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Anyone who is curious about btc to trx converter probably wants to be sure this is the right step. Many experts are skeptical about the future of this cryptocurrency, but despite this, it has every chance to succeed in the future.
How does TRON work and what is so special about it?
The TRON platform was created to promote various entertainment content. In general, its features include:
- The content creator or owner uploads their own development. It can be a video game, drawing, music, or just anything that can be digitized. Once the uploading is completed, the creator indicates conditions when the use of their content is available as well as the price.
- The user selects the product and buys it for TRX tokens. Buying with fiat is not available on the platform, therefore, you first need to buy cryptocurrency on exchanges.
- Once the author receives tokens for his development he can use them on the platform or exchange them as he wants. Exchange is available for fiat or other cryptocurrencies.
- Initially, the developers of the project were focused on the gambling industry. But now TRON should be perceived as an online casino, YouTube, and Steam on the same platform. Moreover, they are all presented in the form of a decentralized system.
On the Tron cryptocurrency ecosystem, users can not only share content with each other but also receive money for content creation. This model is the opposite of traditional social media sites, such as Facebook. Tron monetizes user information, while other platforms often do it for their benefit without the user’s knowledge.
Tron and the Defi sector
The official DeFi developers’ product, the JustLend platform, was launched on the Tron blockchain. This is a credit-investment service that allows investors to earn money by issuing loans in TRX cryptocurrencies and tokens of TRC 20 format. The JustLend platform supports loans in three stablecoins JustBTC, USDT, USDJ, and tokens: SUN, WIN, JST, and WBTT.
The product will become another link in the DeFi chain, which includes the JUST Swap DEX exchange, a mining service that charges SUN for placing liquidity.
The Tron team has entered into a strategic partnership with the crypto custodian BitGo. It is developing the Wrapped Bitcoin (WBTC) project.
As part of the cooperation, the Bitcoin-pegged asset WBTC will appear on the Tron network as a TRC-20 token. A qualified American custodian of the BitGo Trust will be responsible for keeping the reserves.
Tron founder Justin Sun claims the new token will open up alternatives for DeFi users who have to pay high fees for Ethereum transactions.
As a matter of fact, the DeFi sector has great prospects and if TRON manages to win this race, this will contribute to its high rate in the future.
Historical reference
Bitcoin has shown higher returns than many popular altcoins since the beginning of autumn. In September, a correction in the crypto market occurred. Then BTC rate fell from $12 thousand to $10 thousand, but then the coin resumed its growth and to date has risen in price by 85%, up to $19 thousand.
When Bitcoin’s growth is interrupted, investors may start switching to other cryptocurrencies, which have shown moderate dynamics in recent months as it happened in 2017. The BTC rate set a maximum of $20 thousand on December 17 and then began to decline. Against this background, the token (TRX) was growing as bitcoin quotes were decreasing and from December 17 to January 5 rose by 700%, to $0.28.
How can fiat contribute to cryptocurrencies?
Due to the coronavirus pandemic and the possible introduction of another lockdown in the United States, the dollar’s rate may be greatly shaken. The fact is that the administration of the new President Biden intends to allocate “as many funds as necessary to fight Covid-19”. And given the current situation, most likely these funds will simply be printed by the FED.
In this regard, experts expect a 20% decline in dollar quotes which is a good sign for all decentralized cryptocurrencies. This applies to the Canadian dollar too, so this is a worldwide trend. Their emission is limited, so they can act as defensive assets against the background of the devaluation of fiat money.
Also, note the high correlation of the Canadian dollar and other fiat currencies with the US dollar. Thus the depreciation of fiat currencies will be observed around the world.
Conclusion
Now the cryptocurrency market is growing and the price of Bitcoin is approaching a historical peak. Therefore, many people choose forward-looking altcoins for investment. The TRX token, which has a high chance of showing good profit in the future, is among them.
Disclaimer: This article is not intended to be a recommendation. The author is not responsible for any resulting actions of the company during your trading/investing experience.
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