New Year, New Cryptocurrency Solution

With former rising stars like Bitcoin and Ethereum experiencing sharp price falls towards the end of 2018, it’s no surprise that the New Year brings with it a brand-new cryptocurrency offering in the shape of Chimpion.

Chimpion is a joint venture between Bitcoin Diamond (BCD), Pay-tomat, and Shopping Card Elite, which aims to make it easier for online shopping merchants to adopt e-commerce through cryptocurrencies.

Chimpion, which also goes by the name CHIMP, is a community-driven project whose mission it is to create a blockchain-enabled economy by making it possible for merchants of all sizes to accept digital currency payments from their customers.

Early adopters of e-commerce such as eBay and Amazon have seen their profits swell to impressive proportions, and the popularity of online shopping shows no signs of slowing. It’s estimated that retail e-commerce sales totalled $2.3 trillion in 2017 with a further $7.7 trillion of B2B sales. But smaller businesses may be finding it hard to take advantage of the potentially vast online consumer audience, according to CHIMP’s co-founder and chairman, Alex Arnaut.

Mr Arnaut believes that today’s e-commerce merchants have to contend with many frustrations such as payment delays, security issues, expensive payment processing fees, and issues selling their goods and services internationally. As a solution, Chimpion aims to provide “merchants with a platform that leverages cryptocurrency to eliminate these issues and open them to new markets”.

CHIMP will allow merchants to accept payments using Bitcoin Diamond (BCD) and other popular cryptocurrencies by setting their chosen altcoin as the base currency denomination.

Bitcoin Diamond was created by a hard fork of Bitcoin in 2017 and is just one of many new cryptocurrencies that has been formed from the Bitcoin network, the most famous being BCH.

On its release, Diamond enjoyed a particularly successful price increase, weighing in $61.71 after Week One, and increasing to $91.47 just one day later.

Although Diamond has suffered subsequent price drops like many major cryptos in the last few months, it continues to remain popular with consumers and is available at almost thirty cryptocurrency exchanges including Binance.

After suffering the biggest annual net loss of approximately 96% in the cryptocurrency market along with Verge (XVG) and Qtum (QTUM) in 2018, the digital currency may once again be on the rise as in the last week, Bitcoin Diamond was trading at 2.7% higher against the US dollar than it was 24 hours beforehand. It’s also entirely possible that Chimpion may help to give Diamond a renewed lease of life.

As of today, BCD is worth $0.909254 and is ranked 35 on Binance, and it boasts a circulating supply of 153,756,875. In comparison, BTC is faring much better with a value of $3,788.37 and a number one ranking on Binance.

Despite the uncertainty of what the future holds in store for cryptos in 2019, many industry experts believe that BTC will continue to dominate due to its long-standing position in the cryptocurrency market. However, BTC founder, Calvin Ayre, has famously predicted that Bitcoin will plummet to zero in the coming year.

By Laura Kilby.

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