Welcome to the world of cryptocurrency! If you’re looking to get in on the ground floor of the fastest growing cryptocurrency of 2023, you’ve come to the right place. With the cryptocurrency market shifting at an unprecedented rate, now is the perfect time to get involved. We’ll provide you with all the information you need to decide which cryptocurrency is right for you. So let’s get started!
Cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrency is decentralized and operates independently of a central bank or single administrator. It is usually not issued by any government, rendering it theoretically immune to government interference or manipulation.
4 Benefits of Investing in Cryptocurrency
Are you considering investing in cryptocurrency? Cryptocurrency has become a popular investment option for many people lately, and it’s easy to see why. Investing in cryptocurrency offers a wide range of potential benefits. Here are some advantages of investing in cryptocurrency that you should consider.
1. Volatility
One of the best things about cryptocurrency investments is their volatility. Cryptocurrency prices are extremely volatile, which offers the potential for huge gains (or losses). This volatility also means you can buy at a low price and watch your investments skyrocket.
2. Low Transaction Costs
Another benefit of investing in cryptocurrency is that transaction costs are meager. You won’t have to pay high fees to buy or sell cryptocurrency compared to traditional investments. This makes it easier to move investments around or sell them quickly if you need to get out of a position.
3. Anonymity
Investing in cryptocurrency also offers a degree of anonymity. Since cryptocurrency transactions are not tied to individuals, it isn’t easy to trace the movement of funds. This can be beneficial if you don’t want anyone to know about your investments.
4. Tax Benefits
Finally, investing in cryptocurrency also offers some potential tax benefits. Since crypto transactions are not taxed in the same way as traditional investments, you may be able to save money on taxes when you invest in crypto.
These benefits make investing in cryptocurrency a tempting option for many people. Investing in cryptocurrency is worth considering if you’re looking for a way to diversify your investments and potentially make some money. Make sure to research and understand the risks before you make any investments.
4 Fastest Growing Cryptocurrencies in 2023
When it comes to cryptocurrency, it can be hard to know which one is the right choice for you. With so many cryptocurrencies available, it cannot be easy to decide which is the most rapidly growing and reliable. Fortunately, some of the most trusted and fastest-growing cryptocurrencies can be easily identified. Here are four of the fastest growing cryptocurrency of 2023 to watch.
1. Bitcoin (BTC)
Bitcoin is a decentralized digital currency that any government or central bank does not regulate. It was created in 2008 by the mysterious Satoshi Nakamoto and has since become the most popular cryptocurrency in the world.
The key benefit of Bitcoin is that it is not tied to any government or country, making it a largely secure investment. It is also the most widely accepted cryptocurrency, making it highly liquid and easy to trade.
Bitcoin has been gaining value since its launch and is predicted to continue to rise in 2021. It has a total market capitalization of over $1 trillion and is currently the world’s largest cryptocurrency by market cap.
Given its high liquidity and rising market value, Bitcoin will be one of the fastest growing cryptocurrencies in 2023. With more people investing and a wider acceptance of cryptocurrencies, Bitcoin will likely remain among the most popular cryptocurrencies over the next few years.
2. Ethereum (ETH)
Ethereum is a decentralized platform that allows developers to develop and deploy decentralized applications (dapps) and build smart contracts. It was launched in 2015 and is the second largest cryptocurrency in the world.
Ethereum is different from Bitcoin in that it is not designed to be a currency but rather a platform for developers to create and deploy applications. It is also different in terms of its consensus mechanism, which is based on proof-of-work (PoW).
Ethereum has been gaining value since its launch and is currently the second largest cryptocurrency by market cap. Given its wide acceptance and growing popularity, Ethereum will be one of the fastest growing cryptocurrencies in 2023.
3. Ripple (XRP)
Ripple is a real-time payment network that enables financial institutions to send and receive funds quickly and securely. It was launched in 2012 and is the third-largest cryptocurrency in the world.
Ripple is different from Bitcoin and Ethereum because it is not a blockchain-based currency but a shared public ledger. It is also different in terms of its consensus mechanism, which is based on consensus rather than PoW.
Ripple has been gaining in value since its launch and is currently the third-largest cryptocurrency by market cap. Given its wide acceptance and growing popularity, Ripple will be one of the fastest growing cryptocurrencies in 2023.
4. Litecoin (LTC)
Litecoin is a cryptocurrency based on the Bitcoin protocol and was launched in 2011. It is designed to be a faster and more cost-effective payment system than Bitcoin.
Litecoin is different from Bitcoin and Ethereum because it is not a blockchain-based currency but a distributed ledger technology. It is also different in terms of its consensus mechanism, which is based on consensus rather than PoW.
Litecoin has been gaining value since its launch and is currently the fourth-largest cryptocurrency by market capitalization. Given its wide acceptance and growing popularity, Litecoin will be one of the fastest growing cryptocurrencies in 2023.
Binance is one of the most popular cryptocurrency exchanges in the world. It’s no surprise that they’ve created their own rewarding program just by holding cryptocurrency, and we are here to shed an honest Binance Earn review, so you can start earning cryptocurrency.
In this Binance Earn review, we’ll cover everything you need to know about the program, including how it works and how profitable it is. We’ll also compare flexible savings and locked staking, so you can decide which is the better option for you.
What is Binance Earn?
Binance Earn is an online platform that allows you to earn profits by holding cryptocurrency. You can deposit and withdraw your funds depending upon your subscription plans, and you can choose to receive a flexible or fixed duration of redemption. The interest rates are attractive, with some coins offering up to 20% APR (Annual Percentage Rate.)
But you can also earn a good income through mining, right? If you want to know more about mining: Here you can see how you can mine Bitcoin at home! Either with mining or with holding, you should learn how to use your existing cryptocurrencies to earn more of them. Look no further than Binance Earn!
Binance has been growing fast, getting one million new users every day! Hats off to all these digital trading and passive earning benefits!
4 Different ways to earn Cryptocurrency on Binance Earn
There are a few different ways that you can earn passively on Binance Earn.
1. Flexible Savings
The Flexible Savings feature on Binance Earn allows you to earn cryptocurrency without having to put any money down. Basically, you just need to keep your account balance above a certain amount, and you’ll start earning interest.
The beauty of this feature is that it’s always available; there’s no need to sign up for any special offers or deposit any money. You can just set it and forget it and watch your account balance grow over time.
Flexible Savings is a new way to earn interest on your cryptocurrency holdings. We are using this right now and so far we don’t see any downside. You can deposit and withdraw your funds at any time, and even choose to receive a daily or weekly payout.
Here’s how it works:
To start, simply login to your Binance account.
Go to the Flexible Savings page.
From there, you can choose which coin you want to deposit.
Once you’ve made your selections, just click “Deposit”.
Your funds will be deposited into the Flexible Savings wallet.
=> EPIC WIN!!!
You can withdraw your funds at any time, there is no time constraint or anything.
2. Locked Staking
There are a few different ways to earn cryptocurrency on Binance, but Locked Staking is definitely one of the simplest and most effective. Here’s how it works:
You deposit your cryptocurrency into a Fixed Savings account on Binance.
Choose how long you want to lock up your funds.
Your deposited currency is then locked up for a set period of time, during which you cannot withdraw it or use it for trading.
After the lockup period ends, you can withdraw your currency plus the interest that has accrued.
The key benefits of this method are that you earn interest on your deposited currency while still retaining full control of it (unlike lending or staking). Additionally, since your money is locked up for a set period of time, you don’t have to worry about market fluctuations affecting your earnings.
You can withdraw your funds at any time, but if you do so before the end of the lockup period, you will forfeit all interest earned.
If you’re looking for a safe and easy way to earn interest on your cryptocurrency holdings, Fixed Savings is definitely worth considering. We are using this option also, because it still is kind of flexible – you can withdraw if you really want / need to.
3. BNB Vault
There is a new way to earn Cryptocurrency on Binance — the BNB Vault. The BNB (Binance Bitcoin) Vault is a way to earn rewards for holding BNB; the rewards get higher the longer you hold. You can start earning rewards today by locking your BNB into the BNB Vault. Here’s how it works:
Deposit your BNB into the BNB Vault.
Hold your BNB in the vault for at least 7 days to start earning rewards.
Get rewarded with more and more BNB based on how long you hold your coins in the vault.
If you’re looking to stake your crypto on Binance, Locked DeFi Staking is one option available to you.
With Locked DeFi Staking, you can stake your cryptocurrency and earn rewards without having to worry about losing your principal investment. That’s because your funds are locked up in a smart contract, so even if the price of the underlying asset fluctuates, your investment is protected.
Additionally, Locked DeFi Staking offers a competitive interest rate on your deposit. Currently, you can earn up to 10% per year on your Binance account balance. And since there are no lock-up periods, you can withdraw your funds at any time.
Is Binance Earn Profitable?
This is a difficult question to answer as it depends on the project and how much you are willing to risk. Generally, the longer you lock up your funds, the higher the reward percentage will be.
The important thing to remember is that you are not investing in these projects. You are simply providing liquidity for them in exchange for a reward. As such, there is always a risk that the project may fail, and you will not get your original deposit back.
With that said, if you are careful about which projects you choose to lock up your funds with, Binance Earn can be a very profitable way to earn additional income on your cryptocurrency holdings.
Flexible Savings vs Locked Staking
The best way to compare flexible savings and locked staking is by looking at their key differences. Flexible savings offers a wider range of rewards and flexible withdrawal, while staking focuses more on long-term growth potential.
Staking allows you to realize actualized profits when the market increases in value again. There are pros and cons to both methods. It depends on what you’re looking for as an investor.
So, what’s the verdict?
Flexible savings and locked staking can be profitable ways to grow your cryptocurrency holdings. However, it is important to carefully consider which option is right for you. Flexible savings may be the better choice if you are looking for immediate income. If you are more interested in long-term growth potential, staking is the better option.
Is Binance Earn Risk-Free?
There’s no such thing as a completely risk-free investment, but Binance Earn can be a very safe and profitable way to grow your money. With Binance Earn, you can lend your digital assets to Binance and earn interest on them.
One BIG risk is that the exchange goes bankrupt or is hacked. But Binance is one of the world’s largest and most trusted cryptocurrency exchanges, so you can rest assured that your assets are in good hands. Plus, since you’re lending directly to Binance, no middleman is taking a cut of your earnings.
But one thing you should watch out for is that your country could block access. Then you’ll have to find a way around. This is not a risk of earning interest, but a basic risk of cryptocurrencies on exchanges.
Another great thing about Binance Earn is that it offers a flexible interest rate, so you can choose how much risk you’re comfortable with. If you want to go for maximum returns, you can choose to invest in higher-risk projects.
However, if you want to minimize your risk, you can choose to invest in lower-risk projects. No matter your risk tolerance, Binance Earn has an investment option for you.
How to withdraw your earnings from Binance Earn?
Withdrawing your earnings from Binance Earn is a simple process that only takes a few minutes to complete. Here’s how to do it:
Log into your Binance account and click on the “Binance Earn” tab.
On the Binance Earn page, click the “Withdraw” button for the currency you want to withdraw.
Enter the amount you want to withdraw and click on the “Withdraw” button.
Your withdrawal will be processed within 24 hours, and you will receive an email confirmation once it is completed.
Is Binance Earn Worth it?
Binance Earn is an easy way to earn extra cryptocurrency without much effort, which is why we think it’s a big-time YEAH! If you’re looking for an easy way to earn extra cryptocurrency, then Binance Earn is worth checking out.
Conclusion
Hope this Binance Earn review will be a great way to start in the cryptocurrency world. You can earn free coins by completing simple tasks and then using those coins to buy more cryptocurrencies. The process is easy and fun and a great way to learn about different cryptocurrencies. Have you tried Binance Earn? What did you think? Please let us know in the comments below.
As we move into the digital age, it’s becoming more and more important to have an online presence. But what happens when you can’t find the domain name you want? Or when the domain name you want is taken?
Enter decentralized domains! These unique domains are becoming popular as they offer greater security, privacy, and freedom than traditional top-level domains (TLDs). Read on to learn more about decentralized domains and how they can benefit your business.
What are Decentralized domains?
Decentralized domains are domains that are not controlled by a central authority. This means that anyone can register a decentralized domain, and no one can take it away from you.
Decentralized domains are usually cheaper than traditional TLDs, and they offer greater security and privacy. Because there is no central authority controlling the domain, it’s much harder for someone to hack into your website or steal your information.
How Decentralized domains work?
Decentralized domains are a new way of thinking about how the internet can work. They use blockchain technology to create a decentralized infrastructure that is not controlled by any one central authority.
This means anyone can create a domain and website without needing to go through the traditional process of registering with a centralized registrar.
The working of decentralized domains is based on the fact that they are hosted on a distributed network of computers worldwide instead of being stored on a single server.
This makes them more resistant to censorship and easier to scalethan traditional websites. When you visit a decentralized website, your computer will connect to the network and fetch the content from whichever node is closest to you. This makes it much faster and more reliable than traditional websites, which often rely on a single server.
4 Benefits of Decentralized domains
There are many benefits of using decentralized domains. Here are some of them.
1. Greater security
Because there is no central authority controlling the domain, it’s much harder for someone to hack into your website or steal your information.
2. Better privacy
Decentralized domains offer greater privacy than traditional TLDs. This is because the information is stored on the blockchain, which is a public ledger. However, only you have the private key that allows you to access your domain name.
3. Cost Efficient for Long Term
Decentralized domains usually cost less than normal domains. This is because no central authority controls the domain, so there are no annual fees, which makes it a better investment in the long term.
4. More freedom:
With a decentralized domain, you can choose any name you want. There are no restrictions like there are with traditional TLDs.
How are decentralized domains different from Normal domains?
In a nutshell, decentralized domains are different from normal domains because they are registered on a blockchain rather than through a centralized authority like ICANN.
This means that the domain registration is secure and tamper-proof because it is stored on a public ledger, and it also means that there is no need for a middleman to manage domain name registrations.
Decentralized domains are made possible by new technologies like blockchain and peer-to-peer networking, and they have the potential to revolutionize the way we interact with the internet.
For example, they could enable new models of online governance and enable people to own their own data and digital identities. Decentralized domains are still in their early days, but they hold great promise for the future of the internet.
How to Buy Decentralized domains?
Let’s have a look at how you can buy a decentralized domain. Here are the steps that you have to follow.
Look for a Reputable Provider
When you’re buying decentralized domains, it’s important to look for a credible provider. There are many scams out there, and we definitely don’t want you to lose your money.
Before you buy a domain, you need to make sure that it’s actually available. You can do this by checking the blockchain to see if the domain has been registered already.
Choose a Good name
Decentralized domains are all about branding, so it’s important to choose a good name for your domain. Think about what you want your website to be known for, and choose a name that reflects that.
Get ready to Pay
Decentralized domains cost more than traditional TLDs, but only for the first time. However, this also means that you’re less likely to be scammed. And you only have to pay
Get help if you need it
If you’re not sure how to buy decentralized domains, there are many resources available to help you. You can find helpful guides, forums, and even chat rooms where you can ask questions and get advice from experienced users.
Be Patient
Decentralized domains are still in their early days, so it may take some time for them to become mainstream. In the meantime, you can be one of the early adopters and help shape the future of the internet.
How much Decentralized domains cost?
Decentralized domains can cost an average of $40 to $100, depending on your provider. However, there are very few truly decentralized providers, so you must know what you will have to do your research before buying any blockchain-based domain.
Is there a need for Decentralized domains?
Yes, there is definitely a need for decentralized domains. Decentralized domains offer a number of advantages over traditional domains.
1. More Control
First, they are more resistant to censorship. If a government or corporation wants to censor a traditional domain, they can just pressure the registrar to remove it. With a decentralized domain, there is no central authority that can be pressured in this way.
2. High-end Security
Second, decentralized domains are more secure. Because there is no central authority coordinating security, it is much harder for hackers to take down a decentralized domain.
3. Stay Anonymous
Third, decentralization provides greater privacy and anonymity. When you register a traditional domain, your personal information is registered with the registrar and could potentially be leaked (as we’ve seen happen with many major registrars).
With a decentralized domain, your personal information is not registered anywhere. It is only stored on the blockchain.
4. Have liberty of your Ownership
Finally, decentralized domains offer users more freedom. With a traditional domain, you are at the mercy of the registrar. If they decide to shut down your website or remove your domain, there is nothing you can do about it.
With a decentralized domain, you are in control; no one can take away your domain or censor your website without your consent.
Future of Decentralized domains?
The future of decentralized domains looks bright. With the advantages they offer over traditional domains, it’s only a matter of time before they become the standard. Many registrars are already offering them, and more and more people are registering them daily.
In the future, we will likely see most domain names moving to a decentralized system.
Domain names are the internet’s equivalent of real estate property. And over the years, the centralized model for domain name ownership and management has come under increasing fire from internet users and advocates of online freedom.
The main issue with the centralized model is that it gives too much power to a limited number of governing bodies (usually governments or large corporations), who can then decide what content is accessible online. This kind of censorship can have a serious chilling effect on free speech and creativity.
Decentralized domains represent a new way of managing domain names that take power out of the hands of centralized authorities and put it into the hands of individual users. With decentralized domains, anyone can own and manage their domain name without going through a central authority.
Why you should not buy Decentralized Domains?
Undoubtedly decentralization is exciting, but it might not be for everyone out there! Do you want to know why?
Here are some of the primary drawbacks of decentralized domains
1. Rarity in Decentralization
A truck driver can call himself a ballet dancer, but that doesn’t mean that he can also perform. Similarly, everything that’s blockchain-based can not be considered truly decentralized.
So you have to take charge into your own hands and look for a provider that can give you a truly decentralized domain.
2. Freedom comes with a price
If you want full liberty over your domains and websites, you most likely have to pay the price.
Some decentralized domains provider can cost you a fortune, but you have to keep in mind that if you have freedom, it will not be cheap and easy to find.
3. Traditional domains may not die
Decentralized domains have been here for a while, and they might be a really good addition to the environment, but this doesn’t mean that traditional domains are in any trouble.
Even web3.0 domains will get in the limelight. The major chunk of users is fine with the centralization of their domains. So, a person who doesn’t want to understand or pay loads of money while starting a business would be happy to go with traditional domains.
Conclusion
So, what have we learned? Decentralized domains are coming, and they’re going to change the internet as we know it. They could make domain squatting a thing of the past and give control back to website owners.
They also offer opportunities for businesses that want to get in on the ground floor of this new technology. If you want to be ahead of the curve, now is the time to start looking into decentralized domains and how they can benefit your business. Are you excited about decentralized domains? What questions do you still have? Let us know in the comments below!
The meteoric rise of cryptocurrencies has drawn both investors and casual observers. Since it is a new business, many new phrases refer to digital assets. The most common mistake is considering a crypto coin the same as a token.
What is a Crypto Coin?
Cryptocurrency, often known as crypto-currency or crypto, is any digital or virtual money securely encrypted to safeguard payments. A virtual currency that uses cryptography is used through the internet and is decentralized.
However, Bitcoin was the original cryptocurrency and has remained the highest recognized cryptocurrency for more than a decade. Cryptocurrencies are protected by cryptography, which is based on the blockchain infrastructure.
Thousands of cryptocurrencies exist. The most popular cryptocurrencies include Ethereum, Bitcoin, Solana, Cardano, Ripple, and Tether.
What is a Crypto Token?
A cryptocurrency token is typically thought of as a single digital currency used to define most cryptocurrencies on a broad level. Tokens with such a denominator are widely used to define fungible and transferable goods or services.
These newly formed coins live on their native blockchains, each with its utility case. Blockchain is a digital and distributed ledger that distributes all cryptography data over a system of processors using blockchain technology.
The most prevalent application of cryptocurrency tokens is for money raising, known as crypto crowdfunding. Crypto tokens are utilized for a variety of purposes, in addition to providing financial assistance.
Are Crypto coins or Tokens the Same Thing?
Tokens can represent commodities or deeds, while cryptocurrencies are virtual copies of money. Tokens can be purchased with currency, although certain tokens are worth more than others.
Consider a company’s stock. On the other side, “token” is simply a synonym for “cryptocurrency” or “crypto asset.” However, it has had several different implications, depending on the context.
The first step is to define all cryptocurrencies that are neither Bitcoin nor Ethereum (although technically, they are also tokens).
The second is to characterize digital assets on the blockchain of another cryptocurrency, like decentralized finance (or Defi) tokens.
Decentralized exchanges can be considered because tokens can perform a variety of functions. They can, however, all work together. They can, however, all be exchanged or owned in the same way as any other cryptocurrency.
Which is a Better Investment, Coin or Token?
From an investment perspective, tokens are preferable to coins. This is true because tokens are supported by programs designed to perform specific activities.
Tokens serve a specific purpose and will not become obsolete as long as the application is useful in the real world. Tokens have the potential to massively enhance your coin holdings if purchased appropriately.
If you consider the Coin to be currency and the token an investment, you can expand your capital by carefully investing your coins in significant blockchain initiatives.
Each Coin opens a whole ecosystem of viable token investments, all of which can be converted back into the related blockchain’s Coin at any time.
Crypto mining apps were built for users to allow them to mine cryptocurrency on their phones. All done without having to purchase expensive hardware can be used to invest in bitcoin.
These apps let you join a pool, a group of miners that pool their processing resources and split the earnings they get from mining.
Key Differences between Coin or Token
Let’s look at the differences between tokens and coins so you know what you’re talking about the next time you make a comparison:
1. All Coins are Tokens
At their most basic level, crypto coins and tokens are very related, yet they are two separate concepts: all coins are tokens, and not all tokens are coins.
2. Coins have their Blockchain
The most significant distinction between a coin and a token is that coins get their “own” blockchain, while tokens typically rely on existing blockchains and smart contracts.
They run on the blockchains of other cryptocurrencies, such as Ethereum. Ethereum, for example, is a blockchain. Ether is the Coin. Several additional tokens, like BAT, Tether, and BNT, function on this network.
These are codes that allow users to trade or play with each other. Smart contracts are used on all blockchains. NEO uses Ethereum, and Nep5 uses ERC20.
3. Tokens are an Asset
Cryptocurrencies are similar to digital money. Tokens, on either hand, are an asset. Tokens can be purchased with currency, although certain tokens are worth more than others.
Consider a company’s stock. However, because there are frequent constraints on where a token can be spent, it lacks the mobility of a currency.
Simply defined, a token symbolizes what you own, whereas a coin symbolizes what you have the potential to acquire.
4. Significance of Crypto coins and Tokens
A token symbolizes what a person possesses, but a coin indicates what they can have the potential to own. Even before the advent of cryptos, tokens had a long record.
5. Purpose of Crypto coins and Tokens
Experts say that coins are the greatest option if an investor wants to purchase, whereas utility tokens can be used for services.
6. Location not a Bummer for Crypto Coin
Cryptocurrencies do not need to be moved from one location to another. Only account balances fluctuate, but all records are kept on blockchains.
When a token is spent, it goes from one location to another, such as NFTs (Non-Fungible Tokens).
7. NFTs are Crypto Tokens
The trade of NFTs is a terrific example of this (non-fungible tokens.) Because they are one-of-a-kind, any changes in possession must be managed manually.
NFTs are comparable to utility tokens because they have dynamic or artistic value, but you can’t obligate any services with them.
8. Blockchain and your Transactions
Crypto coins are different from coins in that they do not move; only account balances change. Your money does not move anywhere when you transfer money from one bank to another.
The bank altered both accounts’ balances while keeping the fees. With blockchain, the balance in your wallet changes, and the transaction records it.
9. Difficulty in Minting Crypto Tokens and Crypto Coin
A cryptocurrency token is less difficult to make than a cryptocurrency coin. A programmer can use a template technique on their preferred blockchain to create a new crypto coin.
Examples
Some famous crypto coins include Bitcoin, Cardano, Litecoin, and Dogecoin. Common tokens include Tether, Shiba Inu, and Uniswap.
Conclusion
Knowing cryptocurrency markets can be difficult, particularly for newcomers. Knowing the differences between different kinds of cryptocurrencies can give you wiser danger and help you make smarter choices in this unpredictable ecosystem.
One of the most asked questions among crypto enthusiasts; Diem, a famous stablecoin owned by Facebook that has psychologically targeted people’s minds, and Bitcoin, which is the most famous and traded cryptocurrency so far, what is the Diem Bitcoin difference?
We get that a lot, which is why we have decided to give a piece of brief information. If you are also looking forward to knowing all about Diem vs. Bitcoin, you are in for a treat. Additionally, Diem and Bitcoin aren’t on the same page here. However, to decide a boss from one of them you should learn about them individually first.
What is the Diem Bitcoin difference?
Is Diem also a cryptocurrency?
What is Diem Association, and how does it work?
What was the need for Diem?
Why they had to change the name of Libra?
How can we use the Diem?
How is Diem different from other cryptocurrencies in the market?
Can Diem succeed in the market?
Are there any risks of using Diem?
Can Diem takeover the Bitcoin?
What is the Diem Bitcoin difference?
Diem is not at all like Bitcoin; rather, it is a stablecoin, which is more similar to Tether and other cryptocurrencies pegged with some collaterals. Although Bitcoin has its blockchain, Diem runs over its own Diem blockchain, and the wallet is called Novi (formerly called Calibra).
In the vision of Facebook, Diem will be used for payments. Nonetheless, the Diem blockchain is different from the Bitcoin blockchain; it is programmable, so developers around in the market can make applications; it sounds much like Ethereum, right?
Also, the Diem blockchain has other ways around; the Diem association’s validator nodes give them strength. Similarly, these nodes will confirm the transactions and verify the blocks. Thus, users will have reasonable control over their work and benefit from efficient results.
On the other hand, we have Bitcoin. Bitcoin is not a stablecoin like Diem or pegged to any national currencies. This means that Bitcoin is a decentralized cryptocurrency, and there is no mediator, no banks, or any other sources. This is the main reason sellers and buyers were interested in this cryptocurrency on an international scale.
Suppose you can pay international sellers anonymously without any questions asked or without getting into government policies for your business, sounds about right! But the major hype of Bitcoin was getting wealthy just by trading this cryptocurrency. Surprisingly, when prices boomed into the sky in 2017.
In spite of the reason for Bitcoin, its trading isn’t neglectable. You will be surprised to know that one coin’s average price has reached about 40,000 US dollars in January 2021. For such fluctuations, people are more eager to trade with Bitcoin, but there are risks.
Is Diem also a cryptocurrency?
People are still in bemuse when they think over Diem. Surprisingly, Diem (formerly Libra) was meant to be a simple cryptocurrency, but now it isn’t. Hence, the word “Stablecoin” is more appropriate for Diem.
A stablecoin is a type of cryptocurrency pegged to some national currency or some valuable asset, such as gold and platinum. Currently, Diem pegged with the US dollar, which subsequently means that one Diem’s priceis equal to that of one US dollar.
Still, confused? In other words, we can say that Diem is a stablecoin, which is not going to fluctuate its prices as Bitcoin does. However, it is pegged to some reserves, that in the case of Diem, are other cryptocurrencies that are further pegged to national currencies. Now, if these national currencies fluctuate, so would Diem.
But here is the good part, as Bitcoin fluctuates and gives high volatility in prices, Diem won’t. In fact, Diem values would remain stable. For this reason, the Diem Association is ready, who is there to monitor and control Diem Dollar.
What is Diem Association, and how does it work?
In the early phases, Libra was about to form. A group to take care of their crypto project, Facebook made an association called Libra Association to work and manage their digital currency Libra.
Admittedly, the Libra association is no more; as a matter of fact, the Libra association is shifted to another form called Diem Association, and it has to manage the Diem Dollar, the next big thing from Facebook.
The Diem Association has twenty-seven members in total, and they claim to be an independent organization. Now, this can be a way around to make this Diem project away from Facebook, but there are no doubts about who is it at the back end.
However, the headquarters of the Diem Association is situated in Geneva, Switzerland. Therefore, this organization’s members are further several fortune companies, capitalists, and non-profit associations, such as Spotify, Uber, Mercy Corps, Coinbase, and last but not least, Facebook.
Subsequently, this means that the Diem dollar has the potential to change the vision of the business. If such big companies are running at the back end of an association, they have high capabilities.
What was the need for Diem?
Most people are still wondering that what was the actual need for Diem? To answer these simple questions, Diem isn’t under Facebook in a clear picture. Although Diem works under Diem Association, which is regulated by major tech giants and capitalists, the leading organization is still Facebook.
Clearly, Facebook has its own vision when it comes to digital cash, as the CEO of Facebook Mark Zuckerberg, claims that payments should be as simple as sending photos to each other; Diem is there to make life simpler and easier, which might attract some other users to on their social network.
Along with that, Zuckerberg raised the hat that people using their cryptocurrency would definitely benefit Facebook, and they can advertise on their social network— therefore even more expensively, which is the main cause.
Up to a point, our expert panel believes that Facebook might have other plans in focus relating to cryptocurrency. Clearly, they have invested in their own blockchain, which was originally called Calibra, but later rebranded as Novi in May. Furthermore, it is claimed that the sole purpose of Novi is to “help people around the world giving them better access to affordable financial services.
Why they had to change the name of Libra?
Diem was formerly called Libra, but do you wonder why they had to change the name? Now, the real reason is still untold, but some evidence-based factors show why they had to do so?
Because it was officially announced in June 2019, Libra had to see a number of straggling blocks, such as the major parties that were supposed to be in the Diem association, have walked away. Libra had to face a major pushback from the Senate.
Simon Peters, a crypto-analyst at a multi-asset investment platform eToro, explains: ‘Being known as the “Facebook coin” could be seen as restrictive, and a deterrent due to some issues. Facebook has had over the last 24 months with privacy and data usage.’
Admittedly, it is an attempt to show people that Diem isn’t under any influence of the major social media network Facebook. With that said it this incident reflects that the Diem project has “organizational Independence” as there are some regulatory concerns with Facebook.
However, with Diem Association on board, it is not linked to Facebook anymore, and it has the vision that seemed to threatened traditional government financial systems. As Bloomberg reports, the Diem Association is managing this project. Moreover, their currency will be known as the Diem dollar.
How can we use the Diem?
Diem dollar can be a game-changer, according to the Diem association. With that said, previously, people had to make their purchases, and in return, they had to wait for their transactions to proceed, but with the digital currency onboard, this isn’t the case anymore. You don’t have to wait for the transactions, the minimum limit, the maximum limit, and the list goes on.
The bad part of this story is that it’s only possible for transactions that aren’t in bank accounts, such as cryptocurrency but wait, it gets better; according to Diem Association, it costs about seven cents to send the money internationally. The even better part of this story is that you don’t have to wait for weeks. The average time needed for a complete transaction is about three to five working days.
However, for this purpose, the Diem association has its own tools. If users aren’t on Facebook, Messenger, or WhatsApp, they can still connect through their wallet Novi. But here is the catch, Novi is still under the procedure and not officially available; we aren’t sure what fees would apply.
According to Novi’s website, it is still pretty much clear that no matter what people are keeping in or taking out of the wallet, there are no hidden charges, and Novi is cutting fees to help people keep more money in their wallets.
What is the Diem Bitcoin difference from other cryptocurrencies?
As Diem is gaining fame in the market prior to its official launch, people are more confused about how Diem is different from Bitcoin and other cryptocurrencies? For this purpose, we have to study how Diem is not different from other cryptocurrencies first.
First of all, Diem is going to be entirely digital cash, and you will not be getting any physical note, coin, or wallet to keep it. Sounds similar to other cryptocurrencies, right? Secondly, Diem would also be operated through its Blockchain, a software ledger, similar to that of Bitcoin.
Now, things get a little tricky; Diem isn’t going to be a decentralized cryptocurrency. Instead, it would be pegged to real-life assets that would keep it stable. Hence, stablecoin is the right term to use for Diem. Originally the idea behind the Diem was to peg it with a basket of assets, but unfortunately, the Diem association couldn’t carry that further.
However, they are planning to peg Diem with a bunch of cryptocurrencies, which will be further backed up by their national currencies. Although Diem is a cryptocurrency, but you won’t see a similar idea in any competitive cryptocurrencies; they aren’t bound to any reserve, which is the reason for their high price fluctuations.
Can Diem succeed in the market?
Can the Diem dollar really prove to be a revolution in the trading industry? Well, according to the vision that Diem Association beholds, the answer is yes, it can. The parent company standing behind the Diem association is not other than Facebook; as a matter of fact, Facebook has 2.7 billion monthly active usersworldwide.
With that said, Diem can be accessible by those users, and they can quickly use Diem to pay for things they need. Surprisingly, if we put facts and figures on the table, chances are pretty good that after Diem’s launch, the accessibility to financial services might change forever.
As you know, when we have to manage our income, banks charge fees in multiple ways, but what if we get away from purchasing anything without any limitation of banking procedures? Secondly, around 1.7 billion peopledon’t have bank accounts—this means that around 31 percent of people don’t have banks, and Diem can be a solution to all of them.
If things go as expected by Diem Association, there are pretty high chances that Diem is going to succeed. After all, Facebook, WhatsApp, and Instagram already target a high audience, and Diem would be benefitted from their outreach.
Are there any risks of using Diem?
Although there are several benefits of using Diem, you have to keep in mind that all good things come at a price. Therefore, we must explain some of the risks that you might be facing while working with Diem.
As we have told you previously, Diem would be working on its blockchain; although blockchain can’t be hacked or manipulated, whereas social media platforms and digital wallets can fall prey to cyber-attacks.
Peters says: ‘Like with any asset or business that uses digital technology, you run the risk of cyberattacks and hacks. If Facebook encountered any attacks on its systems, then potentially, people’s Diem dollars could be at risk.
In short, this means that digital cash isn’t safe, but you should know that same applies to online banking as well. If you consider banking a safe medium, it isn’t as well. If a bank system’s security can compromise, people risk their bank accounts to nill.
Can Diem takeover the Bitcoin?
Well, the final results can only be seen in real-time; until then, we can only assume believing in the facts and figures. Although Diem targets a high population, experts believe that it isn’t a threat to already established cryptocurrencies such as Bitcoin.
However, over one billion Facebook users would definitely change the transactions over digital currency by making fast payments. On the other hand, if you see Bitcoin, the BTC blockchain size has increased to 316 gigabytes, which is a significant value as well.
Furthermore, the Diem isn’t launched yet, but Bitcoin is already the true king; experts believe that if Diem succeeds in the future, Bitcoin will not be affected much. But here is the good part, Diem is pegged to the US dollar; it will have its benefits and shortfalls, but at the end of the day, there are pretty high chances that people would go for the switch.
Do you know investing in stablecoin coins can give you financial stability and security all at once? Listen and follow carefully for the best investment tips you will get in 2021 regarding a secure income.
Of course, there has been an explosion of interest, especially with cryptocurrencies. Meanwhile, lots of people do not understand the intricate dynamics of investing with these coins. As a result, they lose loads of cash daily. This article fixes the problems you face when it comes to investing in stablecoins.
From a technical standpoint
Let us look at this from a technical standpoint. Since you want to invest in cryptocurrencies, here is a question for you. Do you trade-invest stablecoins? The answer to this question should be negative because you don’t trade-invest these coins. This is because stablecoins themselves cannot offer you high returns. Volatile cryptocurrencies like Bitcoin are where trading investments can be made.
Meanwhile, there is no need to get discouraged because Investing in stablecoins has helped many crypto traders. Finding out its benefits and turning them into opportunities remain the next action.
Furthermore, the popularity of stablecoins seems to be massively increasing. While comparing one of the popular stablecoins, “Tether,” to the most popular cryptocurrency, “Bitcoin,” see what we found. The analysis shows that the largest stablecoin, “Tether,” trades more volumes than Bitcoin. This happens daily, and as I speak, trades are ongoing.
The secret behind this success is the major benefits investing in stablecoin offers to traders.
These three points below summarize the benefits.
BENEFITS OF INVESTING IN STABLECOINS
Swift and benefiting transfer mechanism
Balanced prices
High-interest rates to investors
Now let’s take a careful look at these listed points.
Swift And Benefiting Transfer Mechanism
The growing popularity stablecoins have gained can be attributed to how swift transactions are carried out. Having not only made it a good investment platform, but it also becomes a popular value-transfer system across the crypto ecosystem.
You will find out that in January 2020, six top stablecoins surpassed the Ethereum network in the transfer of values. These stablecoins were(USDC, GUSD, USDT, DAI, PAX).
Investing in stablecoin is beneficial, especially when it is now on record that it has started challenging FX providers. Venmo is a testimony to this fact, as well as many other FX providers. Records have it that the quarterly growth rate of stablecoins was 300% compared to Venmo’s 23% in the 2017 year.
These facts point to the clear truth that stablecoins could replace most traditional payment providers in the nearest future. With the look of events, it will grow beyond a trading tool into a means of payment.
With the cryptocurrency explosion at the tail end of 2017, stablecoins gained a great deal of popularity. Most especially the USD-backed tether stablecoin. As a result, the rate of people investing in stablecoins also increased.
Lots of crypto traders saw this asset as equipment to hedge risky prices. This was during the period when many cryptocurrencies including bitcoin faced wild volatility. The need to invest in stablecoins was now the only way out of the box.
During that period, there was an outstanding growth for most stablecoins, especially Tether. Tether stablecoin also experienced a 130x increase by the end of 2017. comparing with historical gains, Tethers previous $10 million during early 2017 spiked to $1.3bn during year-end.
Seeing the massive explosion, most stablecoins followed the success trend. Among these stablecoins are PAX, TUSD, USDC, and DAI. Other narrowed exchange stablecoins also joined the trail. An example is the Binance USD(BUSD).
One powerful feature of most of these stablecoins is the similar fiat currency backing them up. It has also been observed that the United States of America Dollar is the backbone for lots of these fast advancing stablecoins. This is the secret behind the stability of these coins.
Crypto merchants chose USD mostly because it is universally considered as the reserve currency known to the world. The USD is also required for most international exchanges in the world. This has made most crypto traders express confidence while using tokens backed by the USD as trading cash. In like manner, while investing in stablecoins, it will be nice to consider USD-backed coins for double security.
HIGH-INTEREST RATES TO INVESTORS
For individuals who wish to make loads of cash from their stablecoins, platforms are available for such. Some of these platforms are also loan providers who are willing to pay interest for invested capital. Some of these platforms include Nexo and Celsius Networks.
These USD-based stablecoins are accepted and Lent out to borrowers, Just like Banks and most financial institutions do. Borrowers also pay the fixed, predetermined interest rates. This also provides revenue for investors on the platform.
While investing in stablecoins through this means, you are sure of higher interest rates over traditional interest rates local Banks provide. For some platforms, interest rates exceed 6%, while in some cases, it is more. For instance, investing in margin lending funds can fetch over 20% interest rates. These benefits so far come only while investing in stablecoins.
Conclusion
It is important to check out the reviews of platforms before investing. This will help you stay away from scammers and fraudsters.
Do you have questions on this topic? Go down to the comment section and post for clarifications.
Best Crypto Wallets in 2021. Number 2 and 4 are the ones we use.
The Best crypto wallets in 2021 for exchanging your cryptocurrencies are essential topics you should be aware of. This will enable you to make the best choices as regards crypto wallets with the best security.
Because most of these crypto coins have lasted a long time, many people seem to be interested in them. An example is the Bitcoin cryptocurrency. No matter how volatile this coin becomes, it looks as if the coin never goes away. Presently one bitcoin is worth over a thousand US dollars. This coin, from time to time, still appreciates.
As a result, finding the most suitable wallet to secure these coins is quite necessary. Also, many wallets are available, but not all these wallets are safe to store your digital cash. Therefore, the best crypto wallet in 2021 should be used for transactions. This will guarantee your own security and protection.
Along with that, there are lots of issues associated with the possession and safekeeping of crypto coins. One of these issues is hacking. The activities of hackers daily put owning and exchanging cryptos at risk. Individuals have complained about how they lost huge amounts to these malicious hackers. This tells you the importance of choosing the best crypto wallet in 2021.
TWO BRANCHES OF CRYPTO WALLETS
Generally, all crypto wallets fall under the cold or hot wallet category. That is to say that all wallets used for storing crypto-currencies are either Hot or Cold crypto wallets.
COLD CRYPTO WALLETS
Cold crypto wallets store cryptocurrencies offline. This is one significant difference between cold and hot crypto wallets. The cold wallets are not attached to the internet.
This “wallet-base” provide a friendly platform for individuals seeking control over their crypto-coins. Digital threats are reduced with this base also. This is because of the offline nature of this category.
The cold wallet only faces physical threats like device damage. Other factors like theft and robbery also affects the cold wallet. Apart from that, the cold wallet is very secure for the safe keeping of crypto currencies.
A number of the best crypto wallets in 2021 are found under this category also. This has made lots of people prefer it to the hot crypto wallets.
HOT CRYPTO WALLETS
Lots of reasons give rise to customer choices. These reasons result from lots of factors and experience.
Hot crypto wallets are online-based crypto wallets. These wallets house cryptocurrencies with internet services. This is the kind of wallets that is rapidly used by lots of crypto investors and traders.
As many analysts have said that it is a better option, the risk factors are so alarming. Crypto hot wallets are prone and more likely to face threats from hackers and fraudsters. The reason for this is because accounts can be accessed from different parts of the internet.
However, does not totally make the crypto hot wallet unable to be used. On record, most crypto traders using online wallets say they are the best crypto wallets in 2021.
THE BEST CRYPTO WALLETS IN 2021
MYCELIUM HOT WALLET
Mycelium wallet is a Crypto hot wallet rated as one of the best in 2021. This wallet has proven itself to be beginner-friendly. That is to say, for crypto traders who just started, this wallet is the best one they can opt for.
The Mycelium wallet houses and supports only the bitcoin cryptocurrency. This wallet has a built-in exchange; it is also user-friendly. Please note that this wallet only works on mobile devices.
The wallet also has hardware wallet support, permitting offline storage by users. All these qualities make it get seen as one of the best crypto wallets in 2021.
EXODUS WALLET
Exodus crypto wallet is a hot wallet that is free to purchase. This wallet is both mobile and desktop compliant. It is also very simple to use with an in-built exchange.
One outstanding feature of the Exodus wallet is how it provides for the swapping of crypto-coins. Right on the exodus platform, swapping of more than 100 cryptocurrencies is permitted with this wallet.
Also, it is easy for beginners to use, and You must note that the Exodus wallet is a closed-source kind of wallet.
HitBTC CRYPTO WALLET
The HitBTC is one crypto wallet that has existed for a long time now. HitBTC wallet allows the depositing of FIAT currencies through wire transfer. The trading fees of hit BTC are relatively low, giving room for low-budget investors. This quality and more permits HitBTC to be among the best crypto wallets in 2021.
TREZOR CRYPTO WALLET
The Trezor crypto wallet falls under the cold wallet category. This crypto wallet is otherwise known as the Model. Trezor wallet is the second generation of hardware wallets that have been created. This is one wallet that houses third-party exchanges.
Also, Trezor wallet accepts various cryptocurrencies on its platform. Trezor wallet is purchased with money, and it cost $170.
Moreover, Trezor is friendly and safe for new users as such news has gone wild that it is among the best crypto wallets in 2021.
COINBASE WALLET
Coinbase crypto wallet is one wallet where you alone get to monitor your transactions. This also is a wallet that is easy to use. One does not need a coinbase account to qualify using this crypto wallet.
Coinbase, founded in 2012, has been licensed and regulated in over 40 states in the USA. This crypto wallet was previously meant for bitcoin alone. Presently this wallet has diversified to house over 26 cryptocurrencies.
One benefit of trading with coinbase wallet is that it is also beginner-friendly. When you look at the wallet’s reviews, it is believed that it ranks as the best crypto wallet in 2021.
Other crypto wallets that are safe and user friendly are
It is very important for one to understand these wallets before use. If possible, look at the reviews firsthand and know if they fit your desired need. This will enable you to use the best crypto wallet in 2021.
Leave your comments in the comment section for help and clarification.
6 BEST STABLECOINS IN 2021 YOU NEVER KNEW EXISTED.
Stablecoins are quite different from most cryptocurrencies like the popular Bitcoin. Would you like to know about some famous stablecoins out there? The best stablecoins in 2021 are those coins that have survived the waves and tides of the horrendous sea.
When you hear stablecoins, there is one major characteristic associated with them. It is how the value is being tied to something different from the normal algorithmic process. The attachment of a reserve is what makes it volatile proof.
So, there are plenty of stablecoins in the market and probably circulating. This post will handle the following 6 best stablecoins in 2021, which you never knew before.
1. PAXOS STANDARD TOKEN (PAX)
The Paxos Standard Token is short-called PAX. This stable coin was built as an alternative to the Tether crypto. Just like the most stablecoins, the PAX is backed by the US Dollar. This quality also makes it among the best stable coins in 2021 for investment.
Also, the PAX coin is stored in treasuries that operate under the government. This coin is also built to run on the blockchain platform for ethereum. It is one stablecoin that has gained the New York state’s approval, especially the financial department.
However, For the fast-developing crypto space, this has been perceived by many as a huge plus. In-fact the PAX stablecoin is not just one of the most used coins in the market. It is also one of the best stable coins in 2021 and beyond.
At the rate at which this coin is growing, it is soon to become the most popular in a short while.
Lots of individuals have also shown satisfaction concerning PAX being trustworthy. Some even believe that this coin is soon to replace the tether(USDT)
2. The TrueUSD (TUSD) STABLECOIN
True USD is one stablecoin that has kept the tough fight between itself and Tether(USDT). Surprisingly, this coin has not only competed favorably but seeks to overthrow the USDTcrypto
Additionally, as much as the TUSD is not circulating rapidly, this coin seems more promising regarding transparency. A collaboration with a United States Accounting group seems to be a smart move. This was done to enable close monitoring of assets.
This stablecoin can also serve as a second option for purchasing traditional FIAT. That is to say that individuals outside the US who wish to purchase Dollars can go for this second option. Lots of individuals have also voted this currency as one of the best stablecoins in 2021.
3. TETHER (USDT) STABLECOIN
This is also one of the best stablecoins in 2021 circulating presently. USDT also has the backing of the United States Dollar, which also makes it volatile proof.
This stable currency is one of the first stablecoins to have existed. Now over 94% volume of all stablecoin tradings is done with the Tether coin. Traders now prefer Tether, probably because it track-records their investments for them. Most merchants combine this currency with ethereum for utility. Generally, It is felt as a localized dollar.
Why is the tether considered the best stablecoin in 2021? It is because of its ability to be converted to other assets. It does not even need to pass through other cryptocurrencies like bitcoin.
The parent company of this cryptocoin is BitFinex, and this coin asset is not audited. As a result, lots of experts have raised objections, as this act is suspicious. However, nothing has come off it as even lawsuits came to nothing.
The tether is currently rated equal to the Dollar on a 1:1 ratio scale. All this proves that this is one of the best stablecoin in 2021 around the world.
The Binance crypto otherwise called BUSD is the brainchild of the Binance exchange company. This coin was set up by a collaboration of companies.
The most popular companies that had hands in this were the Binance Exchange and the Paxos trust company. The PAXOS Company is also the team that set up the earlier mentioned Paxos stablecoin.
This coin is one of the best stablecoin in 2021 powered by ethereum but has the Dollar as its asset. Merchants who trade with this coin have also expressed great satisfaction resulting from received discounts.
The news is now all over the place that benefits and discounts are attached to trading the BUSD.
This currency also helps in the payment of trading fees on the exchange. Probably that is why it is held in US banks that are FDIC insured. Not only is binance the largest exchange globally, but it is also one of the best stablecoins circulating in 2021.
Forgetting, not to mention, the BUSD permits you to earn just by stacking them up. So the longer funds are locked in, the more it increases its value by providing INTERESTS.
5. GOLDCOIN CRYPTO
The Goldcoin is one of the best Stablecoins backed by Gold assets. This cryptocurrency is backed by the Ethereum blockchain network, while it allows the purchasing and holding of assets. These assets are held form of the cryptocurrency.
You may start to wonder about the essence of buying Goldcoin instead of the traditional Gold asset. The reason why this should be preferred is because of how you need not worry about security. The Goldcoin allows the purchase of Gold in fractional units and still secures it in high-security vaults free of cost.
Should you demand payments in physical Gold Bars that Goldcoin guarantees? The only issue is the rigorous process where you will have to provide identity. This, however, discourages merchants from investing. Aside from this issue, the anonymous purchase of Gold through the Goldcoin is the fastest and safest means.
As a result of these qualities, calling the Goldcoin under the best stable coin in the 2021 group is verified.
6. FACEBOOK DIEM STABLECOIN
The Facebook Diem looks as if it might top the rank of best stablecoins in 2021. Although this stablecoin is not yet in circulation, there is no need for doubt with the preps being made.
This coin was known as the Facebook Libra in 2020 but changed to Diem in 2021. Since the world keeps growing smaller resulting from technological advancements, local currencies might be inefficient in time to come.
Conclusion
In a Global village, there should be a universally accepted currency. A lot of experts predict that cryptocurrency will be the new normal as regards easy exchange.
If the truth should be told, such statements are either true or not far from it.
If you have any questions left, feel free to drop in comments section for quick responses.
Have you heard of the Facebook-currency Diem? Well, it was previously known as the Facebook-Coin Libra, which is going to launch soon!
Do you wish to know about this stablecoin and how it can improve your life?
Then this article “7 facts about the Facebook Diem” grants you the perfect solution to your curiosity. All you need to do is: sit down and read carefully what we are about to tell you!
During the second quarter of the year 2020, it was on record that Facebook has over 2.7 billion active users making it the biggest worldwide social network. The world population is pegged at around 7.8 billion people, while the youth population is about 1.8 billion.
From this, you can see that apart from the under-aged and very old, almost every human in the world is using the Facebook platform. Many people use it for adverts, some use it for record-keeping, some for communication, many use it for fun, and lots more. As a result, the No. 1 asset, which makes the world go round, “money,” needs to be circulated on this platform.
The Facebook Diem, a stablecoin, fills in the Facebook platform’s money gap, as it will serve as Facebook’s currency.
This means that now you can buy and sell your goods/services irrespective of your current location, country, or local currency. Not just that, processing transactions with this currency works as fast as lightning. The only problem here is that it is not in circulation yet. Nevertheless, there is no need to worry as it will be made available in a short while. (To get information about Diem as soon as it’s ready: Click here)
7 THINGS YOU MUST KNOW ABOUT FACEBOOK DIEM
#1Facebook Diem is a Digital Currency
Digital currencies are the money that is not tangible — you can’t feel or touch it. Then how can I use it? Well, you can transfer and account for these currencies by using computers and smart devices. For instance, Bitcoin has been in circulation for a long time now.
The truth is that once your money cannot be felt, it becomes a digital currency. So funds sitting in your bank accounts are all digital currencies. Just like your cash in banks, these currencies are cash in your digital wallets, which you can exchange by using smartphones, computers, and even cryptocurrency exchanges. Also, you can make it tangible by withdrawing into physical cash — as you do with the machine.
#2 Diem Is a StableCoin
Stablecoins are cryptocurrencies tied to an asset, making them more dependable and reliable because of their value stability.
The Facebook Diem is a cryptocurrency tied to the US Dollar, Japanese Yen, and Euro as collateral/security. Just like Bitcoin, this is a cryptocurrency, only that it is tied to an asset.
The Diem was previously called Libra in 2020, but with the launch that is to take place any moment from now, this crypto-currency is now referring as the Facebook Diem. This new development was a new proposal by the Facebook company — an American-based social media company.
#4 Facebook Novi Is The Wallet While Diem is the currency
A wallet is provisioned for everyone who purchases the Facebook Diem. This wallet houses the Diem crypto-currency till the wallet-owner decides on an exchange. So you will need to have a Novi wallet before you can buy or sell the Diem-crypto currency.
#5 Facebook Diem Will Be Available Soon
The Facebook Diem is presently not in circulation yet, but from all indications, this currency will soon be made available.
#6 Diem Crypto-currency Is Not Decentralized
This crypto-currency consists of the following currency percentage denomination; 7% of Singapore Dollar 14% to Japanese Yen 18% to Euro 11% for the pounds sterling 50% for the US Dollar This means that, unlike Bitcoin, this currency has a strong security backup. Well, this was the previous plan, but as it stands, preference is towards the pegging of each stablecoin to an individual’s currency.
#7 The Former Libra Association Has Now Birthed Diem Association
The previous body “Libra Association” has now given way to the new Diem Association resulting from the name change of this project’
Expect the Facebook Diem anytime from now.
Do you have questions or need clarifications? Place them on the comment section for quick replies
