How Americans Can Invest In Skycoin

Skycoin (SKY) is a cryptocurrency that runs on a proprietary consensus algorithm called Obelisk, which aims to solve the problems of proof-of-work and proof-of-stake systems. Skycoin is a blockchain project that supports the goal of a decentralized, peer-to-peer internet service where users can exchange data anonymously and purchase and sell internet access and services. In the US, Skycoin can be purchased with a credit card through its official website or with Bitcoin on exchanges like Binance or LBank.

Skycoin's price in USD

Skycoin (SKY) is a cryptocurrency that can be purchased with a credit or debit card, or with Bitcoin. It is not supported by Coinbase.

The price of Skycoin in USD varies depending on the source and the date of the data. On 5 August 2024, the price of Skycoin was between $0.04609 and $0.04638. On 19 July 2024, the price was $0.0477 per SKY. On 9 May 2024, the price was $0.0521 per SKY. On 23 August 2024, the price was $0.051130. On one other website, the price of Skycoin is listed as $0.0545, but it is unclear when this data was published.

Skycoin's market cap

Skycoin (SKY) is a cryptocurrency that can be purchased with a credit or debit card, or with Bitcoin. Skycoin is not supported by Coinbase.

Skycoin has a market cap of $0.00. This is calculated by multiplying the total number of coins in circulation by the current market price. In the case of Skycoin, the circulating supply is 0.

Market cap is used to determine the valuation of a cryptocurrency and whether it has room for growth or is overvalued. A high market cap indicates that the asset is highly valued by the market. Skycoin's market cap is significantly lower than that of Bitcoin, which is currently valued at $1.12 trillion.

Skycoin's price has been on a decline, falling by 11.22% in the past 24 hours, 4.49% in the past week, and is currently valued at $0.0521 per SKY. The all-time high for Skycoin was $53.83.

Skycoin is considered an altcoin, which is any cryptocurrency that is not Bitcoin. Altcoins are often more volatile than Bitcoin, with greater price fluctuations, and can be used for a variety of purposes, such as staking or trading on cryptocurrency exchanges.

Skycoin's price volatility

Skycoin (SKY) is a cryptocurrency that has exhibited significant price volatility, with its value fluctuating over time.

In May 2024, Skycoin's price was reported to be $0.0521 per SKY, with a 24-hour trading volume of $43.29. This represented an 11.22% decrease in price over the past 24 hours and a 4.49% decrease over the past week. At this time, Skycoin was valued at 99.90% below its all-time high of $53.83.

By August 2024, Skycoin's price had further decreased to $0.045998 per SKY, with a 24-hour trading volume of $0.87351. The cryptocurrency was reported to be -0.5% in the last 24 hours, maintaining its downward trend.

Looking at price predictions, experts anticipate a mix of ups and downs for Skycoin in the future. For 2024, TradingBeast and WalletInvestor predict a continued decline to around $0.1156 and $0.00989, respectively, by the year's end. In contrast, PricePrediction.net forecasts a more positive outlook, with prices reaching $0.1808 in December 2024.

For 2025, PricePrediction.net and TradingBeast are more bullish, with predicted prices of $0.1943 and $0.2226, respectively. However, WalletInvestor maintains its bearish outlook, with an expected price of around $0.00677.

The long-term outlook for Skycoin is also mixed. By 2030, TradingBeast and WalletInvestor predict a further decline in Skycoin's price to $0.05535 and $0.0004176, respectively. On the other hand, PricePrediction.net remains optimistic, with a projected price of $0.1759.

The volatility of Skycoin's price is not uncommon among altcoins, and it presents both risks and opportunities for investors. As with any investment, it is essential to conduct thorough research and understand the associated risks before investing in Skycoin or any other cryptocurrency.

Skycoin's purchase options

Skycoin Purchase Options

Skycoin (SKY) is a cryptocurrency that runs on a proprietary consensus algorithm called Obelisk. It is associated with Skycoin, a project launched by Brandon "Synth" Smietana, which aims to create a decentralized, peer-to-peer internet service.

Where to Buy Skycoin

Skycoin is not available on some of the major exchanges, including Coinbase and Binance. However, it can be purchased on the following exchanges:

• LBank
• Bitbns
• XBTS
• CoinDCX
• Binance

How to Buy Skycoin

There are two main ways to buy Skycoin:

• Credit or Debit Card: This is the easiest and fastest way to buy Skycoin. You can use any credit or debit card on https://www.skycoin.com/buy to purchase Skycoin directly.
• With Bitcoin: Most people currently buy Skycoin with Bitcoin. You can obtain Bitcoin through an exchange (e.g. Coinbase), a Bitcoin ATM, or a peer-to-peer trading service. Once you have Bitcoin, you can use an exchange like Binance or Lbank to trade it for Skycoin.

Skycoin Wallet

After purchasing Skycoin, it is recommended to transfer it to a secure Skycoin wallet. You can download the official Skycoin wallet software from https://www.skycoin.com/downloads/ to create your wallet. Be sure to back up your wallet seed phrase and store it in a safe place, as losing it will result in losing your coins.

Skycoin's consensus algorithm

Obelisk is described as a "web of trust", where influence is distributed across the network through nodes that are interconnected. Nodes with the highest number of subscribers are deemed the most trustworthy and hold the most influence. Each node is assigned a blockchain for transparency, and every action is publicly recorded and visible. This creates a system of checks and balances, allowing the community and other nodes to audit the network's behaviour accurately.

One of the key advantages of Obelisk is its high level of security. It implements a robust mechanism to counter coordinated network attacks by synchronising and updating the state of the Skycoin blockchain with split-second convergence rates. This ensures that every node stays up-to-date with accounting, making it impossible to fabricate numerical data without immediate detection and a subsequent ban from the network.

Obelisk also maintains integrity by requiring minimal traffic to operate at peak efficiency. Even if some nodes are removed for malicious behaviour, the network remains robust and resilient to attacks. Additionally, consensus nodes can automate the process of ignoring messages from unverifiable or untrusted nodes to further reduce the risk of malicious activity.

The algorithm is designed to be highly scalable, computationally inexpensive, and energy-efficient. It encourages the use of budget hardware, making it a feasible alternative to PoW. This increases the network's strength by incentivising more nodes to connect due to their low cost of construction and operation.

There are two types of nodes essential for the consensus algorithm to function correctly: consensus nodes and block-making nodes. Block-making nodes collect and verify new transactions, packaging them into new blocks that are then shared across the network for safekeeping on a public record. Consensus nodes acquire these blocks and store them separately from their private blockchain, ensuring additional security.

Frequently asked questions