During the month of April, the blockchain project Onfo initiated an experiment to see how fast crypto assets can gain popularity in four different countries. The team’s findings discovered that cryptocurrencies spread four times faster in developing nations as opposed to developed countries. According to crypto market capitalization aggregators, there are more than 5,000 cryptocurrencies in existence today and 20,000 markets. cryptocurrencies Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. cryptocurrencies Blogs, Comments and Archive News on Economictimes.com Home News SEC charges rapper TI over cryptocurrency scam, Report As the presidency of The United States Of America falls under the COVID-19 wave, U.S President Donald J. Trump and The First Lady Of U.S. Melania Trump
During the month of April, the blockchain project Onfo initiated an experiment to see how fast crypto assets can gain popularity in four different countries. The team’s findings discovered that cryptocurrencies spread four times faster in developing nations as opposed to developed countries.
Last month, the blockchain team from the project Onfo, decided to run a social mining experiment in a number of different countries to see how crypto assets gain recognition and popularity. The researchers chose four different countries which include the U.S., Germany, Indonesia, and Russia. The U.S. and Germany represented the developed countries, while Russia and Indonesia are developing nations. Free crypto assets were sent to 100 individuals from each country and every person got ten coins each.
The individuals would also get more coins if they attracted other users to try the crypto asset and results had shown the spread was far larger in developing countries. According to the results, the network effect spread was four times faster in Russia and Indonesia than it was in the U.S. and Germany. Onfo detailed that in the United States, 100 people attracted 1,112 people. In Germany the 100 individuals told 763 new people and the 100 Russian participants attracted 2,304 new users. Indonesia’s spread rates were monumental, as the 100 Indoneisan users attracted a whopping 4,350 people.
“The spread index turned out to be almost 4 times higher than in the US, given that the two countries have similar population sizes,” explains Onfo’s report.
The founder of Onfo, J.R. Forsyth, believes the spread was faster in developing countries because small amounts of money are valued more in these regions. Forsyth noted that Indonesia shows an opportunity for “massive growth” and there are various factors that bolster the spread. “The absence of a national credit lending system, coupled with increasing smartphone penetration and the consequences of the coronavirus pandemic, are also making Indonesia a ripe market for cryptocurrency disruption,” the report highlights.
“Indonesia possesses the unique conditions that make it well-poised for Bitcoin adoption. As the world’s fourth most populous country, it’s home to a largely cash-based community, and huge swaths of the population — up to 80% — remain unbanked,” Forsyth stressed in the report.
The U.S. and Indonesia have close to the same population, and Onfo’s findings show 14% of the American population are cryptocurrency users. In Indonesia, with around 270 million residents, the number of crypto users is around 11%.
“In-depth analysis of the statistical data shows that Indonesians started getting involved in the crypto market 1-2 years ago, while Americans delved into the industry in 2008-2010. The results of the experiment conducted by Onfo demonstrate a rapidly expanding adoption level in Indonesia, meaning that the country can soon face its crypto renaissance,” the report details.
The report’s authors also note that Southeast Asia is ripe for crypto asset adoption, and there are also other developing nations that are seeing the beginnings of a “crypto renaissance.” For instance, the Onfo report shows that South Africa is currently experiencing the renaissance period and reports from Luno and Arcane Research highlight these findings.
“South Africa has the highest percent of cryptocurrency ownership or use among internet users in Africa, standing at 13%, followed by Nigeria with 11%,” Onfo’s report concludes. “The increase in volumes of cryptocurrencies across the continent has also seen P2P volumes from Sub-Saharan Africa overtake Latin America for the first time.”
What do you think about crypto asset popularity growing four times faster in undeveloped nations? Let us know in the comments below.
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Author: Emerging Markets by Jamie Redman
What Are Altcoins and Why Are There Over 5,000 of Them? | Altcoins Bitcoin News
According to crypto market capitalization aggregators, there are more than 5,000 cryptocurrencies in existence today and over 20,000 different types of markets. BTC is the oldest and most known digital asset and most everything else has been typically referred to as an “altcoin.” The term refers to any of the thousands of prevalent cryptocurrencies that aim to work alongside bitcoin and each other, or are competing for ultimate domination.
Also read: Bitcoin History Part 5: A Wild Altcoin Appears
Satoshi’s creation has been around for over 11 years now and there are 5,098 alternative cryptocurrencies (altcoins) that exist next to the creator’s invention. Cryptocurrency historians widely consider the Namecoin network as the very first altcoin and the term ‘altcoin’ was allegedly first described by the developer Andrew Chow.
Namecoin was launched on April 18, 2011, and the project aims to decentralize domain registration. Between 2011 and 2014 — before the 2015 blockchain hype — the rate of Altcoin launches started to grow exponentially. Following namecoin, bitcoiners witnessed the birth of ripple, litecoin, peercoin, feathercoin, mastercoin, counterparty, and unobtainium. There are now thousands of digital currencies that used the BTC codebase and developers have changed a few minor details with coins like einsteinium, litecoin, dash, zcash, and novacoin. There are also forks of Ethereum (ETH) with networks like ubiq, ethereum classic, and wanchain. Bytecoin has a unique codebase and also has a plethora of forks including monero, boolberry, and electroneum.
Ripple has the fork stellar and NXT has forks like nem, ardor, and burst. When you travel further down the rabbit hole, you will also find tokens created by networks like Tron, Bitcoin Cash and Ethereum using the TRC20, SLP or ERC20 token standards. Some forks were born directly from the codebase hosted on sites like Github and some forks are created by a blockchain diverging into two different chains. If a group of people tweak the original code and run the software differently than the main consensus rules, they will fork off into a new blockchain scheme.
Today, the thousands of digital assets in existence are tallied together on market valuation websites like coinmarketcap.com, markets.bitcoin.com, and messari.io. Out of all the cryptocurrencies traded on the open market, the valuation of all 5000+ coins in existence is around $285 billion today. The BTC network captures around 63% of the overall market capitalization with its net value at $183 billion. A December, 2013 historical snapshot from coinmarketcap.com shows that the top ten cryptocurrency market caps were a lot different than they are today. BTC only had a valuation of around $13 billion in December 2013 and the altcoins beneath it were totally different coins than today’s top ten list. The top ten during the last month of 2013 included BTC, LTC, XRP, PPC, NMC, MEC, FTC, WDC, XPM, FRC, and NVC. The top ten list today, in February 2019 includes BTC, ETH, XRP, BCH, BSV, LTC, EOS, USDT, BNB, and XTZ.
If Satoshi Nakamoto was a genius, people probably wonder why there are thousands of digital tokens in the cryptoconomy. A few people know what they are and where they came from but often think about why altcoins exist. There are lots of reasons why altcoins exist and its mainly because people can do what they want in this permissionless environment. But also, some individuals, groups, and developers believe they can create a cryptocurrency project that outpaces BTC or they’ve created a coin to offer compatibility, but also different features than BTC.
Some projects claim to offer better anonymity and some coins aim to tackle a specific industry like entertainment. There are digital assets that provide people with the ability to create their own tokens and develop smart contracts as well. Altcoins exist because Satoshi not only unveiled the Bitcoin network, but the anonymous creator also opened a kind of Pandora’s box in the worlds of tech and finance. Now that the box is open, there’s no going back and it doesn’t seem like the rate of altcoin issuance is slowing down any time soon.
What do you think about the thousands of altcoins in existence? Why do you think there are so many cryptocurrencies in existence today? Let us know what you think about this topic in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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.
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cryptocurrencies: Latest News & Videos, Photos about cryptocurrencies
- View: Not all the glitter of cryptocurrency is gold
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The most interesting idea, however, that has emerged recently is that of a fiat cryptocurrency. This seems counter-intuitive. Digital tokens were devised to avoid the centralised payment system.
Cryptos back in currency. But are they smart investments?
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According to several crypto-exchange owners, the rush of retail investors (HNIs and small retail) started after the Supreme Court lifted the central bank-imposed ban on crypto exchanges operating in the country.
India among top whistleblower tip providers to US mkt regulator
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India is among the top five countries outside the US where individuals have submitted whistleblower tips to the US Securities and Exchange Commission (SEC) between 2011 and 2019 fiscal years. The tips relate to companies listed in the US.
Crypto is beating gold as 2020’s top asset so far
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DeFi collateral levels have reached $9 billion from less than $700 million at the start of the year, according to Fasset, which operates a blockchain-based marketplace for infrastructure investment.
SEC charges rapper TI over cryptocurrency scam, Report
Rapper T.I. has settled his federal case just days after being charged with promoting a fraudulent cryptocurrency offering.
T.I., whose real name is Clifford Harris, agreed to a civil settlement with the SEC that was announced Friday. He is paying a $75,000 fine and agreeing not to sell or market similar securities for at least five years.
A representative for the rapper did not immediately respond to an email seeking comment on Monday.
Harris got into trouble, the SEC said, because he used his social media accounts to promote FLiK, falsely claiming to be a co-owner, and asked an unnamed actor and comedian to also promote FLiK, providing language calling it T.I.’s “new venture.” The SEC says both of those moves broke federal laws against selling securities without registering with the SEC.
The charges against Harris were part of a larger enforcement action against others including film producer Ryan Felton, who faces wire fraud and other charges in a 28-count indictment unsealed Wednesday.
Felton and William Sparks, T.I.’s social media manager, also sought to trade on his name to sell and promote the cryptocurrencies, federal authorities said.
Federal officials allege Felton took in more than $3 million from investors in two cryptocurrencies — FLiK and CoinSpark — in 2017 and 2018.
Cryptocurrencies Price Analysis: BTC, ETH, ADA – TCR
- As the presidency of The United States Of America falls under the COVID-19 wave, U.S President Donald J. Trump and The First Lady Of U.S. Melania Trump tested positive
- The news has brought a sharp negative divergence to both the U.S. stock market and the cryptomarket
- The pullback looks recoverable in the near term as the U.S. is also expecting a stimulus package by the trump administration which is already officially approved by the House Democrats
The destruction of the bears can be noticed with the trading terminal turning into the red on Friday’s market session. BTC slipped below the support level of $10500 and Ether also broke below the support level of $350 respectively. However, the overall sentiment is somehow indicating that the pullback won’t increase its magnitude in the market later on as the U.S. is expecting a stimulus package worth $2.2 Trillion to aid the citizens in the pandemic.
The global sentiments are currently damaging the levels of BTC in the market. From The POTUS and FLOTUS testing positive for COVID-19 to a failed or we can say a chaotic first debate for the U.S. Presidential Election 2020, the overall market conditions were turned bearish. Therefore, BTC dropped below the support level of $10500. However, a technical positive reaction from BTC at $10,416 on coinmarketcap.com, provided a little recovery to the price level and the world’s largest crypto asset is again above the support level of $10,500.
Resistance level: $10900
Support level: $10500
Ether also broke below the major support level of $350 and currently facing an overall loss of -6.03% with the current price of $344.58. The price level of $340 acted as a new support level for the digital asset on Friday’s session. There has been an increase in 24-hour volume traded of ETH and currently standing at $18,089388,107 as compared to on Thursday’s session which was $ 12,360,670,278. Sustaining above the price level of $340 might be indicating that the current ongoing pullback activity won’t be for a longer duration for Ether.
Resistance Level: $370 and $390
Support level: $340 and $320
Despite major coins recovery on the levels in the overall bearish momentum in the market, some of the crypto assets have faced severe damage in the levels. Cardano is being one of them which a significant downfall of -8.46%. It also broke below the crucial mark of $0.10. The price levels below $0.10 have not relation to ADA as they have provided sustained consolidation to the cryptoasset on the past several occasions. It is expected that if there’s an upcoming price recovery wave for the crypto assets, ADA might attempt for crossing $0.10 again.
Resistance level: $0.12
Support level: $0.092
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Author: By Vasu Singhal