Disclaimer: This is paid guest post by Andrey Sergeenkov.
It is becoming harder to recall the world’s financial system before bitcoin. Once the world was all fiat and people were happy to chase…well, except Satoshi. Bitcoin launched in 2009 and turned the world of finance upside down. It is believed that the first bitcoin tokens were worth a measly $0.00001 at onset.
Since then, much has changed. Bitcoin has made millionaires out teenagers like Erik Finman who purchased his first coins at $12 each in 2011 from a grant awarded to him by his granny. J.P. Morgan Chase’s Jamie Dimon went all out and bashed Bitcoin calling it a fraud. “It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.” He said. In a short period, Dimon has had to swallow his scepticism, recently saying “I regret making” the comment.
Of a more useful nature, places to spend BTC are enlarging, and Bitcoin holders are getting more avenues to spend their tokens. Purchases can be made from the giant retailer Amazon through platforms like Purse.io and lately through Moon’s browser extension on any lighting enabled wallet. Paytomat, a crypto payment gateway, has gone steps further and is accepting at least 18 different coins on its crypto PoS system.
The Rise of Altcoins
Paytomat and its peers could not have emerged at a better time because, since 2009, over 2000 other altcoins have risen up; interpretations of the original coin. Litecoin developed in 2011 by Charlie Lee, a developer, for instance, requires less block generation time than BTC. Namecoin on the other hand designed in the same year has a POS algorithm just like Bitcoin and has 21 million tokens as well. Namecoin, however, allows for the storage of data in its blockchain transactions.
Since then different coins have come up that address a shortcoming or provide a remedy to a weakness in existing tokens. There are coins like Zcash and Monero that address privacy and others more focused on fintech growth like Stellar and Ripple. Tron and Steem address the entertainment industry’s crypto needs while Binance Coin is great for protocol and business.
Fork or ICO?
Some of these cryptocurrencies have been born out of single or multiple hard and soft forks, with hard fork alt coins taking the largest share of existing tokens. Others are the product of the initial coin offer (ICO), the industry crowdfunding vehicle.
In 2017 alone 875 ICOs, collectively raised over $6 billion. This staggering amount of money procured in an almost overnight fashion and shallow barriers of entry saw the market quickly engulfed by greedy developers with a severe case of FOMO. Altcoins that should never have seen the light of day were released, and the ICO boom was in full effect. Many started to speculate that the ICO boom would go burst in 2017, but the first half of 2018 netted over $11.8 billion from ICOs.
Needless to say, most of the coins released before their time or with no crypto economics to them have died and will continue to experience a horrible and slow death. In illustration, at least 10 percent of the billions netted from ICOs in 2017 was lost to fraudsters. In 2018, despite the vast sums raised, it is only 48% of the startups floated, that today are deemed as successful. The failures have been massive.
ICOs Helping Out Unconventional Crypto Projects
However, the ICO has brought to light altcoins with tons of potential that are revolutionizing the digital currency trading arena and are helping bring on the long-awaited cryptocurrency mass adoption nirvana.
Toyken from B.A Toys Horizon project is a product of B. Toys a $20 bootstrap startup, started by Jeremy Buse in 2010. By 2015 the startup had grown from a simple toy retail store to a market leader with trading volumes of over $300,000 annually. Now proud toy and collectible HODlers their ToysForecast SIM inventory management and forecast platform has helped them realize the case use for Toyken, the collectible enthusiast’s cryptocurrency.
Jeremy who has had a fascination with cryptocurrencies says that there is a strong correlation between digital currencies and collectibles. “Toys & collectibles are the physical versions of cryptocurrency; they always have been,” he says. The project’s Toy Power life membership feature grants Toyken holders special weekly discounts and puts special order items within their reach.
Their ToyTrax feature is an automated internet stock ticker and search bot for collectibles and toys. B. A Toys marketplace will be the venue all toys and collectible sellers and buyers will meet to purchase Toyken only products. Each vendor at the site will need to designate 3 percent to 5 percent of their stocks on the platform as Toyken only buys. The Horizon Project is of offering the first live Toyken early adopter round on the Waves Exchange, on May 4th 2019.
Cryptocurrencies are unique, and there have been no laws established, predicting their appearance nor their regulation. Government-controlled fiat is what the world has known, but blockchain technology has quickly challenged this norm. Countries like Japan are embracing cryptocurrency, and even allowing the employment of bitcoin to fiat ATMs. Germany, on the other hand, has ruled that digital currencies are an acceptable means of trading and tax payment.
Yes, there has been massive opposition from huge nations such as China and India, but as cryptocurrencies evolve to meet every human need as Toyken as done, it is only a matter of time till all trade goes full crypto.
About the Guest Author:
- Andrey Sergeenkov
- Independent IEO Advisor
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