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Estonia Proposes to Launch its Own Cryptocurrency

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The Estonian government is well known as a world leader when it comes to public use of digital services. They launched the world’s first e-residency program all the way back in 2014, and are now following up on that with proposing the world’s first government sponsored ICO.

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What this means is that the government of Estonia could actually be looking to launch its own brand new digital currency, perhaps to be used by the growing number of Estonian e-residents worldwide who conduct business over the Internet.

As many people have pointed out, the original e-residency program offered by Estonia was somewhat limited in what it actually allows an e-resident to do. However, the beauty of the program is that it is ever evolving. The Managing Director of the e-residency program, Kaspar Korjus, has said,

“…as more people discover e-residency, more uses for e-residency are being discovered.”

Money for E-Residents

Cash to estcoins

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The Estonian government hopes to launch its own cryptocurrency with assistance from the founder of Ethereum, Vitalik Buterin. The proposed cryptocurrency, popularly known as “estcoin”, could be introduced through the first government sponsored ICO ever.

During the past decade, there has been a sharp rise in cryptocurrencies and their usage and it is obvious why Estonia, a country that is the first to offer e-residency, would want to take advantage of a decentralized, borderless currency.

However, what sets Estonia apart is the fact that its e-residency program and overall digital infrastructure allows it to go to another level. Imagine for example if you as en r-resident could charge Estonian customers in estcoins, pay your corporate taxes and public services in estcoins, and estcoins is accepted as legal tender in the same way as euros in Estonia. If this actually happens, then there is no limit on how deeply integrated cryptocurrencies could become in everyday life.

In fact, Estonia might just be the only country in the entire world that can actually bring the idea of trading crypto assets in a safe and secure manner to fruition. All it needs to do is build upon the already well-established digital infrastructure and eventually allow people all over the world to invest in its digital assets.

How Will Estcoins Work?

Although investment in cryptocurrencies can certainly be risky, it also has the potential of yielding high rewards. Furthermore, investing in Estonia’s cryptocurrency would be different than others since you’ll actually be investing in the development of the country and its digital infrastructure. In a way, you will be betting on the future success of that country, much in the same way as when you invest in traditional fiat currencies.

According to Buterin, estcoins can be used to provide an incentive to potential investors to invest their time and money directly into the success of the country, an option that is currently unattainable through traditional investments.

Buterin further explains:

“An ICO within the e-residency ecosystem would create a strong incentive alignment between e-residents and this fund, and beyond the economic aspect makes the e-residents feel like more of a community since there are more things they can do together.”

In the long run, estcoins can easily be used as a viable alternative to traditional currency all around the globe, enabling companies all over the world to accept payments in estcoins. Of course, there is potential for estcoins to be developed even further and be used for a multitude of other functions as well.

Featured image from Flickr.

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3 Comments

3 Comments

  1. Erikbigelow

    August 25, 2017 at 5:10 pm

    Shut up and take my money, Estonia!

  2. Ralfijstaars

    August 26, 2017 at 3:26 pm

    What options do I have if I want to invest in ESTcoins? Is there any believable date for launching this coin by Estonia?

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Analysis

Technical Analysis: Litecoin and NEO Jump as Bitcoin Trades near $8000

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The cryptocurrency segment continued its bullish run, as the total value of the coins climbed above $230 billion for the first time ever, while Bitcoin also posted marginal new highs. The most valuable currency is still overbought regarding the long-term picture, and we continue to expect a deeper correction in the coming period, despite the recent strong rally. Support levels are still found $7700, $7000, and $6700 while the $8000 level is ahead as a major obstacle.

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BTC/USD, 4-Hour Chart Analysis

Litecoin has been the most active major besides Bitcoin, as it rallied strongly after breaking out above the key $64 resistance and it breached the next target at $75 before heading below $70 again. The coin remains in bullish long- and short-term patterns, and we expect a move above the major resistance zone ahead with the next target found at $82.50.

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Litecoin/USD, 4-Hour Chart Analysis

NEO is showing strength in the second half of the session, while Monero is recovering well from a short-term dip, similarly to IOTA and Ethereum Classic. Ethereum continues to represent stability in the segment, while Ripple failed to build up momentum so far after yesterdays spike higher. With still most of the altcoins being in bullish setups, let’s see the short-term charts.

(more…)

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Cryptocurrencies

Trade Recommendation: Ethereum Classic

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The market moves between the 16.00 and 17.50 levels. DMI confirms range market conditions. This trading idea is based on a breakout from this horizontal channel. If the price breaks the 17.50 resistance level, it will likely be a signal confirming further upward movement. We should be ready to join this movement. Pending orders for buy can be placed at 17.65 level with stop orders below the support at the 15.70 level. The main profit target is 21.00 but the part of trade volume can be left for the long run. If you don’t use leverage, trading volume for this trade is up to 10% of your deposit.

Market: ETCUSD
Buy: 17.65
Stop: 15.70
Profit Targets: 21.00

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Ethereum Classic.

Featured image courtesy of Shutterstock. 

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Cryptocurrencies

Robbing from the Poor to Feed the Rich

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As we see the astonishing rate of bitcoin adoption accelerate throughout the globe, one of the key things to watch are region specific updates.

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Japan is already well on their way to full integration but several small countries have already outlawed it outright. In my opinion, the key region to watch right now is India.

It’s been one year since Prime Minister Modi took the drastic step to basically outlaw cash and the citizens are still struggling to adjust. So far they’re mainly relying on credit cards but some are still using old bank notes on the black market.

So this headline is particularly interesting at the moment.

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Of course, the government doesn’t necessarily have to respond to the court’s wishes with any real action but it’s comforting to know that they’re pushing it forward.

The price of bitcoin climbed to a new all time high of $7,965 following this announcement before pulling back slightly this morning.

@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of November 17th. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

All stocks are green this morning. Wall Street gave an appropriate salute to Washington DC and the stocks went higher.

Republicans were easily able to get their new tax bill through the House of Representatives and now face a tough battle when the bill reaches the Senate. House Republicans have now proved that they’re willing to sell their souls for a win. This bill, on the face of it will have the effect of depriving 4 million of the poorest Americans of their healthcare in order to drastically reduce taxes on the wealthy.

This is the definition of robbing from the poor to feed the rich.

Of course, many souls on Wall Street are already involved in a long-term lease with the Devil. We can see here that the S&P500 was able to erase five days of losses in about five hours.

Ripple + American Express

Ripple caused waves yesterday as two major financial firms announced that they will now start using their service. American Express and Santandar Bank will use the Ripple blockchain to open a blockchain payments wormhole between the US and the UK.

The price of Ripple’s XRP tokens spiked on the announcement. However, the excitement wore off pretty quickly when it became clear that the new payments channel will likely not use XRP in the initial stages.

Here we can see the initial spike from a stable rate of 20.5 cents per token to as high as 27.1 cents per token in just under an hour.

Still, the fact that these two very large financial institutions are partnering with this particular startup is astonishing and should be seen as a positive step both for the Ripple network and the entire crypto community.

Astonishing growth continued…

Over the past 24 hours, including a slight pullback, the value of all crypto-assets has risen by an additional $5 Billion. Over the past month, the total market cap figure has gone from $173 Billion to $225 Billion this morning for a total industry growth of 30%.

The weekends have proven to be particularly volatile in the crypto-markets so I’d like to wish you an astounding weekend ahead.

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.

The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.

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