Category Archives: Cryptocurrency
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Cryptocurrency Prices, Charts, and Market Cap Data – UNHASHED # NAME PRICE MARKET CAP VOLUME (24H) CHANGE (24H) CHANGE (7D) PRICE GRAPH (7D) 1 Bitcoin $4,099.70 $72,233,327,854 $9,183,441,376 +0.21% +1.85% 2 Ethereum $141.24 $14,895,148,854 $4,708,168,534 -0.98% +2.65% 3 XRP $0.30865 $12,872,688,408 $808,043,456 -0.79% -0.78% 4 EOS $4.11 $3,726,548,653 $1,872,987,217 -2.81% +12.30% 5 Litecoin $60.40 $3,691,942,471 $1,672,631,260 -0.59% -0.52% 6 Bitcoin Cash $167.87 $2,971,535,613 $561,726,828 -0.81% +1.49% 7 Binance Coin $17.03 $2,404,639,611 $185,315,030 +4.68% +12.81% 8 Stellar $0.10697 $2,057,962,756 $304,874,897 +0.18% -0.79% 9 Tether $1.00 $2,032,457,816 $8,533,764,084 +0.39% -0.59% 10 Cardano $0.07064 $1,831,547,730 $82,043,746 +0.82% +12.93% 11 TRON $0.02328 $1,552,137,614 $216,952,467 +0.83% -3.29% 12 Bitcoin SV $64.80 $1,145,113,035 $72,088,549 -0.54% -2.96% 13 Monero $53.23 $898,885,155 $87,072,550 -0.40% -1.15% 14 Dash $102.12 $890,319,871 $265,026,483 +5.25% +10.69% 15 IOTA $0.30658 $852,136,948 $9,927,368 -0.44% -1.37% 16 Maker $711.36 $711,358,097 $1,516,656 -1.71% -3.24% 17 Tezos $0.96696 $641,949,040 $4,534,124 +9.93% +36.32% 18 NEO $9.70 $630,649,733 $314,388,505 -1.28% +4.40% 19 Ontology $1.27 $630,211,508 $67,704,600 -0.42% +2.48% 20 Ethereum Classic $4.77 $521,920,235 $155,120,196 -1.17% -1.53% 21 NEM $0.05357 $482,113,800 $13,351,682 -1.59% +4.54% 22 Zcash $57.20 $355,306,031 $137,647,311 +1.76% -0.44% 23 Basic Attention Token $0.27638 $344,955,889 $27,037,830 +3.32% +34.33% 24 VeChain $0.00598 $331,474,034 $13,639,405 +3.03% +2.04% 25 Waves $2.77 $277,434,398 $11,166,896 -1.03% -0.35% 26 OmiseGO $1.87 $262,519,486 $86,513,345 -0.45% +4.75% 27 Qtum $2.76 $247,010,052 $130,443,492 +2.37% +5.14% 28 Dogecoin $0.00208 $246,681,026 $18,489,711 -0.30% +0.51% 29 USD Coin $1.00 $246,239,299 $25,445,566 +0.29% -0.89% 30 Bitcoin Gold $12.94 $225,389,020 $10,177,027 -0.61% -1.45% 31 Maximine Coin $0.13568 $223,736,317 $20,186,503 +0.86% +88.19% 32 Crypto.com Chain $0.04645 $204,034,047 $397,500 +1.24% -29.88% 33 Lisk $1.73 $200,787,171 $7,155,424 +3.43% +14.47% 34 TrueUSD $1.01 $200,406,801 $25,109,209 +0.37% -0.66% 35 Ravencoin $0.06029 $194,043,981 $18,817,284 -1.09% +5.75% 36 Decred $19.38 $185,055,516 $1,636,535 -0.43% +2.77% 37 0x $0.31065 $182,526,070 $16,599,711 -0.41% +15.45% 38 Chainlink $0.49553 $173,434,129 $3,235,797 +0.55% +7.95% 39 Zilliqa $0.01947 $169,619,057 $12,127,502 +1.38% -3.28% 40 Augur $15.16 $166,813,183 $11,207,048 -7.68% -2.64% 41 BitShares $0.05913 $159,906,427 $6,623,773 -3.33% +11.28% 42 ICON $0.33206 $157,200,809 $12,786,766 -0.55% +2.41% 43 Holo $0.00115 $153,542,161 $5,381,956 +0.03% -1.66% 44 KuCoin Shares $1.71 $153,372,491 $4,295,401 +1.26% +52.39% 45 DigiByte $0.01226 $142,346,067 $3,040,819 +0.10% -16.00% 46 Steem $0.44752 $138,451,922 $1,608,217 +2.57% -4.41% 47 Nano $1.03 $136,937,932 $2,140,129 +0.09% +3.65% 48 Bytecoin $0.00073 $134,609,294 $181,619 -1.26% -4.00% 49 Bitcoin Diamond $0.85257 $131,089,033 $1,375,431 +0.04% -0.09% 50 Aeternity $0.50738 $130,035,744 $50,649,521 +4.26% +5.07% 51 BitTorrent $0.00076 $129,504,569 $14,379,020 +0.29% -5.20% 52 Huobi Token $2.50 $124,931,673 $76,815,429 +1.14% +3.33% 53 Komodo $1.10 $123,176,290 $2,298,904 +1.99% +4.06% 54 Paxos Standard Token $1.00 $118,294,972 $56,982,162 +0.40% -0.92% 55 IOST $0.00959 $115,211,734 $19,562,339 -1.79% +9.35% 56 Verge $0.00717 $113,296,088 $5,321,498 +0.78% -4.65% 57 Enjin Coin $0.14660 $112,441,545 $9,848,898 -1.19% -19.88% 58 Pundi X $0.00063 $110,515,970 $1,318,337 +0.93% +2.32% 59 Bytom $0.11020 $110,475,066 $3,504,159 -2.53% -3.30% 60 Siacoin $0.00271 $108,751,912 $1,257,292 +0.07% -0.62% 61 Stratis $0.95971 $95,270,439 $1,432,815 -0.82% +5.56% 62 THETA $0.10720 $93,318,133 $2,985,659 -2.20% -9.57% 63 Dai $0.97698 $86,403,061 $28,012,803 +0.85% -0.96% 64 Status $0.02471 $85,764,098 $13,133,396 -2.84% +7.48% 65 Aurora $0.01298 $84,910,079 $2,150,195 -1.97% -16.94% 66 Golem $0.08809 $84,886,145 $1,628,236 -1.66% +12.37% 67 Project Pai $0.05751 $83,496,840 $5,453,586 +5.81% -1.45% 68 Populous $1.50 $80,067,011 $3,653,964 +0.85% +4.25% 69 Ardor $0.07968 $79,599,177 $1,220,063 +3.35% +13.18% 70 Insight Chain $0.22171 $77,577,521 $3,184,122 +0.30% -0.04% 71 ABBC Coin $0.16339 $74,749,828 $39,855,411 -9.88% -10.89% 72 Ark $0.67898 $74,217,265 $1,416,578 +3.49% +8.35% 73 Mixin $153.18 $67,141,374 $806,644 -3.15% +5.41% 74 Factom $7.09 $66,760,102 $98,563 +1.96% +14.40% 75 GXChain $1.11 $66,749,758 $12,058,516 -1.82% +3.29% 76 Cryptonex $1.17 $65,013,347 $7,912,463 -0.33% +1.97% 77 Waltonchain $1.58 $64,965,219 $7,073,561 +7.03% +25.44% 78 REPO $0.58978 $64,851,042 $28,158 +35.29% -3.93% 79 Digitex Futures $0.08640 $63,717,461 $821,882 +3.42% +20.71% 80 Revain $0.12962 $62,793,770 $789,208 +0.28% -7.88% 81 Gemini Dollar $1.00 $60,891,403 $4,336,988 +0.08% -0.67% 82 Bibox Token $0.54213 $60,143,078 $17,730,676 +67.98% +85.78% 83 HyperCash $1.37 $59,526,351 $1,025,818 -1.71% -6.35% 84 Decentraland $0.05619 $59,008,316 $17,468,568 -0.48% +10.31% 85 MaidSafeCoin $0.12499 $56,563,569 $139,933 -0.37% -2.84% 86 WAX $0.05908 $55,692,870 $276,628 -1.69% -3.56% 87 Loopring $0.06686 $55,423,002 $3,733,724 +3.26% +7.30% 88 Crypto.com $3.48 $54,947,010 $4,004,264 +0.65% +7.65% 89 NULS $0.78710 $54,697,441 $15,022,671 +4.50% +22.08% 90 PIVX $0.95530 $54,243,145 $3,607,818 +6.92% +13.65% 91 Elastos $3.57 $53,770,878 $8,227,987 +19.35% +32.16% 92 Loom Network $0.06963 $53,171,812 $1,738,632 -1.20% -3.90% 93 Electroneum $0.00578 $53,118,036 $282,997 -1.26% -8.30% 94 ThoreCoin $596.40 $51,699,323 $113,679 +0.47% +8.04% 95 Zcoin $7.21 $51,255,775 $1,244,348 +1.03% +6.11% 96 Aelf $0.18056 $50,555,407 $6,545,973 -1.48% +4.87% 97 QASH $0.14262 $49,916,928 $114,715 +1.46% -7.70% 98 Aion $0.16573 $48,371,228 $3,184,534 +6.72% +14.20% 99 WaykiChain $0.25213 $47,651,744 $3,620,969 +0.22% +24.03% 100 Qubitica $16.85 $47,188,787 $79,710 -0.33% -4.99% Scroll Up
Bitcoin, trapped in a more than year-long bear market, has lost some 80% in value over the last 15 months and caused many of those in the nascent industry to change or postpone their bitcoin and cryptocurrency plans.
The bitcoin price, after rocketing to an eye-watering near $20,000, fell back to around $4,000 late last yearwhere it has remained since the beginning of 2019.
Now, the long-awaited blockbuster initial public offering (IPO) of major bitcoin and cryptocurrency miner Bitmain Technologies appears to have been put on ice, causing consternationamongst the burgeoning cryptocurrencyindustry.
Bitcoin’s rapid rise and subsequent price collapse resulted in some companies having to rethink their short-term strategies.
China’s bitcoin mining giant Bitmain Technologies this week appeared to abandon its IPOambitions after it allowed its Hong Kong stock market proposal listing to lapsesome six months after Bitmain filed an IPO prospectus.
Bitmain did, however, say it plans to reapply at an appropriate time in the future.
“We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value,” Bitmain said on its website. “We will restart the listing application work at an appropriate time in the future.”
Bitmain, which designs hardware and microchips for artificial intelligence as well as cryptocurrency mining, was aiming to raise some $3 billion in its IPO, according to a Reuters report, citing unnamed sources.
Bitmain posted a net loss of $395 million in for the second quarter of 2018, while there were reports the company spent $500 million on failed chips over the past 18 months.
The bitcoin price epic 2017 bull run triggered a surge of investment that evaporated as the bitcoin price collapsed.
Though the bitcoin price has been trading flat for a number of months now, bold bitcoin bulls have continued to talk up bitcoin and cryptocurrency prospects, with the founder and chief executive of crypto asset manager Galaxy DigitalMike Novogratz saying the next move bitcoin makes will be “higher.”
Novogratz adds his voice to other bitcoin and crypto wealthy, including billionaireBinance chief executive Changpeng Zhao,EOS co-founder and BlockOne CEO Brendan Blumer, andthe billionaire Winklevoss twins of Facebook-founding fame, who went on to create the U.S. Gemini crypto exchange, who have said they still have strong faith in bitcoin and crypto despite the downturnand are betting prices will move higher.
The bitcoin sector is currently trapped in a long-running bear market, with some$400 billion in value wiped from the world’s cryptocurrencies over the past 14 months.
Bitcoin’s epic 2017 bull run was largely put down to expectations institutional investment and big bank support for bitcoin would soon arrive. As 2018 dragged on and that investment failed to appear many investors and traders got cold feet,bailing out of their bitcoin and cryptocurrency positions.
Many bitcoin investors and traders are however looking toward things likethe highly-anticipated Bakkt bitcoin platformand a U.S. bitcoin exchange-traded fund (ETF) to boost the price, though those expectations have been somewhat dampened lately as the U.S. Securities and Exchange Commissionfrets over potential price manipulation.
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Blow To Bitcoin As World’s Largest Cryptocurrency IPO Is Iced
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Reporting cryptocurrency is similar to reporting a stock sale. You’ll need to report your cryptocurrency if you sold, exchanged, spent or converted it.
You have to do this for every trade you made. If you bought coins at different prices or sold partial amounts, then you have to keep track and record the difference of what you sold. Cryptocurrency exchanges are not required to provide a 1099-B or summary tax statement for cryptocurrency transactions. Its your responsibility to keep records of your transactions. The most common way to do this is to download your order or trading history from your exchanges website. You may need to do this a few times throughout the year due to limits on how far back you can get information.
Once you have your figures:
There’s an upload limit of 250 cryptocurrency transactions in TurboTax. If you have more than that, youll need a transaction aggregator. Well walk you through that in the cryptocurrency section.
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How and where do I report Cryptocurrency coin-to-coin …
(Newser) A CEO’s untimely death, hard-to-crack passwords, and up to $190 million in missing cryptocurrency. These all underlie a mystery that Fortune calls the “implosion of Quadriga” after the December death of the QuadrigaCX coin exchange’s chief, Gerald Cotten, at the age of 30, and now the FBI and Royal Canadian Mounted Police are reportedly involved. Cotten allegedly died in India of Crohn’s disease complications, and he was the only one with access to the accounts of 115,000 Quadriga customersbut he apparently didn’t leave his passwords with anyone, including his widow. The auditor Ernst & Young did manage to eventually get into the exchange, but it did so to a shocking find: All the digital wallets were cleaned out, per the BBC, which notes most of the funds were originally thought to be in “cold storage,” meaning they weren’t supposed to be accessible via the internet.
However, the E&Y report found 14 user accounts Cotten had “created outside the normal process,” and CoinDesk poked around the transaction records and found indications someone moved the missing currency to “hot wallets” on other exchanges. Some even wonder if Cotten faked his own death, per Fortune. The upshot for Quadriga customers, per reporter Amy Castor, who offers a timeline of what happened with the exchange: “All of your money is gone.” There’s a $100,000 reward on the missing funds from Kraken, another cryptocurrency exchange, whose CEO, Jesse Powell, wants to both help his own customers who lost money through Quadriga and also keep the reputation of the cryptocurrency market overall intact. “I … think you’ve got to get the family and staff and shareholders in a room for a few hours of interrogation to get to the bottom of what’s going on,” he tells Fortune. (Read more cryptocurrency stories.)
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Hundreds of Millions in Cryptocurrency Vanishes After …
An ongoing cryptocurrency bear market is not dampening interest for Fidelity’s new institutional cryptocurrency products.
Fidelity Digital Assets, a new company created by the investing giant last year, has quietly rolled out its cryptocurrency custody and trade execution operations. In the past few months it has been up and running with institutional investors like hedge funds and family offices, according to its top executive.
The collapse in cryptocurrency prices over the last year “haven’t had an impact” on getting up and running, Tom Jessop, head of Fidelity Digital Assets told CNBC at the DC Blockchain Summit this week. “If you started a crypto fund at the height of the market you’re probably hurting right now.”
Bitcoin, along with thousands of other digital coins, sparked a buying frenzy among retail investors in late 2017. The world’s largest cryptocurrency has dropped more than 80 percent since its high of almost $20,000 at the end of 2017 and was trading near $3,789 on Friday.
Still, Jessop said there’s long-term interest from institutional investors to add some form of cryptocurrency to their portfolios. It’s often seen as an uncorrelated risk, or a store of value in a crisis. Others see a trading opportunity given the sector’s volatility. Fidelity commissioned research to gauge the level of that interest.
The firm interviewed roughly 450 institutions, everyone from wealthy families to hedge funds, pensions and endowments. About 22 percent of the respondents already own cryptocurrency, according to the findings. Those that already own it expect to double their allocation over five years.
“If anything, they are as encouraged now as they were when prices were higher,” Jessop said.
Fidelity’s new company will execute trades on multiple exchanges for these professional investors. It also handles custody, or the safe storage of digital assets. Until Fidelity, there had been a noticeable lack of a big U.S.-based company in that business.
Jessop said while the company is live, certain aspects are still a work in progress. Fidelity is expanding the jurisdictional coverage of where it can do business. And its offerings are not one-size-fits-all. Some customers were using the platform in January, while for other customers, it was March. Others may wait until September, he said.
“It really depends on the facts and circumstances of each client,” Jessop said.
Fidelity, a roughly 72-year-old family-controlled firm, is known for managing retirement plans and mutual funds. But it also spends $2.5 billion per year on technologies like artificial intelligence and blockchain. The new digital asset company was born out of the Fidelity Center for Applied Technology, or FCAT as employees call it.
Jessop said many institutional investors are still in “wait and see” mode when it comes to putting money into crypto.
“At some point, there will be an attractive entry point,” Jessop said. “But by the same token people don’t want to be early even if we’re well off the highs.”
Much of that hesitation has to do with volatility, he said. The digital currency market has been known to jump or sink by 10 percent in a single day. While prices in 2019 have been relatively stable, institutions are still wary of those sudden price moves, according to the Fidelity survey. That issue should be solved as the market structure matures, Jessop said.
Education is another roadblock to greater acceptance by investors. Jessop said the more educated a firm was on the topic, the more likely they were to be holding cryptocurrency.
“They’ve approached us wanting to learn, which is an encouraging sign,” Jessop said. “That’s not to say that there’s a cohort of people that once they get educated will still have a negative view.”
WATCH:How to start your very own cryptocurrency
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JPMorgan is creating its own cryptocurrency – CNN
QuadrigaCX says it can’t reach millions of dollars’ worth of bitcoin and other cryptocurrency after its CEO died during a December trip to India. The CEO’s laptop is encrypted, the company says. Dan Kitwood/Getty Images hide caption
QuadrigaCX says it can’t reach millions of dollars’ worth of bitcoin and other cryptocurrency after its CEO died during a December trip to India. The CEO’s laptop is encrypted, the company says.
The QuadrigaCX cryptocurrency exchange says it can’t access some $190 million in bitcoin and other funds after its founder and CEO, Gerald Cotten, died at age 30 without sharing the password for his encrypted laptop.
Cotten was “the sole officer and director” of the Canadian cryptocurrency exchange when he died, said his widow, Jennifer Robertson, in an affidavit that is part of the company’s request for court assistance as it seeks protection from its creditors.
The debt filing comes weeks after Robertson announced that Cotten had died an event she described as “a shock to all of us.”
“Gerry died due to complications with Crohn’s disease on December 9, 2018 while travelling in India,” Robertson wrote, “where he was opening an orphanage to provide a home and safe refuge for children in need.”
Robertson, who is executor of Cotten’s estate, also announced that Quadriga has put new limits on daily withdrawals, trying to keep pace with demand and resolve transaction problems that lingered through much of last year.
In an update on its website about the debt filing, the exchange says it is facing “significant financial issues” that are keeping it from disbursing customers’ funds.
The company says that it has “very significant cryptocurrency reserves” but that it can’t locate or secure those reserves.
As of the end of January, Quadriga had some 115,000 users with balances in their accounts, Robertson said. Those users’ cryptocurrency was valued at $137 million in mid-December, with another $53 million in the form of government currency. The bulk of the holdings are in bitcoin; smaller amounts are held in other popular cryptocurrencies, including Litecoin and Ethereum.
Even before Cotten’s death, Quadriga was struggling to cope with transaction delays and other problems after legal disputes with a large bank and payment processors resulted in tens of millions of dollars being frozen.
In large part, Quadriga’s biggest crisis lies in how it (as well as many other exchanges) stores cryptocurrency customers’ funds in “hot wallets” that are used for quick-turnaround withdrawals and payments and in “cold wallets” that are stored offline to protect them from thieves and hackers.
Similar to how bank customers might split their checking and savings accounts, the cold wallets hold far more money; they are tapped only when hot wallets run low or when a user wants to make a large withdrawal. What is particularly problematic for Quadriga is that its CEO seems to be the only person who held the keys to those transactions.
“The transfer of coins from the cold wallet to the hot wallet was performed manually by [Cotten],” the affidavit from Robertson states.
Quadriga did not have offices or a bank account of its own; in the court filing, Robertson said, “Gerry ran the business through his laptop, mostly at our home, but also wherever he happened to be.”
“I do not have any documents or records” for the business, Robertson added, saying that she had searched the couple’s home in Fall River, Nova Scotia, and other locations but had found nothing.
The laptop that Cotten used to move funds between cold wallets and hot wallets is encrypted and locked leaving the exchange paralyzed after Cotten’s death, Robertson said.
“I do not know the password or recovery key,” she added. “Despite repeated and diligent searches, I have not been able to find them written down anywhere.”
Robertson said she and Quadriga have hired a security expert to try to break the encryption on Cotten’s laptop and an encrypted USB key. But she added that so far, the expert has had only limited success.
Saying “there should be in excess of $180 million [Canadian] of coins in cold storage” or $137 million Robertson wrote that the company is still trying to access the wallets, in addition to looking into the possibility that Cotten had used other exchanges to secure some of the funds.
That has left Quadriga customers wondering when and whether they’ll see their money. Discussion boards on Reddit are peppered with skeptical comments about the company’s efforts to work out its issues, and some users say they have upwards of $80,000 or $100,000 that has been locked away from them.
“This is a tough lesson learned. I would probably avoid [cryptocurrency] in the future,” Quadriga user Elvis Cavalic of Calgary, Alberta, told the CBC news agency. After not being able to withdraw $15,000 [Canadian], he said, “They’ve left us completely in the dark. I’m kind of preparing for the worst.”
In the debt filing, Robertson said she has faced threats and has seen speculation online about whether Cotten is actually alive some comments on Reddit and elsewhere have speculated that his death could be an elaborate ruse to siphon money away from the exchange’s customers.
Robertson’s affidavit notes that a copy of Cotten’s death certificate was submitted to the court, with the J.A. Snow Funeral Home stating that he died on Dec. 9, 2018, in Jaipur, India.
In seeking protection from creditors, Robertson said she had convened a board of directors to run the company. And she asked the court to give Quadriga “additional time to find whatever stores of cryptocurrency may be available” and resolve other outstanding issues.
“If this cannot be done in an orderly fashion, many, if not all users, may suffer damage,” she wrote.
The next legal step for the company is expected Tuesday, when it will ask the Nova Scotia Supreme Court to appoint Ernst & Young to monitor its debt proceedings as an independent third party.
When Quadriga was fully operational, its users could use a variety of means to fund an account with the exchange, from online transfers and automatic deposits to paying via cash or a debit card at thousands of Canada Post locations. Robertson said the many types of deposits made it difficult for the company to stop the inflow of money even as it lost its ability to access or disburse funds.
Robertson said Quadriga would consider selling its cryptocurrency platform as an option to fulfill its obligations to customers and creditors. Other companies have already come forward to express interest, she said, warning that the platform’s value would almost certainly be undercut if the company faced a legal threat from its users.
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Cryptocurrency Exchange Says It Can’t Access $190 Million …
Editor’s Note, Dec. 5, 2017:Since we first published this story in July, the 12 cryptocurrencies listed below have enjoyed an average gain of 145%. Readers who actedon these recommendationswhen we first released them have doubled their money or better. Its not too late to profit from the cryptocurrency boom. You just need to know how to find the fastest cryptocurrency profits. Stay ahead of the money and make more with our free, real-time Cryptocurrency Profit Alerts sent to your inbox. Sign up now here.
Bitcoin, with its first-mover advantage and robust security, is the best cryptocurrency to invest in today.
There are other cryptocurrencies worth putting some money into and we’ll look at some of those in a moment.
But Bitcoin (BTC) has emerged as the blue chip of the bunch.
In a nutshell, here’s why Bitcoin remains the best cryptocurrency to invest in despite all the competition:
And despite the big gains Bitcoin has enjoyed more than 180% just in 2017 it’s not too late to invest. The price of Bitcoin is likely to double by the end of the year. And over the next decade or so, the Bitcoin price could reach $100,000 or even $1 million.
Trending: Should I Sell My Bitcoin Now That It’s Above $10,000?
But what about Ethereum? The No. 2 cryptocurrency is also a very good bet
Having launched in 2015, Ethereum (ETH) is not only younger than Bitcoin, it’s younger than hundreds of other cryptocurrencies.
And yet it quickly surged to the No. 2 spot, giving you some idea of how much potential Ethereum has.
That potential is reflected in the huge gains in the Ethereum price. Even with its recent pullback to just under $200, the price of Ethereum is up 2,300% this year alone.
Some mistakenly believe Ethereum is in a rivalry with Bitcoin, but their differences make them complimentary.
These are also the traits that make Ethereum the next-best cryptocurrency to invest in:
These are the primary reasons why Ethereum price predictions for the end of 2017 go as high as $500.
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Still, some investors want to venture beyond Bitcoin and Ethereum into the wider world of cryptocurrencies
Of the more than 1,000 cryptocurrencies that have been launched, all but 26 trade for under $5.
It’s easy for investors to believe a cryptocurrency they pick up for $0.50 each will go to $100 or $1,000 and make them rich, even starting with modest sums of a few hundred dollars.
While not impossible, such an outcome is not likely. Apart from Bitcoin and Ethereum, only a handful of the hundreds of cryptocurrencies out there will enjoy substantial gains.
Think of cryptocurrencies today in terms of the dot-com boom of the late 1990s. Many of the overhyped Internet-based companies of the day went belly up in the dot-com bust of 2000-2001, taking billions of investor dollars with them.
But those with sound business concepts Amazon.com Inc. (Nasdaq: AMZN), eBay Inc. (Nasdaq: EBAY), and Priceline Group Inc. (Nasdaq: PCLN) went on to realize the promise of the dot-com hype.
The challenge is to figure out their latter-day equivalents among the cryptocurrencies.
For those willing and able to bear the risk, we’ve put together this list of the 10 best cryptocurrencies to invest in outside of Bitcoin and Ethereum
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What’s the Best Cryptocurrency to Invest in Today?
Start Trading Leading CryptocurrenciesWhat are Cryptocurrencies
A cryptocurrency is a digital coin, designed to be transferred between people in virtual transactions. Cryptocurrencies exist only as data and not as physical objects; you cannot actually hold a Bitcoin in your hand or keep Ethereum in your safe. Owning a Bitcoin means you have the collective agreement of each and every computer on the Bitcoin network that it is currently owned by you and more importantly that it was legitimately created by a miner.
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Cryptocurrencies are handled like cash but are mined like gold. Mining is simply the process of verifying a crypto transaction. People around the world transfer e-coins from wallet to wallet, while miners use computer-processing power to maintain the blockchain and verify these transactions.
When a new crypto is launched, its founders announce how many coins will be mined. Once the quota is reached, no further coins can be produced. The first digital coin introduced was Bitcoin, which remains today the benchmark for all other digital coins. Among other currencies that have made their way into the cryptocurrency hall-of-fame we have: Ethereum, Ripple, Litecoin, EOS, and a number of derived currencies, including Bitcoin Cash and Bitcoin Gold.
Unlike traditional transactions, cryptocurrency transfers are not handled by banks or other financial institutions. Every time someone pays via e-coin, his payment is recorded on a digital ledger called the blockchain.
A list of transaction records, called blocks, which are linked to each other and encrypted. The blockchain is continuously growing and is completely open to anyone. Each block in the blockchain contains:
When a new block is created, it is sent to all the users in the network. Each user then verifies the block and it is added to the blockchain.
Each one of the numerous cryptocurrencies existing today has its own blockchain, and the complex math that is at the heart of the blockchain is computer generated. In order to run a transaction on the blockchain you need an e-wallet (or cryptocurrency wallet).
The biggest problem of the Blockchain is its reliance on miners. This is exactly why the cryptocurrency called IOTA (the Internet of Thigs Application) was created in 2016. IOTA also battles increasing transaction fees and network scalability. IOTAs blockchain is called Tangle. It is a blockchain with no blocks and no chains. In this system, the users themselves are responsible for validating transactions. This means theres no need for approval from miners; so users enjoy a fee-free transaction and an increased process speed.
A piece of software or hardware that gives you the ability to store and exchange your cryptocurrencies. Each cryptocurrency wallet is encrypted and unique. When you send funds you actually broadcast an encrypted message to the recipient. Only the recipients cryptocurrency wallet can decrypt that message and thus receive the funds. A hardware cryptocurrency wallet is considered to have key advantages over other software wallets:
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This mega-powerful currency has not only opened the gate for other currencies, but also leads the cryptocurrency world with pride. It is governed to make sure no extra Bitcoin is produced, as a maximum quantity of 21 Million Bitcoin units was agreed to. When introduced, the rate was $1 to 1,309 BTC. The wheel has turned, and when Bitcoin reached the all-time high of $19,783.21 in 2017, it was certainly a meaningful milestone for Satoshi Nakamoto, the creator of Bitcoin.
Bitcoin Cash (BCH) was created by the Bitcoin hard fork on August 1, 2017, resulting in a new version of the blockchain with different rules. By switching from the main Bitcoin blockchain to a new version, the software now has a capacity for a larger number of transactions.
Bitcoin Gold (BTG) is the second fork from Bitcoin (i.e. the second version to stem from Bitcoins source code). It retains Bitcoins transaction history, meaning that if you owned Bitcoin before the fork, you now own the equal amount of Bitcoin Gold. This cryptocurrency aims to introduce an alternative mining algorithm that is less susceptible to ASIC-based optimization, therefore allowing users to earn more with their computer cycles.
Altcoins is the general term associated with the cryptocurrencies launched after Bitcoins success. At first, these were mere copies mimicking the original Bitcoin. Today, there are over 1,000 of these, and the list just keeps growing. Most crypto coins are launched following an ICO (Initial Coin Offering a form of crowdfunding) in which the developers raise cash by offering a limited number of initial coins to finance technological development. So far, besides the list below, we can find names, such as Namecoin, Peercoin, Bytecoin, Deutsche eMark, Novacoin, Cryptogenic Bullion, Quark, DarkCoin and Mangocoinz (for smartphones).
Ethereum (ETH) is more than just a currency its like one giant computer housing many computers around the globe. Ethereum can respond to sophisticated requests. Its ability to store revolutionary computer programs, known as smart contracts, gives Ethereum an edge over Bitcoin and has attracted attention from banks around the world. This, among other factors, has led to a jump of almost 10,000% in 2017!
Litecoin (LTC) is similar to Bitcoin in many of its characteristics and is also one of the more veteran cryptocurrencies out there. However, there are two main differences between Litecoin and Bitcoin: Speed and amount. While it takes 10 minutes to create a Bitcoin block, Litecoin demands roughly 2.5 minutes to create a block meaning 4 times the speed. Moreover, Litecoin attracts many users, as it can produce 4 times the quantity of Bitcoin! However, as Litecoin uses highly complex cryptography, often mining it is more complicated than other cryptocurrencies.
Ripple (XRP) can be described as the next generation of payment networks. Originally set up to engage financial industry leaders, the digital currency has been a leading technology so far. This cryptocurrency exploded in 2017, going from $0.0063 to over $1.
The e-coin that is considered Ethereums biggest competitor. The EOS blockchain gained its fame because of the way it effectively records and secures transactions. It is similar to the Ethereum blockchain but faster, more scalable, and allows users to build decentralized applications more efficiently. Market analysts are promoting the currency as The Most Powerful Infrastructure for Decentralized Applications and expect the coin to be dumped and pumped, which could provide some interesting short-term opportunities.
Cryptocurrencies allow traders to diversify their investment portfolio, as their price is mainly determined by demand and supply; Their value has a low correlation to national economies or political scenarios. Once Bitcoin surpassed the price of gold in 2017, US markets introduced 2 ETFs on Bitcoin and drew more and more institutional money into the world of cryptocurrencies. In 2017, Indian PM Narendra Modi has announced the gradual replacement of paper currency with electronic currency; In March 2018, the Marshall Islands announced that they would be introducing a cryptocurrency to replace US dollars as their main currency; other central banks are investigating the adoption of blockchain-like technologies in short cryptocurrencies are probably here to stay. A growing number of crypto investors all over the world have already discovered the benefits:
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