Ubiq (UBQ) Price

The rise of Bitcoin paved way for several digital currencies to utilise blockchain and give a new direction to the way we perceive finance. Bitcoin’s rise to prominence was soon followed by other blockchain based projects like Ethereum and Ripple, both of which managed to make an everlasting impact on cryptocurrencies. However, the coins that followed next are what you call altcoins - alternative cryptocurrencies. A majority of these altcoins are simply attempting to follow the path of Bitcoin while others are leveraging blockchain technology to create something better. In this article, we will be exploring one such platform - Ubiq and its native cryptocurrency UBQ.

What is Ubiq?

In its very basic nature, Ubiq is a decentralised cryptocurrency that is open source and enables peer-to-peer transactions without the need of a third party. While it may seem quite similar to other coins like Bitcoin, it is, in fact, much more than that.

Ubiq is also a decentralised platform on which users can create and implement smart contracts. Furthermore, developers can also utilise the Ubiq platform to build decentralised applications, popularly known as DApps. This is primarily possible owing to Ubiq’s blockchain which acts as a globally distributed ledger. The creation of these smart contracts and decentralised applications ensures that people no longer have to rely upon third-party intermediaries to carry out a task.

Ubiq has been developed upon Ethereum and executes its codes with the help of Ethereum Virtual Machine and Turing-Completeness. In many ways, Ubiq is an ‘advanced version’ of Ethereum - the network is stable, easy to use, and free of bugs.

Another exciting feature of Ubiq platform is the Fusion Wallet - a free and compatible wallet that brings together all the functionalities of Ubiq’s blockchain. With this wallet, you can monitor your accounts, assets, and deploy your own decentralised applications and smart contracts.

The native cryptocurrency of the Ubiq Network is UBQ token. It serves as the fuel that is needed to pay for network fees, develop decentralised applications, and execute smart contracts. There is no definite cap on the total supply of UBQ. The number of UBQ tokens increases every year owing to rewards earned for mining blocks. At the time of writing this article, a little over 40 million UBQ tokens are in circulation.

Where to buy Ubiq (UBQ) tokens?

According to the official website, Ubiq tokens are available for purchase on the following cryptocurrency exchanges:

  • Bittrex
  • Cryptopia
  • Upbit
  • Litebit

Needless to mention, UBQ is an altcoin and therefore, you will have to trade it against either Ether or Bitcoin.

UBQ Wallets

The developers behind Ubiq have created wallets for the sole purpose of storing UBQ tokens and using the Ubiq platform seamlessly. These wallets can be found on the official website. For desktop, the wallet is named Fusion and is available across all the major operating systems, while for browsers, the wallet is named Pyrus.

You can also consider storing your UBQ tokens in a hardware wallet like Nano Ledger S or Trezor. This is one of the safest ways to store UBQ tokens.

UBQ Mining

The Ubiq platform utilises proof-of-work algorithm known as Ethash to achieve consensus on the network. The block time is 88 seconds and the block reward, at the time of writing this article, is 7 UBQ tokens per block. To mine UBQ tokens, all you have to do is download necessary software and join any of the several mining pools listed on the official site. However, keep in mind that you may need designated hardware equipment to mine Ubiq tokens. In addition to this, you also need to consider other factors like electricity costs, investment costs, return on investment, et cetera before you commence mining.

UBQ Token Price Trends

At the time of writing this article, 1 UBQ token is worth approximately 2.3 USD. Up until October 2017, the price of 1 UBQ token was trending at around $1 mark. In November, the price moved up and went close to $2. However, it wasn’t until December that the coin underwent a dramatic rise in value, driven mainly by the growing hype in the cryptocurrency space. The end result was UBQ tokens growing by more than 500% in value, in just one month.

The price went up from around $1.50 in early December to $6.30 in early January. And as we know, what followed next was the bubble burst that drove the price down in a matter of weeks. By February, the price was back in $2 territory and in April, it went below $1.50.

DateOpenHighLowCloseVolumeMarket Cap
5/30/20181.421.711.381.4458390600612449
5/29/20181.361.481.311.4255661800153973
5/28/20181.51.511.331.3661577700100116
5/27/20181.531.611.481.56259440098648
5/26/20181.581.61.491.5264678200146959
5/25/20181.681.71.541.586886320075970
5/24/20181.611.71.591.6865981800173880
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Risks Associated with Investing in UBQ

Even though the technology behind Ubiq is intriguing and revolutionary, it requires UBQ tokens to utilise it. Therefore, instead of looking at UBQ tokens as a mean of investment, it is suggested that you look at them as the native currency of the Ubiq platform. They have value as long as Ubiq platform exists and people utilise it to create decentralised applications and smart contracts. Secondly, there are numerous platforms that are similar to Ubiq, implying that the competition in this space is high.

Furthermore, it is a cryptocurrency that is subject to high volatility and regulatory measures. Investing in UBQ tokens (or any other cryptocurrency) is a risky business. Instead of risking your money in such a volatile instrument, you can consider other investments like mutual funds. They are relatively safer and not as volatile as cryptocurrencies.

Disclaimer:

"The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.

A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."

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