What is CryptoPing?
CryptoPing is an altcoin intelligence bot designed to help crypto traders optimize returns when trading in the exchanges. CryptoPing is aimed at helping traders to easily identify pump and dump schemes to avoid falling victims to such scams. The intelligence bot gathers info from top crypto exchanges such as Bittrex and Poloniex so that any unusual trend is easily identified.
CryptoPing also has a native cryptocurrency referred to as PING. The coin was released during the CryptoPing initial coin offering (ICO) held in May and June 2017. The funds raised during the ICO were directed at supporting the bot development. Note that to use the Bot, users are required to pay a monthly subscription fee using PING.
The bot and crypto coin were developed by a group of trading enthusiasts who wanted to make buying and selling of crypto coins simple. The native coin, PING, is based on the Waves blockchain. Waves was selected because of its vibrant system and high security. This means that the CryptoPing team was able to focus on building the bot without having to worry about building own platform.
- A closer look at the CryptoPing coin performance
After the May-June 2017 ICO, PING value hit the market early in July at a price of $0.3. However, the price immediately took a downtrend sinking to $0.1 in early August before rising to $0.3 in September 2017. Then, it dropped again to $0.1 in mid-September and remained around that mark until the close of November 2017.
In December 2017, the value of PING rose steadily to hit a number of peaks. For example, it hit the first peak of $0.7 in December 2nd, 2017 before falling to $0.3 and climbing to another peak of $0.9 in December 13th, 2017. Another peak was experienced in January 9th, 2018 when the value of PING rose to $0.97. This was the highest mark in its history.
Starting from January 2018, the value of PING took a downtrend that culminated to a low of $0.1 in early March. Between March and close of April 2018, the value of PING took an uptrend that saw it peak at $0.7 on April 24th. This was a positive show because many cryptocurrencies were experiencing a bearish trend.
Between April and close of 2018, the value of CryptoPingtook a steady decline that culminated to $0.02 by the close of the year. However, the community is optimistic that the value will take an uptrend in the coming years. This will depend on factors such as the emerging competition and looming regulations.
What is the problem that CryptoPing solves?
As cryptocurrencies take the center stage in many payment systems, they have also attracted a lot of interest from traders. Crypto trading involves exchanging different coins in the market the same way that forex markets operate. However, the crypto trading is faced with a myriad of issues. Here is a closer look at some of the problems that CryptoPing addresses:
- Use of pump and dump schemes
Pump and dump are scams that involve artificially inflating the price of cryptocurrencies to give a misleading positive statement. The schemes involve targeting cryptos, especially the cheap ones, and demonstrating that they are in demand so that more buyers start purchasing and driving the demand up.
The scammers start by purchasing a lot of the targeted cryptocurrency and running a well-planned media campaign about the positives of the coin. This created a lot of anticipation from the market as more people come out to purchase.
As the demand and price move up, the coins that the scammer had bought are released and sold when the value hits the peak. Immediately, the price crashes as people come to terms with the fact that it was a plan to hike the price. To avoid falling into such scams, you need an appropriate analytical platform such as CryptoPing.
- The complex crypto trading environment
While the idea of trading in the crypto markets is exciting, it is important to understand the involved dynamics in order to make profits. This involves carrying advanced analytics to ensure that the trends are understood and moves are made at the right time.
Unlike the traditional forex markets where traders deal with relatively stable currencies, the crypto niche is wild. Because cryptocurrencies are not regulated their prices are highly volatile. Therefore, there is a danger of making huge losses if you do not have the right skills. This is the gap that CryptoPing comes to fill.
- Lack of privacy in the traditional financial organizations
If you want to send value using the traditional financial systems, the chances are that a lot of people can easily have access the transaction details. From cashiers to the bank management, it will be very easy to know how much you sent and even the account balance.
A court of law can also order the bank to provide your personal bank account history. For people with a lot of cash in their accounts, it is easy for legal battles to be thrown their way so that part of the money can be paid as legal fees. CryptoPing targets to provide a completely anonymous method of storing funds.
- High cost of sending value
One notable thing about banks and other traditional financial institutions is the high cost of sending value. The organizations are forced to charge high transaction charges to raise profits and meet the long list of expenses including wages and rent.
It is important to note that in addition to the high cost of sending value, the traditional financial organizations are also very slow. For example, if you want to send value to a recipient in another country, the transaction can take up to four days.
How does CryptoPing solve the problem?
To solve the above problems, CryptoPing development team opted for two main strategies:
- The CryptoPing real-time tracking and analysis bot
The CryptoPing system was created to help pull and analyze real-time data and provide users with actionable info. To make the analysis possible, the CryptoPing links with top crypto exchanges to be able to identify the recent and emerging trends.
The specific information that CryptoPing bot target include the trend and situation analysis of the targeted coin. For example, if the sudden rise in demand and price of a specific coin is emanating from a single exchange, it is likely to be a pump and dump model.
Other important info that the CryptoPing bot gathers and analyzes include the behavior of a selected coin in the past, the causes of different trends, and its relation to other coins in the market. For example, the CryptoPing bot will establish whether a coin that has suddenly taken a bullish trend when others are bearish is worth your consideration.
- PING is a completely decentralized coin
CryptoPing operates as a completely decentralized system. This implies that it does not rely on a centralized server the way traditional organizations operate. Instead, it relies on nodes that are spread on its system to store data and run transactions.
Full decentralization implies that transactions are completed on a pee2peer basis to help cut the associated charges. For example, if a user wants to send value using PING, the transaction is processed by the nodes in its system. This helps to make the transactions faster and private because the nodes only check the balance in a user account and not personal details.
What makes CryptoPing better than it’s competitors?
When CryptoPing entered the market in 2017, the development team appreciated that the market was highly competitive. The close of 2018, the competition had edged a notch higher as the number of cryptos in the market rose to more than 1600. The following are the main things that make CryptoPing better than competitors:
- CryptoPing has provided crypto traders with easy to use analytics
CryptoPing has provided users with reliable trading analytics that helps them to make timely moves and optimize profits. More importantly, the CryptoPing bot helps people to identify pump and pump schemes to avoid becoming victims.
- The CryptoPing system allows users to join and own the platform
Like other coins such as Ethereum and Ripple, CryptoPing allows users to join and own the network. When you buy the native PING coins, you become part of the network. This means that you can be called to vote when major decisions are being made.
As a stakeholder, you can also suggest areas that need improvements. For example, you can suggest new features that can help to improve the user experience. Note that such suggestions have to be voted by other members.
- The CryptoPing system is run by a highly aggressive team
Many people using the CryptoPing system indicate they are impressed by its structures. The development team runs progressive diagnostics that ensure the system is secure and all the features provide the best user experience.
- The community has been growing steadily
The community of CryptoPing has been growing steadily. As more people come to appreciate that crypto coins can serve as alternative currencies, the CryptoPing system is becoming an important component to those interested in trading.
The ability to provide real-time analytics and prompt notifications helps to ensure that even novice traders can trade like experts.
- The native coin provides users with a cheaper and reliable method of sending value
Because CryptoPing is a decentralized system, it implies that the cost of sending value is low. Even if you are sending value to another country, the transaction is completed instantly. This makes it better than the conventional wire transfers.
How can CryptoPing be categorized?
CryptoPing is a unique crypto project designed to help people understand and operate profitably in the crypto niche. The project has helped people to take the right approach to crypto trading not just to make a profit, but to also extend the use of cryptocurrencies.
The community is particularly impressed by the project’s support for most coins. Though the charges are done in PING, the CryptoPing platform allows users to follow their preferred coins while evading the risks of pump and dump schemes. The model is very crucial in helping people to understand, adopt and use crypto coins.
What is CryptoPing’s vision on security
The CryptoPing’s on security is to provide its users with a secure platform for analyzing and investing in cryptocurrencies. By assisting users to identify scams on crypto markets, the CryptoPing team insists that traders can have their resources to trade and make profit. Here are other methods used to keep CryptoPing secure:
- The CryptoPing system is progressively monitored to identify gaps and seal them before hackers can take advantage of them.
- The CryptoPing system operates as a completely decentralized system. This implies that there is no single point of weakness that hackers can target.
- The system encrypts user information to make it hard for third parties to access and steal client’s info.
Examples of CryptoPing’s use cases/ applications
To win a bigger market share in the highly competitive market, cryptocurrencies and their networks target to have as many use cases as possible. Here is a list of the main CryptoPing applications:
- CryptoPing coin can be traded in the crypto markets. Like other coins such as Bitcoin, PING can be paired and traded in the exchanges that list it. Note that to trade in these markets, users are required to join the exchanges, open trading accounts and verify them with government-issued documents.
- CryptoPing can be used for crypto market analysis to ensure that the current trends are understood. This is very important because it helps users make profitable moves and avoid falling prey to scams.
- PING coin can be used to pay for goods and services in the stores that support it. Even if a store only supports a different coin such as Bitcoin, it is still possible to make a purchase by converting PING to the accepted coin.
- Like other coins such as Bitcoin, you can buy PING and use the coin to store value. This means holding the coin in a wallet and selling them when in need of fiat currency.