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Millennials aren’t the only ones interested in crypto, says Kraken exec

  • Millennials are showing a greater interest, but adoption cuts across all age groups according to Kraken chief product officer Jeremy Welch.

Jeremy Welch, the chief product officer at cryptocurrency exchange Kraken says that it’s not just millennials who are most interested in crypto, noting that adoption is instead widespread even in the older generations.

Welch said this in an interview in which he shared his outlook of the crypto space going into 2022.

The comments come at a time when a new survey showed millennials loved cryptocurrencies and that more than three-quarters of millennial millionaires said they made their wealth in crypto and other blockchain projects.

Crypto adoption cuts across all age groups

Asked about Kraken’s plans and tools targeted at having more of the older generations enter the crypto space, Welch noted that it’s not just millennials. He said Kraken has seen “passionate” customers right across the age groups- from Gen X to Gen Z, and even baby boomers.

He also added that the interest does not just cut across the age groups, but across all backgrounds, with adoption registered from customers in over 170 countries.

Welch says there’s “a lot of excitement” for cryptocurrencies and Bitcoin (BTC), Shiba Inu (SHIB), and Dogecoin (DOGE). He also points to greater interest in staking amongst all these groups of investors, saying that Kraken recorded a 900% growth in staking among its customers.

Notably, Kraken has acquired the staking platform Staked in a deal worth an undisclosed amount the firm’s CPO noted he could comment about.

Bitcoin here to stay and NFTs was a big boon this year

Commenting on the broader crypto sector, he said the technology continues to grow and new use cases are coming up. He pointed to non-fungible tokens (NFTs) and decentralised identity as two of the newer use cases attracting a lot of attention.

He also noted that the financial system and new technologies such as NFTs and virtual worlds are all coming together in ways that are very exciting for not just the Gen Z and Gen Xers, but also for all types of artists and other users.

About the future of crypto, he believes Bitcoin’s decade-long growth and adoption means it’s here to stay.

Going back to the survey released last week by CNBC, the percentage of millennial millionaires who said they own crypto was 83%. 

Over 50% of millennials say they have half their money in crypto and plan to add to that. Interestingly, the survey report suggested that less than 25% of Gen X and even fewer (just 4%) of baby boomer millionaires reported having crypto investments.

The post Millennials aren’t the only ones interested in crypto, says Kraken exec appeared first on Coin Journal.

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5 Reasons you should buy Ethereum over Bitcoin

Gun to your head, „Name 7 cryptocurrencies!“

If you’re anything like the vast majority (over 95% of the crypto population), Bitcoin and Ethereum will fall among your top 5 picks. This goes to show how popular both cryptocurrencies are in the crypto space. Relative to Ethereum, Bitcoin seems to be at its peak. For the most part, it does feel like Ethereum is only just gathering momentum to claim the top spot in terms of value and market cap. But while Bitcoin comes an obvious first in this regard, should you opt to buy Bitcoin instead of Ethereum?

This article will explore the top 5 reasons you should choose Ethereum over Bitcoin without thinking twice. Sit back and relax because you’re about to learn one of the most important lessons that’ll evolve your investment journey forever.

A Little History

Before we get right into it, it’s important that you understand a few things about both Bitcoin and Ethereum. 

Since 2017, Ethereum has positioned itself in the cryptocurrency ecosystem as a decentralised platform that promotes different forms of transactions in the absence of an intermediary or third party. However, it should be noted that while Bitcoin (BTC) has been around since 2008, Ethereum (ETH) was launched in 2015, selling with a unit price of $3. Although the two coins are largely distinct, they both have a billion dollars market cap; with BTC having $921,629,402,230 and ETH having $478,438,977,852. They are currently trading at $48,769.48 and $4,025.63 as of the time of writing. Both currencies share some similarities, including digital currencies that can only be accessed online through exchange platforms. Also, they are stored in wallets. They are decentralised and utilise blockchain technology- a system of distributed ledgers. For a novice just entering into crypto trading, you can consider the price movement and decide to invest in ETH, and that’s fine. But as a pro, consider the following five reasons before deciding whether to buy ETH or BTC.

  1. ETH Usecases

The Ethereum blockchain uses a Turing-complete language that enables anyone to create smart contracts. This made it the first in the ecosystem. Simply put, smart contracts are open bits of code that can be used by anyone that has the necessary knowledge. This has made it possible for ETH to have many uses ranging from healthcare to gaming, finance, and the likes. With the aid of this new protocol, every Tom, Dick, and Harry can create their cryptocurrency token. Unlike BTC, ETH serves as a foundation where other infrastructures can be built in the crypto space. As an investor, what would you rather invest in, a car or land? Say you bought a small piece of land- developed or not- it will appreciate with time compared to a car or smartphone. An entity that continually creates value will itself become more valuable. The continual use of the ETH blockchain in disrupting various industries will consequently lead to an increase in its worth, and as such, would be a good buy in the long run.

  1. Greener Mining

As a result of the proof-of-work model used in generating most cryptocurrencies, including BTC, environmental concerns regarding greenhouse gas emissions have been raised. This model is based on a trial-and-error computation to discover the right nonce that will yield a valid block and, as such requires a massive amount of energy. As a result of this, the crypto space has received a lot of backlash and slow adoption by industries, as is the case of Tesla boss- Elon Musk. However, an alternative protocol is being developed for the Ethereum blockchain (EIP-3554) to allow switching to a less energy-consuming mining model- proof-of-stake. This allows users to stake their ETHs in verifying transactions while also earning rewards. Unlike the proof-of-work, the puzzle-solving step would be removed, thereby reducing energy usage. According to the Ethereum Foundation, this is predicted to bring about a 99.95% reduction in the total energy used for mining. If, as an investor, you are also an advocate for a greener environment, then I believe this should help you to make that buy decision.

  1. NFT Grand Enabler

The recent buzz in the crypto space has been around non-fungible tokens. For newbies, NFTs were made possible due to the ERC-721 standard of the Ethereum blockchain. Since the emergence of NFTs been used to power some of the big NFT marketplaces, including opensea.io. Although current developments in the crypto space have made creating NFTs with other cryptocurrencies possible, you might still need some ETH. As a crypto creator, there is no harm in bagging a big bag of ETH. It is essential to position yourself as the NFT marketplace is still emergent.

  1. DAOs and dApps

The position of BTC in the crypto space is due to being the first comer. However, the Ethereum blockchain and its versatility might tilt the balance between BTC and ETH with time. Before that time comes, get yourself some ETH (even if for buying’s sake). DAOs are decentralised autonomous organisations that exist on the ETH blockchain to function without the involvement of man or any third party. It can be utilised by ventures, NGOs, and freelancer networks.

On the other hand, dApps are decentralised applications built using smart contracts. Unlike Facebook and other apps, there is no central authority. dApps can be implemented in social media, banking, art, shopping, and trading platforms. According to statistics on the state of the dApps, over 2500 dApps exist on the ETH blockchain currently.

  1. Ethereum’s Future

Unlike Bitcoin, with only a community of voluntary techies, Ethereum has a separate community of developers working endlessly to help the ETH blockchain achieve its full potential by developing more apps and use cases. This implies that there would be continual development in the ETH blockchain due to its extensibility compared to the BTC blockchain. Ethereum 2.0 will be fully deployed at the end of 2021, which will further help ETH secure its future position in the crypto space. Ethereum has a promising future of endless possibilities.

Bottomline

It is never late to dive into the crypto space. And, even if you’re already fishing from the vast pool, it’s never too late to evolve your trading game and catch bigger fish.

A newbie may think he knows the best coin to buy just by looking at the difference in their prices. But as a seasoned investor, these five reasons would guide you to a more informed decision. Consider this: with a knife, you can only cut limited things, but you can do multiple things with a pocket knife. Size is not always the most important thing. Its functionality. Although Bitcoin has lower transaction fees, a stronger mining pool, and a brand name, it is nothing more than an online currency- just like the rest. So, as you close this page, bear in mind that ETH still has many untapped potentials that you can explore as you find suitable to your numerous needs.

The post 5 Reasons you should buy Ethereum over Bitcoin appeared first on Coin Journal.

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Top 10 best DeFi coins to invest in and watch in 2022

These DeFi cryptocurrencies have the potential to give good returns in 2022

DeFi or decentralised finance coins are now a household feature in the crypto market. Their importance in the financial world can now not be ignored. DeFi platforms provide a space for borrowing, saving, lending and trading without the traditional bureaucracies of the financial markets. This popularity is making them a good option for investing. Since there are many such projects, it might be hard for you to decide the best that you can invest in. Here are some of the top ten best DeFi coins that you should consider.

Solana

Solana (SOL) is leading the pack thanks to its consensus mechanism. This coin utilises a proof of history mechanism to verify transactions. This mechanism has replaced mining and staking common in many projects. Instead, transactions on Solana are proven true by following a timestamp of previous transactions on the blockchain. This consensus mechanism allows faster transaction times. The coin is also a layer-1 platform since it does not require assistance from other platforms to enable transactions. These features make it a valuable and promising coin that you can expect to grow soon.

Avalanche

Avalanche or Avax is a top contender in the top ten best DeFi you can invest in. The coin is in direct competition with Ethereum because of cheaper transaction costs and faster transactions. Currently, the coin claims to be the fastest smart contracts platform in the crypto and blockchain industry. Avax recently raised $230 million to support its projects and has had some meaningful connections with other blockchain projects, including Graph, Chainlink and SushiSwap. With the progression, this coin is taking and the interest it is garnering in this space, it is bound to be a top contender to invest and watch in 2022.

Fantom

Fantom is another coin that you should consider adding to your investment portfolio. Fantom presents attractive features that are set to make it a big deal in the blockchain industry. It is secure, enables breakneck transaction speeds, it is open-source, permissionless and decentralised. The coin has a high market capitalisation sitting at more than $3 billion and has recently recorded a high trading volume. This trend will continue into 2022 as the coin’s popularity grows in the crypto industry. It is a viable coin to invest in, in 2022 and expect good rewards.

Harmony

Launched in 2019, Harmony developers intended the coin to bridge scalability and decentralisation. It focuses on creating viable markets for intangibles and fungible tokens and sharing data. This project has had several significant partnerships and has raised about $300 million to develop its ecosystem. This fund has pushed up the value of this coin and attracted more users. The project’s primary focus is on improving scalability between networks, making it a popular platform and an investment option. Projections indicate that the coin’s price will increase in the next few months.

Waves

Wave is a unique coin operating a three in one ecosystem. It works as a decentralised exchange, a platform for launching tokens and a digital asset. It aims to encourage the mass adoption of digital coins and enhance flexibility in the industry. The platform allows developing and deploying smart contracts. It also makes it easy for users to create tokens without having any programming knowledge. With such features, the project is set to attract a lot of users that will give it more value. It is a viable coin to watch and invest in in coming 2022.

THORChain

Another top ten best DeFi is THORChain. Built using the Cosmos SDK and powered using Tendermint consensus mechanism, this protocol ensures that data for all transactions are untraceable. This feature has made it particularly popular with a lot of users and investors. THORChain is also fungible, meaning that owners can govern their currency without the need of a third party and at no cost. Its trading data shows that this token has a relatively high trading volume and a market cap exceeding $1.8 billion. With its popularity and quick adoption, THORChain is bound to grow in 2022, making it a good coin to invest in.

Kadena

Kadena is not a very popular coin, but it is making waves in the cryptocurrency industry. In the last 10 months, this coin has grown by an impressive 11256%. In about three months, the coin has recorded some big leaps rising from $2 to $27. Kadena, like most smart contracts platforms, is focusing on faster transaction speeds at a lower cost. It can currently handle about 480,000 transactions per second as compared to Ethereum’s 20. This feature is attracting new users to the platform and pushing its price up. You should consider investing in it if it will keep up with its growth pattern. 

Curve

Curve is an interesting coin in the DeFi sector. The curve Finance project is currently the biggest decentralised exchange on Ethereum. Curve or Curve DAO is the governance token of the Curve Finance platform. The platform has two major use cases, including swapping cryptocurrencies and staking. It also has very low fees and some of the smallest price variations between stablecoins. Curve token is, thus, increasing in value as its platform continues attracting new users.

Oasis Network

The Oasis Network is a project working to rise through the ranks of the DeFi space. The platform is a layer-1 privacy blockchain that makes use of a proof-of-stake consensus mechanism. Unlike Ethereum, where transactions are publicly accessible, on the Oasis Network, users can enjoy confidentiality. Its technological design is also quite impressive as it is a hybrid of Polkadot and Ethereum. Investors are also considering its transaction speeds of more than 1000 transactions per second. The token is bound to grow in value as it attracts more users making it a worthwhile investment.

Polkadot

Polkadot is an interesting project. It is a platform that allows independent blockchains to transfer information and transactions between one another using the Polkadot relay chain. This ability significantly increases the speed of transactions on this blockchain and is more scalable as compared to Ethereum. Providing such a platform enabling easy development of DeFi projects makes this a popular coin and a good investment option.

The post Top 10 best DeFi coins to invest in and watch in 2022 appeared first on Coin Journal.