The cryptocurrency known as e-coin experienced an unbelievable jump on February 6th. It was rising gradually the entire Tuesday afternoon, and at one moment it hit the record value in the history of its existence. At this time, it has the lowest trading volume compared to Bitcoin or Ethereum at CoinMarketCap. The miracle with the extreme jump of this cryptocurrency can be explained by a large order of the coin by a sole investor, so it turned the market upside down. The last 9 months its value has been relatively stable, experiencing only occasional spikes – when other cryptocurrencies also experienced general increase. It even experienced a shut down in September for not having the banking license, and e-coin developers were even accused of manufacturing a fake digital coin. But let’s learn some more about this mysterious digital currency and give answers to some basic questions.
What is e-coin?
E-coin is a cryptocurrency established in 2015. and an end-user and business platform based on a wide-ranging blockchain project designed for financial transactions, finance, HR, and manufacturing industries. E-coin’s goal is to enable lower costs of transactions by creating a fast and safe background for them.
What are the key features of e-coin?
• Transparency. The e-coin network guarantees a full transparency and openness.
• Easy use. This platform is user-friendly, enabling users to send, buy/sell transactions with just a click.
• Multi-currency transactions – the network allows multi-currency transactions (GBP, EUR, USD etc.).
• High liquidity and accessibility. Users can easily access their tokens at all times via e-coin debit card.
• Security. Due to POS algorithm on which the e-coin wallet relies, they guarantee that the wallet is highly secure.
Their idea, like the other cryptocurrencies’, is to bring an alternative to the traditional financial system, targeting maintenance companies, e-commerce, service companies, education, building, warehousing.
How much is e-coin worth?
As we already said E-coin amazingly jumped on Tuesday afternoon, more accurately, it rose by 4000%. At the beginning of the day it was worth only $6.23, at 15.00h it rose to $34.38. It was gradually rising and then strongly jumped over $280 after 17.00h. That same coin experienced an extreme depreciation with the value of less than $1.80 by 21.49h. That means that its market level went from $1 007 094 577 to $8 751 568, wiping off the e-coin’s value. In terms of value, e-coin vs bitcoin, e-coin was worth 0.04105600 BTC or it hit 5.064.75% in valuation. After that extreme jump and fall, e-coin has slightly increased in value, trading around $3.60 this morning (Wednesday, February 7th).
E-coin platform review by Forex experts
E coin as a platform offers trading Bitcoin, Litecoin and other cryptocurrencies for USD, for example, similar to Forex exchange. According to their site, they are a mediator between the registered users providing easy secure and affordable exchange, as they claim. In addition, they offer a good range of payment option through bank transfers, online payment system, and through vouchers from E coin partners. Fees are reasonable and the platform is similar to most of the cryptocurrency platforms enabling quick money transactions. The speed depends on the methods of payment, of course. They provide anonymous services for deposits lower than 10000 EUR/USD. On the other hand, they do not provide leveraged trading, and there is a number of regulated Forex brokers who do that. There is not enough info on security and storage funds and it is important to know how much funds can be stored online (cause the online funds are the most vulnerable). Forex experts consider it as a globally accessible cryptocurrency exchange offering to trade mostly in Litecoins, which restricts the sell orders, but a large number of payment options and reasonable fees make it a convenient platform tor exchange. Time will tell if the e coin will become a predominant and legitimate cryptocurrency while bitcoin stays the black market currency as in the popular TV series Mr. Robot.
Can e-coins help India and Bangladesh?
With the use of e-coins, fake currency and black money could become the thing of the past. Since these governments have problems controlling the flow of the black money in the countries, the authorities have to issue sustainable and long-term reforms that would end this huge problem. E-coins are seen as a long-term solution for ending corruption and black markets in countries like these. For example, India experienced a demonetization of 80% of the total currency circulation which caused a serious crisis and unrest. The motives of the government are obvious, cause they thought that was an efficient way to end the circulation of fake money, stabilize the inflation, and control the underground economy. However, such decisions can seriously do harm to the economy in the long run cause illegal funds can be easily converted into some other assets as soon as the ban is removed. And that altogether doesn’t bring a sustainable change in the butchered economic system, and the criminals simply continue with their old practices. And that’s why e-coins seem more effective and efficient option. With the establishment of e-bank, users can easily deposit and transfer money via their mobile devices or they can use e-cards.
The advantages of using e coins are many, like increased revenue for the government, decrease of crime, theft and terrorist activity, removing black and fake money from the market, less corruption, inexpensive system to maintain. With the use of new system all transactions will be registered and documented, and the government will have a better insight into the data and, therefore, could have better solutions to current problems. E currency is a chance to effectively fight current socio-economic problems that are ruining the countries like these. The implementation of this system will immediately detect any suspicious transactions and will boost total deposits, sanction more loans increasing investment, creating new jobs on the market and improve the economy in general. The things like blackmailing, bribery, corruption may soon become things of the past. However, the establishment of the system is not cheap and it may take time for the people to get used to it. But the implementation of this idea is achievable since we’re talking about one time cost that will be worth the investment and the positive results will be visible in the long run.