The Successes and Failures of Fintech

The global fintech market is characterised by a booming digital payments industry valued at $3,403,168 million in 2018, with a total transaction value projected to increase by 13.2% by 2024. Among the largest sectors of the fintech industry are the personal finance sector and the burgeoning Robo-Advisors sector. According to market research (Research and Markets), the total market’s transactional value for 2019 through 2024 is forecast to grow at a compound annual growth rate (CAGR) of 8.6%. Fintech’s rise to prominence was facilitated to a large degree by the failure of central banks and established financial systems following the global financial crisis. A growing demand for workable financial solutions, structures and frameworks yielded innovative fintech solutions for improved efficiency, better management, and enhanced cost effectiveness.

Financial Tech Companies

The leading financial technology companies have set the standards high, with ambitious objectives aimed at solving real-world problems. Sometimes these incubator solutions have prospered, at other times they have failed. The rationale for ongoing R&D into Fintech solutions is to replace redundant, expensive financial frameworks and entrenched systems with leaner and more efficient solutions. Fintech’s advances have not been without the occasional stumbling block. One such area of concern is small business lending. Predatory pricing techniques and invasive business practices have tarred this particular segment of the fintech industry. Greater regulatory compliance and oversight are needed to establish credibility among users.

Challenges Ahead for Sectors of the Fintech Industry

So, what’s really going on in the Fintech space? What are the notable failures and what are the possible bright spots on the horizon? It appears that the most significant losses are attributable to banking companies and online lenders. Several big-name enterprises like CAN Capital, OnDeck and even Lending Club have suffered acute losses, as reflected in their stock prices. For example, LendingClub Corp stock has dropped from over $25 per share in 2014 to just $3.60 per share today. This begs the question: Why are online lending companies failing while traditional financial institutions are enjoying incremental growth? An interesting insight is provided by acclaimed investor, J. Christopher Flowers. His analysis of fintech companies is revealing. Fintech companies don’t follow the narrative of financial companies. Fintech is geared towards massive growth and dominance in double-quick time. Financial enterprise is typically slow and steady, with incremental growth over time.

Funding For Technology

With tech funding, investors plough huge amounts of money into new ventures with a short-term perspective. In financial circles, trust needs to be built, reputations established, and market penetration achieved. All of these things take time to process. With fintech it’s about who gets to market first in a rush for dominance. Fintech enterprises in the online lending industry are all about pushing sales, first and foremost. Proof of this dash towards rapid growth and dominance in the online lending market is evident in the high cost per click with keywords on Google. To cut a long story short, advertising campaigns with many online lenders are geared towards growth at all costs. By working with established fintech enterprises, fintech newbies fall into the trap of stagnation. The reason d’etre of fintech is disruptive technology, while incumbent enterprises are set in their ways. This makes it rather difficult to gain traction.

Fintech Success Stories to Rebalance the Scales

Fintech has a place in today’s fast-paced world, particularly in areas where clunky processes hamper the efficiency of important business functions. One striking example of fintech at work is in the area of global payroll payments processing. Payroll costs are a major bugbear for companies all over the world. Global payroll operations across multiple territories and jurisdictions typically cost companies substantial sums of money and they are associated with significant security concerns, legal complexities, and compliance-related issues. Fintech companies offering sophisticated solutions in the form of automated payroll processing solutions are having an impact on the profitability and efficiency of company operations. Many companies have touted solutions for global payroll, but only a select few generate the types of results that are needed to validate their adoption. The hallmarks of effective global workforce management platforms are cost-reducing solutions, fully automated payroll systems, and full compliance with GDPR. By eliminating email dependency in the payroll function, it is possible to improve data security and coverage for employees and the company.

 

A big part of the inefficiency problem with global payroll management is compliance. Each country, territory or jurisdiction has specific rules in place regarding payroll management. With automated payroll solutions, compliance is guaranteed. Thanks to local verified experts in place, it is easy to enjoy complete control and transparency of all payroll-related activity. Automated payroll solutions run on autopilot, without any complexity. By connecting with local suppliers, companies can enjoy best-in-class payroll management through secure, efficient and compliant payroll solutions. Many other promising areas are ripe for fintech development. Innovative technologies are giving rise to systems, products and services making it easier to manage finances for businesses and individuals, secure payments channels, and facilitate greater efficiency across the board. Digital banking is slated to double in size within a few years, and mobile payments are expected to reach $275 billion by 2021 (Statista). Various other fintech fields are being cultivated, including biometric banking identifiers, insuretech, regtech (fintech regulatory compliance systems), blockchain, and concepts such as ‘Social Money’. Each of these fintech markets is enjoying substantial investment, and adoption of these new technologies is quickly gaining traction.

The Future of FinTech

The future certainly looks bright for fintech and all its applications. New developments are being brought to market at breakneck speed. While some concepts will inevitably fail, but offer solutions to existing challenges.

 

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An Untraceable Currency? Bitcoin Privacy Concerns

Bitcoin is frequently portrayed being an untraceable technique of payment that facilitates illegal activities by allowing crooks to create and receive payments without being tracked. This depiction implies that users transacting in bitcoin can completely do so anonymously that their identities will never be exposed. However, that isn’t fundamentally the way it is. Although bitcoin provides better privacy when compared with traditional-payment connecting a 3rd-party intermediary for example a credit-card provider, it’s nevertheless not as anonymous as a cash transaction. A person’s identity could potentially be exposed in bitcoin transactions in fact, there are many ways.

A general idea of the Blockchain

Bitcoin isn’t anonymous. As we explain below, it really is pseudonymous an important distinction. It can also be a decentralized, peer-to-peer currency that is digital having no third-party intermediary for instance, a charge card issuer, vendor processor or bank that is involved to verify a transaction between a customer and vendor. Since there is no party that is third there must be another way to confirm a transaction between two users and avoid the double-spending problem i.e., a means of guarantee that an individual does maybe spend bitcoin they have formerly transferred.

This is where the Blockchain, the undoubtedly revolutionary aspect of cryptocurrencies such as for instance bitcoin, is necessary. A Blockchain is just a public, distributed ledger, by which every transaction is documented. A Blockchain ledger is distributed across a group of computers thousands of them, each with its own copy of the Blockchain transactions unlike traditional payment systems in which the ledger is maintained by a single third party.

Each block of deals in a Blockchain is complete by users within the peer-to-peer network, known as miners, who compete to resolve a complex problem that is computational. 1st successful miner to validate the deal broadcasts it to the network that then checks the results. Once checked, the new deals are added as a new block to the Blockchain. The miner who first successfully verified this transaction gets rewarded by the network with newly created bitcoins in the case of bitcoin. At the time of 2016, the reward was reduced from 25 to 12.5 bitcoins, and it is expected that the reward will be further reduced to 6.25 bitcoins in 2021 July.

Tracing Bitcoins Back to Individuals

Encryption might make the impression that these transactions are visible however unmatchable to specific individuals. However, bitcoin isn’t as untraceable as encryption may indicate. Tying an encrypted transaction to a real person may be it’s not really a risk that is remote. There are numerous ways this could occur. Users who count on a bitcoin trading exchange such as Bitfinex and Binance or Kraken to switch money for bitcoin have to divulge their information that is personal to exchange to produce a free account. The information collected by the trade varies, however normally includes, at a minimum, a user’s first and name that is last and, possibly, a phone number. The trade may additionally collect a user’s ip. If these exchanges had been subject to a data protection breach, a user’s personal information could be exposed. In addition, some exchanges that are centralized to manage users’ bitcoin funds and users’ private keys on their behalf.

You can find additionally wallet that is on line providers that control users’ wallets on their behalf. A wallet is really a software program that stores an accumulation of a public that is user’s personal key pairs. The storage space of personal tips makes these central exchanges, and online wallet providers, prime targets for crooks because, as discussed above, you aren’t access to a user’s personal key should be able to develop a bitcoin transaction that is valid. A hacker who accesses a user’s private key can send all of that user’s bitcoins to him or herself, or even to any intermediary of their choosing.

Summary

Although bitcoin is a decentralized and unregulated payment method, users should recognize that this does not mean that their bitcoin transactions are private and hidden from scrutiny. The public nature for the Blockchain coupled with the increasing threat of government regulation can result in the identification of users involved in transacting the currency.

 

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Gold-Backed Digital Currency – Wall Street

What is Gold-Backed Digital Currency?

In the wake of the decline in the value of traditional crypto-assets, crypto believers are constantly on the lookout for new investment opportunities and innovative products that will enable them to continue to make a fortune. The fall of cryptocurrencies like bitcoin is often attributed to their price volatility as well as regulatory and application issues which erode investor and user confidence. With gold, there are no such concerns. For several years, gold has proven to be a durable, trustworthy, safe-haven asset and one of the most reliable ways to preserve wealth over the long term. This makes gold-backed cryptocurrency the perfect answer to the volatility seen in the crypto market, especially for those looking to secure financial stability.

Everything You Need to Know

Gold-backed digital currency is a form of stablecoin whose value is tied to that of gold. They combine the innovative capabilities of the blockchain technology with the relative stability of gold to provide a cushioning solution to the highly volatile cryptocurrency market.

To mitigate the challenges facing traditional cryptocurrencies and their extreme price swings, these assets are backed by physical gold through allocated or unallocated gold storage. Other than being pegged to gold, gold cryptocurrencies operate in a similar fashion to traditional cryptocurrencies like bitcoin.

How Gold-Backed Cryptocurrency Works

While each gold-backed cryptocurrency works differently, one universal principle binds them: they are all backed by a specific value of gold. As a result, the token being issued represents an amount of gold.

One popular cryptocurrency whose value is tied to the price of gold is OneGram. Each OneGram token is backed by one gram of physical gold, which help gives it stability.

What is the Difference Between Gold-Backed Cryptos and Other Digital Currency?

The primary difference between traditional cryptocurrency and that backed by gold is that while cryptocurrency initially attracts a small sum of money, gold-backed digital currency launch at a price determined by the market value of gold.

Because they are backed by gold, the value of gold-backed crypto assets does not fall below the price of gold. Often, gold-backed cryptocurrency commands a higher price than gold the more popular it is. The value of traditional cryptocurrency is determined through supply and demand as is the case for common stocks and is also affected by hype and perception.

Experts argue that perception is the primary driver of crypto prices. Other factors that affect the price of cryptocurrency include mining difficulty, energy usage, token utility, and investor behavior.

What Are the Popular Gold-Backed Digital Currencies?

Some of the most popular gold-backed digital currencies include:
  • OneGram (OGC)
  • AgAu
  • Airgead
  • Anthem Gold (AGLD)
  • AssetBase
  • AurumCoin (AU)
  • BullionCoin (XAAU)
  • Currensee (CUR)
  • Darico (DEC)
  • DinarDirham (DNC)
  • Flashmoni (OZG OZT)
  • Gold Bits Coin (GBC)
  • GoldMineCoin (GMC)
  • GOLDUSA (GOLD)
  • HelloGold (Goldx)
  • OZcoinGold (OzGLD)

How to Buy Gold-Backed Cryptocurrency

While the method of buying token might vary from one gold-backed digital currency to another, you’ll generally need enough of either bitcoin or ethereum to buy gold-backed cryptocurrency.

To buy any gold-backed digital currency, visit their site and follow the steps necessary to purchase the coin.

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New ICO Offerings – Wall Street

Initial Coin Offering (ICO), a crowdfunding practice that issues digital tokens, continues to attract record attendance and rave reviews from the media and crypto enthusiasts – for good reasons. Its influence goes far and wide, creating a new breed of tech millionaires out of small investors and ordinary citizens.

The success of ICOs such as Ethereum, Spectrecoin, NEO, etc., coupled with the significant growth of the cryptocurrency market has more and more people interested in the emerging digital currency market. Big risks, big rewards, they say. To help you find some of the best investing opportunities, this piece lists the newest and most promising ICOs you should know.

Newest ICO’S

  1. Crystal Token (CYL)

Crystal Token is a cryptocurrency that brings innovation in the area of smart investments through a concept known as Virtual Staking. The Virtual Staking program offers a unique combination of lending and staking, where investors can borrow at least 100 Virtual Crystal Token (VCYL) and receive a maximum of 2 percent interest each day.

In addition, investors who borrow more than 2,500 VCYL will get either 3% or 7% interest worth of coins when their capital is due. Investors can reinvest their funds back into the program automatically if they like. In this case, the interest is added to the original loan instead of creating a new one. Depending on the amount invested, investors can receive capital anywhere between 120-180 days.

Those who cannot wait that long may consider lending into the short term program where capital is released between 30 to 90 days. However, this program attracts a maximum of just 1% interest on a daily basis.

The token, which runs on the Ethereum platform, has a total supply of 28,000000 (CYL), out of which around 7,000,000 are currently in supply.

Ubex is a decentralized advertising platform built on mutual trust and efficiency. Organizations who wish to advertise on this exchange can buy ad slots in real time using programmatic technology. Ubex is based on neural networks with the use of smart contracts.

The neural networks assess users’ interests, estimate the probability of targeted actions for the advertising company’s offers, and then selects the most appropriate advertisement. Around 2,880,000,000 UBEX tokens are available for sale.

  1. MB8Coin (MB8)

MB8Coin is a cryptocurrency that was designed to power the current Multibuy loyalty rewards network, which makes it the first ever digital currency with established world applications. MB8 runs on the X13 platform. The going ICO price is 1 Euro = 3 MB8. About 550,000,000 MB8 tokens are available for sale.

  1. Aenco (AEN)

Aenco is a financial solutions platform that is based on the blockchain. The token has applications in health, smart capital, as well as prime brokerage. It enables health organizations to research, examine, and assist each other in finding cures for diseases.

  1. SilkChain (SILK)

First announced in March 2018, SilkChain is a blockchain-based token that seeks to improve international trade. The token has a total supply of 10,000,000,000 SILK. The ICO conversion is 1 ETH = 11,000 SILK.

Last Word

While it is hard to say for sure what the future holds for these tokens, it cannot be denied that they are a critical part of the innovation process that brings new ideas and concepts to the world of cryptocurrency. As far as ICOs go, they represent some of the most promising you’ll find anywhere today.

 

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How to Buy Bitcoin – Wall Street

Smartphone with Bitcoin chart on-screen among piles of Bitcoins. Bitcoin trading concept.

Virtual Currency

We were already impressed about a decade ago, but today we can see that cryptocurrency has come a long way since then. Digital currencies are becoming much more widely adopted, and it is never more apparent than when you look at bitcoin, the first, most well-known, most accepted, and most commonly adopted cryptocurrency out there.

The virtual currency, which was created in 2009 by an individual (or group) under the pseudonym Satoshi Nakamoto, has seen a repeated rise, fall, and resurgence yet its influence remains. Given its importance and popularity, it makes sense that it is the go-to digital currency for people joining the crypto-craze.

If you are looking to get into the cryptocurrency game, this comprehensive guide provides the necessary guidance on how to buy bitcoin.

Before You Buy Bitcoins

To buy bitcoins, you first need to get yourself a bitcoin wallet to store the tokens you will be purchasing. Bitcoin wallets are applications that have been specially designed to store bitcoins in much the same way your bank account stores your traditional currency.

Besides holding bitcoins, a crypto wallet is used to send or receive bitcoins from other users. The most popular wallets you can use to store, send, or receive bitcoins include the Ledger Nano S, Trezor Wallet, Electrum Wallet, Coinbase, MyCelium, Xapo, Blockchain.info, among others. These wallets provide you with different levels of security, storage, and access options.

How to Buy Bitcoin

That said, some of the best exchange platforms to buy bitcoin from include:

Purchase Bitcoins on Cryptocurrency Exchange Platforms

One of the ways to purchase bitcoins is to use a cryptocurrency exchange. A cryptocurrency exchange platform is an online portal that lets you buy, sell, or exchange cryptocurrencies such as Bitcoin for other digital currencies or central bank issued currencies like the US dollar or Euro.

These platforms automatically merge a buy and sell order without market participants knowing each other. Exchange transactions are completed instantly. One of the main factors to consider before choosing an exchange platform is your location. This is because some exchanges are not available in all countries.

There are many ways you can buy bitcoins. You can choose from the following:
  • Coinbase: Coinbase is one of the world’s most popular digital currency exchanges with over 20 million accounts in its care. The platform lets users buy, sell, store, and trade cryptocurrencies like bitcoin. Bitcoin can be purchased using debit or credit cards at a fee of 3.99%.
  • Coinmama: Coinmama is a worldwide exchange that lets you buy bitcoins with debit or credit cards. The platform charges 6% for every purchase made.
  • io: This platform allows you to buy bitcoins through a variety of payment channels including credit card, SEPA transfer, ACH bank transfer, AstroPay, and even cash. CEX.io charges a low transaction fee of 0.2%.

Other platforms you can use include Gemini, Kraken, Bitstamp, Changelly, etc.

Bitcoin ATMs

Bitcoin ATMs offer a fast, secure, and convenient way to purchase bitcoins. To buy bitcoins via an ATM, all you need to do is insert cash into the machine. After that, you will receive a paper receipt containing the codes and instructions on how to send the funds to your bitcoin to your wallet.

Alternatively, you can scan your mobile wallet QR code to have the funds transferred directly to your wallet. Purchasing bitcoin on these machines attract between 3-8% commission on top of the standard exchange price.

LocalBitcoins

LocalBitcoins is a peer-to-peer service which matches bitcoin buyers and sellers. The platform, which also provides an escrow service, enables buyers to transact face-to-face with a local seller. To enhance privacy, LocalBitcoins allows you to purchase bitcoin in person without linking identity to an exchange.

Trades can also be carried out over the internet, provided you and the seller agree. Transaction fee varies between 5-10% depending on the seller you’re dealing with. This amount is paid in addition to the original exchange price.

Gift Cards

Another way to buy bitcoins is to trade gift cards for bitcoins. To do this, buy a gift card from any retailer, then log into a bitcoin exchange platform where gift cards are accepted (such as LocalBitcoins, Paxful, etc.) to complete the transaction.

Conclusion

Buying bitcoins is fast and easy, which doesn’t come as a surprise given the popularity of the token. However, we advise that you do your research thoroughly before you proceed to buy bitcoins, especially if you are using gift cards. This will help you avoid fraudsters looking to cheat and con you out of your money.

 

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5 Top Financial Technology Trends

Trends in FinTech

Lately, there has been a lot of buzz in the financial services space over the quick and radical changes in the sector brought about by its shift to a new, digital model that will fundamentally transform everything.
In this Featured Article, we take a look at the trends shaping the financial services industry to bring you the most current trends affecting your everyday life. Financial Technology is move at an incredible speed.
  1. Digital Transformation

Our world is becoming very tech-inclined with a growing reliance on technology and online resources. This, coupled with increased competition from fintech and regtech firms whose business model revolves around a variety of new technologies has forced traditional financial institutions to invest in digital technologies to remake processes and become more efficient.

  1. Artificial Intelligence (AI) and Blockchain

AI and Blockchain continue to expand the frontiers of technology, enabling companies to solve even harder problems and disrupt the financial services landscape with huge competitive advantages. AI, for one, is taking the financial services industry by storm.

Several financial services firms now rely on artificial intelligence to cut cost, save time, and add value. For instance, wealth management institutions now use robo-advisors to analyze and understand client investment, spending, and general behavior regarding money management so they can customize the advice offered to customers.

Similarly, the blockchain, the technology which runs cryptocurrencies, continues to power innovation in the financial services sector. It offers an opportunity to speed up and simplify cross-border payments, ensure greater trade accuracy, improve online identify management, and ensure transparency in financial operations.

Through smart contracts, transactions and agreements are executed automatically once the conditions coded in them are satisfied. This help eliminates the need for an intermediary and leads to a reduction in cost.

  1. Digital-Only Banks Influence in the Financial World Continues to Grow

Digital-only banks and fintech companies are threatening to replace traditional banks as the focal point of the banking experience. As technological advancements continue to expand and consumers become more comfortable using the internet, their expectations for instant and straightforward digital interactions will continue to increase.

By their very nature, digital-only banks possess the tools necessary to offer consumers what they expect and prefer. Not operating from any physical location means they attract low transaction cost, which allows them to distribute resources better to provide customer experiences that are uniquely differentiated.

For instance, DBS Bank, a Marina Bay-based digital-only bank offers up to 7% interest rates on savings accounts, unlimited access to ATMs, zero balance requirements, etc., all of which can be difficult for legacy organizations to provide.

  1. Big Data Continues to Drive Modern Business Operations

Organizations continue to find new ways to leverage big data. This data now enables companies to create real competitive advantages by providing large amounts of information to assist with their research, marketing, etc. It is predicted that the Internet of Things will make big data even bigger by providing plenty of storage space as well as by offering the big data itself.

  1. Banks and Financial Institutions Embrace Cloud-Based Offerings

Cloud innovation has been a thing in the financial services industry for a while now. However, it wasn’t until recently that banks started to embrace it. The innovation was generally not well received by traditional banks due to security issues. Brick and Mortar institutions feared that entrusting data to cloud will make it more susceptible to hacks.

Today, however, the technology is becoming more widely accepted, as banks now use cloud computing for non-critical functions like email, human resource, customer relationship management (CRM), customer analytics, as well as for development and testing.

 

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The XY Oracle Network / Cryptographic Location Network

 

Initial Coin Offerings

Initial Coin Offerings (ICOs) have changed the world of venture capital and continue to offer a new way to raise money. The massive increase in the value of cryptocurrencies and the incredible power of the blockchain, decentralization, and tokenization continue to drive the growth of ICOs in recent times.

This has led to the explosion of applications, platforms, and technologies being launched into the crypto space. Of these, one specific project could prove to be significant and revolutionary: the XY Oracle Network. In many quarters, the network is seen as having the capacity to remake the location tracking system. But what exactly is this platform and how will it bring changes?

What It Is

The XY Oracle Network is a secure, decentralized, and truly trusted proof of location system that connects the digital world to the actual world, thanks to its technology infrastructure which allows smart contracts to access the physical world. By so doing, the network’s ecosystem of devices tries to verify a node’s specific XY-coordinate and allow users to utilize apps that perform transactions in a Smart Contract.

Anything that needs to verify location data in any form can benefit from what the XY Oracle Network brings, as the blockchain-based platform was designed to ensure the accuracy and validity of location-related information.

The main aim of the XY Oracle Network is to build a consumer product business that is based on location and puts traditional location technologies like Bluetooth and GPS tracking beacons out in the actual world. Current use cases of this technology can be found in industries such as rental car agencies, logistics, and e-commerce, among others.

The native token of the XY Oracle Network is called the XYO. The token incentivizes both XYO holders and crypto-location miners, and at the same time ensures low transaction fees, proper liquidity, and long-term value.

Why It Matters

The world is becoming increasingly reliant on data owing to advances in technology. Think package delivery drones, self-driving cars, and smart cities, which all require location data to function effectively and efficiently. These innovations necessitate the introduction of a decentralized platform that can obtain location data from several different location-tracking devices.

Consequently, the XY Oracle Network looks to resolve this problem through the provision of trustless location data using an ecosystem of crypto-location technologies and protocols. The ability of XYO Network to change the face of location tracking system depends largely on a set of a mechanism of cryptography: Proof of Origin and Bound Witnesses.

Proof of Origin help ensures that the data being provided is valid and cannot be falsified. The concept of Bound Witnesses, on the other hand, guarantees that two different nodes were in proximity to each other, confirming that the component of the XYO network provided precise location data. Besides, four key elements help facilitate the delivery of accurate data on the XYO Network. They include Sentinels, Bridges, Archivists, and Diviners.

Where It’s Going

The ability of the XYO Network to provide accurate, verified, and tamper-proof location data has the potential to disrupt existing industries and change the world.

First, it will enable organizations to provide an autonomously verified ledger to monitor a shipment process from start to finish. Being a decentralized and trustless platform, the XYO network allows independent confirmation of delivery and delivery history. This makes it possible for e-commerce platforms to implement a pay on delivery system.

Second, the XYO Network will protect public safety and privacy through the creation of a universal location protocol for automated drones to make the drones publicly accountable in the event of a breach in security or personal privacy.

Third, the XYO Network will help create a culture of accountability in health care and reduce medical errors. Others include reduced risk of fraud in insurance, enhanced security of authorized firearms in high-risk areas, etc.

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World Currencies of Low Value

 

World’s Lowest value Currencies Compared These to Cryptocurrencies

A currency is an essential symbol of value in any country, as it is a leading measure of economic health. Different currencies around the world have a different value. In some states, holding a fistful of dollars will make you feel quite rich owing to currency collapse.

In this post, we have compiled a list of some of the worst currencies based on their value to the US Dollar.

  1. Iranian Rial (IRR)

1 USD = 42,105 IRR

The Iranian Rial is currently the worst performing currency in the world. Its poor performance has been attributed to the economic and political uncertainty which continues to prompt panic buy of scarce dollars.

  1. Vietnamese Dong (VND)

1 USD = 23,202 VND

Currencies, they say, are a reflection of the economy they serve. The rowdy atmosphere, poor infrastructure, bribery and corruption, unnecessary regulations, taxes, and subsidies, etc., which characterize the Vietnamese political and economic scene have all contributed to the country’s shrinking currency. With Vietnam being a socialist-oriented market economy, it’s easy to see why this is the case.

  1. Indonesian Rupiah (IDR)

1 USD = 14,611 IDR

Despite having a relatively stable economy, geopolitical instability, which can be linked mainly to the Syrian crisis, still serves as a drag on the value of the Indonesian Rupiah.

Outside of politics and civil unrest, Indonesia lacks many raw materials needed for industry. As a result, it imports most of these materials from other countries, which weakens its currency relative to the hard-to-find dollars.

  1. Guinean Franc (GNF)

1 USD = 9,021 GNF

The Guinean Franc is the world’s fourth and Africa’s worst-performing currency. Experts attribute the weakness of this currency mainly to the high poverty levels in the West African country.

  1. Sierra Leonean Leone (SLL)

1 USD = 8550 SLL

As conflict and poverty continually ravage Sierra Leone, its currency continues to take a hit. The Leone has lost a significant portion of its value against the US Dollar due to civil disturbances, economic and political uncertainty, and inflation.

  1. Laotian Kip (Kip)

1 USD = 8,508

The value of the Laotian Kip was officially lowered from its issue date in 1952. Since then, however, the communist country has strengthened the value of the currency at different times in the past and continues to make efforts to boost its worth even though the IMF feels the currency is too strong given the nation’s large current account deficit.

  1. Uzbekistani Som (UZS)

1 USD = 7,774

Having suffered economic and market sanctions for over two decades, Uzbekistan devalued the Som in September 2017, with $1 valued at 8,100 Soms at the time. The currency has since been on the rise, as the nation’s new economic policy continues to attract foreign investment, setting it up for more gains.

  1. Paraguayan Guarani (PYG)

1 USD = 5,741 PYG

Poverty, corruption unemployment, and inflation, etc., which plague the Paraguayan economy on a massive scale, have caused the Guarani to be in free fall. Investors appear to be increasingly less willing to hold onto the currency for the reasons identified.

 

The Worlds Best Currencies

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How Cryptocurrencies Will Change the World

 

Digital Currencies are Changing the World of Finance

Cryptocurrencies have been making waves ever since they were introduced to members of the online trading community. Digital currencies aren’t just a promise; they are currently being applied to various uses. Along with blockchain technology, they continue to take businesses to areas that were previously untapped. Nowadays, it’s hard to go a single day without the mention of cryptocurrency in the news. Goes to tell just how far they have come in a very short while.

What Are Cryptocurrencies?

Cryptocurrency refers to electronic money that is used in online transactions. This money is stored in electronic wallets or computer files. Some common cryptocurrencies include Bitcoin, Ethereum, Ripple, Litecoin, etc. The blockchain technology is used in transferring and monitoring cryptocurrency transactions.

How Will Cryptocurrencies Change the World?

Much has been said about how cryptocurrency will revolutionize future payments, services, businesses, and by so doing, change the world. Some of these much talked about changes include:

  • Strengthen e-commerce: It appears that more and more people now shop online most of the time. Cryptocurrency gives individuals even more reasons to become used to the convenience of online shopping, as it mitigates the risk of fraud for both vendors, sellers, and shoppers and eases consumer concerns regarding the safety of their personal information. It is also expected that cryptocurrency will facilitate online shopping more efficiently than fiat currency since it does not have to observe international rules or comply with trade restrictions.
  • Ease cross-border transactions: Cryptocurrencies keep challenging conventional monetary systems in many regards. One of these areas is money transfers. Digital currencies such as bitcoin are as much of freely convertible money as there can be. More so, their fast execution times and meager transaction cost makes them the ideal resources for cross-border money transfer. It is no wonder currencies like Ripple are taking over with cross-border transactions.
  • Help increase global remittances: Older money transfer firms like MoneyGram and Western Union are not cost-effective. Typically, foreigners are charged a high percentage as commission when they send money to their home country. Asides the high commissions, funds transfers made through money transfer operators like Western Union are not processed on time. Cryptocurrency transfers, on the other hand, are highly cost-effective and occur in real time. Such advantages are expected to enable digital currencies to drive growth in foreign remittances. The fact that users could also process transfers directly from their mobile devices from any location will also help encourage participation.
  • Faster transfers: As already mentioned, cryptocurrency transactions are processed instantly. This means that market participants need not wait for days or weeks for transfers to be confirmed.
  • Beyond these, cryptocurrencies may also help bring stability to unstable fiat currencies, phase out the currency exchange system, give people more control over their own funds, and provide scalability, among others.

 

The Push is on for Cryptocurrencies

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Bitcoin, Ethereum Gain Despite Crypto Market Slump

The Current Crypto Market

It’s been a mixed second week for the crypto market ever since news broke that the US Commodity Futures Trading Commission (CFTC) is conducting a probe into the activities of several cryptocurrency exchanges. The action, which was necessitated by the launch of Bitcoin (BTC) futures by CME Group in late 2017, aims to look into the activities of cryptocurrency exchanges such as Coinbase, Bitstamp, Kraken, and itBit after it emerged that manipulative trading could have distorted the value of Bitcoin futures.
The move is seen as a way for the regulators to tighten control over trading schemes that can be used to manipulate the price of Bitcoin futures, which is under government’s control. Days after the announcement was made, all of the top 100 digital currencies by market capitalization fell, with the total cryptocurrency market capitalization falling by as much as $20 billion on June 10, per

Coinmarketcap.

Bitcoin lost around 5 percent of its value on the day after it traded at $7,244. On its part, Ethereum lost about 6 percent of its value, trading at around $568. Other losers included EOS and IOTA (MIOTA). The downward trajectory continued as Bitcoin traded below the $6,500 mark as the value of Ethereum dipped below $500 over the course of one week. However, it now appears that some cryptocurrencies are back in green, leaving the rest swimming in a sea of red.

Bitcoin and Ethereum Lead Recovery

Despite the losses suffered, it appears that a recovery could be coming after four out of the top ten digital currencies saw slight gains on June 17. Also, the market capitalization of all coins has since increased to $280 billion from a midweek low of around $264 billion.
Bitcoin gained slightly after it traded at an average of $6,505. Similarly, Ethereum recorded an increase of about 0.35% as it traded at around the $500 price mark. If you are willing to look past the top ten coins though, you will be impressed the most by the performances of the Binance Coin (BNB) and VeChain (VEN), which recorded 8.4 percent (now trading at $17.15) and 6 percent (currently trading at $3.11) gains respectively.

Cryptocurrency Market Keeps Sliding for the Rest

While the continued rally of cryptocurrencies like Bitcoin and Ethereum signal that a recovery may not be far off, crypto enthusiasts still have a cause to worry as other major coins show no signs of improvement. Deep down the bottom is IOTA (MIOTA), which lost around 2.16 percent of its value and now trades at $1.18.
EOS supporters who are hoping for a revival also have some waiting to do, as the currency lost around 1.3 percent of its value over the past 24 hours, trading at about $10.58.

 

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