The petro, or petromoneda, launched in February 2018, is a cryptocurrency developed by the government of Venezuela. Venezuelan President Nicolás Maduro announced the petro in a televised address on 3 December 2017, stating that it would be backed by Venezuela’s reserves of oil, gasoline, gold, and diamonds. Maduro stated that the petro would allow Venezuela to “advance bitcoin Stock Exchange Symbol Spend Litecoin issues of monetary sovereignty”, and that it would make “new forms of international financing” available to the country.
It also established a cryptocurrency government advisory group called VIBE to act as “an institutional, political and legal base” from which to launch the petro. 7 billion worth of petros offered to the public a month later, with the remainder “shared between the government and VIBE”. The petro’s pre-sale started on Feb. 20 at -04:00 UTC and ends at Mar.
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4 million tokens were made available. On February 21, 2018, petro gold, a gold-backed cryptocurrency, was announced in a televised speech given by Venezuelan President Nicolás Maduro. The petro is a token based on the NEM blockchain. The design of the petro by the Venezuelan government has been controversial, with white paper changing by the day even after the petro’s pre-sale.
During the ICO petros could only be purchased from the Venezuelan government with Russian rubles, Bitcoin, NEM and Ethereum. Venezuela legally allows and encourages the use of petro for virtually any payment including oil trade, taxes, fees, real estate, gasoline, flights and more. Weiss Cryptocurrency Ratings states that the white paper shows no method as to how the Venezuelan government will base the petro on oil prices, concluding that the currency “is a worthless token”. According to the white paper, national and international licensed exchanges will be able to sell and exchange the petro, allowing the market to define its price.
In response to the petro, Venezuela’s National Assembly, headed by the opposition Democratic Unity Roundtable, declared the petro to be an illegal debt issuance by a government desperate for cash, and has said it will not recognize it. The United States Department of the Treasury warned that participating in Venezuela’s proposed initial coin offering for the petro cryptocurrency could violate U. The cryptocurrency community’s response was generally negative. Economist Jean Paul Leidenz expressed concerns that the creation of the petro would encourage further hyperinflation. According to Bloomberg, the organizations that rank cryptocurrencies have described the petro as a “scam”, with sites like ICOindex, ICObench, Cryptorated and ICOreview giving negative reviews or not even rating the petro due to its status.
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According to the independently-run financial advisory company Weiss Ratings, it does not recognize the petro as a cryptocurrency and instead as a fiat currency. Weiss Ratings further stated that the Venezuelan government lied about pre-launch sales of the petro, with the company using evidence from petro’s blockchain to reveal that the Venezuelan currency “hasn’t raised a dime”. The Washington Post economic reporter Matt O’Brien said that “The petro might be the most obviously horrible investment ever The petro is about creating something useless — that’s why only foreigners can buy them, but only Venezuelans can spend them”. Exclusive: Russia Secretly Helped Venezuela Launch a Cryptocurrency to Evade U. Venezuela Will Create New ‘Petro’ Cryptocurrency, President Maduro Says”. Cryptocurrencies as Asset-Backed Instruments: The Venezuelan Petro. Venezuela Plans a Cryptocurrency, Maduro Says”.
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Enter the ‘petro’: Venezuela to launch oil-backed cryptocurrency”. Venezuela unveils virtual currency amid economic crisis”. Venezuela’s Cryptocurrency Petro Finds Foreign Investors, ICO To Take Place In March”. Venezuela’s ‘Petro’ Launch Was Amateur Hour”.
Venezuela’s cryptocurrency is one of the worst investments ever”. West, Jack Karsten and Darrell M. Venezuela launches presale of state-backed ‘petro’ cryptocurrency”. Venezuelans to Buy Homes and Property with State Cryptocurrency – Bitcoin News”. Venezuelan President Orders Airlines to Accept Petro, Cryptocurrencies for Tickets”.
735 million in one day, president claims”. Executive Order on Taking Additional Steps to Address the Situation in Venezuela”. Trump Bans US Use of Venezuelan Cryptocurrency”. Maduro’s ‘Petro’ Cryptocurrency Will Join Chavez’s Bolívar Fuerte, In The Graveyard”.
Trading Lesson: New Government Coins Pose Existential Threat to Cryptos”. Crypto Rating Sites Are Already Calling Venezuela’s Petro a Scam”. What’s The Best Cryptocurrency To Invest In 2018? Are you looking for the best cryptocurrency to invest in 2018? The cryptocurrency market this year has been a little crazy, to say the least. And after years of trading stocks, I’ve never seen anything like it. This guide will run through my top 10 best cryptocurrencies to invest in 2018.
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Useful: Get 50 Ways To Make Money With Cryptocurrency. Top 10 Best Cryptocurrencies To Invest In 2018. Why Is Litecoin A Top 10 Cryptocurrency? Is Litecoin The Best Cryptocurrency To Invest In 2018? Why Shouldn’t You Invest In Litecoin In 2018?
Why Is IOTA A Top 10 Cryptocurrency? Is IOTA The Best Cryptocurrency To Invest In 2018? Why Shouldn’t You Invest In IOTA In 2018? Why Is Monero A Top 10 Cryptocurrency?
Is Monero The Best Cryptocurrency To Invest In 2018? Why Shouldn’t You Invest In Monero In 2018? Why Is Ethereum A Top 10 Cryptocurrency? Is Ethereum The Best Cryptocurrency To Invest In 2018?
Why Shouldn’t You Invest In Ethereum In 2018? Why Is Tron A Top 10 Cryptocurrency? Is Tron The Best Cryptocurrency To Invest In 2018? Why Shouldn’t You Invest In Tron? Why Is Bitcoin A Top 10 Cryptocurrency?
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Is Bitcoin The Best Cryptocurrency To Invest In 2018? Why Shouldn’t You Invest In Bitcoin In 2018? Why Is Stellar A Top 10 Cryptocurrency? Is Stellar The Best Cryptocurrency To Invest In 2018? Why Shouldn’t You Invest In Stellar In 2018? Why Is Cardano A Top 10 Cryptocurrency? Is Cardano The Best Cryptocurrency To Invest In 2018?
Why Shouldn’t You Invest In Cardano In 2018? Why Is Steem A Top 10 Cryptocurrency? Is Steem The Best Cryptocurrency To Invest In 2018? Why Shouldn’t You Invest In Steem In 2018?
How I Do Choose The Best Cryptocurrencies To Invest In? Long Term Vs Short Term Cryptocurrency Investing. What’s The Best Cheap Cryptocurrency To Invest In 2018? Which Is The Best Cryptocurrency To Invest In 2018? What’s The Best Small Cryptocurrency To Invest In 2018? What’s The Best Cryptocurrency Stock To Invest In 2018? Wondering what’s the next big altcoin of 2018?
Feel like you’ve missed the boat with Bitcoin? Cryptocurrency is still just getting started. Most investors are still intimidated by cryptocurrency. So in reality, altcoins haven’t even hit the mainstream yet.
And that’s why I’ve written this guide on the best cryptocurrency to invest in 2018. 2017, Litecoin had one hell of a year. Since launching in 2011, Litecoin is one of the world’s most traded cryptocurrencies. And compared to Bitcoin, it offers much faster transaction times. When you scale up the fees across thousands of transactions, you can see how useful Litecoin could become. Litecoin was founded in 2011 by Charlie Lee, a former employee of Google.
Compared to Bitcoin, not a lot of people have heard of Litecoin, unless they’re already familiar with cryptocurrencies. However, Litecoin is catching up quickly. It’s faster, cheaper and more efficient compared to BTC. Plus Litecoin also has the scarcity factor.
You see, cryptocurrency prices are all about supply and demand. Litecoin’s technology is quicker for payments than Bitcoin, making it more scalable and practical for businesses and customers. That’s a huge selling point because it’s so easy and accessible to buy compared to other alt coins. Litecoin doesn’t have much of a brand outside the cryptocurrency world. Litecoin’s owner actually sold all of his LTC tokens a day before the market crashed. IOTA is another highly anticipated cryptocurrency. But it’s main USP is their tangle technology.
This is unique because most cryptocurrencies operate via the blockchain. Tangle could allow more scalability and security. Plus news is spreading of IOTA partnering with some of the world’s biggest technology firms. This includes rumours of partnerships with Microsoft, Volkswagen and Fujitsu.
Subsequently, it’s become one of the best cryptocurrencies to invest in 2018. These are basically everyday commodoties that connect to the internet. As you can imagine, that covers millions of devices including mobile phones, cars and traffic lights. These IoT devices are processing thousands of micro transactions every day. So with it’s scalability features, enhanced security and zero fee transactions, IOTA plans to become the token that’s exchanged via these micro transactions.
IOTA doesn’t operate via the blockchain. IOTA’s tangle technology is very unique. It’s a little more lightweight and scalable than Blockchain technology too. If you’re interested in the technical details, check out this guide to learn the differences in the blockchain vs Tangle. This is one of the biggest reasons why IOTA is just beginning to grow.
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Basically, their technology makes it tricky to integrate with cryptocurrency exchanges. With no transaction fees, IOTA can be used for thousands of micro-transactions. With IOTA, payments can be sent extremely quickly. IOTA doesn’t operate via the blockchain – instead it uses a different system called Tangle which allows infinite scalability. Tangle’s technology means there are no transaction or miners on the network. The Tangle ecosystem requires a lot of users for it to be effective.
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Whilst in theory it sounds good, Tangle remains unproven. One of the biggest differences between Bitcoin and Monero is that Monero is ASIC resistant. Simply put, it’s cheaper and easier to mine. Because Monero’s blockchain doesn’t have the high powered demands of Bitcoin, anyone can get involved in mining. Therefore it’s community and network will continue to grow.
With Bitcoin, you need a lot of electricity and a high performance computer to mine it. Monero’s also highly untraceable, allowing more privacy for their users. If you want more technical info about Monero, this guide is a decent starting point. You can switch between public and private payments. Their mining algorithm is ASIC resistant – allowing CPU computers to mine it. With innovative technology like stealth addresses, Ring Signatures and Ring CT, Monero has plenty of interesting features. With Bitcoin, if someone knows your wallet address then they can also see your entire payment history.
So Monero gives users more control over their personal data. Monero is one of the most secure cryptocurrencies in the world right now. Ever noticed how the price of Bitcoin plunges every time there’s a new hack or attack? That’s because of a lack of trust. Monero’s privacy benefits allows more confidence because it’s more secure, private and resistant to cyberattacks.