There Are Companies Investing 'Hundreds of Millions of Dollars' into Blockchain Projects, Coin Stats Founder Reveals
Narek Gevorgyan, co-founder at Coin Stats, a cryptocurrency research and portfolio management solution, has said that “it will take some time for bitcoin and [the larger] cryptocurrency market to go to new highs again.”Gevorgyan, an informatics, visual computing, and applied mathematics graduate from Yerevan State University, told CryptoGlobe:
Obviously, it’s not dead as many people out of crypto think. There are still companies investing hundreds of millions of dollars into blockchain projects and developing their products. I think we might see the market recovery as soon as we see some blockchain companies really starting to succeed and become a real competitor to their centralized alternatives.
Gevorgyan added: “Right now, [most of the organizations working on decentralized projects] are competing between each other, rather than the regular centralized alternatives of them. Bitcoin [will remain] the main cryptocurrency and the rest of the market [will continue to] heavily depend on its price.”When questioned about which cryptocurrency exchange he prefers using, Binance or Coinbase, Gevorgyan said:
Binance and Coinbase are the top platforms for trading your cryptocurrencies right now, but they are very different from each other. Coinbase offers a simple way to buy one of the top cryptocurrencies with a click of a button, which makes it very easy to use for consumers and I personally think that Coinbase and similar apps were one of the reasons for the crypto hype last year.
Binance Is A Complete Trading Platform
He continued: “On the other side, Binance is a full trading platform supporting over 100 cryptocurrencies and 400+ trading pairs. It [has been built particularly] for traders and it is a bit hard to understand for a first time user, but [it is still] one of the greatest places to buy and sell cryptocurrencies not available in Coinbase. Binance is also doing a great job with the Binance Academy. I'd recommend checking it out if you're new to crypto.”
Online Wallets Not As Secure Due To Phishing Scams
In response to a question about which hardware wallets he recommends, and which online (or hot) wallets he prefers, Gevorgyan noted:
The … most common ways to keep your cryptocurrencies [include using] hardware wallets, online wallets and exchanges. Each has its pros and cons. The most [highly] recommended hardware wallets are Ledger products like Nano S or Nano X. They have top-tier security but with that security you lose accessibility to your cryptocurrencies, as it [is] just simply not quick and easy enough to access them and make a transaction.
Gevorgyan further noted: “Also, we like to consider the Coin Stats Wallet, [which] we just launched with SignKeys, [which functions] as a hardware wallet right inside your smartphone, as it encrypts your private keys inside the processor of the smartphone.”Going on explain the differences between crypto wallets, Gevorgyan stated: “Online wallets are also a great way to keep your cryptocurrencies, but they are not as secure as hardware wallets, and consumers get scammed easily by phishing attacks, for example. MyEtherWallet and Blockchain wallet are the online wallets I'd recommend.”
Let's Start Comparing Ethereum And Tron To NodeJS And MongoDB
Expressing views similar to other crypto industry professionals, the Coin Stats founder said:
Keeping your cryptocurrencies on exchanges is very risky ... we have seen many exchange hacks in a past, starting with Mt. Gox and ending with the latest Cryptopia hack. I'd recommend not doing it unless it is a top tier exchange like Binance and it is not 100% of all of your holdings. Because of the fact, that cryptocurrencies are so volatile, keeping them on an exchange gives you an ability to quickly act if market moves, and for example sell the coin if it pumps 50% in 1 hour. The ability to act fast on market movements sometimes buys off the risk [of] keeping some funds on an exchange.
When questioned about which blockchain-based platform may be best suited for developing decentralized applications (dApps), Gevorhyan remarked:
I don't like comparing similar blockchain companies/platforms. Obviously each of them has their advantages and disadvantages, which anyone should research and understand before making an investment. I think we will see the market recover as soon as we compare building on Ethereum or Tron to building on standard technologies like NodeJs or MongoDB.