Crypto Market Update (02 May 2018)

Bitcoin Global News (BGN)

May 02, 2018 -- ADVFN Crypto NewsWire

General Market Outlook

The market is almost entirely green today after a correction yesterday. Bitcoin and Ethereum are up between 1% and 5%. Two up and coming blockchain social apps are up big today. Loom (LOOM) over 40% and Mithril(MITH) up over 20%. Loom combines gaming with a social media aspect, while Mithril is more along the lines of Facebook, Instagram, Snapchat, etc. Very few coins in the top 100 are down today. If this continues through the weekend, it could be proof of a full correction from the big downturn in March.

Major Headlines

Oscar Mayer Launches Satirical Bacoin Cryptocurrency

Oscar Meyer is offering a promotional “cryptocurrency” called Bacoin. You can register for your very own Bacoins on their dedicated website, where you can also track how many strips of Bacon and Bacoin is worth. There a Saturday Night Live-esque video to go along with it. Bacoin can only be exchanged for their Bacon. This kind of thing is silly, but it’s fun. It brings familiarity to public, and it’s better than nothing - much better than more association to drugs and criminals. A recent Episode of HBO’s show Silicon Valley features cryptocurrencies and the process of an ICO. Your grandma might be calling you about Bitcoin soon.

Litecoin is Quitely Integrating

Several payment processors have added Litecoin to their systems, or have it in the works. Litecoin is available on a few pre-paid debit cards. Two major examples are TenX and Uquid. The intent of Litecoin was always to be the little brother to Bitcoin - or “Silver to Bitcoin’s Gold” as founder Charlie Lee says. He created the coin from the original Bitcoin Blockchain in 2011. The major differences are in place to make the cryptocurrency useful as a day to day payment method. It is not necessarily better than Bitcoin - It is just designed for a different purpose. These changes create faster transaction times, lower fees and increase market liquidity because the coin is cheaper and there are more of them available. It is supported by Wirex, Aliant and GoCoin.

VeChain claims to be the future of Blockchain

The organization will finally be publicizing the code of their blockchain VeChainThor for a testing period. They have selected private organizations and will select 100 individuals to participate. Their transaction model basically takes the next step from what Ethereum did to build off Bitcoin. There are several key issues their system addresses - Senders can use their own computing power to complete blocks. Smart contracts are built into the blockchain rather than each transaction, which increases transaction times. Transactions can be built as a string of options depending on what happens with each stage. Deadlines can be placed on transactions to cancel if they aren’t completed in time. Maybe most interestingly a third party can pay transaction fees with Multi-Party Payment Protocol (MPP).

Top 5 Gainers

Minex (MINEX) +358.31% at $0.026977

Aseancoin (ASN) +245.41% at $0.026240

Bastonet (BSN) +141.10% at $0.002651

Crystal Clear (CCT) +137.42% at $0.0197660

DIMCOIN (DIM) +99.16% at $0.013905

Top 5 Losers

Arbitracoin (ATC) -42.85% at $0.109166

SRCOIN (SRCOIN) -34.80% at $0.001784

OX Fina (OX) -34.68% at $0.000738

FidentiaX (FDX) -31.06% at $0.062321

Dimecoin (DIME) -21.38% at $0.000045