EDITOR’S NOTE: Cryptocurrency is a topic that attracts Investors, Technology enthusiasts, Innovators, Lawyers, and even Philosophers alike. It began with the idea of decentralizing control and power and when implemented became a concept so complex yet so accessible, it is bound to be intriguing! But the excitement didn’t end there. With growing popularity, it also became vulnerable to controversies and accusations. The ultimate twist in the tale was when a single tweet from Elon Musk could make or break the fate of crypto investors. Simple speculations and social media activity led to substantial price changes, in no time. Fluctuations of this scale and momentum inevitably pushed regulators of different fields to analyse the working of this “decentralized money” and made them wonder if it was time to remodel its framework. In the 223rd edition of IBS Times, we bring to light the stories of inception, evolution, and investors’ part in the journey of cryptocurrencies from around the world. We also look beyond digital gold, Bitcoin and discuss many such cryptocurrencies that might not make it to the headlines but are going strong. This edition is for all those readers who are curious about this revolutionary tool that has stirred up discussion across all fields. As an editor, it gives immense pleasure to hear from our readers. We intend to improve ourselves at every step of the journey and would like to invite you, our readers to support the same. Keep following us on www.finstreetibshyd.in as well. Please write to us and become part of the discussion. Email id: editor.ibstimes@gmail.com PVSN Yamini Apoorva (Editor - In - Chief) PoC, Team IBS Times
WHAT IS A CRYPTOCURRENCY
INTRODUCTION TO
(CRYPTO)?
CRYPTOCURRENCIES -Ankush Kapoor
A cryptocurrency is a form of payment that can be exchanged online for
“Bitcoin will do to banks what email did to the postal industry.” -
Rick Falkvinge
goods and services. Many companies have issued their currencies, often called tokens, and these can be traded specifically for the good or
It’s been only 6 months
service that the company provides.
into the year and you
Think of them as you would of casino
can already hear about
chips. You’ll need to exchange real
new cryptocurrencies and trends in
currency for the cryptocurrency to
the sector. Since the creation of
access the good or service. You can
Bitcoin
use crypto to buy regular goods and
allegedly
by
Satoshi
Nakamoto, hundreds and hundreds of
services,
crypto assets are gradually finding
invest in cryptocurrencies as they
their place in the market. Examples
would in other assets, like stocks or
include
Dogecoin,
precious
Ethereum,
Stellar
Litecoin,
among
many
although
many
people
metals.
cryptocurrency
is
a
While novel
and
others. Its evolution in the markets has
exciting asset class, purchasing it can
been
be risky as you must take on a fair
so
significant
that
many
companies are already accepting
amount
virtual currencies
understand how each system works.
payment. considered
Others
as a form of have
creating
research
to
fully
already their
cryptocurrency, such as Amazon. All of this sounds exciting, but do you understand what cryptocurrency is? Are you sure you are in a position to own one? Well, I’ll try to answer it all for you.
of
Crypto is a medium of exchange that is
digital,
encrypted,
decentralized.
Unlike
the
and Indian
Rupee or the U.S. Dollar, there is no central authority that manages and maintains
the
value
of
a
cryptocurrency. Instead, these tasks are broadly distributed among the crypto’s
users
via
the
internet.
Cryptos work using a technology
secure
called a blockchain. Blockchain is a
systems.
decentralized
cryptocurrencies
technology
spread
than
traditional
Some
payment
speculators because
like
they’re
across many computers that manage
going up in value and have no interest
and record transactions. A blockchain
in
is an open ledger that records
acceptance as a way to move money.
transactions in code. In reality, it’s
The list is long for both, the reasons as
like a checkbook that’s distributed
well as the supporters.
the
currencies’
long-term
across countless computers around the world. Transactions are recorded
SO, CAN YOU MINE CRYPTOS?
in “blocks” that are then linked
While it’s theoretically possible for
together on a “chain” of previous
the
cryptocurrency transactions.
cryptocurrency,
WHY ARE CRYPTOS SO POPULAR? Cryptocurrencies appeal to their supporters for a variety of reasons. Supporters
see
cryptos
Bitcoin
the
currency
as
such
as
of
the
future and are racing to buy them now,
presumably
become
more
supporters
like
cryptocurrency
before
they
valuable. the
Some
fact
removes
that
central
banks from managing the money supply since over time these banks tend to reduce the value of money via inflation. Other supporters like the technology behind cryptocurrencies, the
blockchain,
decentralized
because processing
it’s
a
and
recording system and can be more
average
person it’s
to
mine
increasingly
difficult to prove work systems. As the crypto network grows, it gets more complicated, and more processing power is required. The average consumer used to be able to do this, but now it’s just too expensive. Too many people have optimized their equipment
and
technology
to
outcompete. And remember: mining cryptocurrencies
requires
huge
amounts of energy. It’s estimated that 0.21% of all of the world’s electricity goes to powering just the Bitcoin farms.
That’s
roughly
the
same
amount of power Switzerland uses in a year. It’s estimated most Bitcoin miners end up using 60% to 80% of what they earn from mining to cover electricity costs. Now that is just 1
crypto that I am referring to, there are
in WazirX while withdrawing money
a lot more out there.
from the app would set you back anywhere
HOW TO INVEST IN CRYPTOS?
depending
between on
₹5
the
and
method
₹10 of
withdrawal. Cryptocurrency can be purchased on peer-to-peer
networks
and
cryptocurrency exchanges, such as
SHOULD
WazirX, CoinDCX, CoinSwitch Kuber,
CRYPTOS?
etc. These are some of the well-known
Experts hold mixed opinions about
P2P exchanges in India. Keep an eye
investing in cryptocurrency. Because
out for fees, though, as some of these
crypto
exchanges
be
investment, with the potential for
prohibitively high costs on small
intense price swings, some financial
crypto
advisors don’t recommend people
charge
purchases.
what
can
Coinbase,
for
is
YOU
a
INVEST
highly
IN
speculative
instance, charges a fee of 0.2% of your
invest at all.
purchase. Some charge a flat fee as
For example, while Bitcoin has nearly
well depending on the size of your
doubled in value over the last year,
transaction. Depositing money via
reaching a price of over $18,000 in
bank transfer would set you back ₹5.9
November 2020, it’s also drastically lost value in the same year, like when
it bottomed out at under $5,000 per Bitcoin. Even Bitcoin’s recent highs, however, are still lower than its 2017 peak of about $20,000 per Bitcoin. All of this is to say, cryptocurrencies, unlike most established currencies, can be very volatile and change value frequently. As for people who are specifically interested in cryptocurrency, my only advice for them is that the weight in their portfolio should be large enough to feel meaningful while not derailing their
long-term
plan should
the
investment go to zero. You need to understand that Cryptos are not the only investment option out there. Diversify your portfolio and take opposite and safe positions in much safer options. Remember, something that drops by 50% is not suitable for anything but speculation. As for how much to invest, it could be 1% to 5%, it could be 10%. It depends on how much you have now, and what’s really at
stake
for
you,
from
a
loss
perspective. It is the percentage of your portfolio you are willing to lose if the investment goes south.
BITCOIN
easily take bitcoin through credit cards, PayPal, etc.
-Satya Sree INVESTING IN BITCOIN
“Bitcoin is a techno tour de force.”
Many bitcoin supporters believe that
-Bill Gates
digital money is the way of the future.
Bitcoin is the first and most widely
Many bitcoin advocates think it has
used cryptocurrency in the world. It is
the potential to build a significantly
a new form of digital currency that
faster and less expensive payment
was created in 2009 by a mysterious
system for international transactions.
individual
Satoshi
Even though Bitcoin is not backed by
Nakamoto. There are no middlemen
any government or central bank, it
in the transactions, such as banks. It's
may
a digital currency system that works
currencies. In reality, its exchange
on a peer-to-peer basis. It also allows
rate versus the US dollar attracts
you to securely send and receive
potential
money via the internet at a fraction of
traders. Indeed, one of the primary
the cost compared to traditional
reasons for the emergence of digital
banking.
currencies like bitcoin is that they are
BITCOIN
known
AS
by
A
PAYMENT
METHOD Bitcoin is digital money that can be used to buy and sell things. The transactions may be processed with the required hardware terminal or wallet address using QR codes and touch screen apps at brick-andmortar businesses that show a sign that
says
"Bitcoin
Accepted.
By
including bitcoin as a payment option alongside its existing online payment methods, an online business may
be
exchanged
investors
for
and
regular
currency
easy to use is their potential as a substitute for national fiat money and conventional commodities such as gold. WHY BITCOIN? Bitcoins may be used to make anonymous purchases; international transfers are simple and inexpensive. Because there are no credit card fees, they may appeal to small businesses. Some individuals acquire bitcoins purely as an investment, anticipating that
their
value
would
rise.
INVESTMENT
ON
A
STOCK
BITCOIN WALLET
EXCHANGE
Bitcoins are stored in a "digital
Users may buy and sell bitcoins using
wallet," which can be on the cloud or
several currencies on several "bitcoin
the user's PC. The wallet is a sort of
exchanges." Coinbase is a major
virtual bank account that allows users
cryptocurrency exchange, along with
to send and receive bitcoins, make
Bitstamp
However,
transactions, and keep track of their
security is a concern: tens of millions
funds. Bitcoin wallets, unlike bank
of dollars in bitcoins were stolen when
accounts, are not insured by the
Bitfinex was hacked in 2016.
Federal
and
Bitfinex.
Deposit
Insurance
Corporation (FDIC). TRANSFERS Bitcoins may be sent between people
Cloud wallet: Servers have been
via mobile applications or desktops.
accessed, resulting in a cloud wallet.
It's comparable to sending money
Companies have received bitcoins
through the internet.
from customers.
MINING People compete to "mine" bitcoins by solving hard arithmetic puzzles with
Wallet
on
computer:
You
may
accidentally delete stuff. Viruses can erase them.
computers. Bitcoins are produced in
BITCOIN'S ANONYMOUS NATURE
this manner. Currently, every 10
Even though each bitcoin transaction
minutes, a winner is awarded 12.5
is recorded in a public log, the
bitcoins.
identities of purchasers and sellers are never revealed; only their wallet IDs are. This not only keeps bitcoin users' transactions secret, but it also allows them to purchase and sell anything without disclosing their true identity. As a result, it has become the preferred method of payment for those purchasing illegal narcotics or other goods over the internet.
HOW TO BUY BITCOIN?
cryptocurrency, an investor should
Suppose an individual wants to buy Bitcoin. At first, accumulate money in a savings bank account. Then you need
to
register
yourself
in
cryptocurrency exchanges. They will provide you with an account in which you can transfer your money from your savings bank account via online banking. There you will get your User Name,
Password,
and
Account
take extra precautions to invest safely and securely. Major hacking events have been common with investors losing thousands of dollars or more and hackers are going freely. As there is no record of transactions it becomes impossible to trace the hackers. BITCOIN'S
FUTURE
IS
IN
JEOPARDY.
Number, etc. like any other savings
Nobody knows what the future holds
bank account gives. Now you have an
for bitcoin. Several countries, notably
account in cryptocurrency exchanges
Japan, China, and Australia, have
and you are free to buy Bitcoin or
begun to examine regulations, even
trade Bitcoin via your cryptocurrency
though it is mostly unregulated.
trading account.
Governments are concerned about taxation and the lack of control over
IS BITCOIN LEGAL?
the currency.
The legal position of bitcoin varies greatly from state to state, and many of them are currently undecided or changing.
As
cryptocurrency
is
virtual and does not have a central authority a digital cryptocurrency can be wiped out by a computer crash if the backup of the holdings does not exist. Because of its security feature, Bitcoin is used as the easiest way for money laundering and tax evasion. Due to the unregulated nature of
ENTHRALLING ETHER – THE
STORY
OF
WORLD’S
THE
SECOND
BIGGEST CRYPTO
are now credited as the founders of Ethereum -Mihai Alisie, Anthony Di Iorio,
Amir
Hoskinson,
Chetrit,
Gavin
Charles
Wood,
Jeffrey
Wilcke, and Joseph Lubin. The rich expertise of this team propelled
-Rashika When
blockchain
programmer
enthusiast
Vitalik
and
Buterin
published the idea of Ethereum in a
Ethereum to soon become a reality with the help of crowdfunding, rather than just existing on paper. On 30 July 2015,
Ether
(the
native
cryptocurrency of Ethereum) was launched and went on sale for 42 days. And as luck would have it, Ethereum
Ethereum
went on to be proclaimed as one of the most important inventions of the
white paper in November 2013, he
crypto
had scarcely ever imagined that his
network
‘good idea’ would go onto become
movements which led to crypto and
the largest cryptocurrency in the
blockchain
world in terms of market capitalization
practice
second only to bitcoin. 27-year-old
mainstream
Buterin who is touted to be one of the
Ethereum’s versatile computing and
youngest crypto billionaires later
infrastructural design allow it to
remarked, “When I came up with
power a broad range of blockchain
Ethereum, my first thought was, ‘OK,
applications including decentralized
this thing is too good to be true.’ As it
finance
turned out, the core Ethereum idea
tokens (NFTs).
was
good
–
fundamentally,
completely sound.” The paper quickly caught the eye of eight other bitcoin enthusiasts who
industry.
Its
gave
blockchain
rise
to
becoming and
closer
thus
and
in
achieving
adoption.
(Defi)
major
However,
non-fungible
But before you begin to marvel at the ingenuity
behind
this
innovative
ecosystem and community let us turn
back the needles of time and go back
individuals are now recognized as the
to 2011.
founders of Ethereum with Buterin serving as the face and CEO of
WHERE IT ALL STARTED? In
2011,
17-year-old
Canadian
teenage
Ethereum.
Russian
–
programmer
HOW DOES IT WORK?
Vitalik Buterin had downplayed the
Ethereum
possibilities of bitcoin but earlier
blockchain network and is distributed
impressions were soon cast aside
in
when he realized its potential as well
participating in the Ethereum network
as shortcomings. He decided to work
holds an identical copy of their
and get paid in bitcoin and later
transactions which are verified and
teamed up with Mihai Alisie (who
recorded thus allowing them to keep
would later go on to launch Ethereum
a track of all their past transactions. It
with Buterin) and co-founded Bitcoin
is decentralized and is managed
Magazine in the latter half of 2011.
completely by all the ledger holders.
From then on, Buterin began fiddling
People use computers to “mine,” or
with Bitcoin’s underlying technology
solve
and even contributed to a project
equations
called Coloured Coins. After gaining
transaction on the network and add
a rich amount of experience, Buterin
new blocks to the blockchain that is at
realized that the only way to surpass
the heart of the system. Participants
bitcoin is to build a completely new
are rewarded with cryptocurrency
network
a
tokens. For the Ethereum system,
universal
these tokens are called Ether (ETH).
programming language. This moment
Ether or ETH can be used exactly like
of realization can be very aptly called
bitcoin and has become a powerful
to be the birth of Ethereum and from
competitor to it.
from
scratch
computationally
using
then on there was no looking back. Buterin published his white paper in 2013 which resonated heavily with eight
other
proponents
like-minded and
these
the
works sense
complex that
based that
on
a
everyone
mathematical confirm
each
WILL ETHEREUM BECOME ETHEREAL?
bitcoin
Ethereum is the second most popular
eight
cryptocurrency and is second only to
bitcoin
in
terms
market
It can be very well assumed, dear
capitalization. However, it’s the most
reader, that Ethereum has planted its
widely used cryptocurrency despite
feet firmly in the crypto world and
its supposedly smaller market cap. Its
isn’t going anywhere. Its euphoric
current market capitalization is a
price rise and stupendous rise have
mind-boggling
Billion
made it a hot commodity with crypto
witnessing a change of 838 % just a
enthusiasts. But it remains to be seen
year ago. Its usability and popularity
whether Ether can surpass arch-rival
as well the well-received features of
Bitcoin as it battles newer rivals and
smart contracts, Defi, and NFTs have
ups the ante.
$
of
230.99
contributed marvelously to the stellar rise of the cryptocurrency to one of the most valued Digi-currencies in the world.
Elon Musk’s viral tweets
against bitcoin have also played a part in increasing the value of the currency and thus, leading to its spectacular performance with the crypto lovers who wasted no time in pooling their money into Ether. Indians have lapped up Ethereum as a lot
of
developers
are
currently
working on blockchain technology. A point to be noted is that a lot of young Indian Traders between the age group of 18-44 years account for more than 82% of Ethereum Investment. Ether has gained wide acceptance in the Indian community for its range of holistic
features
and
community-
based platform which relies heavily on blockchain technology.
LITECOIN: THE SILVER
technicalities, and recent news in much more detail.
TO BITCOIN’S GOLD
WHAT IS LITECOIN?
-P Yamini Apoorva
Litecoin (LTC) is a peer-to-peer cryptocurrency, and the creation and transfer of these coins are operated with
open-source
protocol.
In
one
cryptographic word
it
is
decentralized money. INCEPTION “Litecoin is a powerful, political and
Litecoin was created by Charlie Lee in
economic
anyone,
October 2011, when he was still
anywhere can use without permission
working at Google. Litecoin is also
to transact with anyone else in the
known as Bitcoin’s fork, born from the
world and partake in a genuinely
same source code, and earned itself
global economy.”
the nickname, “Silver to Bitcoin’s
tool
which
Gold” and “Bitcoin’s little brother. With the increasing use of ASIC for INTRODUCTION Litecoin
is
one
mining Bitcoins, they were soon of
the
OG
cryptocurrencies, with a long and interesting history in the internet money community. Being one of the initial alternate coins, Litecoin stood strong in the increasingly competitive crypto community, wherein many others failed to survive. Litecoin is the only non-Bitcoin crypto that managed to have stayed in the top 10 for almost 8 years. We will look into its evolution,
getting concentrated in the hands of few sophisticated miners - who were supported with necessary resources and were able to earn them as rewards. The rationale behind this was to hold on to the best parts of Bitcoin and improve other aspects like transaction speed, accessibility, and overall make it a tool that can be efficiently used as a medium of trade. Since it was one of the early altcoins with legitimate changes to the pioneer
Bitcoin,
it
popular
quickly
in
the
became digital
very
● This coin, as stated, is cheaper
money
than
digital
gold.
As
of
community. Soon after its initial
28/06/2021, 1 Litecoin equals
developments,
141.82 USD while 1 Bitcoin is
to
its
focus
creator
exited
completely
on
34,486.10 USD.
Litecoin along with other experts on THE
board.
Litecoin carries many similarities with Bitcoin, however, it does hold some fundamental differences. uses
the
OF
ITS
HISTORIC PRICES
THE TECHNICALITIES
● It
BREAKDOWN
● In 2013, the year the network went live, it quickly reached 30 USD. ● By the end of 2013, this coin
scrypt
hash
was
at
the
threshold
of
algorithm for recording or as
experiencing
“proof of work”. Hash is a
market
unique
unrepeatable
performance for quite some
string of alphanumerics and
time before this. This is when
scrypt generates this string but
the price of the coin multiplied
with
by more than 10 times and was
a
and
lot
of
“noise”
to
its
after
first the
bull low
camouflage the actual data key.
recorded at almost 50 USD.
In other terms, the Scrypt
● For years from 2015 to 2017, the
function is faster and lighter on
coin faced a bear market and
the resources unlike SHA256
suffered from low prices. Once
(used by Bitcoin).
again it was only in 2017 that
● Litecoin’s block creation is 4
the
coin
witnessed
a
Bull
times faster than Bitcoin’s with
market, at the time of the crypto
an interval of only 2 and a half
bubble. In mid-December, the
minutes for each block!
price was recorded to be 371
● Since it was aimed to be “more accessible”
the
maximum
supply cap was noted to be 84 million coins.
USD, a 500 % increase from the price of the coin 2 months ago. ● With
the
crash
cryptocurrency
of
the
market,
Litecoin also fell in 2018. By
Bitcoin, therefore, following the same
2019, the prices picked up
cycle.
again continuing their journey
volatility in the crypto market, one can
in the market.
never really predict the prices or
Now,
considering
intense
movements in the future. THE CREATOR AND HIS CONTROVERSY In 2017, the market was extremely favorable for digital money and Litecoin was also having its share of Share price in the past 1 year
the party. This was the phase when prices jumped from 30 USD to 350 USD. At this conjecture, Litecoin’s
● Though
recently
momentum inflection
was could
the bearish,
also
be
noticed. Momentum is said to expect an upswing because MACD histogram bars are once again on the rise.
creator, Charlie Lee, decided to sell his LTC shares. Consequently, stirring up a lot of hate for him and his creation. The community accused him by saying his words and actions conveyed that he had no faith left in his idea. However, he foresaw the multi-year
bear
market
shortly,
stating it to be the reason for this step and
advised
consider
the
other
investors
same.
And
in
to his
defense, he was right. CONCLUSION Despite
the
controversies,
Lee
continues to be a part of the Litecoin MACD Histogram as on 28/06/2021
ecosystem. It was a testnet for many
Being
Litecoin
new technologies and it continues to
undoubtedly is highly correlated with
form partnerships to bring out many
an
altcoin,
such
innovations,
including
collaboration between Litecoin and gaming
systems,
MimbleWimble
update.
and
a
Litecoin
instills excitement among investors, miners, and tech enthusiasts all alike. One is lucky to witness this “Digital Silver” evolve from a fork to an entity that constantly creates.
CARDANO - THE RAISING
popular cryptocurrency of this type is Cardano (ADA).
OF A NEW BIG SHOT
ABOUT CARDANO
-Mohammed Abdullah Afridi In this age of changing market dynamics and investment patterns, there
has
investors
been
an
increase
interested
in in
cryptocurrencies.
Cardano (ADA) is a third-generation blockchain
platform-based
cryptocurrency that uses PoS over PoW type of blockchain. Cardano was founded by Charles Hoskinson, who was also a former co-founder of Ethereum.
Cardano
project
was
started to overcome the problems Although cryptocurrencies are highly volatile, they have the power to
Ethereum
faced
from
its
PoW
consensus model in 2015.
reward investors with high returns with the added perks of immediate settlement and the ability to do international transactions. There are many cryptocurrencies in the market
PoS blockchain is designed to be a more efficient alternative to that of PoW networks. Also, scalability, interoperability, and sustainability of PoW networks are very limited as there has been an infrastructure burden of growing costs, increasing energy usage, and slow
transaction
times.
Due
to
with popular ones being Bitcoin and
Cardano using PoS blockchain, this
Ethereum. However, these cryptos
gives it an edge over the rivals Bitcoin
use proof of work (PoW) blockchain
and Ethereum.
platforms and require a huge amount of energy to mine and also later
PRESENT SCENARIO
miners need to sell the coin to pay for
As of 20 June 2021, 71.59% of Cardano
the hefty bill. There is another type of
(ADA) is staked in 2,626 active pools,
cryptocurrency that uses a proof of
which
stake (PoS) blockchain platform. The
approximately
has
been $31.4
valued Billion.
at This
makes Cardano (ADA) the fourth
highest Cardano's
valued
cryptocurrency.
major
improvements
include multiple processing layers for settlements and the ability to upgrade the network easily in the future. The Cardano
settlement
layer
was
launched in 2017 and raised around 63 million dollars through ADA. However, the settlement layer has excluded smart contracts and now Cardano could only be used to settle peer to peer payments.
WHERE TO BUY CARDANO? Cardano
can
be
bought
anywhere that sells cryptocurrency. They can be bought from Binance, US, Kraken, eToro, or Coinbase. After you buy Cardano, you can become a validator by staking some or all of your ADA tokens. Staking allows you to earn network fees for all the transactions you have validated. This is one of the best possible ways to support a decentralized community
CARDANO DEVELOPMENT
and earn passive income.
Presently, Cardano has around 100 to
IS
150 that are actively working on the
INVESTMENT?
project and are pushing out 700 commits per week. Due to these factors, this cryptocurrency has been one of the most actively developed projects in the blockchain space. This level of developers put Cardano ahead in a race to capture market share from other cryptocurrencies. The development team also plans to add support for smart contracts in its third phase of development. As the smart contract has already been developed in Ethereum and Binance Coin, Cardano needs to do lots of catching
up
development.
work
from
after
its
CARDANO
Cardano
has
been
A
GOOD
one
of
the
promising applications in blockchain today. Cardano will soon implement the smart contract and presently, the entire decentralized finance industry is made on smart contracts. This will allow Cardano to join the party with other big cryptocurrencies. Cardano can handle the high demand of up to 257 transactions per second. Unlike Etherium
which
allows
only
15
transactions per second. Cardano has echo friendly Proof of Stake system, allowing evaluators to hold the coin in-network and earn income. This saves a lot of energy that is required to
mine
Proof
of
Work-based
cryptocurrency.
Cardano is peer-
reviewed and is made to overcome the
disadvantages
of
its
predecessors. It is the result of peerreviewed scientific research, with sufficient time and energy put to explore all technical possibilities within. Although Cardano has more advantages, there is still plenty of room to grow in years and decades to come. Gone are the days when you can buy a single BYC or ETH for some dollars and wait for it to grow in years. But,
Cardano,
which
has
strong
fundamentals and a current low price per coin makes the analysts and investors
see
it
as
a
worthy
cryptocurrency for the long-term bet. However,
keeping
in
mind
that
cryptocurrencies are highly volatile, It is up to see in the future if Cardano can reach the heights of present Bitcoin and Ethereum or not.
EOS: THE FUTURE OF CRYPTO OR JUST ANOTHER BIG IDEA?
create an entry barrier to those without coins in hand. Why EOS is so highly anticipated lies
-Mohit Rao
not
only
with
ridding
itself
of
transaction costs but also in its EOSIO is a blockchain protocol owned by Block.one that aims to support
smart
contracts
and
industrial-scale decentralized apps. It provides
core
businesses
to
functionality build
for
blockchain
applications that are similar to webbased applications. This was created to solve issues such as flexibility, scalability and speed without the high fees of other projects such as Bitcoin
scalability. The final aim is to be able to process 1 million transactions per second.
EOS works on a proof of stake concept an
individual
can
validate transactions based on how many coins they currently hold. This is different from the proof of work concept
used
still
all
be
conceptual at present but to put that into
perspective,
Bitcoin
only
manages 7 transactions per second and Visa manages 1667 transactions per second. Another feature is that there is no limit to how many EOS tokens can be produced, but a cap has been year.
means
may
placed
limiting
the
total
increase in EOS tokens to 5% per
and Ethereum.
which
This
by
Bitcoin
which
rewards the person who validates a transaction with one Bitcoin. For EOS this means that anyone on the network can use resources proportional to the number of coins they currently own. This essentially removes transaction fees since you can process your transactions with the part of the network you own. This does however
EOSIO
the
$22.89 on April 29, 2018, and is
cryptocurrency EOS. It is a relatively
currently (July 2021) trading at $3.74.
new
is
powered
cryptocurrency
by that
was
launched in June 2017 by Dan Larimer and Brendan Blumer and its initial coin offering (ICO) lasting one year broke records for raising the largest amount of capital by an ICO at 4.197 billion dollars. EOS used a unique system to distribute its tokens. 20% (200 million) of tokens were initially distributed during a five-day period from June 26. 70% (700 million) of tokens were distributed over 350 days at 2 million per day. 10% (100 million) of tokens were being held in escrow (document held with a 3rd party) for the block.one to keep their incentives in line with that of the EOS community. Block.one's tokens will vest over a 10year period at 10 million tokens a year. There are currently 1 billion EOS tokens in circulation. Over
5000
cryptocurrencies
are
being traded currently and EOS currently ranks at 27th in the top cryptocurrency assets by market cap. This is expected to grow considering the long-term profit potential due to the issues that EOS plans to resolve. EOS reached an all-time high value of
To
summarise,
the
EOS
token
provides both bandwidth and storage on the blockchain and plans to give novel
solutions
to
the
current
drawbacks with major crypto. The amount it provides depends on how many tokens are owned and its value lies in its ability to allow users to be actively part of the decision-making process based on tokens owned. As to whether to invest in this token or not, CoinPedia has predicted the value to increase to $18-$24 by the end of this year however it can be argued that the value of this coin is mainly in its use on the platform itself.
MONERO - FIGHT THE GLOBAL
ECONOMIC
SYSTEM
currencies
via
peer-to-peer
technology. However, another money has
grown
in
popularity
and
acceptability, owing to its privacy-
-Anjali Arun
focused features. This cryptocurrency is known as Monero. INTRODUCTION Monero (XMR) is a privacy-focused open-source cryptocurrency. It is built and operates on the concept. These blockchains, which are the foundation of digital currencies, are public ledgers of participants' activity that display all of the network's
The popularity of cryptocurrencies is growing. These are decentralized virtual or digital currencies that may be traded or spent using blockchain technology. Many of them try to improve privacy and anonymity, with varying
degrees
of
success.
A
number of these currencies allow all transactions to be seen by the public, while others make privacy optional. Others, on the other hand, make the privacy feature completely implicit. Bitcoin
is
usually
the
first
cryptocurrency that comes to mind when we think of cryptocurrencies. It was one of the first of its kind, allowing users to make payments with their
transactions.
Monero
is
a
decentralized
cryptocurrency.
It
achieves anonymity and fungibility by combining ledger
a
with
technologies
public
distributed
privacy-enhancing that
obfuscate
transactions; spectators are unable to understand transaction amounts or addresses. The initial version of Monero
was
launched
in
2014.
Monero is meant to be resistant to ASIC mining, which is often employed to mine other cryptocurrencies like Bitcoin. It is popular among malwarebased miners because it can be mined rather efficiently on consumergrade hardware like x86, x86-64, ARM, and GPUs.
they have the same value and no HOW IS MONERO DIFFERENT FROM BITCOIN?
distinguishing qualities. Monero
features
a
non-traceable
transaction history, making it a much
As mentioned above, Bitcoin is the
safer network for users who don't want
most widely used cryptocurrency. It
their owned units to be rejected or
works on a protocol that attempts to
banned by others.
shield the participant’s identity using
HOW DOES MONERO IMPROVE
pseudo
PRIVACY?
name
addresses.
These
fictitious names are made up of alphabet and number combinations that are generated at random. But, this approach offers limited privacy as both Bitcoin addresses and transactions are recorded on the blockchain, they are accessible to the whole public. Even pseudonymous addresses
aren't
completely
anonymous. A few transactions made by a participant over some time can be connected to the same address, allowing others to learn about an address owner's patterns and identity. Fungibility is another advantage of Monero over bitcoin. This means that two units of a currency can be replaced for each other with no difference in value. Even though two $1 notes have the same face value, they are not fungible because each has a unique serial number. Two oneounce gold bars of the same grade, on the other hand, are fungible since
Monero uses the concepts of ring signatures and stealth addresses to address
privacy
concerns.
Ring
signatures allow a sender to keep their identity hidden from other members of a group. Ring signatures are anonymous digital signatures from
a
single
group
member;
however, they do not identify who signs a transaction. The Monero platform uses a combination of a sender's account keys and public keys on the blockchain to construct a ring signature. This distinguishes it as both
distinctive
conceals
the
and
private.
sender's
It
identity
because determining which of the group members' keys was used to generate the complicated signature is computationally unfeasible.
DO WE INVEST IN MONERO? Monero
could
be
an
cryptocurrency
excellent
investment if you're interested in cryptocurrencies. Between January 15, 2020, to January 15, 2021, the currency's value increased by more than 137 percent. It also doesn't cost much to get started because no specific hardware is required. You may mine Monero with your own computer's CPU, and it works with all major operating systems. You will save a lot of money on fees as a result of this.
These
exchange. cryptocurrency
exchanges will allow you to buy, trade, and store your digital
assets
in
a
safe
environment. ● Buy
a
wallet(optional)-
To
begin trading Monero, you'll need a digital wallet, often known as an e-wallet. Digital wallets allow you to keep track of your digital assets securely and privately. Before you buy, think
about
the
cryptocurrencies supported by
The last 6 month changes in the price
the wallet and their transaction
of Monero are shown in the given
costs. Crypto traders employ a
below chart.
variety of wallets, including software, hardware, mobile, web, and paper wallets. ● Make your purchase-You can browse through thousands of listed
cryptocurrencies
available for trade once you've set up an account with an exchange. You can choose Monero from the list if you wish
HOW TO BUY MONERO?
to buy it. To find Monero more ● Open an exchange Account.To begin buying and selling cryptocurrencies,
you
must
first create an account with an online
broker
or
a
quickly, type it into the search field. If the price of Monero meets
your
financial
objectives, you may next pick how many coins you wish to
purchase in total. When you're
Investors can use XMR to pay for
ready
the
services such as website hosting and
number of tokens you wish to
many others, in addition to placing
buy and click the buy button to
money
complete the transaction.
decentralized investment accounts.
to
trade,
enter
MONERO’S LIMITATIONS However,
there
are
a
few
key
obstacles in the way of Monero's broad adoption. For one, it's not as liquid as other cryptocurrencies, with many regulated exchanges opting out owing
to
according
regulatory to
Mati
worries, Greenspan,
portfolio manager and founder of Quantum
Economics.
He
said," It
certainly isn’t enjoying as much from the
recent
wave
of
institutional
investments." In effect, this implies that cyber thieves will have a harder time getting paid directly in the currency. Monero's real price fluctuates based on daily buyer and seller volume, making a price prediction unfeasible. We propose that you monitor the charts available on online sites, which are updated in real-time, to determine the best time to enter or exit this coin. The XMR cryptocurrency is thought to be promising and can be used for a variety
of
online
transactions.
in
interest-paying
POLKADOT
proposition for several projects, but
-Supriya Reddy INTRODUCTION
Substrate makes it a viable option, allowing dApp builders to focus more on
their
innovations
than
the
Polkadot is a network that connects
mechanics of forming and operating a
heterogeneous
blockchain.
blockchains.
However, Polkadot’s flexible and adaptive
architecture
facilitates
HISTORY
building technology, including smart
Polkadot is that the brainchild of
contract platforms, which will pose a
Gavin Wood, an original one in
reputable
Ethereum’s
Ethereum's initial history. Wood was a
dominance. Within the near future,
prime supporter, introductory CTO,
Polkadot will likely support and
and center designer of Ethereum. He
interconnect a spread of various smart
coded the stage's first execution,
contract
composed
its
evolution of the Polkadot species is
determination,
and
going to be an ongoing task.
Solidity
threat
platforms.
to
Tracking
the
conventional designed
brilliant
the
agreement
programing language. On January 11, 2016, Wood bid farewell to the Ethereum community and turned his attention
toward
a
replacement
venture that might deliver on the guarantees that, in Wood’s opinion, Ethereum couldn’t. Consistent with Many Polkadot projects are going to
Wood, the first idea for Polkadot came
be built on the powerful, open-source
to him within the summer of 2016
Substrate framework, which greatly
while
simplifies the method of making,
sharded specs to solidify enough to
deploying,
start
upgrading,
and
expecting out
Ethereum
implementing by
developer
2.0 them.
experimenting with differing types of
Prompted
Marek
application-specific
blockchains.
Kotewicz, he started trying to style a
Launching a custom blockchain was
sharded version of Ethereum that was
previously a prohibitively expensive
as simple as possible. By October
2016
Wood
had
completed
the
optimism that the frozen funds would
essential draft of the Polkadot white
likely
book.
months.
In the summer of 2017, Wood and
SCALABILITY
Parity’s Peter Czaban co-founded the non-profit
Web3
support
the
Foundation research
to and
development of decentralized web software protocols. One of Web3 Foundation’s primary functions would be to manage the funds raised within the Polkadot token sale that was planned for October of 2017. The token sale, which ran from October 15–27,
2017,
raised
around
145
million USD, making it one of the most important ICOs up thereto time.
be
recovered
within
4–6
Polkadot was conceived as a scaling solution
for
Ethereum,
blockchains whose
like
transaction
throughput is severely limited by the necessity for each node to validate every transaction. Polkadot scales utilizing
different,
parallelizable
chains, called parachains, whose nodes
need
just
approve
the
exchanges on the parachain. This enables independent transactions on different parachains to be executed in parallel,
increasing
transaction
Just 10 days after the token sale
throughput, and scaling transaction
ended, on November 6th, 2017, a
capacity
second attack on the Parity multi-sig
parachain.
contract froze the remaining 513,774 ETH and other tokens held by and large wallet occurrences, prompting a joined loss of around 150 million USD. Most affected was the Web3 foundation’s wallet, which held about 306k ETH (over 90 million USD) or 2/3 of the entire proceeds of the Polkadot ICO. Every week later the Web3 Foundation reported that it still had enough funds left to deliver Polkadot, and
Parity’s
founders
expressed
with
each
additional
Parachains are associated by a focal transfer chain that stores the headers of parachain impedes and empowers reliable
correspondence
across
parachains. The relay chain may be a PoS blockchain, with a pool of validators that are randomly assigned to validate blocks on the various parachains. Validators are selected by
nominators
who
stake
DOTs
(Polkadot tokens) which will be lost if the validator misbehaves.
Polkadot’s pooled security model
network upon which any number of
allows new parachains to launch
smart contract platforms are often
without having to seek out new
developed. If Edgeware fails, any
validators to secure them. In theory, it
lessons learned are often wont to
also encourages cooperation, since
inform the planning of a replacement
the parachains don’t need to compete
and improved smart contract platform
for exclusive validator resources.
which will launch on a replacement.
However, for a fixed-sized validator
The
pool, adding new parachains does
empirical evidence, and improve can
reduce the
greatly speed the pace of innovation
number
of validator
power
to
experiment,
governance,
smart
gain
resources that will be allocated to
in
contract
every parachain.
security, user experience, and other key areas of research in decentralized
CONCLUSION
systems.
The
heterogeneity
and
In those months, projects will need to
ephemerality of parachains support
weigh the advantage of tapping into
this iterative process and therefore
Ethereum’s network effects against
the Substrate framework significantly
Polkadot’s transaction throughput and
speeds it up.
scalability
advantage.
The
practicality of layer 2 arrangements on
Ethereum
Polkadot's while
could
diminish
adaptability
advantage
accomplishing
a
minimum
amount of parachain applications and organization utility could disintegrate Ethereum's.
robust preference for
automated, on-chain governance or informal, multi-process governance might be the decider for a variety of projects.
Of course, this threat is theoretical until Polkadot launches a mainnet. Only
that
happens
can
the
assumptions that underpin Polkadot’s path
to
validated.
world A
domination
running
be
Polkadot
mainnet will reveal how well on-chain algorithmic governance mechanisms work to support innovation, what proportion the Substrate framework simplifies building parachains for a good sort of use cases, and whether
One of the foremost threatening
the scalability, heterogeneity, and
aspects of Polkadot is that it's not a
interoperability of parachains will
sensible
contract
system,
but
a
attract
innovators
to
create
on
Polkadot. If the Polkadot network gains enough traction to possess a big amount of funds at stake, the safety of its smart contract platform(s) is going to be tested, as will the power of its governance processes to stay the community together when it's faced with difficult decisions. Without a running mainnet Polkadot at present lives at a Challenger threat level, having various promising and disruptive Nonetheless,
advancements. when
the
Polkadot
mainnet launches and applications are sent the threat level could rise quickly.
UNLATCH THE
associated with the US dollar ( hence USD.T).
CHARACTERISTICS OF TETHER
THE PURPOSE BEHIND THE USE
-Anish Market volatility forms an Inseparable Part of the economy and as far as Cryptocurrencies
are
concerned,
they are inherently volatile. However, there are certain cryptos that are relatively stable compared to their wild
counterparts.
They
are
OF TETHER The
major
agenda
is
to
make
Cryptocurrencies a lot cheaper and more accessible. In the year 2021, a major portion of Bitcoin trading happens through Tether. Let's quickly hover on to the major reasons behind the usage of Tether
fiat
● Fiat currencies come with a
currencies and to a major extent in
relatively slower and high fee
commodities
banking industry.
concerned
tokenized
with
state-backed
like
version
gold. that
It is
is
a
made
● It is troublesome to invest in
compatible in a 1:1 ratio with the US
one
dollar. It bears a strong relationship
Crypto asset is subjected to
with the US dollar that makes it stable.
volatility.
Tether has secured 3rd or 4th rank in terms of market capitalization with its value
crossing
$30
billion
and
considered to be most stable.
cryptocurrency
if
the
HOW TETHER REMAINS AT $1? Tether holding a value of $1 is becoming a point of controversy. It is issued by Tether Ltd when a customer
WHY IS THE MISNOMER
deposits US dollar. The Dollar value in
"STABLECOIN" IS ASSOCIATED
Tether (USDT/USD) is subjected to
WITH TETHER?
fluctuations but likely to remain close
The functionality of Stablecoin varies,
to one.
unlike
Cryptocurrencies,
because
there is no fluctuation as per the market forces. Its value is connected to a fit currency. So, Tether is
owing to huge demand in the world of trading and cryptocurrency loans. It is one of those Cryptocurrencies that fetches the highest interest rates. The range varies from 30 to 60% in comparison to USDC, Bitcoin, GUSD, etc. Given below is the list of MAKE YOURSELF CLEAR BEFORE
platforms and corresponding interest
YOU INVEST IN TETHER
rates.
You
can
buy
Tether
on
most
PLATFORM
USDT (Tether)
Blockfi
9.3%
Celsius
10.51%
Neo
10%
Youholder
12.7%
Binance
6%
Exchanges but is it worthwhile to invest in Tethers? Despite several issues in past, Tether continues to be a very stable one growing at a faster rate.
However,
there
is
stiff
competition associated with Tether. But it used globally in trading, loans, and earning interest. It is a much riskier Cryptocurrencies owing to the transparency, but this has shown huge potential and is not going anywhere. BUYING OF TETHER AND
PRICE ANALYSIS OF TETHER-
EARNING HIGH INTEREST
WILL IT MOVE PAST $1?
You can buy Tether on various cryptocurrency
exchanges
and
different lending institutions. The majority of them will render an interest rate varying from 6 to 12%. Tether interest
has
gained
compared
considerable to
other
Stablecoins like USDC, GUSD, and DSI
As per the latest forecast by Trading Beasts USTD, Tether will witness a steady upsurge and will touch $1.287 on average by April 2021. It will move up by a certain percentage till December 2021, when the price will set to be $1.2829. It will reach up a
maximum value of $1.60710 as per the same prediction. So, whether the USDT will go up or down? If the Crypto industry gets into the winter period, it is quite likely that the people will be more inclined towards Tether. A PROMISING FUTURE-IS TETHER A GOOD INVESTMENT FOR 2021? Amidst
all
the
controversies,
Cryptocurrencies moving on at an accelerated pace and Tether seems to be an amazing brand. It is quite helpful when the market behaves bearish. The tether can be at a high value when it comes to saving or surpassing
other
corners
of
the
Crypto industry. The large volatility in the market makes it look like a tiny price fluctuation. Investors will think pragmatically and will continue to buy Tether
as
long
it
fulfils
the
expectation. Therefore, the future looks
pretty promising
and
will
witness massive levels of adoption across the globe.
STELLAR
payments
frameworks,
and
individuals to work with minimal
-Dishant Mehta “We Have Elected to Put Our Money and Faith in a Mathematical Framework That is Free of Politics and Human Error.”
expense,
cross-asset
transfers
value, including payments. Stellar is one of the best-performing altcoins of the last five years with a market cap of just over $1 billion. UNDERSTANDING
- Tyler Winklevoss
of
THE
CRYPTOCURRENCY
INTRODUCTION
Cryptocurrencies are digital or virtual
A cryptocurrency is a type of digital
currencies that were created for
asset dependent on a network that is
trading on decentralized networks
distributed across a large number of
called
computers. This decentralized design
guaranteed
permits them to exist outside the
duplicated like normal currencies. It
control of governments and central
additionally kept them from being
authorities.
double-spent.
a
blockchain. they
In
Doing
couldn't
contrast
to
so be
fiat
money, cryptocurrencies aren't given by central banks, which implies governments don't interfere in their trading
activity.
A
variety
Stellar cryptocurrency refers to a
cryptocurrencies
digital or virtual currency created by
following
Stellar Development Foundation. The
Bitcoin created in 2009 including the
organization's
lumen.
currency,
which
is
the
popped
of up
accomplishment
of
known as the lumen, is exchanged
The
under the symbol XLM on different
cryptocurrency, as previously stated.
cryptocurrency exchanges. Lumens
With a maximum supply of 50 billion
can be utilized by brokers on the
coins, there are about 22.5 billion in
Stellar
a
circulation. The Stellar Foundation
appropriated
had over 100 billion lumens in
ledger network that connects banks,
circulation at one point, but in
network,
blockchain-based
which
is
lumen
is
the
Stellar
November of this year, it burnt
the first distributed technology ledger
approximately half of them. The move
to
produced a temporary surge in the
certificate for payments and asset
price of XLM, but the gain was short-
tokenization.
lived. Coin burns are problematic because they indicate the type of manipulation
that
decentralized
Even though the value of Stellar lumen has decreased by more than twothirds as of May 2020, it remains one the
a
Shariah-compliance
INSTITUTIONS USING STELLAR’S BLOCKCHAIN In 2017, Stellar made headlines when
systems are meant to prevent.
of
receive
top-performing
cryptocurrencies, ranking 11th on
it announced a relationship with IBM. The
collaboration
creation corridors
of
envisions
numerous
between
the
currency
South
Pacific
countries.
CoinMarketCap. As of March 25,
The initiative said that it aimed to
2021, the coin's market capitalization
handle up to 60% of all cross-border
was about $8.3 billion.
payments
in
the
area,
which
comprises Australia, Fiji, and Tonga.
HISTORY OF STELLAR
Small companies, non-profits, and
The Stellar Development Foundation,
local financial institutions would be
a non-profit organization created by
able to link to speed up commercial
Jed McCaleb, runs Stellar. The Stellar
transactions. A farmer in Samoa, for
initiative was initially supported by
example, may connect with and trade
Stripe, a payments firm, as well as
with a buyer in Indonesia. Deloitte, a
donations from BlackRock, Google,
leading
and FastForward. The organization
business, announced a partnership
receives
public
with Stellar in 2016 to build a
donations to support its operating
payments app. McCaleb revealed
expenditures.
that 30 institutions have signed up to
tax-deductible In
2018,
Stellar
technology
consulting
partnered with TransferTo to offer
border payments during a conference
cross-border payments to over 70
in 2017. Stripe has banned bitcoin from
countries. It was also chosen as a
its platform but has left the door open
partner by IBM for a double-pegged
for Stellar.
stable currency project and became
utilize Stellar's blockchain for cross-
Protocol (SCP), after which Stellar
border payments during a conference
became an open-source system. The
in 2017. Stripe has banned bitcoin
transaction authentication procedure
from its platform but has left the door
is limited to a small number of
open for Stellar.
trustworthy nodes in this protocol, rather than being accessible to the
FUTURE OF STELLAR
whole network of nodes. Each node
Stellar's main focus is on emerging
on the network chooses a group of
economies in the fields of remittances
trustworthy nodes, and a transaction
and bank loans to individuals who do
is
not have access to traditional banking
authenticated by all of the nodes in
services. Individuals and institutions
this group. The Stellar network can
are not charged to use the Stellar
now execute transactions faster and at
network. A distributed exchange
reduced costs because of the shorter
method is supported by Stellar. This
approval cycle.
allows users to transmit payments in a certain currency even if they have credits in another, while the network handles the currency conversion for them. A partner institution, such as a bank, can provide the receiver with their
cash
promises
to
equivalent.
Stellar
drastically
reduce
transaction costs and time delays as a cross-border transfer and payment system
that
connects
financial
organizations. While Stellar functions similarly
to
Bitcoin
cryptocurrencies,
its
and
other
consensus
process is what sets it apart. The current Stellar is the consequence of a fork in 2014 that resulted in the creation of the Stellar Consensus
accepted
once
it
has
been
BINANCE COIN
Every quarter, Binance uses one-fifth of its profits to repurchase and
-Pradeep Gupta
Binance coins held in its treasury.
ABOUT BINANCE COIN (BNB) Binance Coin is the cryptocurrency issued by Binance exchange and trades with the BNB symbol. Binance coin
initially
ran
permanently destroy, or "burn,"
on
the Ethereum blockchain with ERC 20 standard but has since become the native coin of the Binance chain.
Binance was created as a utility token for discounted trading fees in 2017, but its uses have expanded to numerous
applications,
including
payments for transaction fees (on the Binance
Chain),
travel
bookings,
entertainment, online services, and financial services. At the time of writing, Binance had a market cap of more than $46 billion and ranks behind only Bitcoin, Ethereum, and USD Tether in terms of market cap. HOW IT ALL BEGAN
Binance coin has a strict maximum of 200 million BNB tokens. As of June 2021, Binance Exchange is the largest cryptocurrency
exchange
in
the
world, supporting more than 1.4 million transactions per second
Binance coin was launched during an initial coin offering (ICO) in July 2017. It offered 10%, or 20 million, BNB tokens to angel investors, 40%, or 80 million, tokens to the founding team, and the remaining 50%, or 100
Binance Coin is the cryptocurrency
million, to the various participants
issued by the Binance exchange and
through the ICO process.
trades with the BNB symbol.
Almost half the funds raised during
BNB was initially based on the
the ICO process were intended to be
Ethereum network but is now the
used
native currency of Binance's own blockchain, the Binance chain.
for
Binance
branding
and
marketing, while around one-third were used to build the Binance
platform
and
perform
necessary
upgrades to the Binance ecosystem. BNB was initially based on the Ethereum network but is now the native currency of Binance's own blockchain, the Binance chain. HOW IT IS GOING ON
purposes (virtual gifts, card packs, lotteries); to pay for online services (BitTorrent, Canva, Storm); and even for financial purposes (take out a loan at ETHLend or make investments at Moeda). One can also use Binance coins to invest in certain ICOs that are listed
Binance was created as a utility token
through
for discounted trading fees in 2017.
program. New cryptocurrencies list
But since then, its uses have expanded
on the Binance exchange, and the use
to numerous applications on a wide
of Binance provides a seamless
number of platforms. It is used to pay
marketplace for trading in a variety of
for transaction fees on Binance.com,
established and new virtual tokens.
Binance’s
Launchpad
Binance DEX, and Binance Chain.
It can also be used for payments (at
The
crypto
token
places like Crypto.com, Monetha, and
support
HTC); to book travel accommodations
which has helped its usage spread. It
(at sites such as TravelbyBit, Trip.io,
includes a partnership with Asia's
and Travala.com); for entertainment
premier
from
other
high-end
has
garnered
partnerships
live
video
streaming platform, Uplive, which
offering a very similar interface and
sells virtual gifts for BNB tokens
feature
to Uplive’s 20 million-strong user
counterpart. However, it is currently
base.
banned in seven states. In May 2021,
Binance coin is also supported by the platform, the mobile app, and the VISA debit card of Monaco, the pioneering
payments
and
cryptocurrency platform.
set
Bloomberg
to
News
its
worldwide
reported
that
Binance was under investigation by the United States Department of Justice and Internal Revenue Service for
money-laundering
and
tax
evasion.
FACTS AND FIGURES OF BNB
In June 2021, Binance was ordered by
At the time of writing (June 2021), BNB
the UK's Financial Conduct Authority
is the fourth-largest cryptocurrency
to stop all regulated activity in the
by market capitalization, behind only
United Kingdom. In January 2021, the
Bitcoin, Ethereum, and USD Tether.
FCA began requiring firms dealing
As of June 24, 2021, the Binance Smart
with cryptocurrency to register in
Chain was processing as much as 3.7
order to comply with anti-money
million daily transactions; triple the
laundering rules. As Binance is not
amount of Ethereum's all-time high in
compliant with these rules, it is being
daily transactions, but down from a
forced to cease operations within the
record
coming weeks.
almost
12
million
daily
transactions reached on May 14, 2021. LEGAL STATUS In 2019, Binance was banned in the United States on regulatory grounds. In
response,
investors
Binance
and
other
opened Binance.US,
a
separate exchange registered with the United States Financial Crimes Enforcement Network and designed to comply with all applicable US laws. The US variant has been praised for
DOGECOIN
to make easy money as it saw in 2014 where dogecoin surged to $90 million
-L.H. Vadiraj
market capitalization.
“No more highs, No more lows, only
It was who Alex Green acted as a
DOGE”
Director of Moolah which was using its platform to hand dogecoin to people
-Elon Musk
in return for upvotes for dogecoin on
Well, everyone knows the power of
subreddit. But Moolah went bankrupt
one tweet from Elon Musk, that could
and this was the case of fraud and
shake the cryptocurrency market.
money laundering.
That’s what happened with Dogecoin, the tweet about it from the powerful man himself made it surge and it is when it came into more limelight where individual investors started investing in the dogecoin.
Well-being ranked sixth in the crypto world; this coin has created a huge impact among individual investors to look upon. The influential person Elon Musk with 50 million followers is the loudest and prominent supporter for
The craze towards cryptocurrency
Dogecoin can make crypto surge or
markets and the trending meme of a
reach the lower level which no one
dog made Jackson Palmer, an Adobe
could have imagined. This runs on
software engineer create a fictional
blockchain technology.
coin as “Dogecoin”. It was created as
meant to be an alternative for Bitcoin.
a joke on 6 December 2013. It was no longer a joke in 2014 when one of the
This was
REDDITORS’ LOVE FOR DOGE
football team qualified for the Winter
Dogecoin exploded on Reddit and
Olympics,
this
ended up generating a market value
opportunity to do some charity by
of $8 Million in the year 2013. It
using the dogecoin address on the
became so popular that the Tipping
subreddit to raise donations for the
practice on the internet became so
team.
active that on Reddit and Twitter Doge
the
owner
saw
With making donations in Kenya and donating doge coins, few people saw dogecoin as an opportunity for them
is used as a tipping system to reward quality content.
Well, a few enthusiasts on Reddit
Dogecoin as the payment option. This
raised Dogecoin profile by raising
news made the Doge up by over 60%.
funds for a publicity stunt.
This made the company make its
It was in the weeks’ time in 2013 that Dogecoin became the second most tipped currency.
entry into US Market. WILL DOGECOIN HIT $1? The coin hit a $0.74 all-time high, with
With going a bit well, it was in 2014
volatility in social media may not
where we saw Dogecoin’s trading
make it reach $1. It’s a bit difficult for
volume eclipsing Bitcoin and other
the coin to hit $1.
digital currencies. As well it hit a $2 Billion market value in 2017. ELON MUSK’S LOVE FOR DOGE With Elon Musk’s tweet, few stocks such as GameStop, Etsy and CD Projekt surged. It was on 4 February when Musk supported Dogecoin, this is where it surged more than 50%. He calls Dogecoin as people crypto. Along with this, he has shown his support and love for Doge. As well as the recent proposed change by Dogecoin got Elon’s support for it as
As
per
this
algorithm-based
forecasting service, Wallet Investor has predicted the Dogecoin may trade at $0.38 by the end of July month. The predictions regarding the rise may happen till about $0.57 by the 2022 end and may reach up to $0.76 by the 2023 end. But hitting $1 is predicted till April 2025.
well as he is urging the crypto
Even Digital coin has revised itself
traders/investors to support it. The
about its price in the future to $0.46 in
tweets in April, June made dogecoin
2021 to an earlier forecast of $0.73.
surge and the tweet about reaching it
The long-term forecast made by them
to moon picture made the coin surge.
about hitting $1 is after 2025.
PAYMENT OPTION The
Berlin-based
company backed
travel
GetYourGuide by
SoftBank
has
booking being added
What do you think will it hit $1 or not by 2025?
MONEY FOR THOUGHT: The Cryptocurrency Market, a highly volatile market with 24 hours trading where investors constantly check with their portfolio to avoid losing wealth. Since 2009, when they emerged, till date, the crypto world underwent numerous developments. Some spectators might continue to hold onto the misconception that the Cryptocurrency market is a small network of technology enthusiasts and investors. However, the reality is quite the opposite. Records show, as of April 2021, there are over 10 million crypto holders and tens of thousands of cryptocurrencies. From their exchange getting banned to being used as legal tender money, their journey is truly a roller coaster ride, now with increased uncertainty regarding their legality, one can only wonder if the essence of this innovation will continue to exist.
The IBS Times is an academic print and is not for any commercial sale. Reliability and responsibility of sources for data for the article’s vest with the respective authors. Please feel free to drop any suggestions or any feedback at editor.ibstimes@gmail.com IBS Times – Finstreet, the official capital markets club of IBS Hyderabad
All rights reserved