After months of consolidation, OK Cash broke higher today – at one point there were buyers at more than twice the price (+100%) from Wednesday’s lows of around 600 Satoshis.
October 20, 2016:
The high of the day (so far) as of 6 p.m. EST has been 1350 Satoshis.
OK Cash Breaks Out Of Consolidation After Months Of Accumulation
We’ve been keeping an eye on OK Cash for some time now. See our previous article Here.
… more to come, but for now we are keeping a close eye on OK Cash for higher prices in the future.
What’s Going On With OK Cash?
Some times it seems that is doesn’t take much to move a cyptocurrency higher. More buyers than sellers will do it every time.
After several months of trading between 200 and 700 Satoshis with a natural trend higher (higher and higher lows) OKCash broke out today into a new trading area never seen before for the up and coming cryptocurrency.
Traders have been accumulating on any weakness in the price for several months now (Cryptolix included) and the trading volume has increased significantly.
Lots Going On With OKCash Development
OKcash – The Social Cryptocurrency and More…
written by: dhruvgupta
OKCash entered the cryptocurrency world in 2014 (see our previous article here) and has since then become known for its focus on making the user experience as easy as possible.
Check out what people are saying these days about OK over on Bitcointalk.
It is a proof of stake only currency at this point in time, which means that users earn a percentage on the number of coins they keep in their wallet as long as they keep it open and connected to the internet.
It is a slightly divisive method of mining since a lot of PoS currencies did not stay around for the long run or gave back very low returns.
OKCash is one of the few companies that has structured their blockchain to be very efficient and has run without any major problems since the day of its inception. The currency works on a decreasing annual interest over time, and started its first year with at 20% return.
Interestingly, its name is “OK” to be universally understandable to people around the world, across different languages. The “Cash” part is to denote its use as a financial instrument.
What’s going on with OKCash these days?
OKCash has really distinguished itself by making itself seamless to use across social media. Users can send OKCash to anyone on Reddit or twitter, even if the receiving person does not have a wallet.
The community behind developing the currency has also identified the growing Internet of Things network as an area where it could become a major player.
These everyday objects connected to the internet are hampered by the sometimes hight cost of operations and so the transaction fees being paid to the banks really hurts them.
Currencies like OKCash allow them to bring down their costs significantly. To help achieve this purpose, developers have also released a dedicated Raspberry Pi-compatible operating system that supports ground up cryptocurrency integration for free use in the Internet of Things gadgets.
Playing nice with other currencies is also a huge strength of OKCash as it gives the users confidence about the intentions of the company.
Advantages of OKCash
The speed of transaction is extremely fast and more often than not nearly instant. Being a PoS currency, it is also extremely energy efficient as it does not require huge mining rigs to be set and is thus also much more inclusive.
Anyone can start mining OKCash by just downloading their wallet and then leaving it open.
The company has also concentrated on making the currency very secure and includes options for anonymous sharing of coins. OKCash can be purchased with Bitcoin on the Bittrex exchange and with Dogecoin and Bitcoin on the Bleutrade exchange.
With all of the user interest and a great development team it looks like OKCash has a bright future.