Ever since the Bitcoin made a path for the other crypto currencies, the crypto world has seen many new faces over the period of 8-9 years. We have seen many new tokens make their mark. Some trying to compete with Bitcoin and some have their own usages.
Bitcoin is still the king of the market and every other crypto currency has the BTC pairing. It is what paper money is to the real market. Sadly the transaction speed of BTC is still not as fast as some of the other tokens in the market.
Ethereum is the closest competitor to Bitcoin. As Bitcoin is used for the trading pair, so is Ethereum. But as we know that ETH can be used to write smart contracts and this makes it unique from BTC. But there are many other cryptos that are now having the smart contract features.
Current Number of tokens into the market:
According to the data of CoinMarketCap, there are currently 1106 tokens into the market and it's huge!! And the overall market capitalization of the Cryptos is: $158,975,690,714. $158.9 Billion is in no way a small amount. Out of all, there tokens 868 tokens act as currencies. Even the Paper currencies are not that many currencies.
The top 10 Currencies at the time of writing the article are Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, NEM, Dash, IOTA, Monero and Ethereum Classic.
Problem with the increasing number of ICO's and tokens:
As more and more token started coming into the market, the things started crowding out. And some were never seen in the crowd or some made their mark in the market. Ethereum became the base for all the ICO's taking place.
But the Problem does not lie in that, but the problem is what value do they provide to the eco-system.
Today anyone can start their own ICO and make money. You could say this token does this or that but at the end, they all end up in an exchange where traders make money out of the trade period. Well, most of them end up as "Pump and Dump".
And while China announced the Ban on the ICO's and considered it to be illegal. It made a significant change in the market and we saw almost all the tokens going red. Most of them were the Chinese tokens. Today the market seems to be in green. But the tokens that were valued earlier like NEO has dropped drastically.
What could China be doing in the future?
This gets interesting as we know that Bitcoin is accepted by the Chinese markets. What we could expect is that the Chinese government could soon make rules and regulations relating to ICO's and they may have to register with the government to conduct an ICO. We may see certain aspects being controlled by the govt.
The crypto market is still a baby and has a long way to go to mature.
We wouldn't want to see the Government control the cryptocurrency as the main reason behind the value of the token roaring is the fact that it is decentralized.
Effect of the Cryptos on the countries Economy:
As we know that the tokens do not really provide the value in the economy, it also could hinder the economy. For the countries economy to boom, you need to keep the money circulating. The money creates many more possibilities in the economy. But when the money goes into the crypto market it creates a gap in the economy. But it is good for the crypto economy.
Here's what the CEO of Euro Exim Bank Limited said.
A Cyclist is a disaster for the economy:
- He does not but a car and does not take a car loan.
- Does not buy vehicle insurance
- Does not buy fuel.
- Does not make use of the Car repair or car spas.
- Does not need the paid parking.
- Does not become obese
- Yes, and well dammit! Healthy people are not needed for the economy. They do not buy drugs, nor do they go to the private doctors. They do not increase the countries GDP.
On a contrary, every McDonald's outlet creates 30 Jobs:
10 Dentists, 10 Cardiologists, 10 weight loss experts.
The Bright Light:
The usage of the token is just not restricted to the digital economy. In fact, today Bitcoin is used by many companies and recently, Lamborghini has started accepting the CryptoCurrencies. And freshly, someone bought a house with Bitcoin. This is just the beginning and many bright steps lie ahead of the crypto world. What we need is value creation in the economy and not restricting the usage in the crypto exchanges.
Steem is the Best Example.
Not that we don't know what steem platform is, Or we wouldn't have been here. This platform is actually creating a value to our economy. We may use our earnings to buy other cryptos, but there are many of us here to make a living and you wouldn't deny that right. It has helped many bloggers, musicians, entertainers make extra income that they wouldn't have made even with working hard on YouTube or other platforms. Facebook and other social media are a joke in front of steemit. They don't even pay you anything for what you do. With the earnings of steem, you may have spent it in some supermarket of somewhere to buy something right. This platform does create a value to the crypto space and the economy.
Steem is definitely the largest and most successful working project to date 😉
Sure is. And so is BtC
Of course BTC 😉
Yo ,
Thanks for the great content
You are always welcome. Don't forget to join us in our discord server too.
Transaction speed is increasing isnt it? how is segwit doing?
re:China bans
More and more I tend to think , that all those "bans" are nothing more than just a tool to a global market manipulation. What holds them away to remove those bans after some time (2-3 month, a year or two) after they made a HUGE HUGE buys on the drop-down dips ?
Almost a perfect business (war?) plan:
sell off most of your coins at peak slowly (sell because you know a DIP is comin'. It sure will come, because YOU will create it), then anounce as dreadfull BAN's as you can - share the FUD- get as huge DIP's as you can - make a massive buys on these DIPs.
And remmember, do it all on a global scale. Not local. GLOBAL. Because you can, yoy are so huge.
You are CHINA !
Why this is not a perfect weapon against the rest of the world? Against the western world (USA & EU) first of all ?
Answer me.
Yes! It is a market manipulation...
China is the largest market of cryptocurrencies. And if other nations were to ban the cryptos, I'd not have a large impact as China has.
Good points about the Cyclist, of which
I am one, ruining the GDP. I'm quite proud of that!
The Crypto space is just the most interesting thing happening right now, I can see governments quaking in their boots!
As Bill McKibbon said, the most economically productive citizen is a cancer patient who totals their car on the way to meet with their divorce lawyer... ;)
Lmao.. lol
Ha! Right!
Sure is.
The CEO made bad statement since you still need to buy/paid for daily usage and maybe some hobbies.
LAToken aims to tokenize assets worth $1.2 trillion by2022 It already launched trades of Real Estate LAT backed by ETF, tokenized shares of Apple, Tesla, Google and other blue chips, as well as gold and oil. https://sale.latoken.com/?r=cfb74eff2e
bitcoin is <3
😘
@abh12345 : hhhh. I agree with you. but the Ethereum going up
beat the Bitcoin.
We shall see! I think Bitcoin will become the new gold. Pointless in a supermarket but the new store of value.
hhhh. yes. I am waiting This happens
It is a store of value brother! But don't think bitcoin can be overtaken.
We need to wait and see what ethereum will do next. You cant say anything for now.
How come Netherland didnt crash in economy?
Crypto economy or the countries economy?
Countries economy since most of them are cyclist :)
For a country like India, where people prefer saving over investing, does create a effect on the economy.
Hmm how is India related to cyclist? If you ever been to Netherlands, their main transport is bicycle. How is that not collapsing their economy lolz. You can ignore me if you just want to give some plain answer :)
That phrase was by an Indian. And he referred it to India. India also has a lot of cyclist. If you're comparing Indian population to Netherlands than comparing people with cycle in India still is a large number.
Now Netherlands economy is not effected because, people there prefer investing more than saving. While in India there's Trillions of USD locked up in banks.
In a basic economy, for a countries economy to grow, you need the money to be circulated. It needs to go around to complete an economic cycle.
Correct me if am wrong. 😊
Thanks to Steemit, bloggers like me can make money and pay for our expenses! Thanks for this article, it's brilliantly written.
Btw, I created a banner here if you would like to use it. It will appear bigger in a post.
It's a great banner.😘
Thanks!
I liken the analogy of the cyclist, fits well. China has tried banning bitcoin in the past, so I see the banning of icos as a temporary thing, just trying to slow things down, but make no mistake, there will be no stopping the crypto machine from becoming a ubiquitous part of the worlds market as long as it doesn't self destruct
Soo true.. 😂
pocketsend:100@jasonshick, the machine is indeed running and won't be stopped anymore. Better adapt to it and make good use of it then waste valuable time by trying to ban it.
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The Blockchain is a great technology and for the time being we can expect that emergent nature of the community will overcome all the bans, governments and restrictions and to continuously change technology on its way.
Having said this it's very difficult to bet on the right crypto, which one will be the one that will solve the specific issue of the moment?
My suggestion would be to:
I wrote a small series on diversification benefits and the income that can be created through it.
CryptoPortfolio - Extract a "diversification dividend" - Part 1: Geometric and Arithmetic Returns
CryptoPortfolio - Extract a "diversification dividend" - Part 2: Portfolio Risk and Diversification
CryptoPortfolio - Extract a "diversification dividend" - Part 3: How to make 8% more per year
I would be grateful to anyone who wants to take a look and let me know what he/she thinks! Thanks
I would invest on tokens that create value in the crypto space.
Wow, blows my mind that there are over 1100 tokens currently. Unfortunately the vast majority of them are currently worthless.
there are way more :) just 1100 of the 100k are listed
Yup. Many are on low volume.
pocketsend:100@supremeyc, here's another token for you. Pocket tokens, useful for tipping each other at Steemit as an alternative for SBD.
Thanks @wekkel but you unfortunately mis-spelled my screen name. I hope that other person enjoys those pocket tokens =)
pocketsend:100@supremenyc, now with the correct name :)
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Wow nice
I like your post
@safrijals : I would like to should you read and advise or criticism about this
Thank you. 😊
I have read
same i will always follow you
But remember the Cyclist gives joy to the crowd when the winner of Tour D' Philippines was Reynante in 1980 and many greeted him but what does this cyclist related to Bitcoin. Cyclist can move what they want or when they want no one interrupted them and either they have no license from the government which means you are doing business without intervention of the government is like free economy and free enterprises. Which means that Cyclist or Crypto will not only change peoples lives but it make them Millionaires. So, when anyone understand the trading of cryptocurrencies everyone will participate and educate themselves on this investment as effect of chain reaction many will be influenced and many individual will become millionaires. I invasion myself to convert 1,000,0000 Filipino Millionaires by educating them in the crypto world so that they can invest more and earn more profits to advance their living. Excellent Report adsactly.
Please don't forget to join my team in Bitconnect to earn more profits http://bit.ly/btcprincess or http://bit.ly/bitcoinprince.
Everyone have their own point of view. 😉
Great and very use full information
Thank you.. 😊
yes, its sure many currencies are competing with Bitcoin but it is so strong as time pass
love this post <3
Thank you. 🤓
Many Many thanks for share this .
You are welcome. 😊
👍👍👍👍👍
@beautypics ; me too
@adsactly : I like you say that "Bitcoin is still the king of the market and every other crypto currency has the BTC pairing". but I am sure one moment Ethereum will stop biscoin or are below
Bitcoin and Ethereum are not necessarily contenders. The price is just a sticker. What counts is the network and use. I do not necessarily see Ethereum take over the transactional role or role as 'store of value' of Bitcoin. These networks could simply serve different roles, coexisting together.
We'll explained.
It will be interesting to see what happens in the future.
emm. i'm agree
thank you @manishmike10
Hope crypto transcends into way of life and breaks the debt deadlock.
Sure will. We need to wait for that.. 😋
Thanks for Amazing Explanation.
You are welcome. 😊
Great post, by read this post, i get e knowledge about bitcoin.
Good luck @adsactly
@zultaroky : whether ye have not have another idea about bitcoin and Ethereum? Please share If there is a
Appreciate that 😊. Glad we were able to educate you.
Thanks so much for your information it does help me to understand the crypto market mush better.
Glad we were able to help you. 😊
Bitcoin is decreasing now its time to invest in bitcoin @adsactly
It is a good time to invest. But it may still go further down.
Yeah bro u also right but i
Great! thanks for share.
in the future, as Indonesia is a lot of steemit users. maybe payment with sbd will be more places can accept and digital currency will develop, india also have made regulation to this..., and my hope steem will be higher in price...because i am steemian..
@slempase ; If the steem higher paid I'll leave blog and youtube hahahahha.
Haha 😁
That's a very smart vision. If you have any business or shops, you can accept sbd or steem as payments.
Can bitcoin surpass the 5k dollar value before the year ends..😋
Time will tell. It actually reached 5k then some idiot sold of Billion dollars worth of BTC.
The whales keeps on whaling with BTC...lol
Interesting post!!
Thanks for share
Welcome.
China want to regulate just control to market and want to strengthen china economy in this way, Excellent post. Upvoted, resteemed and following.
Maybe 😋
Approving this article !
We are a part of something big with steem.
We all are.
Great post, steem is the only one currently creating real value. BTC and ETH will become useful once a network of merchants accepting those forms of payments are up and running.
You are correct sir..
Great points @adsactly. Upvoted and RESTEEMED :]
Thank you. 😊
Cyclists is really a problem :))) Seriously! I believe that Steemit will become a competitor to Bitcoin! I want to believe)
never underestimate social media, steemians trust in steemit, it will be top ten
We all want to believe that.. 😋
Very nice post!I hope cryptocurrency will be the future king, but I also wonder at the same time how many more countries will ban ICO's and make anything to do with it illegal how they did it in China?How will it further influence the development of cryptocurrency overall?
This ban is only to manipulate the market. With people demanding more and more cryptos, I don't think government can cause more harm here.
nice article, keep sharing :-)
Keep reading. 😊
Great post👍
Thank you.
Some as
It's interesting watching the cryptocurrencies rise and fall on the shares market, Dash hit a lull and then climbed quite high. Now Etherium has dropped very low, I'm expect to see that start climbing .
This kind of market stage has come up in the past too. I'd call it a market manipulation.
It concerns regular ups and downs. The technical indicators do not point to more than a correction . So I am confident that we will survive this rout once more.
STEEM all the way :)
Yeah!!
Upvoted and followed. Thank you for all the good info!
I see a slow but sure merging between cryptocurrencies and the regular financial systems happening. While there has always been some connection between the two being pursued by certain parties (e.g., Ripple), initiatives like Bankera and TenX truly indicate cryptocurrencies merging into regular life.
And that's a good thing as the more users, the more valuable the network. It is a sign of progression although maximalists may think otherwise.
In the end, cryptocurrencies are supposed to solve problems and I think the awareness that they indeed offer solutions instead of just being gimmicks is slowly gaining traction.
You have a good point. 😊
If you are not in our discord server, do join us. https://discord.gg/FYMRNA we have some great analysts and good people.
pocketsend:100@manishmike10, Thank you. I may give discord a look but I am hesitant to sign up to yet another online service.
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As a steemian, not being in discord may be a mistake. There are many people in discord, whales more active in discord than on steem chat .
Thanks for that information. But Discord does not work with upvotes and STEEM 😇
But it's a place to be in if you were to gain recognition.
https://www.pally.co/
That's a lot of tokens, thanks for the info. I agree 100%, FB is a joke in any comparison to Steemit! :-) LOL!
lol yeah. :)
bitcoin price now
I really, really like the car/ cyclist analogy for explaining how wealth is created in the form of GDP. This then tails off nicely into why Steem and Cryptos create value for society. Really nice article.
Thank you 😊
Agree
Bitcoin’s first felon is in his favorite mode: full-on bluster. We’re in Sarasota, where he lives, perched on stools at Pangea Alchemy Lab, a faux-speakeasy tucked behind a curtain in the back of a sandwich shop. The bartender is a bearded anarchist who, after making our drinks—he drips water from a sort of four-armed decanter onto sugar cubes suspended on slotted spoons above glasses of French absinthe—asks if I’ve read Debt: The First 5,000 Years, by the anthropologist David Graeber. Shrem has been offering plenty for the bartender to eavesdrop on, a discourse that features words like Bitcoin, blockchain, digital currency.
Good
i like the points stating on the cyclist. true thou. thanks for the content.
Aloha!
As there have been many comments made before my reply, I apologize, in advance, if I might have repeat a comment or two.
Here are my thoughts of this post:
I'm not quite sure what the topic is clearly about.
In response to China's ban on ICO; the ban are only of exchanges of active ICOs and upcoming ICOs. The reason: to prevent scams/fraud. I believe this is a great action to be had. No FUD necessary.
The next faster speed; as you have stated, is Ethereum compared to Bitcoin. I believe that LiteCoin had just passed their lightning speed test and will be the new competitor to Ethereum. Folks will prefer using LiteCoin more than Ethereum for that obvious fact. As for Bitcoin, it is a weath preserver because it is way expensive and slow.
Other than that, much mahalo for your great post. Aloha!
Good article why not write regularly every week on the state of crypto currencies ...let me know many thanks
I agree with your comments on ICOs and Bitcoin. I think the market over reacted just a bit too much on the news from China and also Russia last week.
https://steemit.com/bitcoin/@wanderingmind/over-blown-market-reaction-on-bitcoin-news-from-russia-and-china