Venezuela expands its cryptocurrency portfolio

By Moris Beracha.-

The Venezuelan government has carried out a massive advertisement campaign nationally and internationally, to promote its crypto asset called “Petro”, which has taken center stage, since it is used and anchored to the local currency and accounting unit in the finances of the South American nation.

Not only is the referred token commercialized in the country, which is backed by the huge oil reserves, but also digital entrepreneurs have decided to develop new cryptocurrencies that allow Venezuelans to protect their money in the face of a serious economic crisis that could not be controlled by the administration of President Nicolás Maduro.

In this sense, the head of the Venezuelan Association of Cryptocurrency (Asonacrip), José Álvarez, has stated in different media “there is a modest number of successful developments beyond the petro in Venezuela.”

It should be noted that in addition to bitcoin, dash and the bolivar, Venezuelans have other alternatives at their disposal, and some of them already work, with cases of their use in real life.

Here is a list of private cryptocurrencies that will give people something to talk about in 2019:

Bolivarcoin: It is a Venezuelan virtual currency created by Satoshisimon Bolivarmoto. It was born in 2015 and is based on the Bitcoin culture, aimed at maintaining anonymity, speed of transactions and financial freedom. The philosophy of Bolivarcoin is to follow the ideals established by other altcoins and adapt them and make it more user-friendly by creating a campaign on social networks to inform about its benefits and uses.

ArepaCoin: According to its developers, this cryptocurrency has as its main objective the recognition of Venezuelan bread: the arepa. Arepacoin is algorithm (SCRYPT), hybrid, PoW / PoS / PoS is 3% per year offering a currency of low inflation and organic growth.

OnixCoin: “It’s a digital currency focused on privacy, with instant transactions and an open source. It allows you to keep your finances private, similar to cash,” it says on their website. This crypto that “anyone can extract or buy” currently costs 0.002914 USD. It has a market capitalization of $ 312,048 and is ranked 957 on the Coinmarketcap platform.

PerlaCoin: Although there is not much information about the development of this cryptocurrency, on twitter we could find that it is a project that was established in Margarita Island and it is a token for tourism in Venezuela. “We want to use the advantages of blockchain technology and the legalization of crypto-assets to boost tourism and associated trade, mainly in Nueva Esparta and the Insular Territory of Miranda.”

Undoubtedly, all these cryptocurrencies can be used as a method for inflation protection, since several of them offer very low commissions when compared to bitcoin and people can have access to buying and selling in local currency.

In addition, the Venezuelan crypto can be used for sending and receiving remittances, buying and selling goods and services, covering a wide spectrum both nationally and internationally.

Article published in: https://medium.com/@morisberachawuani/venezuela-expands-its-cryptocurrency-portfolio-deae2bc19450

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Mining with GPU, a way to earn cryptocurrencies with little effort

By Moris Beracha.-

Different companies that manufacture computer hardware and electronic components have launched campaigns to offer their users, a kind of “passive” mining that will allow them to make profits in cryptocurrencies with very little effort.

The decision is basically due to the resounding fall in the prices of the main digital currencies, which have hit hard the assets of these companies.

Given this reality, the Taiwanese company Asus, has decided to take action on the matter, specifying an alliance with Quantumcloud to develop a software that allows users of its gaming equipment, to mine cryptocurrencies while our GPU is at rest.

To date the Asian technology giant has not offered details of how this tool will work and they have not explained which cryptocurrencies can be mined through it.

Although the Quantumcloud website ensures that users of their application “will not get rich quickly,” they argue if they can get some money while the computer’s GPU is in sleep mode.

Different specialists in the field believe that this initiative will not have any kind of benefits for companies, since whatever is collected, in their opinion, will be insignificant given the large losses recorded in 2018.

This Asus initiative would join modalities such as mining bitcoins and ethereum with a computer using “Minergate” that does not require special equipment or high computer skills and in addition, many describe the experience as a “fun” experiment.

Although this type of mining is not at all profitable, it is very important to know that companies are concerned and working to keep the issue of cryptocurrencies afloat, which could give a long life to these digital assets that today are suffering a losing streak.

Article published in: https://medium.com/@morisberachawuani/mining-with-gpu-a-way-to-earn-cryptocurrencies-with-little-effort-f2479f91bf0c

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Do you know how to protect your cryptocurrencies?

By Moris Beracha.-

The bitcoins and the main cryptocurrencies in the market were designed with some important security patterns, which make them quite difficult to steal.

The fundamental aspects of cryptocurrencies include protecting user privacy, avoiding asset theft and avoiding harmful practices such as double spending.

However, there are some failures that are sought out by hackers, which allow them to take over and empty some accounts, leaving losses, in some cases, of thousands or millions of dollars.

According to the Bit2me cryptocurrency and blockchain academy, about a billion US dollars in Bitcoin have been stolen to date.

They recall the thefts in Mt Gt I and II, for a total of 769,408 bitcoins; the 173,655 bitcoins seized by the FBI when closing Silk Road; the robbery known as “Pony” Botnet, which stands out due to the number of machines involved, and which amounted to a total of US $ 220,000 in various types of cryptocurrencies that currently exist.

Given the latent threats, some experts in digital security make the following recommendations to have a safe and well-protected investment:

1.- Manage your own passwords. Leave the cryptocurrencies as little as possible in the hands of third parties and adopt measures regarding the pishing.

2.- Update software, antivirus and wallets.

3.- They recommend encrypting private passwords, for example, of the purses, with passwords or pins. Also, to make it difficult to decipher them, it is convenient to use complex passwords to encrypt.

4.- The use of password managers can be interesting, but it is necessary to write them somewhere else in case you lose access to the manager.

5.- If you decide to use online services, it is advisable to use double authentication or double security level.

6.- In case you use offline wallets, the best advice is to back them up and store them in different places. If any of them allow it, it is convenient to encrypt them.

7.- If wallets are used, it is advisable to confirm if they are HD or not. In the first case, it may be enough to backup the seed. In the second, it is convenient to switch to HD wallets, and, in the meantime, back up each transaction.

With these 7 steps you will be able to keep your cryptocurrencies safe and it is always necessary to be updated regarding security information in order to make hackers work harder.

Article published in: https://medium.com

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Why is it important to invest in Stablecoins?

By Moris Beracha.-

Article published in: http://www.medium.com

The high levels of volatility of the most popular cryptocurrencies in the world have led investors to look towards price stable “Stablecoins” or crypto assets.

These are digital assets designed to maintain a stable price, linked to a stable fiduciary currency, or that are related to products or other cryptocurrencies.

The advantages of backed cryptocurrencies are that currencies are stabilized by assets that fluctuate outside the technological realm, that is, the underlying asset is not correlated, reducing financial risk.

The main Stablecoins are:

Tether (USDT) is the best-known example of stablecoins. Originally launched as Realcoin, the project was founded in November 2014 and has two tokens: USDT and EURT, pegged to the dollar and the euro. Both cryptocurrencies are connected to the Bitfinex exchange house.

TrueUSD (TUSD) is another token pegged to the dollar that is part of the TrustToken platform.

Digix Gold (DGX) this crypto asset is backed by physical gold. The project started in 2014 in Singapore, directed by Digix company. They assure that each token is equal to 1 gram of gold approved by 99.99% gold smelting from the refineries of the London Bullion Market Association (LBMA).

Dai (DAI) was developed by the company MakerDAO. The coins began to circulate in December 2017 and are backed by each user’s Ether (ETH) digital assets, held in intelligent contracts, seeking price-parity with $ 1.

BitUSD (BITUSD) was created by Dan Larimer in 2013 and is backed by the BitShares cryptocurrency platform, which also serves as a guarantee for BitCNY and BitGold and other tokens, all called BitAssets.

Basis, (former Basecoin), is a recently launched token that sets its price at $ 1, although the idea is that it can be pegged to a basket of assets, such as the consumer price index (CPI), as the holders use the currency to buy goods and services. Its approach is based on contracting and expanding the cryptocurrency supply, depending on the market movement.

Although most are used in crypto asset exchange houses, many analysts believe that it is a good step to invest in these types of currencies, in order to avoid the ups and downs of traditional cryptocurrencies and of course to avoid to a great extent the tragic consequences that could lead to bankruptcy.

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Russian investors continue betting on cryptocurrencies

By Moris Beracha.-

Article published in: http://www.medium.com

2018 was a negative period for some of the world’s most important cryptocurrencies. The value of Bitcoin, Ethereum, LiteCoin, Ripple among many others, dropped over the previous year and a large number of investors lost millions of dollars.

However, countries such as Russia still maintain their hopes in digital assets and despite the price crash, the interest in cryptocurrencies remains.

According to financial consultant Olga Prokhorova, the new generations of entrepreneurs are looking to make some kind of investment with tokens, because they trust that this will be the future.

In an interview with the news channel of Federal Press, the also representative of the “International Financial Center”, cited data from a study published by the University of Cambridge suggesting that the number of users with identity to perform some type of transaction in the cryptocurrency ecosystem has grown to more than 35 million worldwide.

The study also shows the increase in transaction volumes in P2P exchanges, such as the local currencies of countries that have experienced a currency crisis. Russia, which has gone through a financial crisis in the past, was included in this group of nations led by Venezuela, which is currently overwhelmed by the worst economic crisis in its history.

It should be noted that according to some specialized portals such as Coin Dance, the weekly volumes of Localbitcoins in Russian rubles have followed an upward trend since the spring of 2018, from the year’s low of around 740 million rubles in mid-March (approximately $ 10.6 million) to well over 1.2 billion rubles (almost $ 18 million) in the last full week of December.

It is also important to mention that some cryptocurrency global trading platforms are opening offices in Russia, such as “Huobi”, which launched a Russian-language website.

Finally, it is still less possible the issuance of a local currency by the Russian government, as Venezuela did with the “Petro”, due to the statements released by different political personalities including Vladimir Putin himself, who has ruled out, for the moments, this kind of move in the Russian economy.

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Cryptocurrencies are becoming a more viable payment method in Venezuela

By Moris Beracha.-

The serious economic crisis in Venezuela has forced citizens to use electronic means of payment, including cryptocurrencies.

The high prices of products and services, besides cash shortage, is driving companies and businesses every day to find ways to exchange digital assets for the purchase and sale process.

In a press release, the Church’s Chicken fast food chain informed that 10 of its 13 restaurants nationwide will accept payments using the cryptocurrency Dash.

“Given the technology development worldwide, we were interested in not only remaining as a fast food chain restaurant, but being an icon in the financial and commercial economy of the country. Also, since other payment methods are managed globally and due to the financial problem we have in Venezuela, we believed and bet that we, even if we had economic problems, had a fundamental tool to develop in a complex country,” said Church’s Chicken’s Human Resources Director Yoneila Mata.

Meanwhile, the largest department store in Venezuela, “Traki” in some of its branches has displayed posters announcing they also accept cryptocurrencies as a means of payment.

It is worth stressing that the information has been confirmed in a section on Reddit by the user “ImViTo” announcing the purchase of over 800 school items and clothes with US $ 260 in Bitcoin, which would be donated to children in need in Venezuela.

Moreover, the retail store is adverting the acceptance of Bitcoin (BTC), including Dash, Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

Likewise, the adoption of Dash in Venezuela has exceeded 2,500 merchants, and has turned the country into the main source of cryptocurrency wallet downloads.

According to Business Development head of Dash Merchant Venezuela Alejandro Echeverría, most of the work has been done in Caracas, 95% of merchants and users are in the capital.

“It’s the right way to do it: focus on one specific place, prove the strategy and then scale it. So, since we already proved that our strategy works, we need to repeat and scale it. Also, one of the things we need to solve is the liquidity issue. For this we already set up an alliance with Bitnovo for the Dash remittance project. In this way, we will get Dash into people’s hands and Dash will flow in the economy. Repeat and scale, that’s what we need to do. Besides, we will look to onboard big supermarkets and pharmacies,” he said.

Undoubtedly, cryptocurrencies could help Venezuelans solve the cash shortage overwhelming the economy; however, hyperinflation rates thwart the massive distribution of this technology, thus benefiting few people.

https://medium.com/@morisberachawuani/cryptocurrencies-are-becoming-a-more-viable-payment-method-in-venezuela-1c8ec52f8d51

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Brazilian Government will open a “black box” into cryptocurrency projects

By Moris Beracha.-

http://www.medium.com

Due to the steep fall in the prices of the world’s main cryptocurrencies and the implementation of a strong anti-corruption plan, the administration of Jair Bolsonaro, in office since January 1, 2019, has decided to open a black box of cryptocurrency projects that are being developed in the southern giant.

Although there is no public stance on cryptocurrencies, officials of the new Brazilian cabinet have already made decisions in this regard.

According to some media in Rio, the Brazilian Minister of Women, Family and Human Rights, Damares Alves, suspended a contract for the development of a project that includes the creation of cryptocurrency for indigenous peoples.

Through the agreement, the National Indian Foundation (Funai) of Brazil granted a budget of 44 million reais (11.67 million dollars) to Universidad Ferderal Fluiminense (UFF) for the development of the project.

The aforementioned plan included, among other actions, the “study and diagnosis of socioeconomic feasibility of the creation of an indigenous cryptocurrency; development of the cryptocurrency platform and implementation of the cryptocurrency platform”.

According to the information available, the “Bitcoin del Indio”, as it was nicknamed by the local media, would function as a social cryptocurrency destined to circulate among the Brazilian indigenous population and it was not foreseen that the token would be traded or sold outside of Brazil.

However, the project was vetoed by the new administration considering that, due to its high budget, it had to go through a bidding process and not be awarded directly as it was done.

Until now it is unknown if other projects will be suspended, but what is verifiable is that in the South American nation some plans are underway to control and infringe on the possession of crypto assets.

It is worth remembering that Brazil is the fourth South American country with the largest trading volume in LocalBitcoins, with over 400 BTC (more than 1.5 million dollars) traded in December 2018.

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