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Ali Raza

500,000 ASIC Equipment Goes Online as Bitcoin Hash Rate Reaches New Record High

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A hive of activity in 2019 has surrounded Bitcoin, and this has translated into a price rise for the leading crypto asset on the markets. Bitcoin mining power reached a new record high as miners come online to participate in the booming trade of the cryptocurrency.

New powerful machines come online

The last three months have seen several powerful mining machines come online on the Bitcoin network. It is estimated that about 600,000 powerful machines have come online during this period, and this has led to an increase in Bitcoin’s hash rate.

According to BTC.com, the two weeks average hash rate for Bitcoin reached 85 exa hashes per second, as of Friday the 13th at 19:00 UCT. Mining difficulty also reached a new record of nearly 12 trillion. This is a 60% increase in both figures since the 14th of June, 2019.

Mining difficulty refers to the measure of how difficult it is to create a block to form a block of transactions. Bitcoin mining difficulty shifts after every 2,016 blocks, which is an average of every two weeks. The aim is to ensure that the time it takes to create a block remains around 10 minutes.

The hash power carried by Bitcoin mining machines fluctuates as miners compete to complete transactions on blockchains, but the time it takes to create a block needs to remain as constant as possible around the 10-minute mark.

ASIC machines come online, possible billion-dollar business

Over the past three months, several new kinds of application-specific integrated circuit (ASIC) mining machines came online. These machines have an average hashing rate of 55 tera hashes per second (TH/s), and this has considerably increased the total mining power dedicated to Bitcoin. A rough calculation reveals that there might be about half a million new mining machines that have joined the Bitcoin network over the last three months.

Most of the machines used in Bitcoin mining come from companies such as InnoSilicon, Bitmain, MicroBT, and Cannan. These significant manufacturers of Bitcoin mining equipment sell their products at between $1,500 and $2,500 per unit. If half a million of these were added to the Bitcoin network, it means these leading manufacturers have made over $1 billion in revenue over the last three months.

The rising price, rising demand, rising need for mining power

The increase in the need for more mining power on Bitcoin’s network comes after a surge in the crypto asset’s price over the year. The price rise has attracted more traders to the cryptocurrency, and this has influenced a spike in hash rate and mining difficulty. The increase in hash rate led to a growing demand for Bitcoin mining equipment.

China carries the world’s highest mining power, and most of the mining farms are situated in the country’s southwestern regions. Miners in these areas make use of cheap hydroelectric power, and high rainfall over the summer has made this electrical power even less expensive. Miners in the country estimate that their hash rate could break the 70 EH/s mark in the summer.

There is also raising demand for equipment from mining farms in Russia’s Eastern Siberia region. These farms are making use of the Brastsk hydropower plant which was constructed during the Cold War era. These mining farms in Russia are said to carry about 10% of the total mining power on the Bitcoin network.

Most of the major mining equipment manufacturers have sold out on their stock, and their customers are placing pre-orders for more equipment three months in advance. Bitcoin’s hash rate, mining difficulty, and the price will likely continue to rise as a result.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple Hits a New Milestone as XRP Closes its 50-Millionth Ledger

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Earlier today, XRP — the cryptocurrency run by a fintech startup Ripple — hit an essential new milestone, or rather its ledger (XRPL) did. According to new data, XRPL has just managed to successfully close its 50,000.000th ledger, after operating continuously without any reported issues. In the process, it verified more than one billion transactions.

This is a massive milestone for XRP and Ripple alike, as it proves the efficiency of XRP underlying technology, as well as the utilization of XRP as a cryptocurrency.

XRPL explained

As many already know, XRP does not operate on traditional blockchain technology, like the one used by Bitcoin, Litecoin, and other altcoins. Instead, it uses the Ripple Protocol consensus algorithm which stores all of the account and transaction information on the XRP Ledger, which is, a transparent, distributed database.

Its network is managed by a group of independent validating servers which are constantly comparing their very own transaction records to one another, thus ensuring that no false transactions are being made. These servers could belong to virtually anyone, including market makers, banks, or anyone else who wishes to operate them.

Another great advantage of Ripple’s system is that it allows for near-instant validation of accounts and balances. Notifications of verified transactions become available within only a few seconds, which is a significant improvement on Bitcoin and other cryptos. However, the payments are still irreversible, just like with other cryptocurrencies.

Who is using XRP?

Ripple’s plan is not to use XRP as digital cash, but rather as a method of powering the company’s payment solutions, such as xCurrent and xRapid. These are payment solutions that Ripple has created itself, and its goal is to offer it to the banks and financial institutions around the world.

These institutions still use old, outdated technologies that usually require 3-5 days to process international transactions. XRP can do it within seconds, and it would act as a middleman between different banks, located in different countries.

Simply put, when a client comes to the bank wishing to send money internationally, they would deposit their fiat money, and the bank would simply send the appropriate amount in XRP to the other institution, which would receive it and provide the receiver with the appropriate amount in their currency of choice.

According to Ripple CEO, Brad Garlinghouse, over 200 banks have already agreed to start collaborating with Ripple and utilizing the company’s payment solutions, which appears to be accurate, considering the new milestone. Of course, XRP price is still meager, currently sitting at $0.25 per coin. Even though this is a low price for XRP, the icing on the cake is, unlike many other cryptocurrencies — its current value is even lower than it was at the beginning of this year.

However, the Ripple’s native coin’s value directly depends on how many banks use it, and how useful they find it to be. On the other hand, the value of coins like Bitcoin depends on the investors’ sentiment, and whether or not they are willing to buy BTC.

Conclusion

In the end, Ripple and its XRP have hit a significant milestone today — one that might even encourage others to join in with Ripple and start using its solution(s). That way, banks wouldn’t have to join the crypto industry in full, but still, improve their technology and remain relevant in a world where transactions are made within seconds, instead of days, or even weeks.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Crypto Whales Move over $85 Million in EOS to Unknown Wallets

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According to the new data, there has been a lot of activity within the EOS market recently, with crypto whales moving around 22,999,990 EOS coins (approximately $85,108,534) in the last several hours.

The amount moved was split into two large transactions. First transaction carried 19,999,990 EOS ($74,028,996) from crypto exchange Huobi to an unknown wallet. Only minutes later, a second transaction took place, sending 3,000,000 EOS ($11,079,538) from this unknown crypto wallet to another one.

The reasons behind the transactions remain unknown, and it remains to be seen whether or not it will affect EOS’ price in any significant way. In the last seven days, the EOS price has been on a slow but relatively steady rise, after managing to break a healthy resistance level at $3.40. Notably, the resistance was broken by a sharp growth last Saturday, September 7th.

Crypto Whale Moves over $85 Million in EOS to Unknown Wallets 1
Source: CoinMarketCap | The steady rise of EOS over the last seven days.

The growth led EOS’ price to $3,60, which was also broken only hours later as EOS reached the height of $3.90 yesterday, on Tuesday, September 10th, which is when its price started to drop. The drop has continued in the last 24 hours as well, although, in the previous hour or so, EOS price saw small growth, which took it from $3.70 to $3.75.

Is this another attempt at market manipulation?

Crypto whales are known for making such sudden moves that result in moving vast amounts of coins, and whenever they make one such move — they significantly impact the market behavior. This is why many believe that they are doing it on purpose, in an attempt to manipulate the market. If true, EOS might see significant price growth in hours to come, as many are likely to start buying the coin, since the whale responsible obviously isn’t looking to sell them.

On the other hand, the whale has broken down the amount and sent a decent-sized portion of 3 million EOS coins to a separate wallet, which might indicate future plans to start selling smaller amounts of EOS instead of shifting the market once more.

The whales’ behavior is often a mystery, and many will, undoubtedly, keep an eye on these particular wallets in days to come, trying to deduce what is it that the whale might be planning.

As for EOS itself, the coin’s performance in 2019 has been quite positive until early June.

Crypto Whale Moves over $85 Million in EOS to Unknown Wallets 2
Source: CoinMarketCap.com

The coin managed to go from $2.45 at the beginning of the year to $8.20 on June 1st. This was its peak in 2019, and after that, its performance was marked by a series of drops which have led it back down.

While the cryptocurrency still sits well above $3, it might only be a matter of time before the price returns to its January value. Perhaps the whale reacted to prevent that. Of course, it is equally as possible that their action had nothing to do with an attempt to manipulate EOS’ price, although many will probably doubt that.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple Conquering Japan and India, while the US Lacks Clarity

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Ripple and its native coin XRP continue to make waves around the world, with several recent news showing that the company and its crypto project are advancing, despite the XRP price stagnation.

In the recently-released Ripple Drop episode 15, the XRP community got a chance to hear a new interview with Ripple co-founder Chris Larsen, who spoke about how blockchain and crypto assets help build the Internet of Value.

Larsen explains that blockchain provides an infrastructure for moving value around the world. Not only that, but digital assets are not feasible unless there is a blockchain in the first place.

As per one of the main heads behind Ripple, Chris Larsen, the existence of cryptocurrencies is extremely important, as it helps reduce liquidity cost. Further, he admits that fiat currencies are likely to remain the dominant ones, but they can still make use of cryptocurrencies to enable a straightforward translation of value. In other words, the two can not only coexist, but even help each other, and in the process — the global economy itself.

However, for all of this to become a reality, it does require one key component, according to Larsen. That component is regulatory clarity.

As many are aware, regulatory clarity in regards to cryptocurrencies is currently completely absent as far as the US is concerned. This harms the crypto industry, as it makes the sector confusing and inconsistent. This lack of regulation damages innovation as the funders of these technologies tend to hold back. Understandably, in such situations, innovators hold back or even leave the country to invest in crypto-friendlier environments.

Larsen believes that the most critical aspects of successful regulation is to take in consideration consumer protection, a proper environment for innovators, and the recognition of the importance of the job that other regulators are doing. The combination of these three components is what can make the US crypto-friendly and resolve the issues such as confusion and the investors and innovators leaving.

Ripple is at its strongest in India and Japan

From Larsen’s interview, it is rather clear that Ripple’s officials understand that the future of cryptocurrency in the US depends on the clarity and building a friendly environment. However, the regulatory situation in the US is not seeing any advancements as of yet, which prevents coins — including XRP — from finding their substantial use cases in the US.

However, the situation is different on the other side of the world, particularly in India and Japan. Some reports claim that around 61 of Japan’s 200 banks are open to, or even preparing to use Ripple’s XRP.

At the same time, all of India’s banks seem to be interested in XRP’s potential and are interested in using xCurrent to benefit from it. So far, XRP and Ripple seem to have managed to leave a strong impression in Asia, with countless of banks from many different countries are showing interest in its cross-border payments technology.

For now, Ripple continues to work on integrating its payment solutions in Japan and India, and while it seems that they are ready to make the same move in the US — the lack of clarity mentioned by Chris Larson appears to be holding the company back.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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The Fate of Bitcoin, Altcoins, and Cryptocurrencies in General

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The future of Bitcoin remains as uncertain as ever, but current speculation about what might happen to the crypto king and altcoins can vary significantly. A recent poll and the opposite opinion of an expert are a perfect example.

It wasn’t too long ago when the fate of cryptocurrencies was uncertain as the entire crypto space was considered to be nothing but a bubble that would burst at any given time. Each time when the crypto space faced a new bearish period, a controversy, or an incident of some kind — skeptics were quick to announce the death of Bitcoin and the entire crypto space. And as we all know, they ended up being wrong every time.

To this day, Bitcoin continues to lead the crypto market and dominate over it, with its performance setting an example for the performance of most other coins, the altcoins. But, many are wondering whether or not this will change in the future, or even if it can change at all. And, since the crypto space depends on the public opinion so much, researchers decided to address the public with this very question.

According to a survey done by bitFlyer Europe, it was discovered that Europeans believe that digital currencies are not going away. Many of the participants expressed a belief that crypto will still be around in ten years. In fact, this was an opinion of 63% of 10,000 questioned individuals in ten different European countries.

While this does seem like a good thing for crypto, the situation is not so bright for Bitcoin, in particular. The topic of Bitcoin actually brought a surprising turnaround, with poll participants showing a lot less confidence in the king coin, with only 55% of respondents thinking that BTC will stick around for another decade.

However, this is likely the result of bad press which the media continues to pump out by continually claiming that Bitcoin is dead, reporting hacks, investment losses, and focusing more on the damage that is being done to BTC than to any other coin. This kind of behavior is only bringing even more damage to it along the way.

A well-known analyst disagrees

On the other hand, there is Peter Brandt — an American trader, writer, publisher of the weekly Factor Service (and more), who turned out to be a significant Bitcoin supporter and believer. In fact, according to him, Bitcoin is the only cryptocurrency that has real, lasting value, while most of the altcoins are just ‘junk,’ as he calls them.

Earlier today, on his Twitter, Brandt argued that altcoins are lead to Bitcoin’s gold while showing charts that clearly indicate numerous altcoins whose performance follows Bitcoin’s lead. However, he may not be ready to dismiss absolutely all of the altcoins just yet.

When another Twitter user pointed out that younger generations might choose some of the altcoins such as Ethereum or Litecoin due to their benefits over BTC, Brandt confirmed that LTC and ETH have a lot more chances of surviving than the rest of the altcoins. The veteran finance expert believes that Bitcoin will remain the best and largest coin, while the majority of modern-day altcoins won’t be around in the next five years.

The future remains uncertain

Interestingly enough, Brandt’s opinion seems to be a total opposite of the bitFlyer’s poll results, which indicate that BTC will be the one to go away, while the crypto itself will survive. Obviously, no one can tell the future of Bitcoin right now and say with any certainty what could happen.

However, it is interesting to see the differences in opinion, with a professional analyst on one side, and the public view on the other. It will undoubtedly be interesting to see how the situation will unfold over the following decade, and whether or not Bitcoin will manage to keep its dominance for another ten years.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Bitcoin Still as Volatile as Ever, New Dramatic Price Change Might Arrive Soon

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Bitcoin’s recent behavior remains highly volatile. However, a look from a distance shows that the situation might not be as bad as it looks. BTC’s charts are showing a factual to the coin.

Bitcoin price has seen another significant drop in the last seven days — one from which the crypto king is now trying to recover. The fall came in the middle of last week after the coin spent the first half of it going above and below the $10,250 level. After being above it first, treating it as a support, BTC suddenly broke it, and it became a resistance.

Bitcoin Still very Volatile
Source: CoinMarketCap.com

The coin attempted to breach the resistance a few times between Monday and Wednesday last week, but every time BTC got the close actually to do so — the price was rejected.

What followed was a $500-sharp drop, which happened almost instantly, and it took the coin from $10,250 to $9.750. This support did not manage to hold for long, however, and the coin soon started dropping even lower, to $9,500. This level, thankfully, managed to hold and kept the coin from seeing future losses. The situation even started seeing an improvement as the day came to a close.

BTC started growing as August ended, slowly climbing to a resistance-turned-Support at $9,600, and then going beyond, successfully breaching the resistance at $9,750 in the last few hours. Many believe that this won’t last long, however, and that BTC volatility will grow significantly in days to come. So, the fact that Bitcoin is hugely unpredictable remains, and the coin can pretty much do anything at any time.

Bitcoin’s past performance

If we take a step back for the moment and take a look at Bitcoin’s performance in the past month — it is clear that the coin has been losing value. At the beginning of August, its price was at $10,400, only for it to surge to $12,000. However, after trying to breach the resistance at $12,000 for around five days — BTC lost its strength.

Bitcoin very Volatile chart one month
Source: CoinMarketCap.com

The coin started dropping, and ever since then, the $10,400 price level has proved very significant, acting as a support and resistance for Bitcoin price. Now, the coin seems to have abandoned it for an even lower one at $9,800.

The three-month chart, however, shows another picture yet again. It shows BTC breaking resistance at $9,000 back on June 16th, and then going up and down between the support at $9,000 and resistance at $12,000.

Bitcoin Volatile Three Months Chart
Source: CoinMarketCap.com

The current drops are nothing new when looking at the situation from this angle. They merely represent another stage in the coin’s cycle. In fact, when looking at the chart from a greater distance, it might seem like a new surge is about to arrive — one that will take the coin back up to $12,000 in another attempt to breach this level.

Finally, taking yet another step back, to a YTD chart, we can see that the coin is still way beyond the price which it had at the beginning of the year. The current situation from this viewpoint looks more like a minor obstacle that currently manages to hold BTC in place but is not forcing it to give up too much ground.

Bitcoin year to date volatility chart
Source: CoinMarketCap.com

In conclusion, if any volatility is about to arrive, it will likely be welcomed by anyone who holds Bitcoin (BTC) right now, as the price is at the time in its cycle when another growth is expected to come.

Litecoin Halving Aftermath: Mining Rewards Were not Alone to Get Cut in Half

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After months of surging and excellent performance in expectation of its mining rewards halving, Litecoin (LTC) went through the event recently and is now it’s experiencing the consequences.

The halvening happened about three weeks ago, and it saw LTC mining rewards drop from 25 LTC per block to 12.5 LTC per block. Before the halvening, there were quite a few expectations and speculations about how the coin, the community, and the crypto space itself might handle the event. Some speculated that Litecoin (LTC) would rally to $1,000, while others believe that its entire network has no inherent value and that the coin will start sinking.

Unfortunately, LTC price did sink a bit, dropping from just below $100 to $73, where it sits at the time of writing. However, LTC mining rewards and price are not the only things that had dropped quite significantly. Litecoin’s hash rate also went down by as much as 40%, according to recent statistics.

The crypto community has been discussing the new development all over the internet. On Reddit, Twitter, and forums, people have been noting that this is what happens when the mining rewards get cut in half but are not followed by any price rise. In fact, LTC has not seen a rally of its own in a long time, and only positive performance that it did see came from following Bitcoin’s lead.

For some reason, the market simply did not react to the halvening, at least not in a positive way. This came as a surprise to many, as it is the first halvening between four of them experienced by Bitcoin and Litecoin that did not see the coin’s price rally and double in size as a result.

In other words, mining rewards got cut in half, but the coin’s value did not grow to compensate the miners with the coins of higher value. Mining LTC suddenly became very unprofitable, and the only thing that remained for the miners to do is to leave.

Lesser rewards and no price spike spells lousy news for LTC

This is hardly the first time that this has happened, and the most significant other instance that many have likely already remembered was during the bearish market of 2018 when mining coins became so unprofitable that miners started leaving the sector. After all, crypto mining is complicated and expensive. It requires a lot of expensive gear, as well as resources like electricity, which can quickly build up a massive bill.

If they cannot cover the cost of mining, much less make an actual profit — leaving is the only thing they are left with. And so, in Litecoin’s case, it appears that around 40% of its miners ended up doing so.

But, why didn’t Litecoin’s price rise? There are a few theories about this as well. Many have pointed out that LTC developers, and even the coin’s creator — Charlie Lee — simply sold their stock and left the coin. LTC did not see any real development in the last two years, and the only reasons why it ranks high on the list of largest cryptos might be its age, connection to BTC, and good reputation from before.

Miscommunication in the Litecoin community, and even between the developers and the foundation seems to be running so deep that the Foundation was not aware that there was no development of the coin. They only realized this after Charlie Lee leaked a Telegram chat, and confirmed that it is real.

The aftermath, however, is quite evident to everyone — LTC price is in the downfall. Also, its miners are leaving, and the hash rate already went down by 40%. While the crypto space is well known for its anything-can-happen philosophy, the current situation does not look great for Litecoin.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Total Bitcoin Mining Revenue Surpasses $14 Billion, Report

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One of the most common questions in regards to Bitcoin (BTC) is whether or not it is worth mining in 2019? The answer, of course, depends on multiple factors, such as whether BTC would be mined by a farm or a single miner, the quality of their mining rig, their location, electricity price, and more.

From a general point of view, it appears that BTC is still more than worthy of mining, as the fresh data arriving from Coin Metrics shows that total mining revenue for Bitcoin counts well beyond $14 billion. In plain words, in the last ten and a half years, miners have mined $14 billion in BTC.

Bitcoin Network’s hash rate grows

According to another recent report — the one coming from Yahoo! Finance — it appears that the Bitcoin network’s hash rate increased quite a bit in recent months. However, the new data from Coin Metrics reveals that there is still quite a bit of money left in the mining sector, which is likely to attract more miners than ever before.

The report also shows that the speed at which Bitcoin is hitting various milestones is rapidly increasing. For example, BTC miners needed eight years to mine $5 billion, from the moment the Genesis Block was mined, until the milestone was hit. However, the next $5 billion were mined within only eight months, allowing BTC to reach the $10 billion mark exceptionally quickly.

The report also predicts that, if te mining profitability remains the same as it is right now, the $20 billion mark could easily be reached at some point in the first half of 2020.

For the moment, however, Bitcoin’s total mining revenue sits at around $14 billion, which is quite an achievement, considering that the Bitcoin Network’s hash rate has been on a tear for a while. The entire summer was marked by breaking one record after another, and the network even reached a new all-time high only hours ago, sitting at 83,526,953 TH/s at the time of writing.

This is an indication that miners are back, and busier than ever, as the high hash rate means that more computing power is being used for solving blocks and validating transactions done on the Bitcoin network. Naturally, this also indicates that the mining difficulty of the blocks is going to grow, as well as the costs of mining the blocks.

Bitcoin mining rewards halving on the horizon

Mining, in general, comes at a quite high operational cost, as it requires advanced mining rigs, as well as more resources such as electricity. Still, the increase that Bitcoin’s price had seen earlier this year is likely the reason why the miners are returning in more significant numbers. Despite the growth of difficulty and the electricity bills, the revenue increase signals that miners do not consider their profitability endangered.

Another event regarding the Bitcoin’s network that should be kept in mind is the approach of another halving of the block rewards, which is expected to occur at some point in May 2020. The halving happens each time when miners solve a specific number of blocks (210,000), and since each block takes approximately 10 minutes to be mined — it is relatively simple to predict when the halving might arrive.

In a lot of examples from the past, halving had bullish implications for Bitcoin’s price. The very fact that the number of coins will be reduced by 50% leads to scarcity, which, in turn, increases Bitcoin’s price. However, if the price does not grow enough, it could once again discourage miners from further participation in the network, and lead to another reduction of hashing power.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Uphold Exchange Lists TRON (TRX) with a Limited-Time Zero-Exchange Fee

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Uphold cryptocurrency exchange’s community recently expressed its desire to list new assets, and the exchange listened. According to their recent post, they will be listing 15 new crypto assets over the next three weeks, Tron (TRX) being one of them. The exchange officially started listing new coins yesterday, August 28th, and it plans to add one new coin each day.

So, as one of the largest and most popular cryptocurrencies in today’s crypto market, TRON (TRX) found its way to the exchange as well, being the first assets to be listed. However, that is not all.

On his Twitter, Sun stated that Uphold and TRON are celebrating the listing by allowing TRON trading at a zero-exchange fee. But, there is a catch — the special offer will only last for 24 hours. In other words, those who are seeking to trade TRON at zero fees can only do it for a few more hours.

Uphold offers new coins, rewards, and more

As part of Uphold’s latest move, the exchange has decided to have some fun and reward some of its verified members along the way. They did not announce the list of coins that will be added to its offering. Instead, each day will see the launch of a new coin as a surprise for the community.

At the same time, the exchange will offer its customers a unique opportunity to win $50 as a reward for guessing which coin is going to get listed next. Of course, Uphold does not expect people to guess the coin randomly but will provide a clue for each crypto launch.

The exchange announced that it would reward the first ten verified members who come up with a correct guess. TRON is the first coin to see the listing. The exchange pointed out that it was also among the highest-ranking coins that appeared in their recent Twitter polls, which is clearly a direct response to the community’s preference.

For now, TRX can still be traded on Uphold with zero-exchange fees, although the opportunity won’t last for much longer. On the other hand, several new cryptocurrencies are about to see their listing, and likely offer a similar fee-less trading opportunity as part of the celebration.

The exchange’s post also points out that new assets will be added every day at 3 pm UTC, for as long as the competition lasts. In other words, interested traders have it until 3 pm today to do some TRX trading before the offer ends and a new coin gets listed.

About Uphold

Uphold is a relatively old exchange by crypto standards, which sal launch on November 2014. Since then, the exchange has become quite unique, primarily because it trades in digital and physical assets alike. This very platform that just listed Tron is one of the few cryptocurrency exchanges that offer commodity trading, and it became the first financial service to share its reserve holdings publicly.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple Puts the Whole Finance Industry in a Fascinating Predicament

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Ripple and its cryptocurrency XRP appear to be on the way of something big which might impact not only the company and the asset but the entire finance industry. XRP sees more and more adoption among businesses; as we write this, it is set to see an increase of Latin American and US users already.

Although it doesn’t seem to be gaining as much attention as it deserves, Ripple continues to make waves in the financial industry. Certainly not as much as projects such as Facebook’s Libra, or even as the recent price shifts of Bitcoin.

Even so, Ripple and its XRP did make quite a few significant moves recently. One of the biggest ones doesn’t actually come from Ripple itself but from a Spanish bank called Santander.

Santander is a bank that not too long ago issued a mobile payment app known as One Pay FX, which is powered by Ripple blockchain. This is an interesting app that can use XRP as a payment method, although it is not one of Ripple’s products. It is worth noting that the app doesn’t depend on XRP at all, but it does offer it as an option.

So far, the app has been quite popular in several European countries, including Poland, Spain, the UK, Italy, and alike. However, the bank aims to expand the app’s user base to Latin America next, and even to the US. This would allow Latin American and US users to send money internationally as well instantly.

The move was inspired by One Pay FX’s major increase in transaction volume in 2019. It pretty much tripled from January to June of this year, while volumes for Spain grew by around 120% in a single year, as measured in April 2019.

So far, Santander did not reveal when the technology will reach Latin America, or even which countries it plans to target. However, regardless of when and which, XRP’s user base is likely about to increase significantly shortly.

Why it makes sense for the companies to use Ripple (XRP)

While this is a huge move for XRP and Ripple, it is still only one area in which the project is progressing. Thanks to the fact that Ripple is so popular among banks around the world, XRP might become the first cryptocurrency to reach mass adoption. It is clearly becoming more than a purely-speculative asset and is being adopted by businesses around the world — yes, carefully and hesitantly, but they are still making that move.

These companies will have to use XRP to achieve speed/cost benefits, because, without XRP, there will be no fast settlements, only quick payments. Using RippleNet but not using XRP does not give firms the true advantage since the money will still have to move either through traditional banking systems, or 3rd party partners. In both cases, non-XRP transactions will be slow for the end-users.

Once any company partners with Ripple and gains access to RippleNet, it only makes sense for them to start using XRP and make use of all the benefits. In other words, the more partnerships Ripple enters, the more payments it will see. At the same time, As Ripple continues its alliances’ streak, more payment corridors will switch to faster XRP settlements, which will allow for higher liquidity.

https://twitter.com/Gibmoses/status/1164559077491519490

That is most likely the reason why the XRP price moves, and the only explanation for its performance that really makes sense. That is also the reason why many in the crypto industry expect that Ripple’s XRP price will surge as soon as the market allows it. In any event, Ripple and XRP seem to be on the precipice of something big which, as things stand, will define the future of both, the company and the asset with a golden pen.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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