24 hours. Bitcoin and Ether, the native cryptocurrency of Ethereum, fell by around 1.5 percent, while Bitcoin Cash and Ripple declined by 2.5 percent and 5 percent

The post Bitcoin Suffers, Ripple Drops 5% as Crypto Market Continues Downward Trend appeared first on CCN

Binance CEO Changpeng Zhao: With Tether ‘Concern is Always There’

Binance CEO Changpeng Zhao: With Tether 'Concern is Always There'

During a recent conference in South Korea, Binance CEO Changpeng Zhao responded to questions about the company’s relationship with controversial stablecoin Tether. He acknowledged that “concern is always there,” according to regional reporting. Binance is one of the largest holders of Tether.

Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton

Binance CEO Voices Concern Over Tether

According to Anca Faget of Romania-based Coindoo, the CEO of Binance, Changpeng Zhao, responded to questions about the company’s relationship with controversial stablecoin Tether. One question came from Ran Neu-Ner who asked about the impact a Tether crash would have on Binance.

Binance CEO Changpeng Zhao: With Tether 'Concern is Always There'
Mr. Zhao

Mr. Zhao answered, “We have seen fiat currencies go down in history a lot. Probably more times than they have been in cryptocurrencies. So yes, the concern is always there and that’s also why we’re listing other stable coins as well, so we actively promote other stable coins including True USD and others.”

Binance launched in the summer of last year with an initial coin offering that raised around $15 million. It’s a cryptocurrency exchange, catering to a multi-language, international clientele. This year has been a busy one for the exchange. On its way to a very ambitious goal of earning $1 billion this year, Binance invested in a Maltese bank, is attempting to conquer the South Korean market, and recently teamed up with Libra Credit.

Binance CEO Changpeng Zhao: With Tether 'Concern is Always There'

Tether and Bitfinex 

Mr. Neu-Her also asked about the connection between Tether and Bitfinex. Many in the ecosystem have long accused both of bitcoin price manipulation, with some actually attributing the entire price run-up of 2017 to Tether’s inflation (another study, however, came to the opposite conclusion).

“I haven’t personally seen their bank accounts,” Mr. Zhao assured, “but from a logical point of view they have so many profits from their regular exchange business, they don’t need to do anything crazy about the Tethering. I think the reason they cannot release their bank account details is because if they release whichever bank they’re using, then the bank account gets shut down,” the CEO said at a Korea Blockchain event.

Binance CEO Changpeng Zhao: With Tether 'Concern is Always There'

Ironically, accusations against Tether have slowed toward the middle of this year. When yet another study suggests a Tether collusion, this time between it and Kraken, the exchange took to its blog and blasted journalists whom it felt understood little how its business works. Last month Tether brought in an establishment figure to head its compliance division, perhaps in an effort to assuage future fears.

How important is Tether to the ecosystem? Let us know in the comments section below.


Images via Pixabay, Binance, and Tether.


Be sure to check out the podcast, Blockchain 2025; latest episode here.

The post Binance CEO Changpeng Zhao: With Tether ‘Concern is Always There’ appeared first on Bitcoin News.

Ex-FBI Director Louis Freeh Opens up about Tether Investigation

The controversial “stablecoin” known as Tether has certainly had an interesting past few months. Company founders say the token is backed by physical USD at a 1-to-1 ratio, which has sparked immense discussion and debate inside of the cryptocurrency community. Some see Tether as a systemic risk to the entire virtual currency world. Others see … Continued

The post Ex-FBI Director Louis Freeh Opens up about Tether Investigation appeared first on CCN

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

On Tuesday, July 31 a great majority of cryptocurrency prices dropped in value with many coins losing anywhere between 3-10 percent during the last 24-hours. Currently, with the sudden cryptocurrency market turbulence, bears have taken control of the exhausted bulls. In one intra-day of trading, the entire cryptocurrency market capitalization of all 1,600+ coins ($270Bn USD) has lost roughly $25Bn in value.

Also Read: Bitcoin Cash Fans Celebrate Independence Day One Year Later

Digital Asset Prices Turn Bearish as the Entire Cryptocurrency Economy Loses $25 Billion USD

Markets Update: Cryptocurrency Price Trends Turn from Bullish to BearishBearish sentiment is starting to haunt cryptocurrency markets once again as many digital assets saw prices tumble today. Bitcoin Core (BTC) prices dropped to a low of $7,503 on July 31 as the currency’s trade volume had started to drift a bit lower after the price hovered around $8,125 the day prior. A large portion of other cryptocurrency markets followed suit with BTC as the top ten virtual currencies are seeing losses across the board of course except for tether (USDT).

Ethereum (ETH) continues to hold the second highest market valuation with a market capitalization that’s around $42.28Bn. One ETH is being traded for $418 and the market is down 7.6 percent today. ETH markets are followed by ripple (XRP) which is down 2.8 percent over the last 24-hours as one XRP is trading for $0.42 cents. Lastly, the fifth highest market capitalization held by EOS is also down 6.6 percent and the currency is trading at $7.13 per coin.

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

Bitcoin Cash Market Action

This Tuesday bitcoin cash (BCH) markets are seeing losses as well as BCH is down 8 percent over the last 24-hours. Bitcoin cash markets are also down 13.2 percent for the last seven days. One BCH is trading for $741, and the decentralized cryptocurrency has a market valuation of around $12.8Bn. The last 24 hours show BCH trade volumes are around $432Mn at the time of publication. The top exchanges swapping the most BCH today include Coinex ($106.53Mn), Huobi Pro ($69.38Mn), Okex ($64.81Mn), Binance ($46.80Mn) and Hitbtc ($34.79Mn).

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

The top currency traded with BCH on July 31 is tether (USDT) with 55.2 percent of swaps. This is followed by BTC (28.5%), USD (7.6%), QC (2.8), ETH (2.4%) and the KRW (1.2%). Bitcoin cash holds the fifth highest volume over the past 24-hours among all 1,600+ other cryptocurrencies.

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

BCH/USD Technical Indicators

Looking at the daily and 4-hour charts on Bitfinex and Bitstamp shows bears have grabbed the reins and still have a good portion of control. RSI levels are screaming oversold conditions (33), while the MACd has swooped down to -85. The SMA 100 is far higher now above the longer-term 200 SMA trendline which means BCH bulls may lose a bit more grip over the short term. Many traders can see looking at charts that the price was rolling sideways for close to three days and many were convinced of a bull flag after the inverse head & shoulders. But just before the dip sell orders on popular exchanges worldwide began stacking up. Looking at order books from the current vantage point BCH bulls have some high walls up until $775 but if they can manage to break that resistance we could return to previous levels. On the back side there’s solid support between now and $710 but unfortunately, books are thinner until $650.

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish   The Verdict: Flat Volumes and Bearish Sentiment Brings Market Skepticism

Overall skeptics and bearish cheerleaders are hoping for some stronger dips and they just may get them. Volumes across the board for many cryptocurrencies has been getting flatter as each day passes. Traders and enthusiasts are now unsure the upcoming ETF decision will pull prices up until then for two reasons: One the Winklevoss Twins fund was denied again, putting a black cloud over positive vibes toward the Cboe ETF, and secondly everyone is unsure exactly when the Securities and Exchange Commission (SEC) will make their ultimate decision. This week the current market sentiment, and our price verdict, point to far more skepticism and shade towards bullish prices returning soon.

Where do you see the price of BCH and other coins headed from here? Let us know in the comment section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish appeared first on Bitcoin News.

July 2018 Volume Rankings Report: BTC Extends Dominance

July 2018 Volume Rankings Report: BTC Extends Dominance

During July, the majority of leading cryptocurrency markets have produced stagnant or declining volume month-over-month. BTC, USDT, and DASH were the sole top ten markets able to buck the trend, with BTC’s trade volume notably increasing by 4.6%.

Also Read: Mining Round-Up: Sky Mining CEO Flees with $35 Million, Texas Attracts Miners

BTC Extends Lead Relative to Other Top Markets

July 2018 Volume Rankings Report: BTC Extends DominanceAs of this writing, more than $131 billion USD worth of trade has reportedly taken place on the BTC markets in the last 30 days. The trading activity has seen BTC extend its lead as the dominant cryptocurrency, with the combined trading volume of the other top ten most traded cryptocurrencies excluding USDT equating to roughly $121 billion.

The 30-day trade volume for the BTC markets has increased by 4.6% over June’s $125.5 billion. However, it is significantly lower than the $185 billion in trade recorded during May.

July also saw BTC extend its dominance by market capitalization – which grew from approximately 42.75% at the start of the month, to 47.5% as of this writing.

USDT Sees Highest Percentage Increase in Monthly Trade Volume for July

July 2018 Volume Rankings Report: BTC Extends DominanceOf the top traded cryptocurrencies for July, USDT showed the largest percentage increase in trade volume, gaining 11% over June’s $77 billion to post $85.5 worth of trades during the last 30 days.

ETH has held its position as the third most traded cryptocurrency token, producing roughly $53 in trade during July – which comprises a nearly one billion drop from June.

EOS has maintained its position as the fourth most traded cryptocurrency, however, also suffered the largest percentage drop in 30-day volume. EOS’ trade volume fell from $32 billion, posting a monthly volume of $20.4 billion – a 36% drop in total trading activity.

BCH Volume Grows Slightly

July 2018 Volume Rankings Report: BTC Extends DominanceBitcoin Cash trade volume increased slightly this month, gaining from $14.7 billion in June to $14.85 billion. BCH has continued to hold as the fifth most traded cryptocurrency markets.

Litecoin has held its position as the sixth most traded cryptocurrency for the second consecutive month, after having gained two positions during June. 30-day trade volume for LTC decreased by 7.8%, falling from $9.3 billion in June to $8.57 billion.

The seventh most traded cryptocurrency, XRP, also experienced a notable drop in volume – which fell by nearly 17% from $8.3 billion last month to $6.9 bn in the last 30 days.

Dash Breaks Into Top Ten Most Traded Cryptocurrencies

July 2018 Volume Rankings Report: BTC Extends DominanceFor the second consecutive month, 30-day volume for Ethereum Classic increased by $100 million month-over-month. ETC is the eighth most traded cryptocurrency with a monthly volume of $6.7 billion.

Tron has held onto the position of ninth most traded cryptocurrency after suffering a significant drop in volume between May and June. TRX posted $5.45 billion in trade for July, comprising a 9% drop from last month’s $6 billion.

DASH pushed into the top ten most traded cryptocurrencies during July, posting $5 billion in 30-day trade volume. DASH beat out QTUM – which despite gaining over 25% in volume month-over-month, sits at eleventh for July with $4.4 billion in trade volume.

12th to 20th Most Traded Cryptocurrencies Tightly Contested

July 2018 Volume Rankings Report: BTC Extends DominanceNEO ranked twelfth for July with nearly $3.4 billion in 30-day trade volume. ADA ranked thirteenth with almost $3.1 billion. CKUSD followed closely with $2.9 billion.

XLM ranked 15th with 2.3 billion in 30-day trade volume, followed by fellow Coinbase prospect ZEC with 2.15 billion. BTM ranked seventeenth with $2.1 billion, followed by MITH with roughly $2 billion, TRUE with $1.8 billion, and ONT with $1.66 billion.

Do you think BTC will continue to extend its dominance in trade volume relative to other cryptocurrencies in coming months? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action!

The post July 2018 Volume Rankings Report: BTC Extends Dominance appeared first on Bitcoin News.

Bitcoin Price Gains: Tokens and Small Coins Start to Rebound as Crypto Volume Explodes

The daily trading volume of the crypto market has increased from around $9 billion to $19 billion within a period of two weeks, by more than two-fold. Tokens Perform Well Bitcoin has remained relatively stable in the $8,200 region after reaching a monthly peak at $8,500, recording a slight drop from its high point. The

The post Bitcoin Price Gains: Tokens and Small Coins Start to Rebound as Crypto Volume Explodes appeared first on CCN