Double Spending In Blockchain (An Overview)

If you have heard of the popular English proverb “you can not have your cake and eat it too” then you are on your way to understanding double spending in the blockchain. However, you need to understand the concept of double spending itself.

 

What is Double-Spending With Examples

Supposing I have a $10 note, If I find a good forger, I can forge another $10 and have $20. If I then buy something with that $20, then I have double spent the original $10. However, if the person I am trying to buy stuff from checks the serial number on the notes, they will see that they are the same and I would be caught and arrested for fraud. It is because the issuer of the notes i.e. the Federal Reserve, put serial numbers on the notes to guide against that exact kind of thing as part of its regulations.

 

Can You double-spend on Blockchain?

Now that you understand how double spending works, I’ll try and help you understand the concept of Double Spending  in a blockchain better,  by doing  a little refresher on how blockchains work

A blockchain is a chain of decentralized, distributed, and immutable blocks that are used in cryptocurrency transactions. When a user makes any transactions,  the transaction is recorded on a block to be validated by other users on the network. It is when it has been validated by other users that the transaction is then executed, or at least that is how it is meant to work. Note that since the blockchains don't have a central regulator, every user has to validate transactions

Unfortunately, Blockchains are not perfect, and some malicious users often exploit them. One way they do this is by creating multiple copies of the same cryptocurrency and using them in different transactions. For instance, supposing a user has 1 BTC, they can make copies of that 1 BTC and use it for different transactions (much like someone forging the $10 note). Since crypto is a computer file, the two copies would be virtually indistinguishable from each other unless other users validate which is which.

Double spending can happen on the blockchain if there is no user to verify the transaction or the user's wallet is not secure.

 

How do you fix double spending in Blockchain?

To be able to properly answer this question I will share two ways that double spending on bitcoin  occurs

  1. One user can make several copies of the same BTC and use them for transactions with multiple users.
  2. A user can perform a transaction and then reverse it after obtaining the service, such that he still retains the same Bitcoin to be used for another different transaction. Of course, this would be impossible in a physical currency since you can't reverse money that you have given to someone for service (unless you rob them).

Ways by which bitcoin double spending is controlled

  1. Validation of every transaction on the blockchain is done by a maximum number of nodes in a network to ensure that there is no mistake, it is after this validation is done that the block is added to the blockchain
  2. All the transactions on the blockchain are time-stamped. That way the bitcoin from that transaction cannot be reversed, if other transactions are made with that timestamped coin, they will be canceled
  3. A copy of each transaction is saved at every node in that network. Thus even if the network fails the whole blockchain will not go down
  4. Merchants get block confirmations so that they know that double spending has not occurred. Bitcoin usually requires a minimum of 6 block confirmations

 

How many transactions can Blockchain Handle?

Most cryptocurrencies have their blockchain and each blockchain has its Transactions per second limit.  The biggest crypto blockchain, Bitcoin can only do 5-7 transactions per second.  Solana’s blockchain is more efficient, being able to process 3000 transactions per second and up to 65000 transactions, Algorand can do 1300TPS, and Ripple has the capacity for 1500TPS with the potential scale to up to 50,000 Ethereum aka Serenity coming in early 2023 will be able to do 100,00 TPS.

It is worthy of note though, that it is not how fast a blockchain can do transactions that matter, but how decentralized and secure it is. This is why the BTC blockchain even though it is one of the slowest is still the one with the highest population. Because it is the most secure.

the fastest 
blockchain
Tectum (the World's Fastest Blockchain) can do 1 million transactions per second

How does crypto solve double spending?

Apart from mining new bitcoin miners are essentially  acting as auditors to forestall the problem of double spending in the following ways,

  1. Validating every transaction on the blockchain network to ensure that there are no mistakes, or reversals
  2. Ensuring that all the transactions on the blockchain are time-stamped. That way the bitcoin from that transaction cannot be reversed.
  3. Miners confirm new blocks so that they know that double spending has not occurred. Bitcoin usually requires a minimum of 6 block confirmations

 

Can crypto cause double spending?

Since no system in the world is perfect, cryptocurrencies can cause double spending. However, since Blockchains are automated, double-spend usually doesn't occur with new blocks, but it is far more likely to happen if the crypto is stolen from a wallet that is adequately protected.

However, as much as cryptocurrency analysts talk about the problem of double-spending, it has been a largely theoretical problem. There are only rare cases in which double spending actually occurred and they were all quickly stopped.

One particular mode of double-spending that analysts often warn against is the 51% percent attack, in this case, a malicious attacker can take over the majority of the network and be the one to validate all the transactions, which means they can control transactions as they want.

However even this 51% attack cannot happen to a large blockchain like Bitcoin given how many people are on it.  It is only smaller blockchains that might be in danger.


Cryptocurrency Lists (All Types)

Because cryptocurrency lists involve digital currencies that are relatively easy to create, the cryptocurrency lists seem to keep growing all the time. There are two types of cryptocurrencies: they are Bitcoin and Altcoins.

 

Cryptocurrency Lists

BIITCOIN (BTC)

Founded in 2009, Bitcoin is a different kind of crypto coin from other types because it is the first coin designed to use blockchain technology.

 

ALTCOINS

Altcoins, also known as Alternative coins, are crypto coins that were created as alternatives to Bitcoin, either because of issues with the bitcoin blockchain or simply as an alternative currency to bitcoin. Here is a list of 8 of the most popular altcoins that cryptocurrency traders invest in

  1. Ethereum

Ethereum is an alternative to bitcoin that was launched in 2015 and has grown to become the crypto with the second highest capitalization after bitcoin. It currently trades at $1,383 per ETH as at 2022

What makes Ethereum a valuable crypto is that its ETH platform relies on proof of stake rather than proof of work, which makes it attractive for crypto miners since it means less energy consumption.

  1. Tether

Tether is a stablecoin that pegs its value to the US dollar, which means it is likely to experience sudden bouts of rising and falling (which means your investment remains stable). Tether has a market capitalization of $68, 461, 359, 437, and is currently trading at $1. It may not look like much, but it has a lot of potential to increase.

  1. USD Coin

The USD coin was launched by the Centre Consortium (a group of companies that includes Circle and Coinbase) in 2018 and currently has a market capitalization of $55 billion, and it is the fourth most traded coin in terms of trading volume. What makes USD stable is that Circle the company responsible for it is based in the US and is therefore subject to American regulations. This makes it a stablecoin

  1. Binance Coin (BNB)

Binance currently trades at $272 and has a market cap of $ 44 billion. It is also another of the coins pegged against the US currency which makes it another of the stablecoins that you can trade. What is even better is that it has the potential to rise when the US stocks rise, which makes it a stable investment to commit money to.

  1. XRP

XRP is one of the earliest Cryptos to be created. It was created by Ripple in 2012 and has remained one of the top 30 cryptos since then. And it has its ledger different from Ethereum and Bitcoin. instead of proof of work or proof of stake to validate transactions, instead, the client can send applications to the ledger servers. This makes it more attractive to traders alike. XRP currently has a market cap of $19.6 billion dollars and is worth $0.39

  1. Cardano

Cardano was established by one of the founders of Ethereum and that is what makes it reliable. The coin has a market cap of $ 15.9 billion and currently trades at $0.47. The thing with Cardano is that like Ethereum, its blockchain also has more De-Fi use case potential than most other cryptos, and that is why it has the potential to attract users which will surely drive its coin price up.

  1. Tectum TET

Tectum is one of the fastest rising cryptos, and that makes it one of the most attractive to invest in. it is the only Blockchain Network to employ the Proof-of-Utility protocol. The protocol optimizes data distribution and allows the blockchain nodes to verify 1 million digital transactions per second. Which makes it the fastest network by far. With this feature likely to engender several use cases Tectum is a cryptocurrency you can get into now.

Tectum on cryptocurrency list
Tectum is new on the cryptocurrency list

 

Cryptocurrency Lists (What is Coin Listing)?

A Coin listing is when a cryptocurrency exchange offers trading pairs for a particular asset. If for example, a crypto exchange offers an exchange rate for Tectum (TET) in Bitcoin (BTC), that means the TET coin has been listed as a trading pair with BTC. Apart from bitcoin exchanges, it can also be between BNB, Ethereum, (ETH), or Ripple (XRP)

 

How to list Cryptocurrency on CoinMarketCap?

CoinMarketCap has a form for people who wish to add a coin to their exchange. In the form, you will be required to describe the exchange, your relationship with the exchange as well as any other validating details.


Green Crypto Project (Brief Review)

One of the criticisms that have been leveled against the green crypto project and cryptocurrencies in recent years is their extreme energy consumption. As of August 2022,  between 120 billion and 240 billion Kw/h are expended on crypto assets alone globally. This figure exceeds the annual electricity usage of countries like Argentina and Australia.

This electricity usage is why many countries like China have banned the trading and mining of cryptocurrency and the fact that the energy consumption that cryptos like Ethereum and bitcoin require is beyond what their power infrastructure can handle is many countries in Africa and Asia have also either banned the currency or are otherwise reluctant to adopt it.   Not only this, it is why mining cryptos like bitcoin is so expensive for miners.

It is for this reason that analysts have predicted that crypto project creators must find a way to make cryptocurrency more eco-friendly if they wish to make it more popular. Several crypto project creators are taking up the challenge, and creating more eco-friendly cryptocurrencies, especially as an alternative to popular cryptos like Bitcoin and Ethereum.

In this article, I will discuss some new green crypto projects that you can invest in if you are looking for green crypto projects. Of course, several cryptocurrencies have green credentials, so this article is going to focus on the top new coins to invest in.

 

5 Green Crypto Projects  to Invest in

  1. Algorand

One of the reasons why Cryptos like bitcoin and Ethereum consume so much energy is their proof of work-based blockchain. The Algorand crypto uses a "proof of stake" blockchain instead, which doesn't need the kind of power-consuming ASCIIs.

Furthermore, the Algorand creators claim that all the transactions on the coin's blockchain will run a smart contract that will offset the transaction's carbon footprint without the user needing to perform any action.

The Algorand coins also use part of its network fees  to buy carbon credits through an app called Climate trade

  1. Solana

Solana is one of the most popular green cryptos you can find out there. For one thing, its blockchain is more efficient, being able to process 2000 transactions per second and up to 65000 transactions.

Just like Algorand, Solana's blockchain also uses a proof of stake model instead of the energy-inefficient proof of work, but it goes even better by combining it with proof of history. The hybrid model allows the Solana blockchain to process transactions even faster.

  1. Nano

The creators of Nano want to create a cryptocurrency that will be different from other cryptos in its ecological advantages, a truly green crypto project. Therefore instead of using proof of work, proof of stake, or any kind of chain that record any transactions, Nano instead creates accounts that connect in a latticework where each user controls their account. The transactions that occur end up requiring so little power that even basic computers can power them. That way the crypto doesn't leave a higher carbon imprint that than is necessary.

Of course, Nano is a relatively unpopular crypto as compared to others in this list. Its green credentials give it plenty of room to grow larger.

  1. Cardano

Perhaps next to Solana, Cardano is another of the altcoins that crypto traders and miners who want to be on the green side are moving towards. Like  Algorand and Solana, it also uses the proof of stake transaction model. It is the largest proof of stake-based cryptocurrency in terms of market capitalization.

Cardano's creators aim to create a programmable ecosystem that addresses real-world problems. It is also already exercising its green credentials through its partnerships. Not too long ago, it established a partnership with the Ethiopian government that allows schools to store their records on the blockchain.

  1. Tectum TET

Tectum is one of the fastest rising cryptos, and that makes it one of the most attractive to invest in. it is the only Blockchain Network to employ the Proof-of-Utility protocol, which makes it one of the fastest transaction processing blockchains at the moment.  The protocol optimizes data distribution in an energy-efficient way and allows the blockchain nodes to verify 1 million digital transactions per second.

The thing is that the TET crypto is not yet as popular as the other cryptos in this list but its proof of utility feature is likely to engender several use cases beyond just crypto coins and it is safer and more efficient than the proof of work model.

THE 
TRANSACTIONLESS
future
$TET and Tectum Softnote are new cryptocurrency coins you can check out

How do you know which crypto projects are green crypto projects?

If you have been paying attention to the cryptos in this list, you will realize that none of them use the proof of work model to create new coins. Therefore it is safe to say that it is the proof of work model that create the energy inefficiencies that occur in stable coins like Bitcoin and Ethereum. So one very good way you can identify green crypto to invest in is to examine its transaction model.

Another way you can identify green crypto is to look at its terms and conditions. Green crypto projects usually openly advertise their green credentials and list them as part of the goals of the project. You can identify green crypto by its energy usage.

CONCLUSION

Green crypto projects are the future of cryptocurrency. They not only reduce energy efficiencies in advanced countries, but they also "democratize" cryptocurrencies, allowing citizens of developing countries without the power infrastructure to sustain the proof of work model to also be able to mine and trade in cryptocurrency.

Unfortunately, it is the coins that use the proof of work model that is regarded as stable, but the green cryptos have not been verified as safe.  For example, XRP another green crypto that is popular enough is currently embroiled in a legal tussle with the American Securities and Exchange Commission, which has slowed its trade somewhat.

In trading crypto, ensure that you do your research and ensure that you are in it for the long haul rather than for a short while.


How can cryptocurrency replace cash?

How can Cryptocurrency Replace Cash?

How can cryptocurrency replace cash? Can cryptocurrency replace cash? How is cryptocurrency better than cash? These are the unanswered questions keeping the crypto space on its toes. As much as crypto enthusiasts, traders and investors will tell you that cryptocurrencies will soon replace cash and Fiat currencies, they have a point for the following reasons.

  1. lack of a predatory regulatory agency

Cryptos are not regulated by any agency such as a central bank or a tax agency. This means you as the owner of the coin own the coin 100% and measures such as the government freezing your bank account to punish you, or extorting you of your money don't apply.

  1. Crypto is transparent

Everybody can see every transaction on the blockchain. You can trace every crypto exchange to its source, unlike traditional currency which is regulated by a central agency. There have already been several examples where this has been used to prevent financial misappropriation like money laundering and embezzlement.

  1. Crypto keeps better than cash

Cash is paper, and it can be stolen from you by muggers and pickpockets, you can also misplace it or it may get burnt in a fire or get soggy if thrown in water. With crypto, you need to fear degradation, since it is immutable or theft, so far your wallet is secure with a strong password and other security protections.

  1. The world is moving rapidly toward the Metaverse

The metaverse is growing bigger and bigger every day, and innovators, brands, organizations, and even governments are looking to be part of it. There will be no need for cash in the metaverse, and most assets will be in cryptocurrency and NFTs. Thus the more popular the metaverse becomes, the higher the chance of cryptocurrency replacing fiat currency.

 

How do you convert cash to cryptocurrency?

To convert cash to cryptocurrency, you will need a broker who will handle cryptocurrency transactions for you. The broker can collect your cash and transfer the equivalent value in cryptocurrency to your wallet. Note that you have to pay an exchange fee to the broker as well as tax on the cash that you want to convert.

It will usually take a few days for the cryptocurrency you have exchanged cash for to reach your wallet.

 

Is crypto going to replace the dollar?

Even though crypto enthusiasts don't know the outright answer to the question "how can cryptocurrency replace cash", they keep talking about how crypto is going to become the currency of the future and replace the dollar in the united states, there is zero indication that that is going to happen now or shortly. We are not likely to see crypto replace the dollar for the following reasons:

  1. It is difficult to tax

Because of crypto’s volatile value, creating a tax regime for it will be a hassle for the government as well as buyers and sellers of products alike. In that case, the federal government will like to stick with the dollar, which is properly regulated and easier to tax.

  1. Its supply is limited

For example, there is only 21 million bitcoin in the world, to keep the crypto stable. That is not enough for the over 400 million people in the United States of America alone, not to talk of people outside the United States itself.

 

What will replace money in the future

Even though crypto enthusiasts keep talking about how crypto is going to become the currency of the future and replace all fiat currencies. Its limited supply means it will never be enough to replace the fiat currencies of this world. While it will surely take a major role as more and more countries come to accept it, the best it can hope to achieve is to continue to exist side by side with money.

Money will continue to exist, either in cash form or in digital form, while cryptocurrencies like bitcoin and other altcoins will continue to exist alongside it. But again there is no predicting how fast technology might bring the multiverse along, and that will be a major game changer to how crypto replaces money in the future.

future of payments
future of payments

Why It will take time for Cryptocurrencies to replace fiat currencies

As much as crypto enthusiasts, traders and investors will tell you that cryptocurrencies will soon replace Fiat currencies, they point out how the lack of a regulatory agency such as a central bank or a tax agency means the owner of the coin owns the coin 100% and measures such as the government freezing your bank account to punish you, or extorting you of your money don’t apply. They also point out how bitcoin is transparent and can prevent financial misappropriation like money laundering and embezzlement. However, the main reason why cryptocurrencies at the moment cannot replace fiat currencies is as follows.

  1. Governments will have some form of regulation over Cryptocurrencies.

Part of the reasons why a country like China and countries in Africa like Nigeria and the Central African Republic have banned cryptos is that they believe that it is dark money that is not regulated by any central authority and can be used to commit a crime or undermine their country's sovereignty. And their fears are not unfounded either. However, this is expected to change in the future as government enacts better rules and regulations to regulate crypto. More efficient and transparent crypto like Tectum (TET) will enter the market. This should increase governmental trust in crypto and a greater willingness to adopt it alongside a fiat currency.

  1. It needs to be better for the environment

The entire process of mining crypto like bitcoin uses a lot of energy. This is part of why it was banned by China and several other countries in Asia. Unless something can be done to make crypto less power intensive, many countries especially in the global south don't have the power infrastructure of countries like Europe and the US  will never accept it.

 

How can cryptocurrency replace cash? (Conclusion)

In the meantime, before cryptocurrencies completely take over, some cryptos like Tectum (TET) are using a different blockchain model from the Proof of Work model that the Bitcoin blockchain uses - which is much better for the environment. The TET blockchain model also makes the crypto easier to mine, which is something that governments might consider when it wishes to adopt cryptocurrency alongside fiat currency.


What is Bitcoin Mining

What is Bitcoin Mining (A Brief Guide)

Bitcoin like any kind of currency doesn't just start to exist, it has to come from somewhere. New Bitcoin has to come into circulation at some point, or it would become scarce, further weakening its claim as an on-demand currency. That process by which new bitcoin enters into circulation is known as mining.

To further understand how bitcoin mining works, you need to understand a concept in cryptocurrency known as proof of work

Proof of Work (PoW)

Proof of work (POW) is a mechanism for asserting the validity of crypto data. The mechanism involves solving an alphanumeric (a mixture of alphabets and numbers) computer puzzle called a hash to create new blocks in a crypto blockchain. Once the hash is solved, the computer that solves the hash presents it as proof that it has "done the work" hence the name of the mechanism. There has to be a consensus among the nodes on the blockchain that a given node that node has a POW before the blockchain can be updated to reflect the new block. The reward for a POW is new Bitcoin. The process of earning new coins with proof of work in cryptocurrency is known as mining.

Even with the  “crypto winter” that has hit the crypto industry, which has seen BTC drop more than 70% of its value,  Bitcoin remains the most popular as well as the most expensive cryptocurrency,  it is still worth around $18,000 and still expensive, mining is the only way one can get bitcoin without paying for it. For this reason, there are thousands  (if not millions) of miners who are also hoping to mine new bitcoin and get a reward.

Because of this, you need a sophisticated ASCII computer and mining gear to be able to have a chance to mine bitcoin, because the chance that you will be the first to solve the hash depends on the mining power that you have.

 

Is Bitcoin Mining Legal?

This question might look like a straight yes or no question, but it is a lot more complicated. I believe the answer that we can all settle for is “it depends on where you are”. For example, El Salvador has just adopted cryptocurrency including Bitcoin as legal tender, so mining is legal there, on the other hand, countries such as China, the Central African Republic, and other countries in Africa, Asia, and South America have banned cryptocurrency as a whole so mining is illegal in those countries, however, there are countries like the US and some parts of the EU where cryptocurrency has not been adopted as legal tender but mining is still allowed.

Part of the reason why Bitcoin mining is still facing legal issues is in the above-mentioned Proof of work. Because the machines used to mine bitcoin are high-performance, they consume a lot of energy (For example 120- 240 billion kw/h is used to mine bitcoin in a year greater than the annual usage of well-populated countries like Australia and Argentina),  mining has come under major opposition by climate change activists and ecological support groups.

Cryptocurrency mining
Cryptocurrency mining

Can you get rich mining bitcoin?   

When bitcoin mining was new, it was very lucrative, but as many more people joined the bitcoin blockchain, the process has become way more expensive, and you have to get more expensive equipment and a bigger source of power supply, which also means more expenses.

Furthermore, since the creator of the bitcoin blockchain cannot afford to flood the market with bitcoin, (or else the supply will become greater than the demand and its value will drop) each successive block reduces in value, which means the reward of the bitcoin earned bare covers the expenses of the equipment required to mine it.

However what miners are essentially doing is that they are acting as auditors to forestall the problem of double spending,

 

How much do Bitcoin miners make?

At the moment if a miner can solve a hash successfully they will make 6.25 bitcoin (about $125,000). However, the increased competitiveness of solving a hash ensures that bitcoin miners form mining guilds (much like the mining guilds of the gold rush) to increase their chances of solving the hash. If a miner within a mining network solves a hash, every member of that network who participated gets something as a reward for their work.

 

How long does it take to mine 1 bitcoin?

As noted mining bitcoin is not an easy job. There are an estimated 1.7 billion attempts to guess the correct hash of a new block and miners mine a new bitcoin block every 10 minutes. Thus in real terms, it takes extremely fast machines 10 minutes to mine 1 bitcoin. It is because of these reasons that miners often form mining networks.

 

How do you mine Bitcoin on Laptop?

In the first years of Bitcoin,  people could mine bitcoin on regular laptops, but as more people became miners and the competition became stiffer, ordinary laptops simply became too slow. Then they moved to GPUs,  specialized processors that were created to render graphics and were 100 times as fast as normal laptops but then even those became too slow as even more people become bitcoin miners

At the moment most bitcoin miners use Application Specific Integrated Circuits (ASIC) systems that a configured to mine bitcoin and only bitcoin. These ASICs apart from being specially programmed for mining bitcoin also have the added benefit of not using up too much electricity, which lessens the power consumption of bitcoin miners significantly.

Thus a bitcoin miner, once you have obtained the ASIC processor, you will also need mining software. The older models of ASICs require specialized software but current models usually come pre-configured.

 

More about Bitcoin mining in the Bitcoin whitepaper.


Top Cryptocurrency(ies) to Check Out 2023

Top Cryptocurrency(ies) to Check Out 2023

Ever since cryptocurrencies became available as a medium of exchange, there has been a boom in the number of cryptos being traded, with more than 9000 cryptocurrencies available and vying for the top cryptocurrency spot on the market. At the moment, Bitcoin is still the top cryptocurrency, and that is why it is very valuable and in high demand for traders and miners alike.

For an average crypto enthusiast, whether an experienced trader or newbie, investing in bitcoin might be a little bit expensive. Therefore, in this article, we will discuss a few of the top 50 crypto coins, apart from Bitcoin, that you can purchase.

 

8 Top cryptocurrency(ies) you should invest in

  1. Ethereum

Ethereum is an alternative to bitcoin that was launched in 2015 and has grown to become the crypto with the second highest capitalization after bitcoin. It currently trades at $1,383 per ETH as at 2022

What makes Ethereum a valuable crypto is that its ETH platform relies on proof of stake rather than proof of work, which makes it attractive for crypto miners since it means less energy consumption.

  1. Tether

Tether is a stablecoin that pegs its value to the US dollar, which means it is unlikely to experience sudden bouts of rising and falling (which means your investment remains stable). Tether has a market capitalization of $68,461,359,437, and is currently trading at $1. It may not look like much, but it has the potential to increase.

  1. USD Coin

The USD coin was launched by the Centre Consortium (a group of companies that includes Circle and Coinbase) in 2018 and currently has a market capitalization of $55 billion, and it is the fourth most traded coin in terms of trading volume. What makes USD stable is that Circle the company responsible for it is based in the US and is therefore subject to American regulations. This makes it a stablecoin

  1. Binance Coin (BNB)

Binance currently trades at $272 and has a market cap of $44billion. It is also another of the coins pegged against the US currency which makes it another of the stablecoins that you can trade. What is even better is that it has the potential to rise when the US stocks rise, which makes it a stable investment to commit money to.

  1. XRP

XRP is one of the earliest Cryptos to be created. It was created by Ripple in 2012 and has remained one of the top 30 cryptos since then. And it has its ledger different from Ethereum and Bitcoin. instead of proof of work or proof of stake to validate transactions, instead, the client can send applications to the ledger servers. This makes it more attractive to traders alike. XRP CURRENTLY HAS a market cap of 19.6 billion dollars and is worth $0.39

  1. Binance USD

Binance USD has a market cap of $20.5 billion and is pegged to the US dollar as well it also currently trades at $1/BUSD. This also makes it good crypto to trade. It is one of the most valuable alt coins.

  1. Cardano

Cardano was established by one of the founders of Ethereum and that is what makes it reliable. The coin has a market cap of $15.9billion and currently trades at $0.47. The thing with Cardano is that like Ethereum its blockchain also has more De-Fi use case potential to attract users which may affect its price.

  1. Tectum TET

Tectum is one of the fastest-rising cryptos, and that makes it one of the most attractive to invest in. It is the only Blockchain Network to employ the Proof-of-Utility protocol. The protocol optimizes data distribution and allows the blockchain nodes to verify 1 million digital transactions per second. Which makes it the fastest network by far. With this feature likely to engender several use cases, Tectum is a top cryptocurrency you can get into now.

THE 
TRANSACTIONLESS
future
$TET and Tectum Softnote are new cryptocurrency coins you can check out

Conclusion

If you are looking for crypto to buy, there are several factors to take into consideration.  Factors like how expensive it is, if it is a stablecoin, how much potential it has to draw traders and users (which portends its potential to rise), and if it can be traded with fiat currency or exchanged with other cryptos.

Tectum offers the best rates on cryptocurrency exchange prices, and they make it easy for you to start your crypto journey. However, ensure that you secure your wallet and do your research before you buy any coins


Banking Ledger in Cryptocurrency

Banking Ledger in Cryptocurrency (An Overview)

Every trading process involves transactions between individuals and groups of individuals, And every transaction whether they are mediated or not has to be recorded. The document where the record of trade transactions is stored is called a ledger. Before computers became popular and most trades were conducted in physical cash, ledgers were big books for bankers to write in. Nowadays though, the rise of digital banking means that most ledgers, such as the banking ledger in cryptocurrency, are computerized.

 

Where are Crypto Ledgers stored?

Given "currency" part of cryptocurrency, of course, qualifies the transactions taking place as a financial transaction, and thus much like fiat there has to be a ledger where the records of crypto transactions that take place can be stored. What functions as a banking ledger in cryptocurrency is known as the blockchain.

While the banks that regulate fiat currencies used centralized ledgers which each branch of the bank operates and which are only available to the banks and only the owners of bank accounts. In other words, it is only you and the bank can have access to all the transactions that you have made with your bank account, and it is only the bank that can update it.

Cryptocurrency protocols, on the other hand, use a decentralized ledger in which everybody who does transactions can read and write on the blockchain. The system is transparent and everybody can view the history of all the transactions that have taken place and those that are ongoing.

 

So What is the difference between a Ledger and the Blockchain

As noted, there is a tendency to believe that the blockchain is no different from a Digital Banking ledger, after all both are done digitally rather than physically, and it becomes even more confusing when one realizes that most fiat currencies now have e-currencies as well.

However, a blockchain is different from a digital one in the following ways:

  1. The blockchain is a Distributed Ledger

Banking ledgers are controlled by the banks and updated by the different bank branches. Therefore it is only the bank and the owner of the bank account that have access to the record of transactions. It is also only the bank that can update the transaction. Thus for example, if you use your credit card to pay for something, the record of that item is updated in the bank ledger and you see it in your account statement whether you want to or not.

On the other hand, the blockchain is distributed. Every member on a blockchain can see the date, time, and the parties that were involved in every transaction. Members can also see every type of transaction that took place.

  1. Blockchains can execute smart contracts

Smart contracts are self-executing contracts based on the blockchain protocol which are designed to automate manual processes. These smart contracts make blockchain technology useful not just in terms of storing financial transactions but also in order-use cases such as in legal record keeping and document execution, medical records, and academic records. Digital banking ledgers on the other hand are limited in the transactions that they can perform.

How do you record cryptocurrency transactions?

To understand how the blockchain works, you need to understand a concept in cryptocurrency known as proof of work

Proof of work (POW) is a mechanism for asserting the validity of crypto data. The mechanism involves solving a computer puzzle called a hash to create new blocks in a crypto blockchain. Once the hash is solved, the computer that solves the hash presents it as proof that it has "done the work" hence the name of the mechanism. There has to be a consensus among the nodes on the blockchain that a given node that node has a POW before the blockchain can be updated to reflect the new block. The reward for a POW is new crypto coins. The process of earning new coins with proof of work in cryptocurrency is known as mining.

Of course, there are different names for the process of entering transactions on a blockchain and it varies according to the kind of blockchain. Some blockchains have "proof of stake" some have "proof of utility" and some like the Solana altcoin even have hybrid mechanisms that combine "proof of stake" with "proof of history".

 

Types of Ledgers in Blockchains

  1. Public blockchains

This kind of blockchain is not restrictive, i.e. anyone with access to the internet can join and become a node. If you have the equipment you can become a miner and present Proof of Work for a chance to earn coins.   However public blockchains have a higher security risk since every node on the blockchain may not follow the required security protocols

  1. Private blockchain

The private blockchain has the normal features of a public blockchain, but it is way more restricted than the latter. Of course, the blockchain is still decentralized, but access is only granted to a limited number of people. A lot of new crypto projects are often based on private blockchains.

  1. Hybrid Blockchains

These are blockchains that combine both public and private blockchains depending on the level of security access for users.

 

Is Bitcoin a transaction ledger?

Bitcoin is not a transaction ledger. It is a cryptocurrency coin much like the dollar or the euro are currencies.  However, unlike the latter two, it does not exist in physical form. Instead, it is the transaction in bitcoin that go on the ledger.

future of payments
future of payments

 

Banking Ledger in Cryptocurrency (TL;DR)

In this article, we have learned about a decentralized ledger in cryptocurrency, known as the blockchain, and the differences between a Blockchain and a normal banking ledger.

It is worth noting that the blockchain has many uses beyond just simply storing records. It can help in reducing operational costs in real-time transactions between financial institutions, help in fraud prevention and customer identification, it can make borrowing money more secure by removing gatekeepers through technology, and it can also convert traditional securities such as bonds and alternative assets into tokens and create interoperable capital markets.


Cryptocurrency Market

Cryptocurrency Market (A Brief Overview)

For a newbie, investing in the crypto market can be a bit tough. With more than 9000 coins to choose from, it is often a difficult choice to make. Should you hold on to an Altcoin and hope it rises enough to give you a profit? should you go for stability or take a risk? Which coins are going up and which are going down?

In this article, we will do a cryptocurrency market analysis, by examining some cryptocurrency trading prices. This will help you use current crypto coin prices to measure the rate of change that is useful for you to make decisions.

 

What is the Bear market in cryptocurrency?

A bear market in crypto is caused widespread investor pessimism about the likelihood of crypto prices dropping. It leads to a general decline in broad market indexes in the financial market. Over the past few months, the crypto market has been in a bearish position with more than a 20% decrease in crypto prices. The high rate of inflation is affecting the stock market itself, and thus the price of cryptocurrency is also being affected. It is predicted that as inflation goes down the market should turn from bearish to bullish.

 

What happens to Cryptocurrency when the market crashes

Cryptocurrency market crashes happen when certain sentiments surrounding a particular cryptocurrency change for the worse. Several factors like depleted reserves, bad news or rumours, black swan events, macroeconomic problems, and more are the usual culprits in the event of a crypto market crash. However, if a cryptocurrency coin has good fundamentals and a strong utility or use case, there is a higher chance of them surviving cryptocurrency market crashes.

 

Market Capitalization and Cryptocurrency Market Prices today.

  1. Bitcoin

As of the time of writing, Bitcoin is now $19,359/BTC. Its Market capitalization is $372 Billion, which makes it the highest-selling bitcoin and the most expensive coin

  1. Ethereum

Ethereum is an alternative to bitcoin that was launched in 2015 and has grown to become the crypto with the second highest capitalization after bitcoin. It currently trades at $1,383 per ETH as at 2022

  1. Tether

With a market capitalization of $68, 461, 359, 437 and currently trading at $1. It may not look like much, but it has a lot of potential to increase.

  1. USD Coin

The USD coin was launched by the Centre Consortium (a group of companies that includes Circle and Coinbase) in 2018 and currently has a market capitalization of $55 billion, Binance Coin (BNB)

Binance currently trades at $272 and has a market cap of $44billion.

  1. XRP

XRP is one of the earliest Cryptos to be created. It was created by Ripple in 2012. XRP CURRENTLY HAS a market cap of 19.6 billion dollars and is worth $0.39

  1. Binance USD

Binance USD has a market cap of $20.5 billion and is pegged to the US dollar as well. it also mostly trades at $1/BUSD.

  1. Cardano

Cardano was established by one of the founders of Ethereum and that is what makes it reliable. The coin has a market cap of $15.9billion and currently trades at $0.47.

  1. Dogecoin

DOGE currently has a market cap of $7.8billion and is currently sold for $0.059/Doge. Its price tends to be affected by Elon Musk’s tweets and activities.

initial coin offering
Tectum plans to do an initial coin offering soon

How to Invest in the Cryptocurrency market

You can invest directly in crypto by using a coin exchange such as Binance or Coinbase. Both are good exchanges that offer detailed analysis including statistics, projections, and resources on several coins that you can invest in with as little as $1 or whatever local currency you have if you are not in the US.

The Tectum (TET) Token is a significant improvement to other 3rd generation crypto choices. TET allows you to create and mint SoftNotes.

If you are not up to buying crypto yourself, you can invest in a company with high exposure to crypto such as a crypto mining company. Tectum has its own blockchain and is an excellent high-speed alternative. Another option you have is to invest in a Bitcoin-focused fund such as an exchange-traded fund (ETF)

However, don’t forget that the rule of thumb is that you should only use the money you can afford to lose in the crypto market due to its volatility.


How to buy Bitcoin

“how to buy bitcoin” is one of the most popular questions on the internet and it is easy to see why.  Bitcoin is the most popular and most valuable cryptocurrency (currently valued at around $18,000) and thus every trader wants some of it.

Therefore If you are someone looking to buy bitcoin for the first time, as a newbie to cryptocurrency trading, here are a few things you need.

 

How do beginners buy Bitcoin?

To buy a bitcoin you will need to open an account on a cryptocurrency exchange. A cryptocurrency exchange is an online marketplace where people trade cryptocurrency. Cryptocurrency exchanges work like your online broker and you can perform a variety of functions such as exchanging your fiat money for cryptocurrency, and vice versa, covert bitcoin into its equivalent in another cryptocurrency, and vice versa, There are several good crypto exchanges on the market like crypto.com, Gemini, BitMart Exchange Kraken, Bisq, etc.

To create an account on most cryptocurrency exchanges you will need personal identification documents. Most Crypto Exchanges and networks are bound by Know Your Customer regulations, in which they must have the verified identity of all the customers on their platform.  Also, you need a secure connection to the internet, to protect your private information. Finally, you need to create your cryptocurrency wallet, an account outside your exchange account where you can put your money. Think of it as the difference between your bank account and your physical wallet. In this case, the bank monitors the transactions that go in and out of the account and if someone deposits money into your account you can take it out and put it in your wallet.

 

How can I purchase bitcoin?

You can pay for Bitcoin with your bank accounts, debit cards, and credit cards. You can also pay for bitcoin at specialized ATMs and Peer2Peer exchanges.

Also, you should know that bitcoin exchanges charge you exchange fees for all the exchanges you do on their platform. The  exchange fees depend on several things, the cryptocurrency you are buying (bitcoin being the most valuable will have the highest exchange rate), the platform you are buying from, (the more secure a platform is, the more they will spend on-site maintenance and security. Thus expect exchanges like Coinbase might charge you higher than other exchanges, with less risk.)

Buy Bitcoin
Buy Bitcoin with Tectum Softnotes

How much should I be expected to pay to purchase Bitcoin?

As a newbie in the Bitcoin/Crypto trading business, it is also important that you know that Crypto exchanges use a fee model determined by market movement. This is known as the "Taker-Maker" fee If for example, you are buying Bitcoin at the market fee, the exchange will charge you a "Taker" fee. On the other hand, if you decide to set a price you want to buy at and wait for the market to reach that price, then you have "made" a limit order and you will be charged a "Maker" fee instead.

At the moment 1 Bitcoin (BTC) is worth $18,600 and that is the major determinant of how much BTC you can pay.

The rule of thumb is that when you perform a transaction on a crypto exchange, the exchange will give you the current exchange of bitcoin to the currency that you want to pay for it (Most large exchanges have currency conversions in several currencies for those, not in the US) how much bitcoin you will get for the amount that you are paying, all the charges that come with your method of payment, and every additional exchange fees you have to pay.

You will be able to see everything on your transaction page before you click send.

 

Can I buy one Bitcoin?

At the moment 1 Bitcoin (BTC) is worth about $18,000 so yes you can buy one bitcoin. Also, you can buy a fraction of a bitcoin. For example, you can pay $9,300 for 0.5 BTC or $4150 for 0.25. the important thing is that your crypto exchange has a currency conversion calculator that can tell you the exact number of units of BTC that you are paying for the right to the last decimal place.

However different exchanges have their minimum price limits to the bitcoin you can buy. For example, Coinbase's minimum price limit for BTC is $2.

 

Can Bitcoin be converted into cash?

If cash can be converted into Bitcoin, then the reverse can also be the case. Just log on to your exchange and list the amount of BTC that you wish to convert into cash. Add your account details (like the wallet you are transferring from, and where you want the money to go) The exchange's currency converter will tell you how much you will get in addition to the fees that you have to pay. Then click send.

However, if you wish to collect cash rather than just have the money in your bank account, you will need a physical broker whose exchange account/wallet you can send the money to and who will give you the cash equivalent of the BTC  that you have paid.

What are the Steps for Purchasing Bitcoin

I have discussed some of the steps to purchasing bitcoin above, find a bitcoin exchange, use a currency converter, and add your identity and your wallet address.

However, there are some other tips that you will find useful

  1. As a trader, you can create multiple public exchange accounts and private crypto wallets and distribute your coin over many addresses. A good strategy is to keep significant investments in public accounts not connected to the one(s) you use for day-to-day trading
  2. Check out the legal issues, regulations, and tax status around selling and purchasing Bitcoin where you live, especially if you live outside the United States of America.
  3. Even though the transactions you do on crypto exchanges are private, every transaction is visible on the blockchain and thus, your public key will be listed next to every trade that you do. This is why your private key which can be used to access your account, must be kept secret.

Interested in other altcoins apart from Bitcoin. Check Tectum out here.


New Cryptocurrency Coins to Check Out (2023)

If you are a crypto enthusiast you already know that cryptocurrency is currently in a "crypto winter". Despite this, people are already looking for new cryptocurrency coins that will rally in 2023 and beyond. In this article, we will discuss a few of the top new coins that are already looking like they are worth investing in and getting more profit from.

 

Are there any new cryptocurrency coins?

Again, due to the drop in the price of cryptocurrencies, there are not many new coins to catch the eye. However, these new cryptocurrency coins some of which are already in existence and others which were recently added look promising.

 

What are the top new cryptocurrencies to check out?

  1. Ethereum ETH

Even though the Ethereum coin has been an alternative to bitcoin since it was launched in 2015 and has grown to become the crypto with the second highest capitalization after bitcoin It currently trades at around $1,300 per ETH, its blockchain has been undergoing some changes which have allowed it to be more compatible with not just bitcoin, but with other web 3.0 applications like buying virtual real estate, NFTs, and games. Because the new ETH platform relies on proof of stake rather than proof of work, which makes it attractive for crypto miners since it means less energy consumption, the more consumers use its assets the more attractive the coin.

  1. Tether USDT

Tether is a stablecoin that pegs its value to the US dollar, which means it is unlikely to experience sudden rising and falling (which means your investment remains stable). Tether has a market capitalization of $68, 461, 359, 437, and is currently trading at $1. It may not look like much, but it has a lot of potentials to increase in the future.

  1. Binance Coin (BNB)

Binance currently trades at $272 and has a market cap of $44billion. It is also another of the coins pegged against the US currency which makes it another of the stablecoins that you can trade. What is even better is that it has the potential to rise when the US stocks rise, which makes it a stable investment to commit money to.

BNB is regarded as the largest cryptocurrency in trading volume. The reason why it is attractive is that like Bitcoin, it keeps a hard limit on the number of its coins in circulation and also on its new coins released. What also makes it good crypto to trade is that it has two blockchains, which ensures that it doesn't run into the kind of bottlenecks that other blockchains run into.

Binance is set to launch Bifinity, a payment platform that will accept fiat to cryptocurrency, exchanges and also allow merchants to accept fiat money for digital assets. It absolutely will become one of the most valuable altcoins in the coming years.

  1. Algorand

One of the reasons why Cryptos like bitcoin and Ethereum consume so much energy is their proof of work-based blockchain. The Algorand crypto uses a “proof of stake” blockchain which can do 1300 transactions per second (TPS), instead, which doesn't need the kind of power-consuming ASCIIs. Algorand stands out due to its green credentials

Furthermore, the Algorand creators claim that all the transactions on the coin’s blockchain will run a smart contract that will offset the transaction’s carbon footprint without the user needing to perform any action.

The Algorand coins also use part of its network fees to buy carbon credits through an app called Climate trade.

  1. Tectum TET

Tectum is one of the fastest-rising new cryptos, and that makes it one of the most attractive to invest in. it is the only Blockchain Network to employ the Proof-of-Utility protocol. The protocol optimizes data distribution and allows the blockchain nodes to verify 1 million digital transactions per second. Which makes it the fastest network by far. With this feature likely to engender several use cases Tectum is a cryptocurrency you should get into now.

THE 
TRANSACTIONLESS
future
$TET and Tectum Softnote are new cryptocurrency coins you can check out
  1. Decentraland (MANA)

The Mana token is a  new cryptocurrency coin that is already being used as the currency in Decentraland, a VR game on the Ethereum blockchain. The attractiveness of the game and the prospect of Decentraland have made MANA the second-highest gaming cryptocurrency with the highest market capitalization in circulation. Some major hotels are already looking to acquire assets and even movie directors are looking at adding their movies’  NFT collections as assets in the game. All these will surely serve as a boost for MANA in the coming years.

If you are looking for new cryptocurrency coins to buy, there are several factors to take into consideration.  Factors like how expensive the coin is, if it is a stablecoin, how much potential it has to draw traders and users (which portends its potential to rise), and if it can be traded with fiat currency or exchanged with other cryptos.

  

What is the next big cryptocurrency to explode in 2022

As noted no new cryptocurrency coins have exploded in 2022, because of the drop in Crypto price, however, Ethereum is launching a new cryptocurrency coin,  Ethereum 2.0 aka Serenity in early 2023. Serenity's blockchain will be able to do 100,00 TPS. It is hoped that this rebrand of ETH will be the next big crypto in the coming years

 

How to buy New  Cryptocurrency coins before listing

  1. Open an account with a Cryptocurrency exchange or  broker

If you choose a popular exchange like Coinbase, Binance US, or Gemini, you will be able to check new cryptos as they come out

  1. Fund Your Account

You need a way to pay for the cryptocurrency you want. You can pay through a linked bank account or a wire transfer. You can also use your credit or debit card.

  1. Place your order

The cryptocurrency exchange you open an account with will guide you through the process. It will help you convert your fiat currency to how many cryptos you can buy and the other fees you have to pay

  1. Token Presale

The easiest way to get your hands on new cryptocurrency coins is to partake in a new crypto's often publicized token presale. Right now, Tectum is still holding its token presale. You can check it out here.