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RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Overview of the most important cryptocurrencies and their differences

Bitcoin, Litecoin, cryptocurrencies, mining… It seems like these new words are popping up everywhere in recent months. In part, the cryptocurrency boom is due to the fact that historically they have shown much higher profitability than the traditional dollar or euro.

But there are actually a number of reasons why cryptocurrencies are so popular. They are safe, anonymous, and completely decentralized. Unlike conventional currencies, they are not controlled or regulated by any particular authority, and their flow is completely determined by market demand. They are also nearly impossible to forge, thanks to a highly complex code system that encrypts each transmission, providing complete anonymity and security for every user.

Although Bitcoin is practically the only cryptocurrency discussed most of the time, there are actually many different cryptocurrencies available (in fact, very many).

So let’s take a closer look at the major ones.

Bitcoin is the digital currency that is stored in the unique payment system of the same name, where there is no controlling body and all participants are considered peers. Bitcoins can be used to make purchases and transfers if the recipient agrees to receive Bitcoin and is able to do so. The main idea behind

Bitcoin is complete decentralization: neither the central bank, nor the government, nor any other administrative organization can influence or control Bitcoin.

As for Bitcoin’s profitability, it is legendary.

This isn’t surprising – after all, a Bitcoin was sold for 0.003 dollars in the very beginning, and now it is traded at around USD 3500.

Bitcoin Cash is a new currency that emerged from a hard fork of the Bitcoin on August 1, 2017. It is a more scalable replication of the original blockchain with individual blocks increased to 8 MB.

The way a fork works is that instead of creating a new blockchain from scratch, the fork creates a duplicate blockchain with the same history.

What this actually means is that all owners of pre-fork Bitcoins are now owners of the same amount of Bitcoin Cash, since both cryptocurrencies had the same blockchain up until the moment of the fork.
Right after its release, Bitcoin Cash was worth about USD 700, but it stabilized in the USD 250-300 range in the following days.

Dash (“Digital Cash”) is a decentralized open payment system that uses an algorithm called Darksend to keep transactions anonymous. This currency has been renamed twice, from Darkcoin in 2015 and Xcoin in 2014.

It offers all the possibilities of Bitcoin, as well as instant and completely anonymous transactions through so-called Masternodes.

Masternodes mix up the transaction data to erase all of its tracks, and then get a percentage of the transaction value.

The main differences between Dash and Bitcoin are:

  • Transactions in Dash are anonymous.
  • Dash uses not one, but a combination of several cryptographic algorithms.
  • Mining Dash consumes less energy.

 

Decisions about the further development of the system are made collectively by all members of the Dash network through Decentralized Governance, instead of being decided by individual programmers.

The value of this cryptocurrency passed the $1 billion mark in May 2017.

Ethereum is a platform for creating decentralized online services based on a blockchain that uses smart contracts. It is implemented as a single decentralized virtual machine.

Developed by 19-year-old Vitalik Buterin, this cryptocurrency raised 18 million dollars in its ICO in August 2013 and was launched in July of 2015.

Unlike other cryptocurrencies, its creators do not limit the role of the Ether to payments, but offer it as a means for exchanging resources or registering transactions of assets using smart contracts. In particular, its developers have called the Ether a “crypto fuel” for smart contracts.

The Ethereum technology makes it possible to register any transactions with any assets using a blockchain-type distributed database of contracts, without resorting to traditional legal procedures. This possibility provides competition for the existing transaction registration system. According to The Economist magazine, the technology of “smart contracts” marks a new era in financial technologies.

Developers can issue tokens or units of their currency over a blockchain network.

In 2017, Ethereum grew by 4000% and became the second largest cryptocurrency after Bitcoin.

Ripple is a distributed payment system that uses the same cryptocurrency (XRP) as the internal payment unit.

First of all, we need to clarify that Ripple is not a Bitcoin clone and Ripple technology is based on a completely different concept, called the “principle of trust”.

XRP is similar to BTC:

  • Ripple is divided out to a large number of decimal places.
  • It is also easily transmitted in electronic form and has high cryptographic stability.
  • It is interchangeable and homogeneous.

 

 

XRP also has advantages over BTC:

  • Transactions in the network are much faster.
  • Ripple has some intrinsic value, since it allows you to conduct transactions.
  • Ripple coins are deflationary, as they are destroyed by the network after the transaction is carried out, so the total number of XRPs decreases over time.

As of 2017, Ripple is ranked the fourth cryptocurrency in terms of market capitalization, second only to Bitcoin and Ephereum.

Litecoin is a peer-to-peer internet currency that includes nearly zero-cost payments to anywhere in the world.

Litecoin is a fork of Bitcoin, as they were the same cryptocurrency until 2011.

The emission of Litecoins, as with Bitcoins, is algorithmically limited. The maximum amount of Litecoins that will go into circulation is four times greater than the maximum number of Bitcoins (84 million versus 21).
The initial reward for each block is 50 Litecoins.
Litecoin blocks are formed 4 times faster than Bitcoin blocks. Their pace of emissions and compensations will be similar over time.

About 3/4 of all Litecoins will be generated in 2020.

There are literally thousands of varieties of cryptocurrencies available today to suit any preferences, but the only one talked about is Bitcoin, with the rare exception of Ethereum.

However, the industry has plenty of interesting representatives.

The assumption is that in the future, “things” will become active participants in business, as they will be able to interact and communicate among themselves, reacting to and influencing the processes taking place in the world, without human intervention.

These things may need to perform transactions with each other. This is exactly why the cryptocurrency IOTA was created.
In order to fully understand the differences between cryptocurrencies, you need to have a general understanding of how they work.

The well-known Bitcoin uses blockchain technology. This is a continuous chain of blocks of information that is formed according to certain rules. IOTA’s main innovation is an alternative to the blockchain that is called Tangle. It involves a new distributed ledger architecture – effectively, a new version of the blockchain. You could call this system a “blockchain without blocks and chains” (semantically, Tangle is blockchainless). The blockchain almost always functions without a central administrator to configure the network nodes, which means that the architecture of the blockchain is not just distributed, but decentralized. In this regard, it is essential to the blockchain that all participants share a single view of the transaction ledger. To solve this problem, Bitcoin uses consensus node blocks. They are handled by miners (people who use the computing power of their PC to process transactions), who get a portion of cryptocurrency in return.

IOTA doesn’t have any “blocks” per se. Instead, each transaction refers to two past transactions. This transaction reference is treated as approval: with your transaction, you explicitly confirm that the two transactions and the Tangle are valid and comply with the protocol rules. And IOTA doesn’t have miners, either! Instead of leaving the smaller part of the network (just the miners) responsible for the general consensus, the entire network of active participants (i.e., devices that make transactions) directly participates in the approval of transactions. As a result, consensus is no longer separated from the transaction process in IOTA: it is an integral part of it, and this is what allows IOTA to scale without any transaction fees.

Let’s look at the most important features of IOTA:

  • No commissions. Yes, it’s true. You can make transactions for less than one cent in IOTA, because there aren’t any commission fees!
  • No mining. With no commissions, mining doesn’t make sense economically. So instead of a small group of users, all active participants are responsible for consensus.
  • Scalability. Modern blockchain networks have specific limitations related to their restricted scalability, demanding hardware requirements, and high transaction commissions. With the new technology, it is normal to expect high scalability and adaptability to high-level systems where devices perform thousands and millions of transactions.
  • Offline transactions. Blockchain represents a concept of a global state, where each participant of the network synchronizes with a universal system in order to make a payment. Tangle’s requirements are not as strict, allowing users to join together in clusters and even make offline payments using coins.
  • Internet of Things. This is an interesting concept that refers to a network of physical objects (“things”) equipped with built-in technologies for interacting with each other or with the external environment. This could be a phenomenon that completely reconstructs economic and social processes. Practically, the main purpose of IOTA is to provide symbiosis and cooperation with the Internet of Things. Given the potential of these technologies, the price of IOTA is expected to continue growing from year to year.

If you believe in the potential of cryptocurrency and blockchain technology, if you want to secure a place for yourself in a future where cryptocurrencies reign, and if you want to witness the origins of a new financial system, then it is best to invest now.

Will cryptocurrencies be the new norm after 2017? It might be too early to judge. There is one thing we know for certain – cryptocurrencies are going to be on the minds of experts and ordinary people for a long time.

Don’t forget that the first real thing bought using Bitcoin was a pizza sold for 10,000 bitcoins. In 2009, the owner of a pizzeria decided to believe in the cryptocurrency and traded the pizza for a pittance. This decision brought him at least $4,000,000 and set off a major financial revolution.

If you believe in the potential of cryptocurrency and blockchain technology, if you want to secure a place for yourself in a future where cryptocurrencies reign, and if you want to witness the origins of a new financial system, then it is best to invest now.

The best way to do this is on the IQ Option platform, which is one of the largest online exchanges in the world.

IQ Option offers its customers a wide range of cryptocurrency assets, a steadily growing number of available trading instruments, everything necessary for technical and fundamental analysis, a user-friendly interface, 24/7 customer support, lightning-fast credits and withdrawals of funds, and much, much more.

May you and your assets continue to grow!

start now

with IQ Option the trading platform for cryptocurrencies

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Manager Interview

How is IQ Option different from other binary options platforms?

Our platform is unique. There is not a single existing binary options platform that compares to it. We have spent the last 4 years painstakingly improving it. I’m sure that many people are aware of this, but we developed our platform ourselves, so we are able to continually keep perfecting it. Technical analysis tools, bots, buybacks, ratings – too much to list. And I’m not even talking about what we can expect in the future. Because we never want to stop with our current achievements, and traders can expect another pleasant surprise very soon.

IQ Option is licensed in Europe. Could you explain what that means? And how does this affect your traders?

Of course. Traders who make transactions under CySEC regulation can always be confident that the broker will 100% fulfill all of its obligations. Any regulation implies a complex licensing procedure, but it’s even more difficult to meet the regulator’s requirements after getting the license. A regulated broker has to deal with continual auditing of all company processes, account verifications, and call monitoring. We are happy that we have the opportunity to be legal thanks to the European regulator, since it confirms our status on the market.

What tools are available on the platform (for beginners, and for advanced traders)?

Our platform provides numerous tools for technical analysis. We currently have 12 indicators, 4 types of charts, 18 types of candlesticks, and 4 types of graphical tools. All of these are built into the platform, and this is absolutely unique! The price chart goes back three years. I can go right now and look up what the price was for the EUR/USD pair on, for example, April 1 in 2014. What is really important is that all of this works without creating a high load on the system, so basically it doesn’t have slowdowns and you can even see it on multiple screens at once. It’s hard to talk about technical analysis tools for beginners. One way or another, you need to have some experience in order to use these tools properly. Based on my own observations, I can say that traders with less than a year of experience prefer Bollinger Bands and RSI.

How can traders maximize their income on the IQ Option platform?

I can’t say anything about income because it’s a complicated topic. But one thing I know for sure is that there are several things that help any trader, regardless of his level of experience: 1) Perseverance 2) Self control 3) Diligence.

What is the process for withdrawing money? How long does it take?

We tried to make the withdrawal process as easy and fast as possible. The withdrawal page is designed to be clear enough for even a child to understand. Although I should note that this is certainly not a reason for children to start trading on our platform. 🙂 For clients who passed account verification, the money is sent immediately when withdrawing to a bank card. This makes it very simple to get funds.

What do you see in the future for binary options?

To me, the future of binary options seems to be that a large number of financial institutions will officially recognize the status of binary options. This will entail the need for new licensing and standards that must be met. I am positive that this will benefit those companies that want to establish long-term relationships with their clients, as we do.

Please introduce yourself. What is your education, what are your hobbies?

My name is Karima Ramadan. I studies in finance St. Petersburg Polytechnic University. I like to travel, read books, sea diving and snorkeling.

What specifically do you do with the company?who do you call, what does our job involve?

I am a personal account manager. My job is to make sure that traders assigned to me understand how the platform works, feel that they are heard whenever they need assistance or help.

What are the benefits of VIP traders?

Our VIP traders are able to learn how to use indicators that are available on our platform. We have educational materials in case the trader would like to study independently or he can request a training session (it’s when I call the trader and we practice trading using the indicator on live chart). Moreover they receive a higher profit with certain assets.

Where the company keeps the money of traders?

The funds received from traders are kept in major European banks.

How can I withdraw my money and what problems can I face?

Traders withdraw funds in two ways, it depends on the deposit source:

1) Deposit from a credit/debit card – a trader first refunds (withdraws a available amount) to his credit/debit card.
Profit can be withdrawn to an e-wallet or a wire transfer.

The main idea of a refund – is making sure that the funds deposited from a credit/debit card are returned back to the source. It helps the company adhere to the AML Policy (Anti Money Laundering) and also to make sure that no one else can use the funds except for the card owner.

Thus, when the trader withdraws to credit/debit card and the status of withdrawal request is “completed” it means the money is transferred by the financial department.

The rest depends on the client’ bank to process and receive.

2) Deposit from an e-wallet – traders can withdraw to the same e-wallet without any restrictions.

IQ Option is evolving very fast.

Tell me, what is new on the platform?

Our platform continuously offers new features such as:

Sell button – the trader can sell his option after buying it before the expiry time.

Mobile Apps – all indicators are available on the IOS mobile app version.

What are tournaments?

Tournaments are a great opportunity to improve the trading skills.

Traders get registered in a tournament and receive a certain amount of virtual money.

The objective is to make that balance large enough to be on the list of the highest balances (9 to 30 depends on the tournament’s conditions) and keep it till the end of tournament.

The top traders will receive a prize which is real money that can be withdrawn.

What questions you get constantly from traders?

One of the most popular questions is “What is the most successful strategy?”.

Honestly, if such magical strategy existed then as soon as I understood how it works I’d stop working at all and become the richest person on earth.

Please describe yourself in a few words. What is your education, what are your hobbies?

Well I am a bit shy, but sociable person who loves to experience things. My hobbies, borderline obsession are cars. I had a 800 horsepower Mazda RX8 in the States. I have completed community college but i have gotten most of my experience in life by doing odd jobs (selling cars, management of a dunking donuts shop, door to door salesman of vacuums :))

How long have you been working here?What sort of work do you do?
Who do you call, and what does your workday consists of?

I have been working here for over a year in various capacities but have moved up to VIP manager several months ago. I work mostly with VIP and try to be as useful to our customers as possible. I make sure that the clients needs are met to make their trading experience not just enjoyable but profitable as well.

Benefits of becoming a VIP-client

The benefit of being a vip is that you have access to few exclusive features over regular traders. They get free registration in most of our tournaments (and earn a average salary of an american) they receive higher percent of return on their investment, and their withdrawals get approved sooner.

Why are traders sometimes not able to purchase an option? What are the reasons for it?

There are two main reasons why sometimes traders are not able to purchase options.

a) Their internet connection is too slow and the request does not get to central office quick enough to purchase before the price changes

b) If they reach the exposure, a limit set by the company to make sure that it can pay out to all of the winners should they choose to cash out at the same time.

What’s new on the platform and what to expect?

This company is constantly evolving to keep up with the demand for a good product. It is not run by dummies or lazy people. The amount of new features that are being developed is quite extensive. But basically what the traders demand, IQ delivers.

Question from you (something you are concerned about, or some question you are asked most frequently)

The most common question that I am asked is “what is the winning strategy”……. Ha… Well if i knew that, I would be a millionaire now. Still working here (cause its a great environment and i like my colleagues)

But the truth of the matter is that there is as many strategies as there are people in the world. Everyone is looking for something specific from the platform, that is unique as they are.

My advice for all of my traders is to listen but then find out if it works for them. It needs to make sense, not just sound good.

start now

with IQ Option the trading platform for cryptocurrencies

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

General Risk Considerations: The financial services offered by this website carry a high level of risk and may result in the loss of all your funds. You should never invest money that you can not afford to lose.