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Will Bitcoin Remain a Dominant Cryptocurrency?

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Bitcoin Remain dominant

A Forecast for the Next Decade of Crypto

Cryptocurrency is young. Thursday — October 31, 2018 — will mark its first anniversary, 10 years since Satoshi Nakamoto’s fateful email. It wasn’t until January 2009 that the first Bitcoin block had been mined, and March 2010 that Bitcoin was first assigned a monetary value. Simple math shows that the anniversaries of those dates are still in the future.

Yet it’s time to think about what this future will be like. Bitcoin has dominated the whole industry since its birth, dictating the trends on the market. However, now Ripple, Bitcoin Cash, and Ethereum are challenging the king. It’s too early to say, but we might be heading towards a more competitive cryptocurrency market.

In this article we will:

  • Explain why Bitcoin was a dominant force on the market;
  • Review the significant alternative cryptocurrencies and their impact;
  • Predict the next 10 years of crypto, based on the current data.

Why Bitcoin Holds The Market Hostage

Satoshi Nakamoto was not the first to propose the idea of a privacy-focused value transaction system. He was standing on the shoulders of David Chaum, Douglas Jackson and Barry Dowey, Adam Back, as well as many other cypherpunk idealists.

And yet, the general public remembers only Nakamoto and Bitcoin. The absolute majority of the newcomers to crypto purchases Bitcoin and ignores the other currencies. This only increases the importance and influence of Bitcoin and leads more investors towards it.

According to CoinMarketCap, right now Bitcoin is claiming mind-boggling 52% of the total market capitalisation. Ethereum, which led to an ICO craze of late 2017, has less than 10%. Ripple has less than 9%. And it’s not a good thing. Compare these three charts:

Bitcoin Chart

A Bitcoin capitalisation-over-time chart. Note the shape of the graph starting from 2017.

Market Cap

A cryptocurrency market capitalisation-over-time chart. Note the similar shape of the graph.

Market Cap Chart

A capitalisation-over-time chart with Bitcoin removed. The shape of the graph is exactly the same.

The first two charts should be similar — after all, Bitcoin dominates the market. However, the last chart proves that Bitcoin has a significant influence on the value of the other currencies too. This situation is not healthy for the economy and makes the altcoins hostages to the Bitcoin.

Imagine if Apple had that much clout on the stock market. Imagine that everyone’s stock would rise and fall in value according to Apple’s decisions, news, and press releases. This situation would crush the businesses worldwide — but it will never happen. Apple’s leadership is constantly challenged by other companies like Amazon, Microsoft, and Alphabet. In fact, Amazon might take over the next quarter, if the reports are accurate.

And yet, nothing even remotely similar ever happened on the cryptocurrency market. Which begs a question — will the next 10 years of cryptocurrency be equally dominated by Bitcoin?

What Can Challenge Bitcoin?

Bitcoin has 2070 competitors. However, even combined, they do not represent a proper competition. Take a look at the combined capitalisation-over-time chart:

Market Cap

However, the situation is slowly getting better. While back in 2013 Bitcoin controlled almost 90% of the market, it is “only” 52% right now. Moreover, some of the currencies begin to ignore the trends set by Bitcoin, becoming more and more independent. Let’s review three of those currencies in more detail.

Ethereum (ETH)

Ethereum, released in 2015, was the first altcoin to register in the public mind. Just like Bitcoin, it wasn’t the first overall — LiteCoin has been around since 2011. However, Ethereum offered something unique — smart contracts for everyone with minimal effort.

What followed was an ICO craze that propelled Ethereum far beyond the initial expectations. You can see the exact moment this happened on the chart above. It’s marked as Jul ‘17 and represents the only moment when Bitcoin’s dominance was threatened.

Unfortunately for the ETH holders, the ICO bubble burst in late 2017. Right now Ethereum is barely trucking on, continually losing the market volume and capitalisation. However, Vitalik Buterin, the founder of the Ether project, thinks that a comeback is more than possible.

Ripple (XRP)

Ripple is not a cryptocurrency in the narrow sense of the word. It is centralized and not really that transparent. However, it is still a private and a secure digital payment network that is based on a blockchain, so most cryptocurrency enthusiasts let it slide. Mainly since it now controls almost 9% of the market capitalization.

The best feature of Ripple is its ease of use. Due to a highly efficient system, Ripple allows for fast transactions with a standard fee of 0.00001 XRP. As a reference, Bitcoin’s standard fee on October 29 was 1356 Satoshi or 0.19050295 XRP.

Such accessibility led to the creation of multiple gateways — official or semi-official exchange points between Ripple and other currencies, both fiat and crypto. Right now, Ripple is not only a transaction network, but also a favourite medium for transactions made in different currencies.

XRP took a couple of hits along the way due to controversial management decisions and the lack of trust from the cryptocurrency community. However, right now it is feeling better than ever and is, for the first time, ready to challenge Ethereum.

Bitcoin Cash (BCH)

Bitcoin Cash came to be due to a schism between Bitcoin Core developers. One group wanted to increase the size of a block in the chain. Others insisted that the issues with the transaction cost should be solved with less intrusive methods. In 2017, the “rogue” developers split and created a new currency — identical to Bitcoin, but with larger block size.

Despite controlling almost 5% of the cryptocurrency market capitalisation, Bitcoin Cash does not have great prospects. In 2018 the mainline Bitcoin introduced a Lightning Network, which is a different, yet a more conventional solution to the transaction cost issues. Since then, BCH is a just another altcoin, although a particularly popular one.

What Will The Next Decade of Crypto Look Like

The world of cryptocurrency changes daily, so making any kind of a forecast is impossible. However, some recent trends promise a better, more healthy tomorrow.

We reached out to Igor Afa, a financial analyst at Forex broker JustForex, and asked to share his vision of the next cryptocurrency decade. Here are his points:

  • Bitcoin will remain a dominant currency, yet it will lose some market value to its competitors.
  • Ripple and Ethereum will grow and start challenging Bitcoin’s dominance. Neither will come as close as Ethereum in June 2017.
  • Bitcoin Cash will not advance from its positions, but likely won’t fade away either. A large number of users acquired during the split will keep it afloat.
  • Should Tether, Petro and other stablecoins succeed, they will take over a niche market segment.

Of course, this doesn’t take into account things that are impossible to predict. For example, cryptocurrencies might be banned. Or Vitalik Buterin will take that job at Google and run Ethereum into the ground. Or maybe an entirely new cryptocurrency will appear, with a completely unique offering, and take over the market.

Overall, the market will become a little healthier. It still won’t be anywhere near normal, but at the very least we won’t have a whole market living and dying on a single entity. Which, all things considered, is already a huge win.

Disclaimer: Readers should do their own due diligence before taking any actions related to any company, product or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this sponsored post.

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6 Reasons Why You Need to Use Bitcoin for Online Casinos

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Use Bitcoin for Online Casinos

Online casinos have become an increasingly popular platform for gambling fans in recent years, and more people than ever before are enjoying the casino environment from the comfort of their own home. From more traditional card games, such as blackjack, to online video slot games, such as Mega Moolah, online gambling platforms have something for everyone to enjoy.

Recently the development of the cryptocurrency bitcoin has been prevalent across internet payments and transactions, and online casinos are no exception. While some online casinos have received criticism for using bitcoin for payments, the online gambling business is a legitimate and legal business that is enjoyed by many. Here are six reasons why you need to use bitcoin for your online casino payments.

Increased Privacy

Use Bitcoin for Online CasinosPrivacy is very important to online casino users, and they may choose to keep their hobbies private and not want to share their personal details with an online platform. While reputable online casinos are safe and secure platforms, many online users still wish to stay anonymous. This is what makes using bitcoin a great choice for an online casino.

Bitcoin offers a pseudonym feature which means you can use an online casino without using your real name or address that is connected to your bank account details that you would be required to enter when you make a deposit or withdrawal.

While there is nothing wrong with using reputable online gambling sites as a form of entertainment, often being a fan of gambling can cause you to be judged by other people, as in some cases people automatically assume that you have an addiction. Therefore, bitcoin offers you the chance to enjoy your hobby judgement free!

More Secure

One of the main reasons why bitcoin has become so popular is because it is one of the most secure digital currencies currently available on the internet. This is if you use and store it correctly, of course. You may be tempted to store your bitcoin in an online wallet on your smartphone or device, but this can cause bitcoin to become less secure.

Due to the increased privacy that using bitcoin has to offer you, you can use online casinos in a more secure way. If the online casino you are using is hacked or has a data breach, then your PayPal and bank account details are at risk. However, by using bitcoin as a payment method, you can rest assured that your details are protected by strong passwords and private keys.

Instant Payouts

The whole aim of using online gambling platforms is to win money! Therefore, if you are lucky enough to win, then you want to be able to withdraw your winnings as soon as possible. While most reputable online casinos allow for transfers within a few working days, you can speed up this process by using bitcoin payments.

Transactions using bitcoin can be confirmed within minutes, and at the most just a few hours, so it is no surprise that more people are using bitcoin for online casino transactions.

Cost-Effective

There have also been claims to suggest that bitcoin is a cheaper and more cost-effective option when making online payments. Often when using online bank transfers or credit cards you can be charged additional transaction fees that are much more expensive than the bitcoin charges.

Often you can lose a percentage of your winnings by the time you have paid the transaction fees, so it is no surprise that bitcoin has become a popular alternative.

Optimised for Online Gambling

Bitcoin PredictionsBitcoin was founded and created by the internet and to be used on the internet, so using a digital currency makes a lot of sense. Bank cards and transfers are a relatively new technology that has only been developed because of the development of the internet. Therefore, sometimes these transaction options are slow and costly, but bitcoin offers a more effective alternative.

Bitcoin is optimised for online transactions as it allows for increased privacy, quicker payouts, and added security.

Bitcoin Bonuses 

Using bitcoins can be beneficial to both the user and the online platform as it can save time and money for everyone. Therefore, online casinos often offer additional bonuses and promotions for those who use bitcoin payments. These bonuses often include additional turns, more betting credits, and high bonuses. Most of the UK’s online casinos offer incentives to use bitcoin for your online transactions with them. By enjoying these bonuses, you can enjoy more for less.

With the development of the online casino platforms available to gambling fans, there are also innovative technologies such as the use of bitcoin to make your online experience a lot more convenient.

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5 Essential Tools for Effective Mining Management

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Effective Mining Management

If you own a small mining farm with just a few rigs or ASICs, you might not associate the term mining management with adjectives hard, time-consuming, or ineffective. But the more machines you have, the more you might realise that the right management tools are very important if not even necessary part of your mining operation.

In this article, we will summarise 5 tools you will need if you want to manage your mining operation effectively and save as much time as possible.

1. Mining software

The most important thing when it comes to mining (besides hardware) is using the right mining software. For mining rigs, this means selecting the right environment – Linux or Windows – and the mining client that gives the highest hashrates and it can be optimised the most. For ASICs, it means selecting a software that will allow you monitoring as well as remote commands and automatic actions.

2. Bulk control

Managing one rig or ASIC can be quite easy. But imagine having 100 such machines and changing the configuration for each one by one. Or imagine 1,000 machines and changing the configuration for only 250 selected ones. For such cases, it is really important to have bulk control over your mining operation. Bulk control must allow you to:

  • Restart, reboot, and shut down selected machines or a selected group of machines;
  • Change configuration of selected machines or a selected group of machines;
  • Apply profit switch to selected machines or a selected group of machines;
  • Use predefined overclocking profiles that can be controlled only from one page and applied to every machine that is using that profile;
  • Use predefined tags for pools and wallets that can be controlled only from one page and applied to every machine that is using that tag;
  • And more.

3. Mining calculator, benchmark, and profit switch

When deciding which coin to mine you must do the research and see what options are available. There is an option to select a multi-algo pool that allows payouts in single cryptocurrency or to do direct mining. To have a total overview of the options, you can use a benchmark and mining calculator that will list you the options. If you are deciding between a few options, you can also set up a profit switch and mine the most profitable option of the moment. Minerstat allows you to profit switch with your ASICs as well.

4. Live diagnostic

MinerstatWhen the mining rig or ASIC is set up and mining, the work of mining management doesn’t stop – it actually just begins. It is important to monitor different errors or events that can be affecting the mining performance. Some of the more important things that need to be checked on a regular basis are:

  • Hashrate and any sign of hashrate drop;
  • Efficiency and any sign of efficiency drop;
  • Temperature;
  • ASIC malfunctions and errors reports;
  • Missing hardware;
  • Mining configuration errors.

5. Alerts and triggers

While live diagnostic allows you to monitor the mining operation status in real-time, it is also important to have an automated system intact that will alert you on such events. Furthermore, setting up automatic triggers that will do certain actions when an event occurs might save you even more time.

Alerts on Minerstat can be sent to email, Telegram, or mobile app, while triggers allow actions such as change of the fan speeds, mining client restart, machine reboot, machine shut down, or sending an e-mail when the machine is unresponsive (which can be connected with the smart relays and IFTTT).

You can use and benefit from all of these features with minerstat.com

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How Popular Are Blockchain Courses Among University Students?

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blockchain university students

The demand for blockchain specialists grows, while the employment market still lacks qualified professionals. However, the number of university students willing to learn about it grows quite quickly. Students prefer to buy essay on the blockchain on Edubirdie if they find difficult to write it (yes, the cheapest essay writing service Edubirdie hires smart writers, who can cover such a complicated subject) than to stay ignorant. But how important is studying blockchain in a long-term perspective? Is this interest temporary or its popularity isn’t going to fade with time. Let’s try to figure out.

Why Are Blockchain Courses Popular Among Students?

Reason #1: Young people are interested in new technologies. They are ready for experiments with innovations, to find new solutions to old problems, and come up with new ways to handle ordinary tasks. Students are the most willing to bring change compared to other age and social groups.

Reason #2: The majority has only surface knowledge. People have heard a lot about it, but the majority doesn’t even understand the basics. In most cases, it happens due to the lack of proper explanation, not because this subject is difficult. This is also one of the reasons students consult a writing service when it comes to related topics instead of sharing their own ideas.

Reason #3: Blockchain experts are sought-after. Check out a list of opened job positions on several employment websites. You will be surprised by the number of blockchain-related jobs. Moreover, knowledge in the field is often indicated as an advantage. Students want to take relevant courses and become highly competitive in the market.

Reason #4: Blockchain courses open new opportunities. Blockchain knowledge helps to take a new look at some familiar things. It can suggest ways of integration with different businesses, leading to breakthroughs in many spheres, from entertainment to healthcare.

Reason #5: It shapes professions of the future. Some job requirements and positions become outdated because of technological process, social and mindset changes. Meanwhile, these factors cause the emergence of new professions. Blockchain specialists are one of the first already detected “future professions.”

How Many Students Are Interested in Blockchain Courses?

“Many” and “growing numbers” sound good, but let’s be more precise. A recent Coinbase study, which involved 675 US students, showed that students across all majors are interested in blockchain classes, though the majority study social sciences and computer sciences — 47 percent and 34 percent respectively. Some of them have an immediate interest in cryptocurrency investment (18 percent of respondents), some look for new career prospects, and some just want to keep up with the latest technologies.

Do Any Relevant Courses Already Exist?

Blockchain CoursesThe study of the top 50 world universities showed that 42 percent offer at least one class related to the blockchain industry. In total, they list 172 classes offered by various departments, including economics, finance, business, law, legal, history, anthropology, and political science. The US students are the most interested in this field. Stanford and Cornell University provide the best opportunities for studying blockchain.

When it comes to blockchain studying, we can’t help mentioning Woolf University — the first blockchain university started by Joshua Broggi, a former philosophy professor in Oxford. He states that blockchain has passed a stage of being a sensation and turned into a tool. Broggi’s purpose is to organize lectures with the best professors of the world, avoiding paperwork and bureaucracy, and provide an opportunity to receive a Degree in a European university for students located far outside the EU.

Strictly speaking, it is an online university, which will issue fully valid and legit science degrees. It will help to make education cheaper, more available, and more democratic, to make personal data storage and payment procedures more secure. Some wonder whether such approach differs from online courses. Unlike popular educational platforms, Woolf is a real and qualified university. A lot of attention here is devoted to individual communication, lack of which is the main reason for abandoning online courses.

What is the Easiest Way to Learn Blockchain?

There is no universal or easy way to study something effectively. Nevertheless, it would be useful to adjust programs depending on a student’s major. For example, cryptocurrency classes will be easier for finance and IT students, for it stands on a verge between these two fields. Anthropology students will view it from a different approach.

Speaking about non-profile students, it is better to start with explaining the basics of money evolution in historical perspective, basics of finance and blockchain technology. It will be more effective to build all explanations on analogies and provide simple examples.

A bare theoretical explanation should always be supported by evidence. Students want to hear about real cases that show how the system works, how blockchain performs in related spheres, etc. Discussions, modeling, and gaming are also effective. Choosing a strategy for delivering material depends on class size and prior knowledge. The main principle is to make it interactive and provide relevant knowledge.

Professors shouldn’t shut out essay writing, because critical thinking and ability to clearly express personal ideas are also on the list of skills that will be required in the future.

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