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Cryptocurrency

6 features to look out for in a Cryptocurrency

It is important to be able to differentiate supposed cryptocurrencies from actual cryptocurrencies especially as a cryptocurrency investor.

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cryptocurrency,Nigerians losing millions to crypto Fraud

There are currently over 2,000 cryptocurrencies and counting. While this indicates that more people are using crypto to solve everyday problems.  It is important to be able to differentiate supposed cryptocurrencies from actual cryptocurrencies especially as a cryptocurrency investor.

In this article, we take a look at 6 features every cryptocurrency should have using Bitcoin as a benchmark.

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1. Elimination of a Central Party

This is the most distinctive feature between fiat (naira) and cryptocurrency. For fiat, the government and financial institutions give it the value it has. You can use a piece of paper to carry out transactions because the government has placed some value on that piece of paper.

Cryptocurrencies, on the other hand, are peer-to-peer. Its creation is regulated by the blockchain and eliminates control by a central party

2. Virtual

Cryptocurrencies only exist online. This means that unlike fiat, it does not have paper or coins.

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[READ: Twitter joins the cryptocurrency ‘ ban’ wagon today]

3. Single Spending

It’s not possible to spend one bitcoin or one ethereum twice or thrice with various users in an attempt to purchase an item. Cryptocurrencies can only be spent once, eliminating the possibility of double spending.

4. Immutable

Cryptocurrency transactions cannot be reversed. When a transaction occurs on the cryptocurrency network, it is recorded on the blockchain. For it to be reversed, it would mean that most nodes (think of these as computers) in the blockchain need be altered. Which is an impossible feat to accomplish.

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5. Anonymous

Transactions are done anonymously on the blockchain. This means that senders and receivers have a unique set of characters (public key) which they use to send or receive money without the sender or receiver knowing who owns the public key.

Think of it this way, say you want to donate to a charity that accepts Bitcoin you can send value to them without them know who sent it. However, using the transaction ID you can track the transaction to know when they receive it.

  1. Near Instant Transaction

Cryptocurrency transactions are processed quickly irrespective of the receiver’s or sender’s location.

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Final Note

One thing to keep in mind is the fact that cryptocurrency is not a Ponzi or get-rich-quick scheme. It is a transparent system that was created to revolutionise the financial system. So, before you stamp any coin as a cryptocurrency, step back and ask yourself if it possesses features above.

[READ FURTHER: ATM transactions rise marginally year on year September 2018]

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Patricia
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Cryptocurrency

ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

LINK continues to see sky-high daily active addresses.

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ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

LINK, an altcoin powered on Chainlink’s decentralized network, is smashing BTC and many other fast-growing digital coins, in terms of the rate at which it has been appreciating in dollar terms lately.

Data from a crypto analytic ranking firm, Coinmarketcap, shows the 12th most valued crypto asset is presently valued at over $2.2 billion dollars (1.2 times more valuable than Nigeria’s most valued bank) with a daily trading volume of over $595 million. It traded as low as $1.60 dollars to its present-day value of over $6.20, showing a percentage gain of more than 387.5% as the price keeps drifting up.

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Crypto behavior analytics platform, Santiment, in it feeds detailed that its on-chain volume, along with social volume and daily active addresses, is a “great triple thread to track.” These macros help track whether a given crypto asset is poised to continue its bullish momentum, and in LINK’s case, it shows that the momentum is still on.

READ ALSO: 3 Crypto exchanges control about 14.3% circulating BTC supply

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About Chainlink

Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs. Since blockchains by principle can’t have access to data outside their paths or networks, a defi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.

READ MORE: Tether market capitalization surges close to $10 Billion

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Among the leading 20 cryptocurrencies by market capitalization, it is viewed as the only top-20 token with a broad, adaptable business application that is easily explained to an average person. Chainlink is the first successful Blockchain application to interact with the outside world.

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Cryptocurrency

Tether mints 80,000,000 USDT to unknown wallets within 24 hours

Tether Treasury minted a whopping 80 million USDT in less than 24 hours.

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Tether expected to surpass Ethereum, based on strength of the U.S dollar, ther mints 80,000,000 USDT to unknown wallets within 24 hours

Tether, the world’s most valuable stable coin by market capitalization, has been gaining a lot of traction lately. The latest development is that Tether treasury minted a whopping 80 million USDT to unknown wallets in less than 24 hours, as seen on Whale Alert, an advanced blockchain tracker and analytics system.

Tether is ranked the 3rd largest cryptocurrency by market cap of $9.2 billion, with a daily volume of $22.8 billion as at the time this report was drafted.

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READ MORE: U.S regulator invites Banking and Crypto industry leaders for partnership

Quick fact: Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.

Barely weeks ago, Bloomberg reports stated that the momentum with the help of the U.S dollar was expected to make Tether gain and move to the second spot.

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READ MORE: Fastest growing cryptocurrency, Compound (COMP) up over 143% in 24 hours

“Absent an unlikely reversal in predominant crypto trends, it should be a matter of time until Tether passes Ethereum to take the No. 2 spot in total assets behind Bitcoin. Receiving help from widespread adoption with a workable case as a proxy for the world’s reserve currency, there seems little to stop the increasing adoption of the dollar-linked stable coin,” the report stated.

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Patricia
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Cryptocurrency

Ripple payment now operational in U.S, 22 geopolitical regions

Ripple (XRP) plays dual roles as a payment platform and a currency.

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The infusion of Ripple by global banks has gained traction lately, as Spanish biggest bank by total asset and market capitalization, Santander, designed a Ripple enabled payment app called Pay FX that offers a borderless blockchain-based payment channel.

Santander recently just added 19 geopolitical regions to its One Pay FX international payments app offering in collaboration with blockchain and crypto payment powerhouse Ripple.

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Before now, the blockchain payment app was available only in Poland, Spain, Brazil, and the United Kingdom; One Pay FX now enables users from the world’s biggest economy, United States, and emerging markets that include Chile to sit among others on the list of added countries, totaling the number of countries on its offering to 22.

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Quick fact: Ripple (XRP) plays dual roles as a payment platform and a currency. It has an open-source platform that is created to allow quick and cheap transactions.

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Unlike its crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks, like Standard Chartered, and Barclays for international transactions worldwide.

Customers told us that the international payments process could be better so we partnered with Ripple to explore how BTC could make transactions faster, cheaper and more transparent,” Ed Metzger, CTO of One Pay FX said in the statement.

READ ALSO: Uber expands food delivery business in a $2.65 billion acquisition 

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Metzger described feedback from customers, noting difficulties with transaction exchange rate clarity and timing confusion.

“Ripple helps us directly address the issues raised by our customers […] Whether they are putting down a deposit on a holiday rental or paying a foreign supplier, they see exactly how much will arrive when they’re making the payment and have certainty about when it will get there.”

What this means ; The Ripple enabled app will allows customers to see exactly how much will arrive when they’re making international payments, while the low-cost transactions happen instantly or on the same day, instead of the traditional 3-5 timeframe.

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Patricia
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