What a difference a year can make. While the altcoin landscape was changing rapidly almost in isolation to bitcoin’s price fluctuations, it was the Chinese crypto brands that faced the most difficult trading conditions.
For many years, China has not been an authority that has been particularly open-minded about crypto. Indeed, China has downright black-balled the industry, with all trading and mining activities prohibited and many of the main crypto brands from the country forced to move to headquarters elsewhere.
However, recently there has been a definite shift in focus from the Chinese government, and it feels as if the legal landscape is changing.
Rumours of new regulations regarding cryptography have proven to be correct, and as of next year the law regarding the underpinning technology that drives the crypto world will be relaxed – potentially opening up a raft of new opportunities for those wanting to trade, mine and create their own cryptocurrencies.
It’s no wonder that TRON has enjoyed renewed success as a result, with the value of TRX hitting a three-monthly high of $0.02266 on 30th October.
A slight price correction followed, but the coin is still trading at a shade under the $2 mark, which represents a consistent and continual improvement since the summer.
One of the most pleasing aspects of TRON’s surge in price is that they have created the buzz themselves – it’s not just the news from China that has caused the leap.
This confirms what most in the industry already knew: TRON is a coin and a brand that is genuinely exciting. A bright future is surely assured.
China in our hands: TRON getting strong
It’s official: the Chinese government, and specifically the Standing Committee of the 13th National People’s Congress, has confirmed that it will be introducing a new set of laws that will regulate how cryptography is used on 1st January 2020.
Now, the uninitiated might think that legislation is a bad thing for the freedom of a market. Actually, the opposite is true: the Chinese government is beginning to recognise the possibilities of crypto, and it wants to ensure that a safe and regulated market is in place before a possible – and we must stress that word – opening up to cryptocurrencies.
Indeed, the President of China, Xi Jinping, has also spoken of his desire for his country to begin adopting blockchain technologies more widely, which would open the door to mining and other activities.
The new law relates to “facilitating the development of the cryptography business and ensuring the security of cyberspace and information”.
The regulatory framework will govern the management of passwords, with the ultimate aim of setting up a central cryptographic agency that monitors and maintains a public network.
In essence, hashing could be set to become legal in the coming months, which will clearly have a knock-on effect on how the blockchain is utilised and the crypto possibilities that this brings.
It is also expected that China’s central bank will release its own cryptocurrency soon, which will be used on a national basis. This may impact how willing the Chinese government is to welcome a crypto market without boundaries in the country, but it is clear that its stance on all things crypto is softening.
The announcement of China’s cryptography regulations saw an extraordinary weekend of action in the market, with more than $50m pumped back into crypto as eagle-eyed and eared investors anticipated a superpower opening its doors to TRON and co.
The news coincided with a 30% surge in the value of TRX, helping to push the coin back into the top 10 as far as market cap is concerned, with around $2bn invested into the currency per day.
Every quarter, the Ministry of Industry and Information Technology in China, via its CCID Blockchain Research Institute, publishes its well-respected ‘rankings’ of cryptocurrency projects.
The latest update came in October, and in its latest standings, the Institute has installed TRON as the second-best crypto in the world, just behind EOS.
Yes, that puts TRX ahead of both bitcoin and Ethereum as far as this ranking system is concerned, which uses a variety of measures, including technology, application and creativity, in order to rank currencies in turn.
It’s further proof, if any were needed, that TRON is the real deal – further legitimisation from such a reputable source only serves to dial up the excitement that TRX investors and holders are feeling.
Exchange for the better
For a good few months, TRON founder Justin Sun has been batting off rumours that he has invested in the crypto exchange site Poloniex.
However, in November, Sun confirmed what most already knew: he had indeed ploughed funds into the brand.
Sun confirmed that the exchange will run independently from his crypto brand, but the acquisition is further evidence that he is wholly committed to the world of cryptocurrencies and in it for the long haul.
Poloniex is ranked as the 11th-largest crypto exchange on the planet, with nearly $20m traded on the platform every 24 hours on average.
The move means that TRON can now be bought and sold on the exchange, opening up the coin to a wider audience and driving trading activity forward – presumably with the ultimate aim of enhancing that all-important market capitalisation.
Traders are currently limited to TRX pairs with BTC, USDT and USD, but with more likely to be given the green light in the coming months, TRON will be spreading its wings further and wider into 2020 and beyond.
Why is this such a revelatory moment for the TRON Foundation? It’s simple: Poloniex is accessible to Chinese traders via a domain redirect at pwang.com, meaning that they will be able to buy TRX in huge quantities if they so desire.
Poloniex also welcomes Chinese government IDs, which is crucial for satisfying the ‘Know Your Customer’ legislation, and so a rather hefty market opportunity has now opened up for Sun and his team.
Sun dialled in
There’s another good reason why TRON continues to grow: the unwavering commitment and enthusiasm of the currency’s founder, Sun.
The 29-year-old is a consistent presence on social media, answering investors’ questions and releasing news stories onto the web regarding exciting new business developments and partnerships that the brand has in the pipeline.
Yes, that’s a tactic to build hype and get people talking – a strategy used by pretty much every altcoin in the game. However, the difference with Sun is that he has a habit of backing up his claims – and so well-respected is the young entrepreneur that he has been invited to speak at the Samsung Developer Conference.
That tech giant has already lent its support to TRON by allowing coders direct access to the blockchain via Samsung devices, enabling them to build dapps using their handset or laptop.
Not only that, but the Samsung Blockchain Platform SDK also allows apps that have already been built to implement blockchain features into their existing profile, enabling them to be future-proofed and improved when the next updates are released.
Sun and his team have also been able to negotiate a deal in which TRON will be integrated into the Blockchain Keystore, a vault that holds private data and cryptocurrency keys in the most secure online environment available.
So serious about business is Sun that he bid $4.5m for a private lunch with the legendary Warren Buffett. This is a man who is not afraid to put his money where his mouth is, and unlike many other crypto gurus, he has a habit of backing up his propositions.
The right protocol
One of the most advanced blockchain tech platforms around belongs to TRON, whose Odyssey protocol has recently been given a much-anticipated upgrade.
The update went smoothly – that has not always been the case for its competitors, and that was another reason for the currency’s recent spike in value and the optimistic bullishness surrounding the brand.
The ‘network incentive’ mechanism, which keeps miners rewarded and motivated for their time and efforts, has now been fully decentralised, with data accessible via the network in a further boost to the autonomy of the brand’s blockchain.
To keep things ticking over, the TRON network has also welcomed some 100m USDT onto the system. A further 40m were sent via Ethereum’s ERC-20 in a chain swap, and the result is that now more than 10% of the tether supply has found a home on the TRON network.
This showcases the ability and resourcefulness of the brand, and once again confirms that this is a forward-thinking outfit that has future-proofed and pressed on while so many other altcoins disappear from the radar.
Taking down Ethereum
When two or more crypto brands have a similar use case, it’s no surprise when they tend to get compared to one another.
As far as TRON is concerned, those comparisons tend to focus on Ethereum and EOS.
As you are probably already aware, Ethereum is the second most valuable coin, ranked by market cap, and so TRON will be looking to take ETH’s mantle as the most prized alt currency behind Bitcoin in the near future.
And one judge thinks that TRX has what it takes to usurp the perennial powerhouse of altcoins: Udi Wertheimer, a noted Bitcoin developer, has revealed that he believes that TRON will overtake Ethereum within the next year.
In a series of tweets, Wertheimer claimed that TRON will ‘flip’ Ethereum – i.e. take its place as the second-largest currency – as early as 2020
He pointed to TRON’s greater quantity of blocks and transactions, faster development, and wider use cases when compared to ETH, which he described as being “slow, inefficient and inflexible”.
Ethereum has obvious claims to its crown, given that it created opportunities for second-generation blockchain technology and acted as a rival, of sorts, to Bitcoin.
The Ethereum network also paved the way for decentralised apps, or dapps as they tend to be known, which has become a key battleground for many crypto brands.
Last but by no means least, Ethereum has also created the infrastructure from which smart contracts have been born – these will be huge news for many types of businesses in the years to come.
Just look at some of the raw stats: Ethereum can handle 20 transactions per second on its network, while TRON has the ability to handle 2,000.
The TRON network can handle more than four times the amount of transactions and operations of Ethereum every day, as well as nearly five times the volume of dapps.
In short, the TRON network is far superior to Ethereum in many key areas, and while we cannot say with complete confidence that this will lead it to ‘flipping’ ETH, clearly the basic mechanics are there for a period of sustained growth.
Is TRON a good investment right now?
Given all of the bullish signs, you could easily argue that now is the perfect time to invest in TRON.
Yes, you might feel like you are coming into the market after the fact, with TRX enjoying that healthy surge in value lately, but long-termists will point to the fact that the current price point is a mere drop in the ocean to what the currency could reach.
One of the most impressive things about TRON is that its success is not necessarily linked to the progression – or otherwise – of Bitcoin, which has generally been the trend for the past couple of years.
This is a rare coin that holds value independent of the general market consensus, for many of the reasons outlined already in this article.
It’s not foolhardy to think that the Chinese digital currencies will enjoy a real momentum surge as a result of the country’s slightly relaxed thinking towards blockchain technology, and in such a large and tech-savvy market, China really could take crypto to the next level in 2020 and beyond.
TRON, and others, will be taken along for the ride, and with a savvy leader in Sun leading the way, any predictions regarding TRX’s value in the year ahead should be on the more positive side of the fence.
There have been partnerships with internationally recognised brands such as BitTorrent and mentions in line with Samsung and other tech giants – Sun is taking TRON forward, unlike other altcoins that are full of bluster but deliver very little and lack any institutional investment of note.
TRON’s desire for a decentralised blockchain that supports content creators online is a noble enough cause, taking power away from media conglomerates and – hopefully – helping to lead to more independent, quality content being produced.
The fruits of that labour will only be known in the long run, but for now the future is looking very bright for Sun and his team.
So, should you invest in TRON? Now could certainly be as good a time as any because there is a clear blueprint for growth in the coming years. If you already have a stash of TRX, then holding could be smart also – though now is also a great time to maximise the return on your investment.
How does TRON’s growth benefit Bitcasino players?
If you have a nice collection of TRX in your wallet, then you might just find yourself in something of a predicament!
You can hold on for longer, or even add more TRON to your holding, in an attempt to maximise the return on your investment.
However, you might alternatively think that now is the time to redistribute your TRX, simply because you are currently getting maximum value on your coins. The growth of TRON has given its holders a very welcome headache.
Maybe you have decided that the time has come to think about where you can spend your crypto wallet’s contents.
There was much excitement when it was announced in October that TRON and Bitcasino were entering into a partnership that would enable you to deposit your TRX into your account with us and use them as your in-game currency!
Sun was ‘thrilled’ with the link-up, stating: “We’ve been aware of the market-leading gaming brands operated by the Coingaming Group for some time now; Bitcasino.io and Sportsbet.io are fantastic examples of what is possible when crypto-led products put the customer above everything else.
“It is genuinely thrilling to see another world-class brand open its doors to the TRX community.”
Our very own CEO, Tim Heath, commented: “We always work hard to put our customers at the centre of the universe, and by adding TRX gaming we are once again at the cutting edge of what is possible in this space.
“The TRON community is one of the most engaged, forward-thinking and dynamic in the cryptocurrency world. It is also passionate about gaming, so this is a great opportunity to introduce TRX holders to the fun, fast and fair world of the Coingaming Group brands. We are certain they will enjoy the ride.”
Fun and games
At Bitcasino, we welcome you to deposit – and hopefully withdraw if you make some winnings – TRON into your player account, as well as a wide range of other cryptocurrencies for that matter.
It’s really quick and easy to add TRX into your Bitcasino bankroll, with completely secure transactions that keep you and your personal details safe and anonymous. All you need is your own wallet address and ours to facilitate the payment – we’ll give you this info when you come to make your deposit.
You can get started for as little as 100 TRX if you wish – you can, of course, deposit more if you choose, and there are zero transaction fees to account for: we won’t charge you a penny for making your TRON deposit.
As you look for merchants and operators that accept TRX as a payment currency, you will be wanting to ensure that you are spending the contents of your wallet at the most reputable platform possible.
At Bitcasino, we are fully licensed and regulated, which gives you the peace of mind in knowing that we are here for a long time and provide all of our players with a good time. Our platform is powered by Coingaming.io, one of the most trusted names in crypto gaming, as further evidence that we are committed to ensuring the best user experience for our players.
What will you be able to enjoy with us? Well, take your pick!
You can invest your TRON into our huge range of slot games, which have been cherry-picked from the best software firms in the business. From classic slot gaming to the chance to win massive jackpot prizes, spending your TRX in this way could prove to be a very fruitful decision.
Maybe your tastes are a little more, shall we say, traditional. That’s fine: at Bitcasino, we have a full suite of table and card games for you to enjoy.
From the adrenaline rush of the roulette wheel to the nerve-shredding battle against the dealer at the blackjack table, we offer multiple different versions of these classics as well as poker, baccarat and much more besides.
Have you ever played in a live casino before? If not, then this is surely one of the most exciting ways for TRON holders to invest their crypto. You’ll get to play against real-world dealers in a working professional casino, with the action streamed straight to your preferred computer or mobile device.
All of this plays out in a fun, safe and anonymous environment. What’s not to love?!
If you are looking for ways to use your TRON wallet, with Bitcasino you are at least guaranteed an exciting time, and you might just be able to increase your TRX holding if you strike it lucky.
You can join Bitcasino today if you want to, and enjoy a range of free-play games if you want to learn the ropes prior to depositing your TRON with us.
Good luck, and happy gaming!
Words: Sean McNulty
Images: Shutterstock and PA Images