Since Bitcoin’s rapid rise to and subsequent tumble from just shy of $20,000 in December of 2017, many investors have been asking if crypto is dead. After all, the price of Bitcoin as of Thursday at 11:00 PM EST is just $3914. This represents an over 80% reduction in value from its peak just over a year ago. But recently, the gears of the crypto market have been whirring to life again, with some coins showing immense promise. Continue reading “Best Crypto to Buy Before the Next Bull Run”
By Max Bibeau | United States
With the prices of cryptocurrencies continuing to plummet across the board, some have been quick to assume that the “crypto wave” has passed and that its time in the spotlight is over. Some articles even go so far as to claim that the Bitcoin bubble has popped and that the technology may not recover for some time, if ever.
These claims could not be farther from the truth.
What Drives Markets?
To understand why cryptocurrency’s price is so far down in the first place, we must first understand that the prices of all cryptocurrencies are driven by FOMO (Fear Of Missing Out) and FUD (Fear, Uncertainty, and Doubt). Through the second half of 2017, crypto experienced a surge of FOMO, with Bitcoin being in the headlines day after day with incredible price jumps. FOMO breeds more FOMO – until it doesn’t. A series of events occurring in a very short time in January of 2018 broke the FOMO and entered the market into a period of FUD. A combination of a regular dip in the market, the exposure of Bitconnect as a scam, FUD surrounding crypto being banned in countries such as China and India, and a series of highly publicized cryptocurrency thefts drove price dips, increasing FUD even more.
Price Is Irrelevant To Developers
Now that we understand how exactly we got to this point, we can explore why crypto is not dead. The key thing to remember is that price doesn’t affect developers. Sure, many of them hold a significant amount of their own cryptocurrency, and the crash has affected their personal holdings – but very few, if any developers are solely reliant on cryptocurrency, and can be supported by grants, jobs, donations, or other factors.
Since developers work independently of price, innovation has continued at breakneck speed, even though the market appears to have crashed. Almost every single major cryptocurrency continues to develop and grow, some of them at an even faster pace than during the FOMO.
Bitcoin has finally started to deliver on its long-awaited lightning network, expanding the technology and resolving some major bugs that caused problems on the new network. The technology is continually being developed, with hundreds of developers working on Bitcoin regularly.
Fees are also down drastically from their peak last year, due in part to fewer transactions occurring, but also in part to the lightning network paired with other developments in the technology’s efficiency. Bitcoin Core has also been successfully able to solve the famed coffee example, with the lightning network being utilized commercially in a Swiss cafe just a few days ago.
Ethereum, while it may seem quiet, has been booming. The whole point of Ethereum is to support decentralized applications, or dapps, and it has been extremely successful in recent months. Thousands of new Ethereum dapps have been put on the blockchain since 2017, and more are being added daily.
After the unprecedented success of the dapp game “CryptoKitties,” which led to users paying up to $100,000 for a single digital cat, countless other games and dapps have sprouted up in recent months. New games, such as Etheremon, are attracting hundreds of users daily and can be played for free. While no huge breakthroughs have been seen in Ethereum recently, there’s no doubt that its blockchain is becoming more and more filled out with dapps, ranging from gambling to gaming.
Stellar, often seen as Ripple’s primary competitor, has seen radically increased adoption, specifically among banks. The coin’s list of partners is also continually growing, including big names like IBM. The two have committed to environmental efforts, by using a blockchain solution to create a carbon credit program.
While Stellar may not be seeing strides as great as some other cryptocurrencies I’ve discussed, it’s slowly but surely becoming more and more influential in financial markets, and is increasing its credibility through a plethora of partnerships and improvements.
Arguably the most well-maintained on this list, VeChain has undergone an entire rebrand, transitioning from VeChain (VEN) to VeChain Thor (VET). VeChain also added a token to be paired with their main coin called THOR. The token is obtained by simply holding VeChain, similar to how one can obtain GAS from holding NEO.
Along with their new token, VeChain has launched a new wallet in the form of an iOS/Android app that can be downloaded on the app store. With a simple UI and automatic flow of THOR for holding VET in the app, the wallet is one of the most user-friendly programs out there. The VeChain team has clearly been busy with a new wallet and token, not to mention their new partnerships with big names like BMW.
Clearly, after examining only four of the top cryptocurrencies on the market, we can see that while prices have fallen dramatically, the technology behind cryptocurrency surely lives on. Developer teams are still working hard to improve their technologies, and partnerships between mainstream companies and cryptocurrencies are becoming more and more common.
Nobody can fully predict when the market will rise again – it will undoubtedly take a series of important and “good news” events to break out of the current FUD in the market – but the technology is there, even if the prices remain low. While crypto is largely out of the mainstream media due to the loss of FOMO, that hasn’t stopped innovation and partnerships from occurring throughout the entire market.
Cryptocurrency has been out of the spotlight for months now, and it may be a long time yet before the FOMO catches back on. However, when the FOMO returns, the technology will be ready and waiting.
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By Nick Hamilton | United States
Cryptocurrency is about to become much more accessible when making purchases in public.
Square, a major digital payment service that Twitter CEO Jack Dorsey leads, has won the patent to allow merchants to accept crypto payments, such as Bitcoin. The service would then transfer the payment into the local currency.
Cryptocurrency: Payment of the Future
Dorsey has said that he believes cryptocurrency will be the leading method of payment in ten years. Adding Bitcoin to this service that already supports many major credit cards is a way to make this a reality. This system also eliminates latency in these transactions, meaning approval on purchases will occur much faster. They’ll be able to do this via a blockchain that records Square-managed wallets in real time.
Tackling Major Obstacles
This, of course, means that cryptocurrency payments will process at the same speed of credit card payments. Previously, one of the big drawbacks of crypto was the increased transaction time. Another key issue was a very low accessibility, but Square is tackling both of these issues.
It’s not often that companies who do blockchain research have such an enthusiastic CEO when it comes to cryptocurrency. However, due to this patent, and Dorsey being so invested in cryptocurrency, we could see cryptocurrency emerge more in the mainstream. At the very least, it now will be considerably easier to use. This could mean that Bitcoin’s demand will rise, thus raising its price.
A Bright Outlook
The patent may affect the backbone of the future economy, at least according to Dorsey, who tweeted earlier this year that Bitcoin would become a path towards financial success for all.
Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.
We also made this! https://t.co/z3u0liDNk4
— jack (@jack) January 31, 2018
As the price of Bitcoin continues to rise, Dorsey’s dream of seeing crypto thrive in the future may be coming true.
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Phoenix Daniels | United States
For many, the emotions experienced by the mere mention of “cryptocurrency” is one of fear and uncertainty, brought about predominantly by a lack of understanding of Blockchain technology, coupled with a repetitive message from antiquated mainstream media.
However, for those of us who grew up asking “a/s/l?” in IRC the concept of cryptocurrency becoming the dominant form of trade is as easily accepted as the concept of gravity. When we first became obsessed with games and computing, we were geeks and nerds; now games make more money than movies, and the number of Blockchain entrepreneurial millionaires is growing by the day.
Our Mission: to Free Gamers from Labour!
While the mainstream medical authority wishes to push it’s own ideology and agenda to suggest that gaming addiction is a mental disorder, many gamers dismiss this paradigm as basic and unintelligent. Gaming gives us the capacity to experience creative problem solving on a level of intelligence which, quite frankly, is completely lacking in the social interactions of the mainstream majority plugged into mainstream media. Listening to a conversation about the weeks sports resorts or the news is like listening to robots talked to a brick wall, except that a robot talking to a wall would actually be cool because someone had to build it and program it.
There has never been a better platform for tech savvy gamers to create, and #LESSISMOREGAMES is no exception.
Our Mission: to Free Gamers from Labour! The onset of cryptocurrency has created an opportunity for those who spend arguably the greatest amount of their online than any other group in society.
Imagine this: you wake and sleep on your own schedule, based purely around your gaming; your cost of living including food, rent, utilities and general socialising is covered; and you never have to work a job again.
Sound too good to be true? Guess again. Here’s why:
For better or for worse the Central Banks of the world have been run the way they have been run over the last century. The Gold standard was removed and replaced with FIAT: currency that is declared “legal tender” by the government that the Central Bank prints the currency at interest and loans it to. Over time this has lead to massive debt and inflation, and this is precisely why cryptocurrency is so explosive.
It’s pure mathematics. The very capacity for cryptocurrency to be so disruptive and explosive is specifically due to the behaviour of the FED and it’s contemporaries.
The question remains: How does one take advantage of this opportunity?
The success of any Blockchain technology and cryptocurrency relies on the team creating it and the project behind it. Ethereum is an excellent example: By creating and maintaining a decentralized platform for smart contract applications they have created a long-term demand for their product and service.
#LESSISMOREGAMES is developing a Role-playing Game in a Dynamic Interactive Sandbox (DIS) built on Blockchain technology and backed by its very own Cryptocurrency.
The focus of this Gaming Evolution centres around two core themes; #makeyourownfun and #lessismore. Rather than build a massive expansive world our DIS will provide players with the capacity to actively shape their environment through their interactions with both AI and other players. Thus the size and shape of the Sandbox itself will give a Dynamic response based on the interaction of the players, making it a true expression of creative Freedom. Blockchain technology provides us with the capacity to build scalable networks, allowing us to grow the Sandbox organically with server demands. Finally by backing it with a unique Cryptocurrency known as $KEL we are creating the capacity for the player to earn tokens for playing the game and participating in the marketplace.
So while others may ask, “Don’t you think Bitcoin is a bubble?” we and those like us are growing increasingly too busy with our own projects to respond.
FIAT is the past, Cryptocurrency is the future. Whether you believe us or not is irrelevant, we’re going to do what we’re gonna do whether others understand it or not. Always have, always will.
We’re gamers. 😎
Over the past several months, the cryptocurrency market has slowed. Its peak market cap of $830 billion has fallen dramatically, losing over two thirds of its value.
However, over the past several days, it is beginning to show life again.
On July 2, Bitcoin finally saw growth after it reached a 12 month low in value. As of June 29, the cryptocurrency had fallen as low as just over $5800 USD. Yet, the value, as of July 3, has soared back to $6658 USD.
This shows nearly a 15% increase in Bitcoin in just four days, which averages to slightly under 4% a day.
Of course, since the cryptocurrency’s fall from a January high of nearly $20000 USD, it has jumped up by these percentages a number of times. Despite this, some investors believe that this rally is longer term.
Sustainable Cryptocurrency Market Gains
As Bitcoin rose, the cryptocurrency market as a whole also saw considerable gains in volume. In the past 48 hours, it has added $40 billion dollars in total volume. As part of this, Bitcoin’s volume rose to $4.6 billion.
Other coins, such as Bitcoin Cash, Cardano, and Ripple, have also risen in value and volume over the same span. Ethereum also showed strong recovery, bouncing from $400 to $467 USD.
Because of the increase in both volume and value, many expect this growth to continue. Some market estimates place a short-term value of Bitcoin at slightly over $7000 USD. If this occurs, it will represent a 21% payout since the cryptocurrency reached its low.
Smaller cryptocurrencies have yet to see the same rebound and uptick in volume. Yet, the market trend suggests that they may soon see similar looking gains, as demand for crypto increases.
The Cryptocurrency Market in U.S. Cities
Clearly, there has been a rapid increase of cryptocurrency market recognition since just one year ago. As this continues, demand not only rises for coin ownership, but for work opportunity. in fact, first quarter 2018 blockchain jobs on the freelance site upwork.com rose a staggering 6000%.
While some, like those on upwork.com, seek employment in blockchain, many others are finding another way to join the market.
Throughout U.S. cities, Bitcoin ATMs are beginning to appear. As of mid-June, over 2,000 of the machines existed in the United States, with almost 100 in the state of Michigan.
For a fee of 7 to 8 percent, consumers may purchase the cryptocurrency in order to hold, invest, or trade.
Generally, the machines exist in low income areas. Of course, many families with lower incomes do not have bank accounts. As an alternative, they may use these ATMs as a cheap alternative means of storing money.
Unlike a lottery, however, the cryptocurrency market shows trends that users can monitor for maximum gain. Detroit gas station owner Andy Attisha says that users of his Bitcoin ATM are doing exactly that.
“A lot of people do day trading on it,” Attisha remarked about his ATM. “I see people coming in here every day messing with the machine.”
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