Here’re details for two cryptocurrencies that traders should keep an eye on
Almost all the cryptocurrencies fell back and lost some part of their value during the last three months. Their value keeps on rising and falling almost every day. However, investors from around the world are still making money by putting their bets on digital currencies. Here are details about two cryptocurrencies that investors should remain aware of and even consider buying the same, after studying risk factors of course.
Venezuela’s new digital currency
Venezuela’s currency (Venezuelan Bolivar) has lost most of its value, and the republic is probably facing one of its worst economic meltdowns. During February, in an unprecedented way, the country launched its cryptocurrency known as the ‘petro’ with a hope to get its economy back on track. The government is planning to sell tokens worth $2.3 billion. At present, it costs $60 per piece.
The cryptocurrency is backed by the republic’s government which also owns one of the world’s largest crude oil reserves as well as a stockpile of gold according to experts. Geographically, the nation is located in America’s Northern Coast.
These days, Venezuela is witnessing a mass exodus, plummeting oil production, food shortage as well as unemployment on a large scale. The country’s government (often referred as a dictatorship) believes its new digital currency can attract investors from Asia, Europe, and the Middle East.
However, the aspect to be noted is that legally buying this cryptocurrency does not mean the buyer gets a piece of cake from country’s natural resources. So, economists are not yet sure about how the state aims to solve its economic mess with this digital currency.
As of now, investors can buy and sell the digital currency using any currency from around the world except for Bolivar which has lost all its value.
The republic’s government owes vast sums to Russia, China as well as airlines and oil companies that operate in the country. A report released by the Moody’s Investor Service claims the country’s overall debt is of around $141 billion.
Most of the developed countries, including the US, often criticize Venezuela and its President Nicolas Maduro for his undemocratic behavior. On the other hand, Maduro claims his country’s economy has been ruined due to sanctions imposed by the US. And it’s true indeed, in August last year, the US has imposed sanctions and even warned international investors from buying bonds issued by the Venezuelan government. Even the U.S. Treasury Department made comments about possible action against investors who buy the new Venezuelan cryptocurrency. But no such step has been taken as of now.
The American Government is also planning to impose restrictions on Venezuelan oil trade which is the only source of income for Maduro’s regime. Perhaps, this is the reason; Venezuela is set to face presidential elections during April this year. Anyway, as of now, small investors can definitely invest in this currency and try their luck. Who knows, perhaps, after six months, the currency might start moving towards the sky, especially, after the country’s presidential elections in April this year.
Cryptocurrency investors should definitely look out for KodakCoin
Along with famous names like Ripple, Litecoin, and Bitcoin, relatively new cryptocurrencies are also easily able to attract traders. Investors can also trade on cryptocurrency CFDs via platforms like Admiral Markets and bet on popular as well as new digital currencies. Now, another famous brand has entered this race!
Believe it or not, Kodak has recently jumped into cryptocurrency race with its product(s) KodakOne and KodakCoin. However, the main point to be noted is that it is a photo-centric-cryptocurrency. The company aims to use blockchain technology to help photographers and artists in protecting their copyrighted work. Artists can sell their work using Kodak’s platform and make money in cryptocurrency KodakCoin.
“Protecting copyrighted work was an unsolved problem since several decades, but Kodak’s KodakOne and KodakCoin are set to help photographers from around the world to assert control over their property,” said Kodak’s CEO Jeff Clarke. He believes the platform would make licensing very easy for artists. The product would prove how cryptocurrency and blockchain technology can be used for solving an issue that has remained a cause of concern for several decades.
Tech experts who know about the concerned project said Kodak’s KodakOne product is a rights management platform that uses blockchain technology to spot artwork, including photographs, on the internet.
An extensive network of computers would be used for protecting the artwork. To put it in simple words, photographers would be able to create a digital ledger of rights with the help of this system. The ledger would be stored in multiple computers around the world with block-chain technology to protect it. So, there’s no chance of losing the data or data theft.
Photographers would be able to add archive as well as new images in the system at any time. Most importantly, Kodak’s product also involves the use of crawler bots that would scan the web and track copyrighted photos of artists who are using KodakOne. In case if the traced image happens to be unlicensed, the system would prompt and help the photographers to get in touch with the site owners and get the work licensed or removed from the concerned website.
The platform was expected to go live by the first week of February, but the full launch has been postponed. The product has been developed by WENN Digital which has brand licensing relation with Eastman Kodak Company. KodakOne and KodakCoin are expected to be launched during the second quarter this year.
As mentioned earlier, all the transactions on the portal would be done using KodakCoin. The platform would also prove to be an ideal place for experienced as well as amateur artists to sell their work. As of now, the picture is not clear as to when KodakCoin will be made available for investors. However, it would attract millions of traders within minutes, no doubt. Tech enthusiasts and investors are desperately waiting for updates from Kodak about the currency.