Blockchain startup Mysterium has released an alpha version of its decentralized VPN offering MYST tokens to early adopters. 

Mysterium will provide a secure connection for internet users through its blockchain-based Virtual Private Network (VPN). The platform will use crowdsourced bandwidth to create a network of globally distributed VPN nodes. The alpha version is now live for anyone to join and start contributing their unused bandwidth to the network. Users offering their resources to Mysterium will earn MYST tokens in reward as a form of ’soft mining’, via a proof of contribution system.

Right time right place. 

Internet privacy is a growing concern for companies and individuals whose data is often sold on the black market. Cyberattacks have grown to as many as a half million every minute according to MarketResearchFutures. [https://www.marketresearchfuture.com/reports/virtual-private-network-market-2160 ]  The recent malware attack on the NHS for instance, has brought cybercrime into sharp focus as a major concern for organisations and governments. On Friday the ’WannaCry’ virus took down parts of the NHS IT infrastructure and has since made its way around the globe, corrupting data and threatening privacy. Mysterium’s blockchain-secured VPN can help secure organizations against such threats, many of whom are now rushing to adopt a VPN into their networks and operations.

The Mysterium team is comprised of blockchain experts and IT industry professionals and with its live alpha just launched, Mysterium is in a strong position to scale up. The platform will operate through an integrated trading platform called CORE, providing an online marketplace where both VPN providers and consumers can monetise the give and take of VPN services. The efficiency of combined technologies and network effect is geared towards offering a competitive solution comparing to traditional VPN services, by offering savings that will be passed to the users.

The Mysterium crowdsale starts on the 30th of May. For more information about MYST mining and a guide on how to contribute to the network go here https://mvp.mysterium.network. For more information on the crowdsale visit https://mysterium.network

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Hardware cryptocurrency wallets have quickly become the norm these days. Consumers are looking for secure ways to store their digital assets. Ledger is one the companies who have made a big name for themselves in this regard. The company announced this week they will enable XRP support as of Friday, May 19th. An intriguing development, especially now that interest in XRP is surging.

It comes as quite a surprise to learn Ledger is keeping a close eye on XRP right now. The hardware wallet provider is looking to further solidify its position in the hardware wallet industry. Their current generation of hardware supports multiple cryptocurrencies already. Expanding the list of supported currencies is a smart move to solidify one’s position.

Ledger Will Enable XRP Support Soon

Keeping this in mind, it is not entirely surprising Ledger has kept tabs on XRP. The native digital asset of the Ripple Consensus Ledger has seen great interest as of late. Moreover, there are not many wallet solutions available. In fact, there is only one somewhat reliable desktop client for XRP right now. A hardware wallet will further solidify XRP’s position in the market. To be more precise, XRP is a digital asset and not a cryptocurrency, nor should it be considered to be one.

According to our information, both the Ledger Nano S and Ledger Blue will support XRP come May 19th. All devices will be compatible out of the box with no additional steps requires. However, users may want to install an app from the Ledger Manager to enable XRP support. The company will also develop a new app for PC, Mac, and Linux. it is unclear if this app will be released on Friday as well, though.

It is good to see hardware wallet manufacturers pay attention to what customers want. Demand for a proper XRP wallet has been rather overwhelming as of late.  Te company wants to cater to this particular market. It will be interesting to see what effect this will have on the Ripple ecosystem as a whole. With the XRP price shooting up recently, introducing a hardware wallet may cause some holders to store their funds offline for a longer period.

Header image courtesy of Shutterstock

Quite a few Bitcoin companies are passing transaction fees along to their users. This has been quite notable among cryptocurrency exchanges as of late. Xapo, a wallet and debit card provider, is now doing the same. In the next few days, all users will pay the mining fee themselves when moving funds off the Xapo platform. This is slowly becoming the norm for any business dealing with Bitcoin.

Xapo is not the first – nor the last – bitcoin company to pass withdrawal fees along to the user. Multiple exchanges have done the exact same in recent months. Coinbase was among the first platforms to do so. Xapo is now doing the same, as it no longer makes sense financially to pay these fees themselves. Transaction costs are increasing on the network, and users will bear the responsibility for paying them.

Xapo Makes A Difficult Business Decision

It is worth noting none of these fees will go to Xapo directly, though. Customers are not paying the company directly to move funds out. However, they are paying a fee to entrust a company with their money and moving it out at a later date. In a way, this is only to be expected. All of the fees will be paid to Bitcoin miners directly. With feet on the rise, this can become quite a costly manner in the coming months.

Xapo claims the fee will be calculated in a dynamic manner. It will be based on current Bitcoin network conditions. Users will pay this fee at the end of their transaction. It is expected more companies will take a similar approach to withdrawals in the future. Any transaction taking place between different Xapo accounts will still be without additional fee, though. It is possible the company uses off-chain transactions to settle these balances.

Additionally, Xapo users can choose what type of a fee they are willing to pay. Either a standard or high priority fee can be selected for every withdrawal.The latter option will be a lot more expensive, as is to be expected. Mounting Bitcoin transaction fees are a big worry for the network overall. Giving users some form of control over the fees is a smart decision by the company, though. These are troubling times for Bitcoin, that much is evident.

The Indian banking sector is excited about blockchain technology. Kotak Mahindra Bank has joined the growing list of banking institutions in the country which have started working on the implementation of blockchain technology. Kotak Mahindra Bank, a leading private sector bank in a country dominated by public banking institutions has today announced that it has piloted an end-to-end trade financing solution for one of its clients.

According to news reports, the solution offered by Kotak Mahindra Bank makes use of blockchain technology to reduce the time taken for issuing “letter of credit” to just a few hours from the earlier 20 to 30-day window. In a traditional setup, the verification, approval, and documentation of letter of credit take a long time, based on the geographical location of the parties involved and applicable regulatory processes. However, the use of distributed ledger to record the document at the point of origin by a relevant authority will make it easier for its counterparts in other parts of the world to readily verify the entry, provided they have access to it.

The immutable nature of cryptocurrency blockchain makes it virtually impossible for any third-party or a middleman to alter or issue a fake document resembling the original with malicious intent. Kotak Mahindra Bank, in association with Deloitte, is working with JP Morgan Singapore to facilitate the new blockchain implementation.

This is not the first time an Indian bank has implemented a blockchain solution to cater to one or more of its customers. Earlier this year, another leading private sector banking institution, YES Bank started working with Bajaj Electricals to implement a blockchain based vendor settlement system for the latter.

Indian banking sector as so far forged collaborations with Hyperledger, Ripple and Stellar platforms to create blockchain-powered solutions that can be implemented in their operations. Foreseeing the trend, the country’s leading financial software manufacturers have already extended support for cryptocurrencies and blockchain based solutions on their platforms.

As India’s government weighs in on cryptocurrency regulations, blockchain segment continues to make progress, sending out positive signals about the potential of country’s cryptocurrency market.

Ref: Economic Times | Image: NewsBTC

Bitcoin network congestion has almost become a weekly trend as of late. Not too long ago, around 160,000 transactions were awaiting confirmation. It appears that issue has not been entirely resolved since then. In fact, there are close to 200,000 transactions in the mempool right now. All of this goes to show something will need to change for Bitcoin. It is nowhere near mainstream-ready by now, that much is evident.

More Mempool Concerns For Bitcoin Users

A growing mempool is rather troublesome for the Bitcoin ecosystem. While it is good to see more transactions take place, it also causes problems. More transactions without space to cram them in results in unnecessary delays. Additionally, it increases the average transaction fee for all other users. One Reddit user mentioned how his Trezor transaction fee spiked to US$247.87 when sending 1 Bitcoin.

Although such high fees are rather uncommon, it highlights a bigger problem. Right now, there are over 196,000 unconfirmed transactions in the mempool. Without a scaling solution, this situation will only get worse. It is unclear if these issues affect the Bitcoin Dominance Index as well, although it is possible. More specifically, Bitcoin’s dominance has dipped below 50% for the first time in history.

Transacting in Bitcoin has become a very real problem as of late.With transaction fees mounting, things are not looking all that great for Bitcoin right now. This does not mean the popular cryptocurrency will drop in value anytime soon, though. However, it also proves this cryptocurrency ecosystem is not ready for mainstream adoption by any means. The average user can’t send Bitcoin in a proper manner right now.

It is still unclear what is causing this major transaction delay right now, though. This backlog has been present for quite some time now. There does not appear to be any transaction spam taking place right now either. If this problem remains present for a few more weeks, things could escalate quickly. This is not positive news for the Bitcoin ecosystem by any means. Solving the problem may prove to be more difficult than most people think, though.

Hello and welcome to News BTC’s Market Outlook May 17.

DASH/USD

DASH found itself initially falling during the day on Tuesday, but found buyers underneath. As this continues to be a pattern, look to buy dips in this market as we build up momentum to finally break out to the upside a bit more. $100 is probably the first reasonable target, but quite frankly it looks like there’s more upward momentum after that.

LTC/USD

LiteCoin struggled a bit during the day on Tuesday, testing the $24 handle. We found a little bit of support underneath there, and quite frankly after the recent move this pullback is only going to offer value. Look to buy at lower levels, as we will build up enough momentum to finally break out to the upside and continue going higher. I have no interest in selling.

Thank you for watching and see you again tomorrow.

Hello and welcome to News BTC’s Market Outlook May 17.

ETH/USD

Ethereum tried to rally against the US dollar on Tuesday, but remained somewhat stagnant. I still see a significant amount of support below though, so selling isn’t a thought. If we do pull back, I expect to see support near the $85 level and we use that area to pick up more of a long position. Consolidation seems to be the theme throughout crypto currencies today, as we have had a strong run to the upside as of late.

ETH/BTC

Ethereum rallied against Bitcoin initially, but pulled back to form a slightly negative candle. We are currently treading water just above the 0.05 handle, and I believe that is essentially going to be “fair value” going forward, because of this, every time we dip towards the 0.04 level, I’m willing to buy this pair as I believe we are eventually during up for a larger move to the upside.

Thanks for watching and see you again tomorrow.

Hello and welcome to News BTC’s Market Outlook May 17.

BTC/USD

Bitcoin initially fell during the early hours of Tuesday but found enough support underneath to turn around and form a hammer again. This shows that there is plenty of buying pressure underneath, and it looks now that the $1600 level is going to offer a floor. Buying on the dips and continue to hang on for the larger move higher seems to be the play now.

BTC/JPY

Bitcoin fell slightly against the Japanese yen during early hours on Tuesday, but continues to find buyers underneath. Quite frankly, Bitcoin looks very healthy in general, and of course the Japanese yen isn’t going to be any different. That being the case, I look at the ¥200,000 level as a potential springboard to higher pricing. We may need to consolidate in the short term though, because we have moved so far in such a little amount of time.

Thanks for watching and see you again tomorrow.

Key Highlights

  • There was a sharp decline in ETH price below the $88 support against the US Dollar.
  • A very important bullish trend line with support at $90.00 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
  • The price is now likely heading towards the next support area at $80.95

Ethereum price nosedived against the US Dollar and Bitcoin amid XRP rise, and now ETH/USD may trade further lower towards the $80.90 zone.

Ethereum Price Major Breakdown

In the last analysis, we discussed that if there is a break below $90 in ETH price against the US Dollar, there can be an extension of losses. The price failed to hold gains and broke the $90 support. The most important move was below yesterday’s highlighted bullish trend line with support at $90.00 on the hourly chart. It opened the doors for more declines, and the price even broke the $88 support.

The downside was with strong momentum, taking the price below the 61.8% Fib retracement level of the last wave from the $83.35 low to $93.49 high. There was a sharp decline and the price even broke the $84 support. Later, there was a close below the last swing low of $83.35. This means the price may now head towards the 1.236 extension of the last wave from the $83.35 low to $93.49 high.

Ethereum Price Technical Analysis ETH USD

It looks like the ETH sellers are in full control, and may attempt to take the price further lower. There are even chances of ETH/USD testing $80.95 level. On the upside, the broken support at $88.42 and the 100 hourly simple moving average may now act as a resistance. There is a short-term trend change with a break below $85.

Hourly MACD – The MACD has moved sharply in the bearish zone.

Hourly RSI – The RSI is reaching oversold levels at 28.

Major Support Level – $80.95

Major Resistance Level – $88.40

 

Charts courtesy – SimpleFX

Key Highlights

  • Creditbit price somehow managed to stay above the 0.00040BTC support against the Bitcoin.
  • It looks like there is a chance of a double top pattern forming at 0.00052BTC on the 7-day chart of CRBIT/BTC (data feed from Coinmarketcap).
  • On the downside, an important is at 0.00042BTC, which holds the key in the short term.

Creditbit price remained above key levels against the US Dollar and Bitcoin, and now CRBIT/BTC is likely forming a short-term double top pattern.

Creditbit Price Resistance

In the last analysis, we discussed that a break and close above 0.00050BTC in Creditbit price may ignite an upside recovery against the Bitcoin. The price failed to move above the stated level, as there were continuous offers presented near 0.00052BTC. The stated level acted as a major hurdle and prevented upsides towards 0.00060BTC. The price also failed to settle above the 50% Fib retracement level of the last decline from the 0.000620BTC high to 0.000400BTC low.

The most important point is failure near 0.00052BTC. There is a likely a double top pattern forming at 0.00052BTC on the 7-day chart of CRBIT/BTC. If the pattern is true, there are chances of further losses in the near term below 0.00042BTC. On the downside, there is a bullish trend line waiting at 0.00043BTC on the same chart. We can consider it as the neckline support area.

Creditbit Price Technical Analysis CRBIT BTC

A break and close below the 0.00042BTC support may call for the pattern confirmation and more declines. On the upside, we need a close above 0.00052BTC. As long as the price does not move above the mentioned level or 0.00060BTC, it remains at a risk.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is struggling to move in the bullish zone.

Hourly RSI – The RSI for the CRBIT/BTC pair is currently well below the 50 level with no signs of buyers.

Intraday Support Level – 0.00042BTC

Intraday Resistance Level – 0.00052BTC

 

Charts from Coinmarketcap