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Nano coin review: beginner’s guide 2019

If you’ve ever heard of Raiblocks, then you know of Nano coin. Nano is their new name and it was formerly known as Raiblocks. A rebranding occurred to make the…

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If you’ve ever heard of Raiblocks, then you know of Nano coin. Nano is their new name and it was formerly known as Raiblocks. A rebranding occurred to make the name less technical and more easily understood by the masses. The coin makes use of advanced technologies dropping the concept of a single blockchain. Therefore, Nano is able to overcome a number of the scaling concerns that beset the Bitcoin and Ethereum approaches to blockchain. This Nano coin review will dig deeper into what Nano coin is, what is does and why you should check it out.


What Is Nano coin?

Nano is attempting to become what Bitcoin sometimes struggles to be. A fast and efficient alternative to fiat currency.

In Nano’s white paper, the development team raises concerns over the practicality of Bitcoin as a common currency. The concerns are as follows:

  • Scalability issues have users facing high transaction fees
  • Bitcoin’s high computational latency makes for an average transaction time of 164 minutes.
  • Bitcoin’s proof of work consensus uses an estimated 27.28TWh annually, an average of 260KWh per transaction.

On a technical level, Nano is a trustless cryptocurrency with low latency. Rather than being based on a blockchain, it uses directed acyclic graph (DAG) technology and block-lattice architecture.

This also allows each account to have its own blockchain (an account-chain).

The consensus mechanism used by Nano is Open Representative Voting (ORV), a form of Delegated Proof-of-Stake (DPoS).

A key benefit to using DAG technology is high scalability along with lightening quick transactions. Add these qualities to no fees, as a product of design decision, then it’s a potent offering in the blockchain space.


How Nano coin improves Cryptocurrency usage

Nano has some great benefits which push itself into a great position as a growth crypto. It’s free of fees, transactions are super quick and it can scale effectively.

The super quick transaction time is a strong feature of the coin. By implementing a dual-transaction mechanism, it’s up to both the receiver and sender of funds to verify a transaction. This eliminates the need for miners and creates a pathway for rapid and feeless transactions.

Nano transactions video explanation – Nano coin review cryptocoindude.com

Nano is scalable. All transactions on Nano are handled on the accounts blockchains and verified by principle representatives. This drops the idea of block size issues because nodes are not responsible for maintaining a vast record of all network transactions. Nano only needs to store the individual account balances of each account-chain rather than their entire ledger.

For example, compare this Bitcoin’s currency scalability. More information is stored, sluggish transaction times and high fees. Nano’s account-chains make for a lightweight infrastructure. Consequently people cite this pathway as the next evolution of blockchain. What do you think?

Nano is energy efficient. The dPoS system avoids the huge energy consumption and expensive mining hardware required by Proof-of-Work cryptocurrencies.


Nano coins (or tokens as they are)

Initially, the supply of NANO was released via a faucet.

That faucet no longer exists. Now to get hold of Nano coins they must be bought.

Nano can be bought via fiat at Bitvavo.com or at Bitinka.com which has USD and EUR pairs for Nano.

Alternatively, Binance exchange is the largest exchange for NANO and it’s also offered for sale at other exchanges such as Kucoin. The most common purchases are made with BTC, ETH or USDT.

Once you have bought Nano, then you’ll need to find somewhere to store it over the longer term (storing on exchange hot wallets is never the best bet). The following wallets are good places to store Nano Coin:


The history of Nano

Like most cryptocurrencies, Nano or Raiblocks as it was know has a colourful history. For example, the coin’s community took a bit of a drop kick in the wake of the Italy-based Bitgrail cryptocurrency exchange’s collapse in early 2018.

In February 2018, a hacker or group of hackers stole roughly $150 million worth of XRB tokens from Italian cryptocurrency exchange Bitgrail.

The fallout from this event was particularly ugly. Bitgrail blamed the developers of XRB. Nano/RaiBlocks blamed the lack of security at Bitgrail.

You get the picture.

Nearly one year after Francesco Firano, the owner and operator of the Bitgrail cryptocurrency exchange, announced that the exchange had lost 17 million NANO (approximately $ 170 million), an Italian Bankruptcy Court and a court-appointed technical expert concluded that Mr. Firano (“The Bomber” as Mr. Firano called himself on social media) was at fault for the loss and is required to return as much of the assets to his customers as possible.

The ruling is a landmark decision that sets an important precedent for the protection of cryptocurrency users worldwide. For a full in-depth examination of the event, check out the BitGrailVictimsGroup’s post over on Medium.

However, this did not finish Nano off. Like so many examples in the crypto ecosphere, the stronger coins learn, adapt and move on with their projects.


Nano coin review – final thoughts

Nano could very well provide an alternative to Bitcoin’s scalability and latency issues. Likewise it could tackle energy consumption that has come to define proof of work mining. If any cryptocurrency is to become a viable alternative to fiat, then this is the approach it will need to take. Quick, safe and zero cost to the user. Maybe, in the next few years, when you go into Starbucks, it will be Nano coin that you will be using to buy your Mini Matcha Green Tea Crème Frappuccino. You never know!

If you likes this Nano coin review, or are a fan of the Mini Matcha Green Tea Crème Frappuccino, please share our post on your favourite social media channel below. Thank you in advance.

For further information on all things Nano visit this excellent curated Nano information site.

Source: https://cryptocoindude.com/nano-coin-review-beginners-guide-2019/?utm_source=rss&utm_medium=rss&utm_campaign=nano-coin-review-beginners-guide-2019

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Indian government cautious about crypto-adoption, CBDC is a possibility

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Indian traders and exchanges might be bullish about the crypto market, but the Indian  government doesn’t seem keen on rushing into the scene. At least, not until studying its homegrown fintech industry and the anti-Bitcoin protests in El Salvador.

Tracking global news

Indian finance minister Nirmala Sitharaman in a recent interview with Hindustan Times explained why the country seemed to be falling behind when it came to crypto adoption.

Though she admitted, El Salvador wasn’t “the best example,” Sitharaman said,

“You’d think common people don’t care about digital currency; but the public took to the streets against the move. It’s not a question of literacy or understanding – it’s also a question of to what extent this is a transparent currency; is it going to be a currency available for everyone?”

Sitharaman referred to CBDCs as a “legitimate” cryptocurrency and admitted there could be a “possibility,” in hat regard. She noted that India held the “strength of the technology” and acknowledged the need to formulate a Cabinet note. However, Sitharaman wondered if India was ready to follow El Salvador’s way.

Facts on the ground

Though accessibility is a pressing concern, more Indians have discovered crypto than perhaps expected.

Nischal Shetty, CEO of the Indian crypto exchange WazirX – a subsidiary of Binance Holdings – has stated that WazirX sign-ups from India’s tier-two and tier-three cities overtook those from tier-one cities this year. Even so, sign-ups from tier-one cities themselves saw a 2,375% rise. Furthermore, WazirX added one million users in April 2021 alone.

Adding to this, the cost of electricity and Internet data in India are relatively cheaper, which could boost both crypto trading and mining in the future. However, at the last count, there was only one Bitcoin ATM in the whole country.

As per data by Useful Tulips, which combined data from Paxful and LocalBitcoins, India saw transfers worth around $4,502,369 in the last two weeks.

Could anti-Bitcoin protests happen in India?

There is evidence to support both sides. India has a strong history of mass protests, with the farmers’ protests against the government’s agricultural laws being one such example. The 2016 demonetization of part of the country’s paper currency still haunts many, and Internet penetration is yet to cross 50%.

However, India also has the largest diaspora in the world, with approximately 18 million people living outside the country. Crypto innovation could lead to hundreds of millions of dollars being saved on remittance charges as money is sent across borders.

But for the time being, it seems India’s urban residents are more bullish about crypto than its government.

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Source: https://ambcrypto.com/indian-government-cautious-about-crypto-adoption-cbdc-is-a-possibility

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A Deep Dive Into The Bitcoin Wallets Of U.S Congress Members, And Why Bitcoiners Are Strongly Against Them

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A Deep Dive Into The Bitcoin Wallets Of U.S Congress Members, And Why Bitcoiners Are Strongly Against Them

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Key takeaways

  • U.S. Congress’ split disposition towards cryptocurrencies raises concerns among market participants.
  • Bitcoin proponent, James Loop goes digging into the financial disclosures of Congress members.
  • His findings revealed only three Congress members have ever disclosed that they hold Bitcoin.

The United States is a key base for innovation and adoption in the cryptocurrency industry. According to data from Crunchbase, there are at least 1,135 organizations founded in the U.S. that provide various cryptocurrency-related services.

Despite the broad adoption of the asset class by the country’s citizens, the government is still divided on opinions about the growing cryptocurrency industry. This can be seen in the U.S. Congress where members of Congress are split between those who support and those who do not support Bitcoin, the most prominent cryptocurrency.

This polarised disposition of Congress has been a pain point for Bitcoiners. Bitcoin market participants have pointed out several issues that emanate from the fact that there are still members of Congress who have not shown themselves to fully understand Bitcoin.

The sentiment is that Congress members who do not fully understand the asset, having not used it, should not be responsible for making laws about it. Additionally, market participants also think it will be a conflict of interest if members of Congress who oppose Bitcoin are found to be holding Bitcoin or if those who support it do not own any. 

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Jameson Lopp, the co-founder, and chief technology officer of Casa – a leading provider of Bitcoin self custody solutions, has gone digging into the United States Senate Financial Disclosures portal. The investigation was carried out to identify Congress members who have declared holdings of cryptocurrencies, and Bitcoin in particular, in their portfolios. 

His findings paint a dismal picture as the majority of the members of Congress who have been vocal in supporting Bitcoin have not held the asset at all according to their financial disclosures for the year ending 2020.

According to his findings, only 3 Congress members have disclosed that they own Bitcoin. The now-retired Representative Bob Goodlatte of Virginia was the first Congressman to disclose the ownership of Bitcoin, doing so in 2017 even before laws were passed to make disclosure mandatory. According to his disclosure, he owned between $1,000 and $15,000 of Bitcoin at the time.

Among currently seated Congress members, only Senators Cynthia Lummis and Pat Toomey have reported Bitcoin holdings in their portfolios in 2020. Senator  Lummis reported owning $100,000 – $250,000 of bitcoin in 2020 making up between 0.6% and 2.75% of her net worth. Similarly, Senator Pat Toomey reported purchasing $1,001 – $15,000 of GBTC in June 2021. The GBTC investment is between 0.01% and 0.7% of his net worth.

The sleuth however concedes that he did not have the time and resources to go through the financial disclosures of all 535 congressional members. Nonetheless, it is telling that of the ones he checked, even members of caucuses in Congress that are affiliated to cryptocurrency and members that have drafted bills that will provide clarity for the industry do not hold Bitcoin or other cryptocurrencies as their financial disclosures show.

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Source: https://zycrypto.com/a-deep-dive-into-the-bitcoin-wallets-of-u-s-congress-members-and-why-bitcoiners-are-strongly-against-them/

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China Again? — Why The Crypto Market Lost Over $300 Billion In Hours And What To Expect

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China Reemphasizes It's Not Yet Done With Clamping Down On Bitcoin

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Key takeaways:

  • Crypto-market records over s$1 billion worth of Crypto liquidations in hours. 
  • Liquidated long positions significantly surpass shorts.
  • Fundamental factors pose serious threat to the market, but the road to recovery is near.

The crypto market has been hit with yet another massive liquidation. Within the last 24hrs, a whopping $1.03 billion worth of long and short positions have been liquidated, as reported by the aggregate derivative exchange platform ByBt.

When traders are long on a particular asset, they are simply gaining exposure to the cryptocurrency in question, in hopes that prices will surge significantly at a later time. It appears that a lot of investors were bullish on crypto for the most part, as long positions were significantly higher than shorts. Precisely $946.10 million worth of crypto was liquidated, while $6.56 million short positions were liquidated.

Liquidations usually take place in the crypto market when a trader’s leveraged position is forcefully sealed by an exchange when the trader’s initial margin is partially or totally lost. Futures and margin trading is usually where liquidation is common.

Many market pundits have warned against over-leverage, which they point to as the case of repeated liquidation. However, despite cryptocurrencies being high-risk due to the intense volatility, leveraging provides an opportunity for investors to generate significant profit. For this reason, liquidations are imminent.

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On a larger spectrum, the question at hand is how the market will be affected going forward. Although no one can accurately predict, recent events hint that the dip could go even deeper, no thanks to fundamental factors like the ongoing Evergrande crisis.

“The Hong Kong stock market plummeted, triggering a decline in global markets and cryptocurrencies. The main reason is Evergrande, China’s largest real estate company with nearly 2 trillion debts.” wrote Chinese journalist Colin Wu.

Thus far, leading assets like Bitcoin, Ether, Solana, Cardano, and many others have dropped in price value and are, at this time, still going downwards. Bitcoin has plummeted to $42,928. While losing more than 7% in value today. Ether, XRP, SOL, DOGE, and Cardano are likewise seeing an extensive decline.

In response to the dip, analysts have responded to their previous sentiments on Bitcoin especially, saying that the expected floor price for this month remains at $42,000 and that a bounce will follow a while later. Altcoin analysts are also keeping their fingers crossed to see how the next 24hrs play out before predicting the market’s trajectory.

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Source: https://zycrypto.com/china-again-why-the-crypto-market-lost-over-300-billion-in-hours-and-what-to-expect/

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