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Why are cryptocurrencies dropping?
Introduction
Cryptocurrency is the one to use cryptography for safe transactions, controlling the creation of new units, and verifying the transfer of old units. The term "cryptocurrency" means encrypted currency, secured through encryption. It's a tough time for cryptocurrency enthusiasts and investors these days. The cryptocurrency market is down 30% this month, but it's not because Bitcoin is failing. Other coins are also seeing significant drops, and the entire crypto market has seen a declining trend since at least last summer. Some people have attributed the decline to regulators' increasingly strict policies for cryptocurrencies in general and Bitcoin specifically. What went wrong?
Bitcoin is sometimes called a decentralized digital currency – since any centralized overseeing authority doesn't control it. No organization or bank can call "heads" or "tails" on bitcoin transactions – they happen. At first, a large part of bitcoin's appeal was the idea that you could use it to shield yourself from government interference or manipulation – that central banks couldn't snoop on your purchases, and neither could anyone else, including law enforcement entities. Bitcoin is a relative newcomer – with only half a dozen others now in circulation. They've been around since 2012, becoming more and more available yearly. There are a lot of them – and so far, some of them have proven slightly less appealing to investors than bitcoin because they're significantly less liquid or only available in niche markets. Some observers point to bitcoin's massive price bubble as one reason for its recent slump. The bitcoin craze in late 2013 and early 2014 was arguably the most intense in cryptocurrency history. The price surged from $6 a coin to more than $1,000 in just a few months. Incredibly, the cost of bitcoin has been relatively subdued since the highs of late 2013 – and it's fallen at least 20% over that period, according to various reports. However, others say there are other reasons for the slump that goes back much further. As I'll explain below, it goes way back to 2011 – long before anyone thought about bitcoin or knew anything about cryptocurrencies.
Three cryptocurrencies that have been dropping down recently
Siacoin (SC)
It is a cryptocurrency token launched on April 6th, 2015. The project aims to provide file hosting and storage services over the blockchain. With the help of a distributed SCN server, all users can rent out their hard drive space, earning money as a "data farmer. "Sia is a decentralized alternative to services like AWS and Backblaze that allow you to rent out your computer's hard drive but requires you to host your hardware for it to function. The fact that it's completely decentralized means that there's no single point where problems can occur or failures can be traced back. The project has maintained an admirable 100% uptime since its inception, while other similar services have been plagued by downtime and security dilemmas.
How much you can earn with Siacoin
The data farmer is given one coin per gigabyte of storage space they offer. One cash earns you 10 GB of storage or 10,000 SCN. It is in addition to the 80 SCN earned monthly by mining blocks on the network. If you want to make 15 ETH a month (about $500) with Siacoin, you'll need approximately 815GB of storage space.
Verge (XVG)
It is designed for daily use. It concerns fulfilling its principal purpose of availing individuals and businesses with a speedy, flawless, and decentralized manner of producing direct dealings while preserving individual privacy. Verge is built using a fork of the Electrum wallet, which allows users to set up anonymous wallets and enable PRIVATE Transactions through Tor and I2P at the network layer.
The privacy aspect of Verge is achieved through its anonymity-centric TOR network, while all transactions are also done on a public ledger known as the blockchain. It allows users to make simple transactions, such as buying things online or sending payments, with personal, private information stored in a personal wallet where third parties cannot access it.
How much you can earn with Verge
Because your wallet is anonymous and for privacy reasons, Verge does not release the number of coins you have. However, the developers track how much you have created and how many XVG you have in your current wallet.
Komodo
Komodo is a decentralized ICO platform that offers the ability to create and launch fully independent blockchains. Komodo is based on Zcash, an open-source cryptocurrency platform that allows users to make transactions in absolute privacy while ensuring they are not exposed to double-spending or non-existent z-transactions. Komodo is designed to work as a multi-chain parallel processing blockchain, which allows it to perform more than just basic transactions and function as a platform for ICOs.
How much you can earn with Komodo
The average daily exchange volume of KMD was $4.5 million in the last 30 days, with each coin worth about $1.65. You can earn about 4.35 XMR daily, or 3650 XMD per month.
Conclusion
These are just three cryptocurrencies that you can easily buy and sell with a Bitcoin wallet. Cryptocurrencies like Bitcoin, Ethereum, and Litecoin. These digital currencies are a medium of exchange created entirely by the public, with no central authority or banks needed. Some people might think this is one of the most unrealistic bubbles in history; others see it as the currency that might finally give power to those who need it most. But even if cryptocurrencies don't become more than an exciting experiment for hardcore technologists and speculators - there's still a lot you can learn from them.
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