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Important Cryptocurrencies to consider (other than Bitcoin) – Cyprus Mail

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Bitcoin might have been the trendsetter for cryptocurrencies focused on a decentralized network, but it isn’t the only one. However, it’s now the standard for crypto and has inspired a growing legion of spinoffs and followers.
Before learning of the Bitcoin alternatives, it’s important to know what cryptocurrency is. Overall, it’s digital or virtual money used like coins or tokens. While some cryptocurrencies come with credit cards and have broken the physical-world barrier, most are intangible and stored online.
Since Bitcoin is so popular, you may want to consider trading it online. You don’t need to buy Bitcoins specifically; Bitcoin Motion allows you to trade CFDs with ease and streamlines the process.
Altcoins are cryptos that get modeled after Bitcoin. Some say they’re improved or modified versions of the trendsetting cryptocurrency. Here are the types of Altcoins:
 Ethereum allows decentralized applications and smart contracts to be run and built with no fraud, downtime, interference, or control by a third party. This platform helps create a decentralized list of financial products that everyone can access freely.
The applications here run on ether, which is the platform-specific token. Ether is similar to gasoline for vehicles because it moves around on the platform and is preferred by developers using Ethereum and investors wanting to purchase other ether-style digital currencies.
It was launched in 2015 and is the second-largest digital currency after Bitcoin, though it’s lacking by a significant margin and has a market cap of half of the Bitcoins.
Litecoin was launched in 2011 and was one of the first cryptocurrencies to follow behind Bitcoin. Some people call it the silver to Bitcoin’s gold. Charlie Lee created it, and he was a former Google engineer and MIT graduate.
It features an open-source payment network that no central authority controls. Plus, it uses scrypt as the PoW, which is decoded with CPUs (consumer-grade central processing units). While it’s similar to Bitcoin in many ways, it features a faster rate of block generation and quicker confirmation times.
Cardano is the “ouroboros proof-of-stake) crypto, which was created using a research-based approach by cryptography experts, mathematicians, and engineers. Charles Hoskinson co-founded the project after being upset about Ethereum’s direction.
The team behind this cryptocurrency created the blockchain through peer-reviewed research and significant experimentation. Because of that, it stands out among PoS peers and larger cryptos. Some even call it an “Ethereum killer” because the blockchain does more. However, it’s still in its infancy stages.
Cardano hopes to be the financial operating system of the world because it uses DeFi products like Ethereum’s and offers solutions for voter fraud, chain inoperability, and others.
 Polkadot is a PoS cryptocurrency that delivers inoperability for other blockchains. The protocol connects permission-less and permissioned blockchains and oracles so that systems can work together from one location.
The core component here is the relay chain, allowing inoperability for various networks. It also includes parachains (parallel blockchains) to have their native tokens for specific needs.
Overall, Polkadot differs from Ethereum because developers create their blockchains while using the security features the Polkadot chain has already. Ethereum requires developers to set up security measures.
 Most people have heard of Ethereum and Litecoin, but Bitcoin reigns supreme. It’s crucial to understand that you have options. That way, you can research various cryptocurrencies and Altcoins to create a diversified investment portfolio.
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Latest Stock Market News for Sept. 27, 2022 – The New York Times

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Concerns about rising interest rates and the prospects of a global slowdown remain.
Follow our latest coverage of business, markets and economy.
Isabella Simonetti and
Sept. 30
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Data delayed at least 15 minutes
Source: FactSet
By: Ella Koeze
Unease on Wall Street continued on Tuesday, bringing the stock market to its longest losing streak since February 2020, even as trading in global markets started to calm after days of turmoil in everything from currencies to oil prices.
Trading was volatile. After an early gain, the S&P 500 changed course and ended 0.2 percent lower for the day, its sixth consecutive daily decline and a new low for the year. The last time the S&P 500 recorded a drop for that many days was in February 2020, when investors were shaken at the beginning of the coronavirus pandemic.
The S&P 500 has dropped 6.5 percent over the past six trading days. Market sentiment has turned sharply since a summer rally lifted the index some 17 percent from a June low, as investors have faced up to the idea that central banks around the world won’t slow down their campaign to raise interest rates to combat inflation, even if that threatens the economy.
The hard line from central bankers, who are trying to control the price increases that are running at their fastest pace in decades, has analysts predicting that a recession is more likely for the United States, Britain and continental Europe.
“It’s looking very clear now that the major central banks are not going to blink in bringing down inflation at the cost of growth,” said Rob Subbaraman, head of global macro research at Nomura. “I’m more worried about Europe than the U.S. in terms of the depth of the recession.”
Several central banks, including the Federal Reserve and the Bank of England, raised rates last week, with more increases in store.
On Tuesday, Charles Evans, the president of the Federal Reserve Bank of Chicago, said in a speech that “we will need to raise rates further and then to hold that stance for a while” to tame inflation.
Stock trading in Europe and Asia was steadier than in recent days, but some major benchmarks still ended slightly lower. The pan-European Stoxx 600 index fell 0.13 percent, while in Asia, Japan’s Nikkei climbed 0.5 percent and South Korea’s Kospi composite index gained 0.1 percent.
The Shanghai composite index rose more than 1 percent. Reuters reported that Chinese market regulators had asked brokers to help stabilize domestic stock markets ahead of an important Communist Party congress next month.
In Britain, the center of financial turmoil in recent days, the FTSE 100 dropped about half a percent, while the British pound climbed to $1.072, a day after touching a low point against the dollar. Investors there have been rattled by the government’s announcement on Friday of a sweeping plan to cut taxes and increase borrowing.
Raphael Bostic, the president of the Federal Reserve Bank of Atlanta, said on Monday that the severe market reaction to the British government’s proposals reflected a fear that the “new actions will add uncertainty to the economy.”
In the United States, “the key question will be, what does this mean for ultimately weakening the European economy, which is an important consideration for how the U.S. economy is going to perform,” Mr. Bostic said in an interview at a Washington Post event.
When asked whether the instability emanating from Britain increased the chance of a global recession, Mr. Bostic said, “I think it doesn’t help it.”
Oil prices regained some lost ground on Tuesday, with the price of West Texas Intermediate crude, the U.S. benchmark, rising 2.3 percent, to about $78.50 a barrel. The gains came as some oil producers in the Gulf of Mexico, including Chevron and BP, said they would evacuate some staff from oil platforms as Hurricane Ian made its way toward Florida.
On Friday, oil prices had dropped below $80 a barrel for the first time since January.
Jeanna Smialek and Joe Rennison contributed reporting.

The new British government’s plan for tax cuts, borrowing and spending will be met with a “significant” response by monetary policy officials, Huw Pill, the chief economist of the Bank of England, said on Tuesday. That could pit the central bank’s effort to reduce inflation by cooling demand against the government’s desire to stimulate the economy.
At the end of last week, Kwasi Kwarteng, the chancellor of the Exchequer, spooked financial markets when, without citing an independent fiscal and economic assessment, he revealed plans for the biggest tax cuts in half a century and an increase in government borrowing. On Monday, the pound dropped to a record low against the U.S. dollar, and analysts began to predict it would soon reach parity, or a one-to-one exchange rate. British borrowing costs shot higher as bond yields jumped to the highest levels in more than a decade, disrupting the mortgage market as traders bet the central bank would have to raise interest rates aggressively to tame inflation.
In a statement on Monday, the Bank of England appeared to rule out any interest rate increases before its next meeting in early November. Mr. Pill indicated that when the time came for a move it would be “significant,” a word he used often.
“We have all seen the recent significant fiscal news in the past few days,” Mr. Pill said on Tuesday at a conference hosted by Barclays and the Center for Economic Policy Research in London. “That has had significant market consequences as well as significant implications for the macro outlook.”
“It’s hard not to draw the conclusion that all this will require a significant monetary policy response,” he added.
The government’s policies, which include capping energy costs for businesses and households, “will act as a stimulus to demand in the economy,” Mr. Pill added, offering some of the first glimpses into how the bank will assess the recently announced measures.
One criticism of the government’s policies is that they pull in the opposite direction to the central bank’s goal of bringing down inflation, which is near a 40-year high. Last week, the cental bank raised interest rates by half a percentage point, disappointing some who thought that the move would be larger. The next day, the chancellor’s announcement on tax cuts and other measures shocked markets. Since then, traders have added to bets on interest rates to rise even more.
The criticism was echoed by the International Monetary Fund, which on Tuesday said that the government’s “large and untargeted fiscal packages” were undercutting monetary policy. The moves, it added, could also hurt low-income earners.
“The nature of the U.K. measures will likely increase inequality,” the I.M.F. said in a statement.
Mr. Pill also described the changes in British financial assets as significant. He said that these changes were part of a shift in asset prices in response to higher interest rates around the world, but that there was “very clearly a U.K.-specific element.”
Policymakers at the central bank “are certainly not indifferent to the re-pricing of financial assets we have seen,” Mr. Pill said.
Because Britain is a small, open market economy, higher bond yields and a weaker currency have an “important influence” on the cost of financing and price of imports, he said.
On Tuesday, the pound was trading below $1.08, up from its recent lows but still at levels unseen since the mid-1980s. Yields on benchmark 10-year bonds were at 4.51 percent, the highest since the financial crisis of 2008.
In all, the market moves have made the bank’s job of bringing down inflation harder, Mr. Pill said. Inflation is about five times the bank’s 2 percent target, even after seven interest rate increases since late 2021.
“Recent market developments have created their own additional challenges for the pursuit of our target,” Mr. Pill said.

Federal Reserve officials confront a world of rapid inflation, slowing growth and rampant uncertainty coming from turmoil abroad. In spite of all that, they are still predicting that they might be able to cool down the U.S. economy without tipping it into a painful recession.
Economists and markets are dubious, and even central bankers acknowledge that there are risks. But here are some of the reasons they have laid out for why they might be able to pull it off:
America has a strong job market. U.S. employers are still hiring at a solid clip, and the unemployment rate is near a 50-year low. “This gives us some room to maneuver to try to take care of the inflation problem as soon as we can, while the labor market is still strong,” James Bullard, president of the Federal Reserve Bank of St. Louis, said at an event in London on Tuesday.
Job openings are plentiful. Some economists think that the strong job market could provide a cushion, specifically because so many jobs are going unfilled right now. That might mean that job openings could fall as the economy slows — but without unemployment rising as sharply as it has historically amid declining demand. Jerome H. Powell, the Fed chair, called that possibility “plausible” at his news conference last week.
Inflation expectations are stable. Consumers’ longer-term inflation expectations have moderated recently. That's good news, because when consumers and businesses anticipate fast inflation, they can act in ways that make it more likely, such as asking for rapid pay increases or instituting regular price changes. The continued stability gives officials hope that price increases will not be as difficult to stamp out as they were in the 1980s, for instance.
Still, the risks are real. Several Fed officials have pointed to the turmoil abroad — the war in Ukraine, lockdowns in China and uncertainty in Britain — as a threat that could draw the United States into recession. It is also hard to guess how today’s rapid rate increases will play out over time, because their full effect takes a while to show up. And supply chains, while improving, could always become tangled again.
The Fed’s approach offers “a path for employment stabilizing at something that still is not a recession,” Charles Evans, the president of the Federal Reserve Bank of Chicago, said on Tuesday during an interview on CNBC Europe. “But there could be shocks.”

The surging dollar is wrecking stock portfolios, clobbering commodity prices and sinking rival currencies. The British pound has been among the most volatile currencies against the dollar, tumbling 5.6 percent over the past seven days, and briefly hitting a record low on Monday of $1.0327.
But one asset has been relatively calm over the past week: Bitcoin. The cryptocurrency has risen 6.5 percent over the past seven days, a surprisingly strong run that has caught the eye of crypto bulls and bears.
“You know we’ve reached a unique time in history when #Bitcoin suddenly is less volatile than fiat currencies,” tweeted Sven Henrich, the founder of NorthmanTrader, a markets research firm. Mr. Henrich was one of the most prominent bears during the recent bull market, warning about overpriced assets like crypto.
When central banks raised interest rates, Bitcoin largely traded like risky assets, such as tech stocks. But that hasn’t necessarily been the case over the past month. Bitcoin has traded in the green (but only slightly) so far in September, while the tech-heavy Nasdaq is down nearly 10 percent over that period.
But zoom out further, and the picture looks more frightening for crypto bulls. Bitcoin has lost more than half its value in 2022, far underperforming stocks, bonds and most currencies.
The Federal Reserve’s determination to crush inflation in the United States by raising interest rates is inflicting profound pain in other countries. Those increases are pumping the value of the dollar — the go-to currency for much of the world’s trade and transactions — and causing economic turmoil in both rich and poor nations, writes Patricia Cohen of The New York Times.
On Monday, the British pound touched a record low against the dollar as investors balked at a government tax cut and spending plan.
And China, which tightly controls its currency, fixed the renminbi at its lowest level in two years while taking steps to manage its decline.
The dollar is the world’s reserve currency — the one that multinational corporations and financial institutions most often use to price goods and settle accounts. Roughly 40 percent of the world’s transactions are done in dollars, whether the United States is involved or not, according to a study done by the International Monetary Fund.
And now, the value of the dollar compared with other major currencies like the Japanese yen has reached a decades-long high. The euro, used by 19 nations across Europe, reached 1-to-1 parity with the dollar in June for the first time since 2002.
In an anxious world, the dollar has traditionally been a symbol of stability. The worse things get — like during a pandemic or war, or amid climate disasters — the more people buy in dollars. And however cloudy the economic outlook is in the United States, it’s still better than in most regions.
Rising interest rates make the dollar all the more alluring to investors by ensuring a better return. That means they are investing less in emerging markets, further straining those economies.
The unusual concatenation of events is making things even worse for countries that might otherwise be able to take advantage of a devalued currency to export more of their own goods, which have become cheaper.

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Bitcoin still dominates total payments on BitPay despite the bear market – Cointelegraph

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Total crypto payments on BitPay remained stable despite the bear market, with monthly transactions surging from around 58,000 in 2021 to 67,000 in 2022.
The cryptocurrency bear market has had an impact on how people pay with crypto, but Bitcoin (BTC) remains a major payment tool despite huge volatility, according to data from BitPay.
The share of Bitcoin payments in the total BitPay transactions has been shrinking amid the ongoing cryptocurrency winter, but it’s still the most popular cryptocurrency for payments on the platform.
The sales volumes of Bitcoin-based payments on BitPay accounted for as much as 87% last year and dropped to 52% in the first quarter of 2022 amid the bear market, BitPay’s vice president of marketing Merrick Theobald told Cointelegraph. In contrast to the number of transactions, Bitcoin sales volumes on BitPay are associated with the total value of crypto payments processed in Bitcoin.
Theobald noted that BitPay observed a sales volume impact mainly among non-stablecoin purchases as stablecoin sales continued to occur regardless of crypto price fluctuations.
Theobald stressed that overall BitPay transactions remained stable despite the market decline, with monthly transactions surging from around 58,000 in 2021 to 67,000 transactions in 2022.
In line with sales volumes, the amount of Bitcoin payment transactions has also been significantly falling this year. According to data from BitPay, the BTC transaction share dropped from 57% in March to 48% in July.
On the other hand, BitPay users have been increasingly paying in other cryptocurrencies like Litecoin (LTC), as LTC transactions surged from 14% in March to 22% in July.
Despite a massive drop in Bitcoin payments amid the bear market, BTC still remains the cryptocurrency most commonly used for transactions on BitPay and makes up more than 50% of all sales on the platform. According to Theobald, that is another evidence that Bitcoin’s payment utility use case — the one originally described by BTC creator Satoshi Nakamoto — is still relevant. The exec said:
Theobald also suggested that some users might have preferred to pay with Bitcoin amid the bear market because it can be more expensive to sell BTC at an exchange and use it later to buy items online. “BitPay provides customers with a more direct and less expensive way to use their Bitcoin to buy everyday items,” he added.
Related: Bank of Russia agrees to legalize crypto for cross-border payments: Report
BitPay is one of the largest cryptocurrency payment companies in the world, allowing individuals and businesses to buy products and services with crypto or accept crypto as payment. BitPay provides crypto payment services to a wide number of companies in the United States, including Newegg, Verifone and Shop.com. The BitPay platform has also gained popularity for administrative payments and donation campaigns in the United States.
The news comes amid JPMorgan reporting on decreasing demand for cryptocurrencies as a payment method over the past six months. Takis Georgakopoulos, JPMorgan’s global head of payments, said that the bank has been handling significantly fewer crypto payments, reportedly stating that JPMorgan sees “very little” demand for such payments right now.

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India Freezes Bitcoin at Binance Amid Investigation Involving Crypto Exchange Wazirx – Regulation Bitcoin News – Bitcoin News

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by Kevin Helms
India’s Enforcement Directorate (ED) says it has frozen more than 77.6 bitcoins that were transferred to Binance from Indian crypto exchange Wazirx. The freeze is part of a money laundering investigation into a mobile gaming application.
India’s Directorate of Enforcement (ED) announced Wednesday that it has frozen 77.62710139 bitcoins under the country’s Prevention of Money Laundering Act (PMLA). The ED is the Indian government’s law enforcement and economic intelligence agency.
The freeze is part of the ED’s investigation into a mobile gaming application called E-nuggets. According to the announcement, the cryptocurrency was transferred from Wazirx, a popular Indian exchange, to Binance. The ED also tweeted a summary of its action.
India Freezes Bitcoin Held at Crypto Exchange Binance in Ongoing Investigation Involving Wazirx
The law enforcement agency explained that “Aamir Khan, S/o Nesar Ahmed Khan launched a mobile gaming application namely E-Nuggets, which was designed for the purpose of defrauding [the] public,” adding:
After collecting seizable amount of money from the public, all of a sudden withdrawal from the said app was stopped on one pretext or the other. Thereafter, all data including profile information was wiped off from the said app servers.
The ED explained that its investigations have revealed that the accused transferred part of the illegally earned funds overseas via the Indian crypto exchange Wazirx.
The accused allegedly opened a dummy account in the name of “Sima Naskar (Proprietor of M/s Pixal Design)” with Wazirx and used it to purchase cryptocurrencies, the ED further described, elaborating:
Thereafter the said crypto currencies were further transferred to another account in another crypto exchange, namely Binance.
“The balance of said transferred cryptocurrencies i.e. 77.62710139 bitcoins [equivalent to USD 1,573,466 (Rs 12.83 crore approximately)] at Binance crypto exchange has been freezed,” the ED wrote.
Binance was believed to have acquired Wazirx in 2019. However, Binance CEO Changpeng Zhao (CZ) recently said that the acquisition “was never completed,” emphasizing that “Binance has never — at any point — owned any shares of Zanmai Labs, the entity operating Wazirx.”
The ED froze the bank assets of Wazirx worth more than $8 million in August. However, earlier this month, Wazirx said that its bank accounts have been unfrozen. Following Wazirx, the ED froze crypto and bank assets worth $46 million of Vauld, a crypto platform backed by Peter Thiel. In August, the agency searched crypto exchange Coinswitch Kuber. However, the CEO of the exchange said that it was not related to money laundering investigations.
What do you think about the ED freezing bitcoin held at crypto exchange Binance? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized … read more.
Ripple CEO: SEC Lawsuit Over XRP ‘Has Gone Exceedingly Well’
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP “has gone exceedingly well.” He stressed: “This case is important, not just for Ripple, it’s … read more.
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