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We are delighted to announce the listing and support of Enjin (ENJ) on Tap!

ENJ is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold ENJ for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting ENJ will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Playing an important role in the adoption of Web3, Enjin provides a platform of software products designed to allow anyone to harness the power of NFTs (non-fungible tokens) through the development, trade, monetization, and marketing of blockchain assets.

Powering the ecosystem is the Enjin Coin (ENJ), a token used to back the value of NFTs and other assets minted on the platform. When an asset is minted it locks ENJ tokens into a smart contract and effectively removes the tokens from circulation.

Enjin Coin (ENJ) is the native token of the Enjin ecosystem. Built on the Ethereum blockchain and compatible with multiple gaming platforms, the Enjin Coin is an ERC-20 token that allows the in-game items created on the platform to be traded with real-world value. The ENJ token has a maximum supply of 1 billion coins.

Get to know more about Enjin (ENJ) in our dedicated article here.

We are delighted to announce the listing and support of Chiliz (CHZ) on Tap!

CHZ is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold CHZ for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting CHZ will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Chiliz is a fintech company that uses blockchain technology to create new ways for fans to support and engage directly with their favorite sports teams. The company's goal is to be the leading provider of fintech solutions for sports and entertainment businesses around the world. Chiliz enables its users to trade tokens to show their support for professional sports teams.

Chiliz fans can buy their favorite team's Fan Tokens using the native Chiliz token " CHZ " on socios.com, the crowd management platform that Chiliz uses. Sports fans staking $CHZ on Socios.com also have opportunity to receive new Fan tokens as well as a up to 10% $CHZ bonus yield.

Cryptocurrencies function much like traditional currencies in that they can be transferred digitally and used to pay for goods and services around the globe. However, they also pose several benefits that fiat currencies lack, such as the fact that they operate using a decentralized network and not a bank or government agency (providing greater control to users) and can execute international payments in a fraction of the time and cost.

While many believe cryptocurrencies will eventually replace traditional currencies, there is plenty to be done before we get there. We are sooner more likely to experience cryptocurrencies working alongside traditional currencies than entirely replacing them, a movement that is generating momentum each day. 

Before we launch into what the industry needs in order to go mainstream, let's first observe how we reached this pinnacle moment in the history of finance. 

How crypto officially got on the map

Bitcoin was created to provide an independent financial system to people that were thrown into serious debt following the global financial crisis. The digital currency was created to provide individuals with the opportunity to control their funds independently from any financial institution.

Since the advent of Bitcoin in 2009, cryptocurrencies have experienced interest from many groups of people, largely outside of mainstream media. In 2017, following a wild bull run, Bitcoin was first thrust into the mainstream media spotlight as it fast became the main topic of conversation across various news channels around the world. 

Fast forward three years to the pandemic. Following global market crashes, Bitcoin displayed impressive resistance and built its wealth back more quickly than many other assets and stock markets. This caught the eye of many large corporations, dispelling scepticism and leading one in particular to move their USD reserves into Bitcoin. Following Microstrategy's decision to buy large amounts of BTC, many other large corporations followed suit, with companies like PayPal and Square even incorporating cryptocurrencies into their systems. 

This wave of institutional investment not only increased the value of the markets but also helped to build confidence for retail investors to invest in such "risky" assets. This also played a large role in major corporations embarking on serious research and development of both blockchain technology and cryptocurrencies. 

What crypto needs

Commonly used as an investment tool, cryptocurrencies were designed to facilitate faster and more economical transactions. Operating on a peer-to-peer basis, cryptocurrencies essentially cut out the middleman (and its fees) and make digital cash more readily available. 

As with most things in life, there are two significant camps for and against the mainstream use of cryptocurrencies. Those for the widespread adoption believe the spike in interest will continue on its upward trajectory, believing that very little could hinder its growth. Those against the growth argue that fluctuating market prices and uncertainty around the practical application will hinder its mainstream adoption. 

What cryptocurrencies likely need before any mainstream adoption is a well planned regulatory framework that can appease both the innovative technology and the merchants and consumers using it. Regulations are a necessary component to anything becoming mainstream, and the ones surrounding cryptocurrencies are vague at best. While many nations are working on creating and implementing these, there is still a gaping hole in the industry. 

Based on conversations taking place in the banking and fintech worlds, it is highly likely that in the coming years more traditional companies will expand to offer crypto-enabled financial services. As interest and access continue to grow, companies will need to follow suit if they wish to stay in the game. Large payment processing companies like Visa and Mastercard are already looking to provide crypto services, a key indicator as to where the market is headed.

What are the advantages of Bitcoin over existing currencies?

Bitcoin, and other cryptocurrencies, pose several advantages over fiat currencies. The biggest attribute to cryptocurrencies is that they are decentralized, meaning that they are not controlled by governments or banks, rather they are issued by the network and managed by the individual holding them. Instead of a government deciding to print more money thereby increasing inflation, cryptocurrencies are inflationary and instead created using a mining system that is controlled by various mechanisms.

Using blockchain technology, the digital cash systems provide an immutable and transparent ledger that records all the transactions and ownership, ensuring that funds are handled properly and with the correct measures. Cryptocurrencies also pose a much faster and cheaper means of sending money across borders, a huge advantage for businesses operating on a global level (i.e. sending funds from the U.S. to the United Kingdom).

The biggest advantage to crypto is that it is financially inclusive. Anyone around the world can partake in the payment system with no paperwork, previous financial statements or tedious processes required, it simply requires an internet connection.

What are the disadvantages of Bitcoin compared with existing currencies?

Currently, the disadvantages of cryptocurrencies are that they are not freely accepted around the world (yet). While the adoption levels are rising there is still a gap in how and where users can spend their cryptocurrencies. Another disadvantage is the market's volatility, posing potential inconsistencies between the price when making a payment and once the payment is received.

El Salvador leads the pack

In late 2021 El Salvador became the first country to initiate Bitcoin as a legal tender alongside the US dollar. The decision has accumulated many mixed reviews, with some hailing the president a revolutionary and others concerned he will crash the country's already fragile economy. Should his plan work out we're likely to see this happen again. 

In conclusion: Crypto is on an upward trajectory

With all things considered, cryptocurrencies and blockchain technology are here to stay. While cryptocurrencies might be a significant distance from becoming mainstream, they are far too integrated into our society and financial landscape to all but disappear. All things considered, the money is too great, the technology too innovative and the thought of financial inclusion too promising for any of it to go away. 

We are delighted to announce the listing and support of Quant (QNT) on Tap!

QNT is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold QNT for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting QNT will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

The Quant Network was designed to connect blockchains and networks on a global scale, prioritising interoperability and trust functions between them using the Overledger operating system, the first OS built for blockchains. The Quant protocol was designed to remove barriers commonly encountered on blockchains in communication, interoperability and scaling.

QNT is an ERC-20 token from the Quant blockchain that provides digital access to a particular application or service and is used to access the Overledger network and validate transactions on the network.

All product users, developers, and gateway operators are required to purchase annual licences, used to maintain platform efficiency. These licence fees are converted to QNT and locked up in the Quant treasury. If a user does not renew their licence, they forfeit their fees, discouraging them from dumping tokens on the market if the price increases.

Get to know more about Quant  (QNT) in our dedicated article here.

With inflation rates rising across the world, many are naturally looking to regain control of their funds. Affecting everyone from business owners to retirees, and even governments, inflation is the silent killer when it comes to deteriorating personal wealth. In this article, we explore what inflation is exactly, and how you can protect yourself from it. 

What is inflation?

Inflation is a term used to describe the gradual increase in the cost of goods and services in an economy, which results in the reduction of the purchasing power of your money. As goods and services rise in price, each unit of currency becomes able to buy less, thus reducing its purchasing power. Additionally to this, the rise in the cost of living tends to result in a deceleration in economic growth. 

Inflation can be felt far beyond just household goods like food. It is experienced across the board, from services like entertainment, labour, and healthcare to metals and fuel even in transportation and electricity. 

Two indexes used to measure inflation are the Consumer Price Index (CPI) and the Wholesale Price Index (WPI). CPI examines a basket of household goods and compares the overall prices to the prices registered the year before. Inflation is noted when the same amount of money cannot buy the same amount of goods as previously recorded. 

The WPI measures and tracks the price of goods at the producer or wholesale level. This observes the increases in prices from the foundation up, looking at the raw materials instead of the final product.

Following the pandemic, inflation rates have increased around the world. In some cases, inflation rates are the highest they've been in 30 years, bad news for people's savings and salaries.

According to the U.S. Bureau of Labor Statistics (BLS), the Consumer Price Index For All Urban Consumers (CPI-U) recorded a 7.5% annual increase at the end of January 2022, the biggest increase to date since 1982. While, according to information available through the UK equivalent, the Office for National Statistics, a 12-month increase of 6.2% was observed in March 2022.

Inflation vs interest rates

Not to be confused with one another, inflation is the increase in the cost of living while interest rates determine how much money you can earn/pay as a lender/borrower. Inflation and interest rates typically rise and fall together, with an increase in one generally creating an increase in the other.

The different types of inflation

There are three main types of inflation which are categorised as demand-pull inflation, cost-push inflation, and built-in inflation. Below we outline the differences between the three.

Demand-pull Inflation

Demand-pull inflation is when an increased supply of money leads to an increased demand for goods and services at a pace faster than the economy's production capacity. The increased demand and limited supply result in price rises. 

Cost-push Inflation

Cost-push inflation is the result of increased costs of raw materials and production processes, leading to an increased price in the final product and other consumer prices. 

Built-in Inflation

Built-in inflation is created by a wage-price spiral where consumer prices rise leading workers to demand higher wages which in turn increases consumer prices. 

How to manage funds and navigate inflation

Inflation is an inevitable part of life, however, there are still ways in which one can protect their funds from deteriorating in value. 

Invest in stocks

Stock markets provide much better returns than traditional interest-bearing savings accounts. While managing the stock market is a relatively complicated endeavour and requires more energy, stocks, and ETFs can earn up to 7% annual returns which would both increase your capital and beat inflation.

Invest in property

Property prices tend to increase in value over time. While they require a substantial payment of capital, these can pay off in the long run. 

Invest in commodities

Precious metals like gold and silver, as well as agricultural products and energy resources, offer potential opportunities for preserving wealth during economic uncertainties.

In Conclusion

Managing inflation is integral to maintaining financial stability. Inflation is an inevitable part of the modern economy, however, there are ways to minimize its effects on your savings. Stocks, property, and commodities are all viable options to ensure your personal wealth is protected and growing. 

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We are delighted to announce the listing and support of Dai (DAI) on Tap!

DAI is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold DAI for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting DAI will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Launched in 2017, DAI is an algorithmic stablecoin issued by MakerDAO.  This stablecoin cryptocurrency is aiming to maintain a soft peg with the United States dollar. This goal is achieved through the use of smart contracts which incentivize participants to perform essential maintenance and governance functions.

Due to the coin’s soft peg to the US dollar, the DAI stablecoin not only provides a stable long-term store of value but also a strong medium of exchange.

Get to learn more about DAI in our dedicated article here.