Tag: Price boom

Introducing Electroneum: The First British Cryptocurrency

Electroneum is a brand new British cryptocurrency launching via an Initial Coin Offering (ICO) on September 14th. Developed to be used in the mobile gaming and online gambling markets, it will be the most user-friendly cryptocurrency in the world with wallet management and coin mining all possible on a mobile app.

It wasn’t so long ago that cryptocurrencies were something that only a few tech-obsessed people understood or even knew about. But in the last two years, things have changed – Bitcoin’s sudden increase in value meant every tech-savvy entrepreneur and currency speculator wanted a piece of the action.

Since then, the cryptocurrency market has become one of the most exciting – and often lucrative – investment avenues in the world. Bitcoin has remained incredibly valuable but has seen its market share shrink as new alternatives have sprung up. What hasn’t changed, though, is how difficult these currencies are to get hold of and trade in, let alone spend anywhere.

Electroneum is the first British-developed cryptocurrency and represents a huge change of pace in the market. It’s built on its own unique blockchain (a blockchain is the underlying technology infrastructure beneath any cryptocurrency) and has been designed to dominate the mobile market.

Firstly, it is incredibly easy to manage and even mine on a mobile app. That means it’s capable of becoming the new, easy, secure way of making instant transactions from your phone – from buying mobile games, to sending money to friends, to betting on live sports. That sets it apart from any other cryptocurrencies that are near-impossible to spend or buy.

Electroneum has also increased its palatability to the average consumer by capping the total number of coins at 21 billion, moving the decimal point two places to the right when compared to Bitcoin, which is capped at 21 million. Whereas a pizza in Bitcoin might cost 0.005 BTC, with Electroneum it would be a much more ‘real money’ figure.

Richard Ells, the founder of Electroneum and experienced tech entrepreneur, said: “I don’t know if you’ve ever tried buying any Bitcoin, but it’s really hard to do! I realized that what the world needs is a cryptocurrency that is genuinely easy to access and use. We’ve developed Electroneum with the ordinary mobile user in mind.”

The currency also represents an intriguing investment opportunity for speculators. Cryptocurrency is well known to be a volatile, but lucrative market for investors – in the first half of 2016, the average return on investment for of 100 new coins launched was 357% – and Electroneum represents such a technological change that it’s already attracting a lot of attention in advance of the ICO in September.

Re-assuring investors are the fact that the currency was developed and is managed by a tight-knit, single-minded group of British developers and is therefore not likely to be subject to the internal wrangling and volatility that has plagued other currencies.

Electroneum has produced an overview white paper of the technology behind it. The company is currently raising funds to complete the launch of the currency, and the coin itself will be available for purchase from September 14th.

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Bitcoin Investors Beware: Ripple/XRP Price Skyrockets

Bitcoin’s recent surge has dominated public attention the past few weeks;, however, on the 23rd of August, the XRP price also experienced a spike in value, raising its market cap to $11.2bn from $6.6bn the previous day. The cryptocurrency’s total capitalisation subsequently settled down before bumping up again on the 29th. It is holding steady around $8.4bn at the time of publication.

Three Reasons the XRP Price Increased

Firstly, Ripple (the company behind the cryptocurrency) is benefitting from XRP’s adoption amongst big banks who are taking advantage of its fast transaction speed and secure network. This allows for effective intra-bank trading as financial institutions are finally able to escape the limitations of the current outdated infrastructure. Ripple has also admitted that they have sold their currency to established banks at a discount to encourage them to become market makers and confer greater legitimacy to the project.

Secondly, Ripple recently met with a group of bankers, academics and industry influences to both discuss the cryptocurrency’s future and encourage cooperation between China and the US when it comes to the development of digital currencies. Shortly after the news, XRP’s price enjoyed its second bump in value. This is hardly a surprise – as more respected individuals associate themselves with the project, the subsequent increase in credibility is matched by an increase in value. Ripple is unashamedly aware of this and is known for stimulating credibility to fuel XRP’s valuation. For instance, the company recently invited Anja Manuel (an official from the US State Department) to their board of directors to provide support for their upcoming expansion into China. As a further example, Ripple has announced they will be holding a mid-October event in Toronto and will feature guests like Sir Tim Berners-Lee and Dr Ben Bernanke. When you get the father of the World Wide Web and an ex-chairman of the Fed in the same room, people start to pay attention.

Thirdly, an enormous amount of XRP trading occurs in Korea. 40% of all global trading volume in the past few weeks occurred between XRP and KRW (South Korean Won), suggesting that sentiment in the Asian markets played a big part in the cryptocurrency’s price spike. This is supported by an overall hike in crypto prices last week after the jitters caused by North Korea’s recent missile launch pumped the value of altcoins before investors flipped the coins for a quick return.

Conclusion

If the past few weeks have shown us anything beyond the fact that predicting the value of cryptocurrencies is becoming increasingly complex, it’s that credibility should not be underestimated. While Bitcoin has always had the first mover advantage, the currency’s recent and potential forks may push investors to move their funds towards a more reliable cryptocurrency. Ripple will undoubtedly ensure that XRP is perfectly placed to fill that demand.

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