Counterparty (XCP) Trading 25.7% Lower This Week

Counterparty (XCP) traded down 4.6% against the dollar during the 1-day period ending at 20:00 PM E.T. on May 14th. Counterparty has a market cap of $12.68 million and $51,777.00 worth of Counterparty was traded on exchanges in the last 24 hours. One Counterparty coin can currently be purchased for $4.85 or 0.00016167 BTC on cryptocurrency exchanges. During the last seven days, Counterparty has traded 25.7% lower against the dollar.

Here’s how related cryptocurrencies have performed during the last 24 hours:

  • Bitcoin (BTC) traded up 1.7% against the dollar and now trades at $30,012.13 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded up 3.6% against the dollar and now trades at $210.73 or 0.00702158 BTC.
  • Bitcoin SV (BSV) traded 3% higher against the dollar and now trades at $53.84 or 0.00179386 BTC.
  • Steem (STEEM) traded 0.7% lower against the dollar and now trades at $0.26 or 0.00000860 BTC.
  • Namecoin (NMC) traded down 2.2% against the dollar and now trades at $2.13 or 0.00007082 BTC.
  • Bogged Finance (BOG) traded up 19.1% against the dollar and now trades at $0.45 or 0.00001469 BTC.
  • DAOBet (BET) traded flat against the dollar and now trades at $0.0318 or 0.00000056 BTC.
  • Uno Re (UNO) traded up 13.3% against the dollar and now trades at $0.0733 or 0.00000244 BTC.
  • Unbound (UNB) traded down 9.2% against the dollar and now trades at $0.0017 or 0.00000006 BTC.
  • SafeBlast (BLAST) traded 0.6% higher against the dollar and now trades at $0.0000 or 0.00000000 BTC.

Counterparty Coin Profile

Counterparty (XCP) is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. Its genesis date was January 2nd, 2014. Counterparty’s total supply is 2,613,892 coins. The official message board for Counterparty is counterpartytalk.org. The Reddit community for Counterparty is /r/counterparty_xcp and the currency’s Github account can be viewed here. The official website for Counterparty is counterparty.io. Counterparty’s official Twitter account is @CounterpartyXCP and its Facebook page is accessible here.

According to CryptoCompare, “What is XCP?XCP is the native token of Counterparty. It is a technical necessity for adding advanced features to Counterparty, which by nature require a protocol aware currency. Bitcoin can only be aware of BTC, while Counterparty can be aware of both BTC and XCP itself. This makes it possible to escrow funds, trade in a decentralized manner, and harness the full potential of programmable money. Note: It is a common misconception that XCP is a competitor to Bitcoin, when in fact it cannot exist without it. And even though XCP is not a traditional currency, it serves a steady and critical purpose within the Counterparty ecosystem. How was XCP launched?The supply of XCP was created in a process called ‘proof-of-burn’ that lasted from January 2nd to February 3rd 2014 (5000 Bitcoin blocks). During this period, anyone was able to exchange bitcoins for XCP automatically on a protocol level under the following conditions: Users sent their BTC to a verifiably unspendable Bitcoin address with no known private key. (1CounterpartyXXXXXXXXXXXXXXXUWLpVr) Each BTC was automatically exchanged for a number of XCP between 1000 and 1500, with more being rewarded the earlier the burn took place. The reward bonus decreased linearily with the block index. Each address was limited to 1 BTC. Since the BTC on the burn address will never be spendable again, they are considered destroyed or ‘burned’. The main advantage of using this process is to create an equal opportunity for all users, including the founders of the project. The result is that nobody started out with a pre-existing supply of XCP. This method is relatively rare in the crypto space, because it does not provide the founders with starting capital. This, however, means that it is a truly decentralized platform similar to Bitcoin’s proof-of-work system. A truly decentralized system without a crowdfunder has various advantages: Avoids issues with regulatory uncertainty and legal liability because there is no direct profit model, nor a central authority.Incentivises developers and users equally.Funds are never in the control of any 3rd party.Full transparencyZero pre-mineIs XCP an alt-coin or competitor to Bitcoin?No. XCP cannot exist without Bitcoin, as Counterparty extends the basic features of Bitcoin with proof-of-publication, oracle betting, decentralized exchange, automatic escrow, order matching, and smart contracts. Can more XCP be created?No. The supply of XCP is fixed, and decreasing because of fees being burned. What is XCP used for?XCP is the fuel for smart contracts. When smart contracts are running, fuel is used for each execution step. Appropriately enough, this fuel is burned(destroyed). This means that the supply of XCP is continously decreasing. However, the cost of fuel adjusts proportionally as the supply of XCP goes down, so that it cannot reach 0. XCP is always the easiest token to trade against, as it is represented across all exchanges that support Counterparty. It is also used for anti-spam fees when registering named tokens, and when making distribution payments to token holders. The betting system also uses XCP.   “

Buying and Selling Counterparty

It is usually not presently possible to buy alternative cryptocurrencies such as Counterparty directly using U.S. dollars. Investors seeking to trade Counterparty should first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Coinbase, Gemini or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Counterparty using one of the exchanges listed above.

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