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South Africa has been ranked as the top country for ownership of cryptocurrency, according to a global survey by social media management company Hootsuite and global agency Wearesocial. The survey found that 10.7 percent of internet users in the country own cryptocurrency. Thailand is second, with 9.9 percent of mobile users owning cryptocurrency and Indonesia third with 9.5 percent, while the global average was 5.5 percent.
Africa Steadily Embraces Cryptocurrency
The Global Digital Report 2019 also placed other sub-Saharan African countries such as Ghana and Kenya within the top 45 nations in the world where a large number of people owned cryptocurrency such as bitcoin. The results were based on the survey of internet users aged between 16 to 64 years during the six months to September 2018.
The survey confirms that Africa has embraced the digital currency revolution. A growing number of people on the continent are utilizing cryptocurrency to fulfill both personal financial needs and entrepreneurial ventures such as transferring goods, services and money internationally and domestically.
There is also an emerging generation of Africans buying virtual currencies as investment vehicles, while a relatively small number of Africans trade digital currencies speculatively for profit.
In, 2018, Paxful Inc., a peer-to-peer bitcoin exchange, reported seeing significant growth in Africa. The U.S.-based company said Africans now accounted for the largest number of people buying and selling cryptocurrency on its platform, with average monthly transactions totaling $ 64.5 million.
Over the past year, users from the African continent of 1.2 billion people soared by 225 percent, Ray Youssef, chief executive officer of Paxful, said. Transactions on the exchange climbed 60 percent in Nigeria, Africa’s biggest economy, 25 percent in South Africa, the continent’s most sophisticated economy, and by up to 100 percent in other parts of Africa.
South Africa Consults on Crypto Regulation
The top ranking for South African cryptocurrency ownership comes at a time when monetary authorities in the country have asked the public to make submissions on policy and regulatory proposals for crypto assets like bitcoin. There is currently no regulation for cryptocurrencies in South Africa, a situation which has prompted the South African Reserve Bank (SARB) to come up with measures that provide legal protection or recourse to investors and users.
Whereas the rest of the South African financial system is tightly regulated to prevent issues of market failure, the crypto market isn’t, SARB said. In its policy paper, the central bank makes several proposals including leaving crypto-assets without legal tender status, so as not to recognize them as electronic money.
The document also recommends that an appropriate regulatory framework be developed through a registration process for crypto-asset service providers. It also proposes a review of existing regulatory frameworks followed by new regulatory requirements or amendments to existing regulations.
“The phased approach, starting with the registration requirement, could lead to formal authorization and designation as a registered/licensed provider for crypto asset services operating in South Africa at a later stage,” states the central bank.
What do you think about growing cryptocurrency ownership in Africa? Let us know in the comments section below.
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China’s Center for Information and Industry Development has released its latest crypto project ranking. The center evaluated one more crypto project this month, bringing the total number of ranked projects to 34. Bitcoin has been downgraded while the top two positions remain unchanged.
The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, released its eighth crypto project ranking update on Thursday. Thirty-four crypto projects were evaluated this time, with Ontology as the newest addition.
EOS remains number one in the overall ranking, followed by Ethereum. Ontology debuted at number four, achieving the same score as Komodo. BTC dropped from the 13th position in the previous ranking to the 18th position, while BCH fell one place from the 29th spot to the 30th. Dwelling at the bottom is Decred, with NEM and Litecoin ranking just above it.
New Addition: Ontology
Ontology is described on its website as a distributed trust collaboration platform. Its “blockchain framework supports public blockchain systems and is able to customize different public blockchains for different applications,” its website details. The center specifically evaluated Ont ID, Ontology’s protocol for a “complete distributed identity framework supporting identity verification and authentication for people, assets, objects, and affairs.” According to the CCID:
Its [Ontology’s] main network was launched in June 2018. In this assessment, Ontology has outstanding performance in basic technology and application, with a composite index of 112.6, ranking fourth in the [overall] list.
Rankings Across 3 Categories
The 34 projects were evaluated overall as well as in three separate categories: basic technology, applicability and innovation.
In the basic technology category, EOS, Bitshares, Steem, Gxchain, and Ontology top the list this month. NULS has improved rapidly in this category, the CCID revealed. “According to the evaluation model, the basic technology [category] mainly examines the technical realization level of public chains, including functionality, performance, security and decentralization.”
In terms of applicability, the top five projects are Ethereum, NEO, Ontology, Nebulas, and Qtum. “The new Ontology replaced Dash in the top five,” the center wrote. “The applicability [category] mainly evaluates the comprehensive level of public chain support for practical applications, including node deployment, wallet application, development support and application implementation.” As for the innovation category, the top five positions are occupied by BTC, EOS, Ethereum, Komodo, and Cardano.
What do you think of this crypto project ranking? Let us know in the comments section below.
Images courtesy of Shutterstock, CCID, and Ontology.
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Buzzwords and anxiety fill the hallways as Hollywood giant tries to maintain a winning culture amid breakneck growth; the ‘N-word’ scandal gets ‘sunshined.’
WSJ.com: US Business
In today’s edition of The Daily, we look at the cryptocurrency entrepreneurs who now rank among the richest people in China, the limited return to operations of 1Broker, and a rather amusing attempt to explain Bitcoin to older folks by the AARP.
China’s Wealthiest Whales
The Hurun China Rich List 2018, the Chinese answer to the Forbes 400, was released on Wednesday and for the first time includes a total of 14 people working in the cryptocurrency space. This is the 20th annual ranking of the richest individuals in China, with a wealth cut-off of 2 billion yuan ($ 290 million). A total of 1,893 individuals made the list this year.
Two Bitmain executives — Zhan Ketuan (95th place with 29.5 billion yuan), age 39, and Jihan Wu (204th place with 16.5 billion yuan), age 32 — led the way. The third Chinese crypto whale, 41-year-old Binance founder Zhao Changpeng, took 230th place on the list at roughly 15 billion yuan. The report also noted that the blockchain industry is now officially the fastest-growing source of billionaires in China.
Other well-known crypto personalities on the list include Okex’s founder Star Xu, with 10 billion yuan, who took 354th place, as well as Leon Li of Huobi, who was ranked 556th, with 7 billion yuan.
1Broker to Start Processing
Withdrawal Requests Today
Marshall Islands-registered contracts-for-difference broker 1pool Ltd., which operates the 1Broker brand, has announced that the company will revive some if its functions today. The team tweeted that they will start processing clients’ withdrawal requests at 12:00 (UTC).
Three U.S. agencies took action against the international, bitcoin-funded securities dealer last month, including seizing its website domain for a period. The U.S. authorities alleged at the time that an undercover special agent with the Federal Bureau of Investigation “successfully purchased several security-based swaps on 1Broker’s platform from the U.S. despite not meeting the discretionary investment thresholds required by the federal securities laws.”
‘A Bunch of Computer Code’
It can be very difficult to explain the invention of cryptocurrency in a sentence or two, given that it’s a topic involving cryptography, computer science and economics. This is particularly true if one is trying to reach an audience that might be frightened or put off by new technologies and unfamiliar terms.
The AARP (formerly the American Association of Retired Persons) published a glossary of “Wall Street buzzwords” this week to help senior citizens improve their financial literacy and cut away the confusion when talking with high-finance big shots. But the list took a somewhat funny swipe at Bitcoin, while echoing some particularly tired tropes.
The glossary defines Bitcoin as “a bunch of computer code that a bunch of criminals, idealists and speculators agree is worth ‘real’ money. Sadly, its real-money value swings widely, making it impractical except for criminals, idealists and speculators.”
The AARP also defines Blockchain as: “1. A different bunch of computer code containing an unalterable record of a series of transactions. The most famous is a digital ledger recording all bitcoin transfers. 2. A word often uttered by companies hoping to snare investors’ attention — and dollars.”
The rest of the terms were also written in a comical way. For example, one entry defines an ETF as “marry a mutual fund to a stock and this is their baby.”
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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The post The Daily: Whales Join China’s Richest Ranks, Seniors Take a Swing at Bitcoin appeared first on Bitcoin News.
For the fourth consecutive year, the technology sector boasted the highest-paying jobs in the United States, according to an annual report from Glassdoor.
Thirteen of the 25 highest-paying jobs this year were in tech, up from 11 in 2017, according to the report, which was released this week. Within…
Hacken has launched a new website that provides an all-in-one tool for rating cryptocurrency exchanges. Crypto Exchange Ranks (CER) allows for side by side comparisons of well over a dozen exchanges, including real-time arbitrage data and ratings for liquidity, compliance, reliability, and security.
CER Aims to Accurately Rank Cryptocurrency Exchanges
Crypto Exchange Ranks by Ukraine’s Hacken officially launches on Monday, June 18. The service allows users to access a wide range of metrics for major exchanges within the cryptocurrency ecosystem. News.Bitcoin.com was granted access to the beta version of the platform, which comprises a scoring dashboard for exchange comparison together with tabs for viewing liquidity and arbitrage.
While not every feature has been activated in the beta version, the ones that are in operation appear to work well and provide useful tools for traders seeking arbitrage opportunities, or trying to determine the withdrawal limits of various platforms. Anton Kaminsky, Business Development Director of Crypto Exchange Ranks, told news.Bitcoin.com that the goal was “to create a sophisticated tool for crypto exchange rankings, to save time and effort for all market participants”.
CER Is to Exchanges What CMC Is to Cryptocurrencies
While platforms such as Coinmarketcap provide certain data on exchanges, such as 24-hour volume and most traded pairs, CER has taken a different approach. The site, which will be free at launch before later introducing a subscription model, scans the order book of each exchange in real time to calculate its size. It also enables users to compare prices for any coin on up to five exchanges, to view aggregated volumes for up to five exchanges, and to check the balances of the platforms’ hot and cold wallets.
While most traders are unlikely to be concerned with cybersecurity ratings, the existence of such tools may incentivize exchanges to improve their service, knowing that their every action is being monitored. Dmitriy Budorin, CEO of Hacken who created the platform, said: “Cryptocurrency exchanges are the backbone of the whole emerging crypto economy. CER will contribute to its healthier development. We hope that with CER, the exchanges will start taking their cybersecurity more seriously and refuse any bad practices, while users will receive comprehensive tools for smart decision making”.
Version 1.0 of CER launches on Monday, before future updates will add the ability to track aggregated portfolios, and to access TA and FA tools within the platform’s dashboard.
Would you use a platform like Crypto Exchange Rankings? Let us know in the comments section below.
Images courtesy of CER.
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People’s Republic of China (PRC) 中华人民共和国 was one of the first governments to ban bitcoin, cryptocurrency. Now, the PRC is the first country to come out with official government crypto rankings. Its China Center for Information Industry Development (CCID) used three filters through which coins would be judged: innovation, technology, application. Rather surprisingly to some enthusiasts, bitcoin core (BTC) didn’t even crack the top ten, while bitcoin cash (BCH) almost didn’t make the list at all.
China Lists Ethereum as Best in Crypto Class
In what is either widely being referred to as a case of communist schizophrenia or a passive nod to the inevitable financial future, the PRC’s CCID released its first set of cryptocurrency rankings. China, of course, outright banned crypto in all its various forms, and the broader market was thought to have plummeted for a time as a result. That it is now publishing coin rankings is confusing to many observers.
CN Ledger, a popular Twitter handle, was the first to expose the rankings to the outside world. Its author, Eric Zhao, explained how “most old-school experts haven’t followed the crypto space long enough to grasp some of the traits of tech and community that can’t be found elsewhere.”
Indeed, this year found Weiss Ratings’ inaugural list of their rankings, as these pages reported. It too was very controversial. “The eagerly-anticipated report rates 74 of the most popular cryptocurrencies on the market, scoring them from A to D,” we wrote. “Such was the level of interest in the report, the company’s website was knocked offline as interest peaked on Wednesday morning. Weiss Ratings include some controversial scores for currencies such as bitcoin and ethereum that are sure to spark debate.” Then, as now, BTC ranked lower than Ethereum. Weiss spent a great deal of time defending their decision.
Mr. Zhao hoped the CCID effort signals a kind of new opening. “I believe at least it’s a sign that the officials are starting to treat crypto projects more like a neutral endeavour towards better technology and innovations, rather than just challenging the power and authority of banks and government,” he stressed.
BTC Listed 13 of 28
Just a week ago, the PRC ministry surprised enthusiasts with a press release announcing its Global Public Chain Assessment Index. “This independent analysis of cryptocurrencies and global public blockchain technology demonstrates the confidence of the Chinese Government in the technology, and will act as a guide for government, enterprise and research institute,” news.Bitcoin.com quoted the government notice as stating.
The Center for Information Industry Development used three main criteria in scoring cryptocurrencies, though scant information exists about methodology. Application, innovation, technology were used to place 28 total cryptos and their respective blockchains (which the rankings, at least at first glance, weigh heavily).
Of the top four coins by market capitalization, Ethereum ranked first, followed by bitcoin core (BTC) at number 13, ripple in the 17th spot, and bitcoin cash (BCH) lagging well behind them all at the lowly number 25 of 28. For the CCID, however, the top five cryptos to their liking include ether, steem, lisk, neo, komodo.
For those who worry about such rankings, PRC appears to, again, value blockchains over currencies – a common refrain heard in the Western corporate world. If, alternatively, one were to assess various cryptocurrencies according to their efficacy as mediums of exchange, BCH and BTC would likely rank quite high, and could be considered a most obvious threat to a regime bent on control. Whatever the case, cracks do happen inside the communist stronghold: quite a few crypto tech related patents are owned by China, its central bank has openly mused about state-backed crypto, and, of course, its burgeoning video game industry is very bullish on tokens and distributed ledgers. And just announced, “The most popular stock trading app in China, Straight Flush (同花顺), now adds support for showing the price of Crypto-Currencies.”
Did you think China’s rankings will have any real impact? Let us know what you think of this subject in the comments below.
Images via Pixabay, Twitter
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A series of high-level departures over the last year thinned the ranks of women leading Fortune 500 companies. On Friday, another departure was added to the list: Denise Morrison announced she is stepping down as CEO of Campbell Soup. That leaves 23 women in charge of Fortune 500 companies, or…
Los Angeles International Airport is not the worst airport in the nation when it comes to transit options, drive time and the cost to get to the terminal — but it is near the bottom of the list, ahead of only Newark Liberty International, Dulles International and JFK International Airport.
From market cap to trading volume, there’s a lot of ways to assess and quantify cryptocurrencies. Traders evaluating new crypto projects are prone to diving deep in their quest to uncover diamonds in the rough. Github activity – the frequency with which the code governing cryptocurrencies is updated – provides a good indicator of which projects are still being cared for and which have been allowed to go to seed. Cryptomiso is a new website that logs and charts the Github commits for over 600 cryptos, and its top 10 contains a few surprises.
Crypto Commits Ranked and Rated
At present, Cryptomiso lists the commit history of 611 cryptocurrencies and charts the frequency with which their codebase is updated. The top five performers, based on developer activity, are predictably tied to new or yet-to-launch projects where there is still much work to be done. Top of the heap is Cardano, with over 6,500 commits from 51 contributors, followed by Lisk, Waves, 0x, and EOS. Bitcoin comes in at number seven, just behind Globaltoken, an obscure that coin is only available on Coinexchange. Its entire market cap is just $ 350,000.
Github commit frequency shows that core code is being maintained, but it doesn’t show the quality of these updates. For example, a minor bug fix would be scored the same as adding Lightning Network support. As a broad indicator of a cryptocurrency’s developer support, however, Cryptomiso is a useful tool.
The Roll of Shame
While the coins that are top of the list can safely be regarded as a going concern, those that are bottom of the pile need to buck up their act. The likes of Bigup (609th) and Tittiecoin (608th) are no particular surprise. Nor is Fedoracoin (586th), which warrants a mention if only to note that its ticker is TIPS. A number of better known coins and tokens rank surprisingly low on the list though. Red Pulse (567th) only launched in October and has seen just one Github commit since then. Substratum has also only had one commit since launching last year.
At present there’s no means of filtering the results displayed on Cryptomiso, but here’s how the top 10 cryptocurrencies by market cap rank based on their Github activity:
- Bitcoin (7th)
- Ethereum (41st)
- Ripple (104th)
- Bitcoin Cash (94th)
- Cardano (1st)
- Stellar (71st)
- Neo (162nd)
- Litecoin (27th)
- EOS (5th)
- NEM (238th)
As a standalone investment guide, Github activity is of limited use. But as part of a wider suite of tools, Cryptomiso is a useful resource for traders who are willing to do their own research in an bid to make more astute investments.
Do you think Github activity is a useful metric when considering whether to invest in a coin? Let us know in the comments section below.
Images courtesy of Shutterstock, and Cryptomiso.
Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.
The post New Website Ranks 600 Cryptocurrencies by Github Activity appeared first on Bitcoin News.