Bitcoin vs Ripple Explainer

Bitcoin vs. Ripple Explainer

Whether you’re new to the world of blockchain technology or are simply looking to sharpen your sensibilities when it comes to distinguishing the market’s key players,

there is always more to learn. Cryptocurrency trading is fueled by hype and that means that new players are always popping up and disappearing. Bitcoin remains the constant staple in this everchanging landscape and also serves as a useful benchmark against which to understand and evaluate other actors. If you’ve got things like a graph of bitcoin price history saved to your bookmarks, there’s a good chance you’ve also encountered the name Ripple. If you are interested to learn how it stacks up against its forebearer, read on to discover the similarities and differences between Bitcoin and Ripple. 

The risk remains the same

One thing to clear up right off the bat is that all cryptocurrencies exist in a volatile and very speculative market. Although a lack of regulations is part of the draw, it also means that anything goes and there are really no guaranteed bets. Ripple and Bitcoin are both parts of this ecosystem, so keep in mind that if you’re thinking about investing in either, or any blockchain cryptocurrency for that matter, you should go in ready to potentially lose your complete initial investment. When it comes to investing in any cryptocurrency, you’d be best to hedge your bets and only put forth capital that you would be comfortable without. 

Ripple 101

When thinking about Bitcoin, most people understand it as a digital currency that can be used to purchase a variety of goods and services in the online marketplace. Therefore, the number one thing to understand about Ripple is that it serves a slightly different function. Simply put, Ripple is a system for currency exchange, payment settling, and remittance that can be used by payment networks and banks to provide higher transparency and security. Unlike Bitcoin, Ripple was never designed to be an independent method of payment. One of the biggest advantages of Ripple is that it allows for a fairly seamless transfer of assets that plays out in near real-time, providing more peace of mind for those involved in the transaction. 

Ripple doesn’t use blockchain

Another important distinction to make between Bitcoin and Ripple is the fact that Ripple doesn’t use blockchain to fulfill its function. Unlike Bitcoin, Ripple works through a network of validating servers and crypto tokens. The tokens are often referred to as Ripples but are formally called XRP. These are the actual cryptocurrency being exchanged in Ripple, which uses a distributed consensus ledger. 

A closer look at XRP tokens

In terms of how Ripple replaces standard settlement systems, it is useful to think of XRP tokens as a replacement for US dollars, which are frequently used as a middle ground currency for exchanging others. Due to established standards of exchange and the regulations in place, using US dollars not only takes considerably more time but is also accompanied by the dreaded currency exchange fees. On top of costing more than most are happy to pay, standard international transfers can sometimes take three days or more to process. Enter the XRP token. Completely supplanting the process, the value of the assets being exchanged are first converted into XPR (as opposed to USD), allowing for fees to be wiped away and the waiting time to be reduced from days to mere seconds. Returning to the Bitcoin comparison, it is worth noting that Bitcoin transactions tend to take around 10 minutes, and although this is certainly less than three days, it is still significantly more than the five-second transaction rate Ripple can achieve. 

Different origin stories 

Unlike the more mysterious emergence of Bitcoin, which is currently maintained by a team of dedicated developers and not tied to any government, bank, or third part, Ripple is more mainstream. Founded in 2012, Ripple was developed by an actual company and had set goals outlined from the get-go. This more standard entry onto the world stage has likely been one aspect that has helped make Ripple more palatable for major financial institutions. Santander and Fidor Bank are just a few of the big names who have said that they are in the process of testing or even implementing various applications of the Ripple Network payment apparatus. 

No mining for Ripple

Another difference that might be hard for Bitcoin enthusiasts to wrap their heads around is that Ripple was not, in fact, designed to be mined at all. An important part of the Bitcoin ecosystem, miners of the cryptocurrency will typically be rewarded for their efforts in the form of a new Bitcoin. Ripple, meanwhile, is pre-mined. There are currently around 38 billion XPR tokens populating the market. The remainder resides in Ripple labs and will be released onto the market in incremental amounts. For further information on Bitcoin payments, check out dchained.

Article Produced By
Globalcoin

https://globalcoinreport.com/bitcoin-vs-ripple-explainer/

Thomas ClaimCo.in

Bitcoin Mining with MiningJOY: A Perfect Solution to Fight against Inflation

Bitcoin Mining with MiningJOY: A Perfect Solution to Fight against Inflation

Bitcoin has the potential to provide both inflation protection and growth exposure concurrently. Looking for an easy and smart investment solution to invest?

Cloud mining of Bitcoin at MiningJOY.com is the answer for you. This cloud mining provider gained a solid reputation for its convenience, stability, and best of all: transparency of mining-related data. MiningJOY holds dear the philosophy of bringing the most value and benefits of decentralization to its users, providing cloud computing power buyers with a good mining platform and an excellent opportunity to catch the profits that Bitcoin mining can bring!

MiningJOY has a state-of-the-art computing power backup and global decentralized mining farms. The uptime for all miners is over 99%, as you can see from the following screenshot of the backend managing broad, which is developed by its in-house maintenance team consisting of both software and hardware elites. MiningJOY’s advantage features real-time, viewable computing power and transparent bills, a professional operation team hand-selected from a small number of public companies in the IDC industry, and backup computing power reserves to resist greater suspension risks. MiningJOY has multiple mining centers across North America, Northern Europe, Central Asia, and Southeast Asia. The price of computing power on the market has spiked due to huge demand, yet MiningJOY cloud computing power has maintained a low price relative to the market price and has excellent security performance, which serves to better preserve the maximal mining outputs for its clients.

MiningJOY’s mining center with the most advanced miners

Earn passive income with Quadency TRADING BOT. Connect Binance account and use Quadency bot for 6 MONTHS COMPLETELY FREE. Hurry up, this deal is not around for long! MiningJOY boasts large-scale miners based in distributed locations across the globe, equipped with professional operation and maintenance teams, and top-of-the-line miners. MiningJOY provides users with a one-stop efficient cryptocurrency mining service, going beyond merely Bitcoin mining products, which however, constitutes more than 90% of its asset portfolio. In the near future, MiningJOY would be channeling more diversified mining plans for its discerning clientele who like to chase highs with less-dominant cryptocurrencies, such as Ethereum, CKB (Nervos), and more to come.

At present, the MiningJOY platform mainly focuses on Bitcoin mining machines, both for rent and for purchase. They are unlike the majority of cloud mining platforms where clients receive a relatively obscure slip which details just a few parameters, leaving them with no clues about how the payout is composed and how their hashrate/miners are operated. MiningJOY realizes that Ponzi schemes are nothing new in the cloud mining market and provide their customers with as much details as possible about the contents of their order. Many users, after having a bad experience, have lost faith in the possibility of fair mining in the cloud, and thus MiningJOY is ready to plug the leaks in the outdated cloud mining model. Backed by its full-stack management system, MiningJOY is capable of bringing the most authentic mining experience to its clients, which includes:

  • a hashrate pegged to running machines at the ratio of 1:1,
  • no more blanket scams,
  • 24/7 running surveillance video on mining farms,
  • inclusive parameters, and
  • transparent bills.

Unlike most cloud mining services, with MiningJOY, clients get what they actually paid for. MiningJOY was officially launched in June 2019 by Starwin Capital Limited with registry in Hong Kong, which extends to own Type 1, Type 6, and Type 9 Licenses under their belt. This allows them to lay a more substantial foundation for the emerging cryptocurrency-based financial landscape and fintech zeal. MiningJOY’s business now involves two parts: cloud mining services for individual investors and supercomputer server rental hosting service for professional and institutional clients. Currently with MiningJOY’s spot-delivery products, clients will start to receive Bitcoin mining payouts the next day. The prices start with $20.10 (mine until the last minute of your machine’s life expectancy), with the electricity rate as low as $0.052 per kW⋅h. If the price of Bitcoin stays above $11,000, the full-year return of Whatsminer M20s mining contract per terabyte (TB) is expected to be around $30.00, which results in an annual yield of 13.32%. The mini order quantity starts from just 1 TB.

Article Produced By
Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

https://captainaltcoin.com/bitcoin-mining-with-miningjoy-a-perfect-solution-to-fight-against-inflation/

Thomas ClaimCo.in

Japanese soccer star Keisuke Honda launches his own crypto

Crypto and blockchain matter for the global soccer community.

A Japanese professional soccer player is launching his own cryptocurrency to boost fan engagement.

Keisuke Honda, former Japan midfielder and currently a captain of the Brazilian professional league team Botafogo, has launched his own token to build new connections with his fans, Cointelegraph Japan reported on Oct. 22.

The so-called “KSK Honda Coin” was launched on Thursday via Rally.io, a blockchain platform for creating video streaming and gaming applications. The new coin is intended to enable fans to interact with Honda.

Holders of KSK Honda token will be able to get exclusive content from Honda as well as interact with the player via private channels on Discord. “We decided to create a social token to build new connections with our most loyal fans,” Honda said.

The world-known soccer player said that the new token will allow him to connect with fans in a more open manner, providing a 100% transparency in knowing who holds coins in the fan community.

The global soccer community is moving deeper into the crypto and blockchain industry in search of new ways of connecting stars with their fans.

On Oct. 15, a top soccer club in Russia’s Premier League — Zenit St. Petersburg — signed on to the blockchain-based gaming platform Sorare to issue collectible and tradeable digital cards. In September 2020, Italian professional sports club SS Lazio signed a multiyear deal with crypto trading platform StormGain, enabling new fan engagement options through crypto.

 

written by Helen Partz

https://cointelegraph.com/news/japanese-soccer-star-keisuke-honda-launches-his-own-crypto

Thomas ClaimCo.in

Regulation will keep PayPal’s new crypto services from looking anything like crypto

For now, PayPal's crypto payments are more about satisfying regulators than providing users with crypto capabilities.

Earlier today, PayPal confirmed that it would be adding crypto payments to its global platform over the coming months.

The rollout will begin in the United States, where PayPal also became the first recipient of the New York Department of Financial Services', or NYDFS, conditional Bitlicense, a program that the regulator announced this past summer.

The devil in the details
While the news is huge for crypto, PayPal will be under intense scrutiny. The nature of the conditional Bitlicense is that conditional licensees have to pair off with firms that have full Bitlicenses (in this case, Paxos) that will act as mentors of a sort. Per the NYDFS, conditional licensees also "may be subject to heightened review, whether in regard to the scope and frequency of examination or otherwise."

The conditional license lasts for two years, and its renewal or upgrade to full Bitlicense status is wholly contingent on Superintendent Linda Lacewell's decision.

Representatives for PayPal declined to comment on what form heightened scrutiny will take, instead directing Cointelegraph to speak with NYDFS. In turn, representatives for NYDFS declined to specify what "heightened review" might mean for PayPal beyond the vague statutory language already available.

Meanwhile, representatives for Paxos declined to comment on their role in PayPal's conditional Bitlicense. Which is to say, all three of these organizations made great efforts to publicize this morning's news without going into detail on the regulatory arrangement. Their disinterest in doing so when pressed is concerning.

Crypto is as crypto does
While nobody is being transparent about the specific hoops that PayPal — which has well over 340 million users worldwide — will have to jump through to satisfy regulators, the firm is clearly going to have to do everything in its power to make crypto behave unlike crypto on its platform, beyond the customer data gathering that PayPal has always done.

PayPal's wallet will be not only custodial but siloed. Per the firm's cryptocurrency FAQs, users will not hold private keys, nor will they be able to move their holdings to other wallets:

"Currently, you can only hold the Cryptocurrency that you buy on PayPal in your account. Additionally, the Cryptocurrency in your account cannot be transferred to other accounts on or off PayPal."
So, what does that mean? Not only are coins held on PayPal most certainly not your coins, but also, this may be the standard that big firms will have to abide by in order to dabble in crypto.

There's been talk for some time of regulatory "whitelists" — i.e., crypto exchanges and firms looking to comply with stringent regulations will only be able to transact with approved wallet addresses. That practice has not yet gone into law.

With PayPal, what we may be looking at is regulators allowing crypto on major platforms only when it has no chance of going to other platforms, which is more aggressive than a whitelist. That is, full dependence on third parties, zero threat of peer-to-peer transfers and zero chance of interacting with people who wouldn't already be able to get PayPal accounts — which, ultimately, isn't really crypto. At least for now.

 

written by Kollen Post

https://cointelegraph.com/news/regulation-will-keep-paypal-s-new-crypto-services-from-looking-anything-like-crypto

Thomas ClaimCo.in

US financial watchdog fines early Bitcoin mixer 60M for money laundering

FinCEN has fined the operator of early crypto mixers Helix and Coin Ninja for Bank Secrecy Act violations.

The founder and operator of some of the first "mixing" services in crypto will have to cough up $60 million to United States regulators, even as he faces continued criminal charges.

The U.S. Treasury's Financial Crimes Enforcement Network, or FinCEN, announced on Monday a $60 million fine against Larry Dean Harmon, the man behind Helix and Coin Ninja.

Harmon was arrested in February for operating a stable of tumblers, or mixers, that Washington, D.C. prosecutors allege constitute unregistered money services businesses. Those charges against him say he laundered over $300 million in Bitcoin. According to today's announcement, "FinCEN’s investigation has identified at least 356,000 bitcoin transactions through Helix."

Mixing services attempt to privatize cryptocurrencies by sending them through a massive series of transactions involving various wallets. The process aims to obscure the origins of coins as well as the entity in control of them when they come out of mixing. Harmon's mixers were only accessible via the dark web.

FinCEN claims that Harmon deliberately flaunted the provisions of the Bank Secrecy Act, the cornerstone of U.S. Anti-Money Laundering legislation. It was violations of the BSA that led to criminal charges against the executive team of crypto exchange BitMEX earlier this month.

U.S. authorities have been on the prowl for criminal activity based on crypto. The Department of Justice recently released a report that highlighted privacy tokens like Monero (XMR) as a cause for alarm.

 

written by Kollen Post

https://cointelegraph.com/news/us-financial-watchdog-fines-early-bitcoin-mixer-60m-for-money-laundering

Thomas ClaimCo.in

Vinnik trial for extortion and Bitcoin money laundering begins in Paris

The Russian national linked to the laundering of $4 billion of Bitcoin stolen during the Mt. Gox hack is finally in court.

The trial of the alleged launderer of $4 billion worth of Bitcoin (BTC), Alexander Vinnik, got underway in Paris on Monday.

However, despite reported links to the 300,000 BTC hack of Mt. Gox in 2014, prosecutors are focusing on a 135-million-euro ($159 million) ransomware fraud targeting French businesses and organizations between 2016 and 2018.

According to The Associated Press, Russian national Vinnik is being charged with extortion, money laundering and criminal association after 20 victims of the "Locky" malware paid the ransom in Bitcoin through BTC-e.

Vinnik is alleged to be one of the creators of the malware and the former operator of the now-shuttered cryptocurrency exchange, although he claims that he was only a technical consultant at BTC-e and had no knowledge of any wrongdoing.

If found guilty, Vinnik faces up to 10 years in prison.

As Cointelegraph reported, Vinnik was originally arrested in Greece in 2017 at the behest of United States authorities.

There followed a legal tug of war, with prosecutors from France, the U.S. and Russia all petitioning for his extradition. Vinnik himself expressed a preference to be extradited to Russia, where he faces lesser charges.

Earlier this year, Greek authorities ruled that he would be extradited first to France, then to the U.S and finally to Russia

Even following his extradition to France, Russian authorities unsuccessfully requested that he be allowed to return to his home country under house arrest.

If tried in the U.S. in the future, Vinnik is likely to face charges related to the $4 billion hack of Mt. Gox. The 300,000 BTC stolen in the hack were allegedly laundered through the BTC-e exchange and Vinnik's own personal wallet.

 

written by Jack Martin

https://cointelegraph.com/news/vinnik-trial-for-extortion-and-bitcoin-money-laundering-begins-in-paris

Thomas ClaimCo.in

95 of winners in China’s CBDC lottery spent digital yuan prizes

Some winners purchased additional digital yuan during the pilot.

The vast majority of China’s $1.5 million digital yuan lottery winners have received and spent their “red envelopes” of digital yuan.

As of Oct. 18, a total of 47,573 out of 50,000 lottery winners in China have received their prizes, Shenzhen authorities officially announced on Sunday.

According to the announcement, the winners conducted a total of 62,788 transactions accounting for 8.8 million yuan ($1.3 million). This amount represents about 88% of the total 10 million yuan ($1.5 million) that was to be distributed in the giveaway pilot in Shenzhen.

Some winners have not only spent their “red envelopes,” but also topped up their wallets, having purchased an additional 901,000 yuan ($134,000).

Shenzhen launched a pilot program to promote the digital yuan with a public giveaway on Oct. 9. Lottery organizers will take back the unused amount of the digital yuan packets if winners do not spend it by Oct. 18.

As previously reported, a total of 2 million people applied to participate in Shenzhen’s digital yuan giveaway program as of Oct. 12.

China’s central bank digital currency — the digital yuan — began testing in April 2020. Pilots were subsequently expanded to nine cities including Shenzhen, Guangzhou, as well as Hong Kong and Macau.

 

written by Helen Partz

https://cointelegraph.com/news/95-of-winners-in-china-s-cbdc-lottery-spent-digital-yuan-prizes

Thomas ClaimCo.in

Amid IRS bounty and competitor progress Monero developers ship a major update

A new Monero update brings improvements in performance, speed, and security amid increased scrutiny from law enforcement and developments from competitors

First announced in September, Monero developers today went live with a network update featuring a new version of its node software, codenamed 'Oxygen Orion.' The product of 30 contributors, the update promises significant improvement across nearly all aspects of the privacy-focused cryptocurrency’s performance.

The highlight of the new update is the compact linkable spontaneous anonymous group (CLSAG) feature. According to the Monero blog, CLSAG will reduce transaction sizes by 25% and improve transaction times by 10% while maintaining transactional privacy.

The developers wrote:

"CLSAG enables smaller and faster transactions with rigorous security."
In addition to CLSAG, the new update brings security improvements to the network especially with regard to Dandelion ++, which is responsible for hiding user IP addresses.

Technically speaking, Monero updates are hard forks so it is imperative that network participants make sure that their software is up to date. Users who store their XMR in a hardware wallet will need to stay updated with the latest firmware, the blog noted.

This latest update comes amidst an uncertain outlook for the cryptocurrency due to pressures on multiple fronts.

In September the U.S Internal Revenue Service (IRS) offer a bounty of up to $ 625,000 to anyone who can crack Monero's privacy. Additionally, the Department of Homeland Security claimed to have acquired software that can track Monero transactions, though some researchers question the veracity of those claims.

Meanwhile, rival privacy cryptocurrency Zcash is heading into a halving event sometime this November, which some analysts believe will lead to bullish price action for the competing asset.

In spite of these headwinds, positive social media sentiment for XMR is up roughly 4% in the past week, according to analytics provided by TheTIE.

 

written by Husayn Hashim

https://cointelegraph.com/news/amid-irs-bounty-and-competitor-progress-monero-developers-ship-a-major-update

Thomas ClaimCo.in

OKEx founder reportedly under investigation as exchange suspends withdrawals

OKEx founder Star Xu was reportedly questioned by police a week ago.

The founder of major global cryptocurrency exchange OKEx has been reportedly questioned by authorities previous to OKEx suspending cryptocurrency withdrawals.

OKEx founder Mingxing Xu, also known as Star Xu, has reportedly been questioned by the police, Chinese news agency Caixin reported today. According to the report, the executive was investigated “at least a week ago” and has also been absent from work for some time.

When approached for comment on Xu’s participation in a police inquiry, OKEx told Cointelegraph that the exchange is no longer affiliated with OK Group, where Xu is a senior executive, and therefore was not in a position to comment on his activities.

The news comes shortly after OKEx suspended withdrawals of crypto assets on its platform today. According to the exchange, OKEx’s private key holders are cooperating with a public security bureau in an ongoing investigation. The exchange told Cointelegraph:

“We are unable to disclose the nature of an ongoing investigation but would like to assure all OKEx users that their funds are safe and that all other functions on OKEx are unaffected.”

OKEx CEO Jay Hao said that the decision to temporarily suspend withdrawals was taken “with user security in mind,” stating:

“As a world-leading exchange, user security is not something that OKEx can or will ever compromise on. We will do everything in our power to reinstate this service promptly and will provide updates on the matter as soon as possible.”

 

written by Helen Partz

https://cointelegraph.com/news/okex-founder-reportedly-under-investigation-as-exchange-suspends-withdrawals

Thomas ClaimCo.in

Bankless society inevitable’ due to crypto says Morgan Creek CEO

People will be able to “bank themselves” with crypto.

A bankless world is inevitable due to the “natural evolution of technology,” according to a top executive at multi-billion dollar investment manager, Morgan Creek Capital.

The firm’s CEO Mark Yusko believes that a “silent revolution” powered by cryptocurrencies like Bitcoin (BTC) will eventually lead the world to a bankless society.

In an Oct. 13 interview with Brazilian Dash-focused YouTube channel Dash Dinheiro Digital, Yusko said that people around the world will, in time, be able to “bank themselves through crypto.”

Despite his claims regarding a bankless society, the CEO noted that he does not mean banks will disappear entirely, stating:

“We will still need banks to do lending, digital currencies, or digital fiat to go along with crypto at the core. But the idea that we’re moving to a global borderless world, and nation-states will become less important, global systems will become more important, and you can be a citizen of the world as opposed to a citizen of a single nation-state.”

Yusko is the founder, CEO and chief investment officer of Morgan Creek Capital Management. The company was founded in 2004 to provide investment management services to institutions and wealthy families as well as discretionary strategies to assist clients in building investment programs.

Morgan Creek Capital is known for running a dedicated digital asset investment business known as Morgan Creek Digital. The subsidiary is co-founded by Yusko and Anthony Pompliano. In August 2020, Pompliano predicted that Bitcoin will eventually capture more of the market than gold, breaking the $400,000 threshold.

 

written by Helen Partz

https://cointelegraph.com/news/bankless-society-inevitable-due-to-crypto-says-morgan-creek-ceo

Thomas ClaimCo.in

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