Civic Crypto: Smart Investment Or Risky Business?

Civic (CVC) is a cryptocurrency and identity management platform that aims to provide decentralised, secure identity verification. With Civic, users can protect their personal data and control exactly when and how it's used. Civic has a relatively small market cap of about $18.5 million USD and a price of $0.053726, as of February 2019. The crypto market is very volatile, and CVC is highly susceptible to market fluctuations. However, the Civic platform fills an undeniable need, not just in blockchain businesses but everywhere. Therefore, the long-term outlook for CVC is positive.

Civic has a clear vision and plans to create a whole ecosystem that is well-constructed. The company's founder, Vinny Lingham, is a well-known and respected person in the crypto world with experience in this field. Civic already has a working product that is quickly gaining attention and has established several partnerships.

However, there are some disadvantages to investing in Civic. The project has several serious competitors, and as the identity verification market is huge, new blockchain applications will be created in the future. Civic has to form a lot of partnerships and go mainstream as soon as possible to succeed. There are also concerns about the migration to Rootstock, as Vinny Lingham is a bitcoin maximalist and has publicly stated he doesn't believe in Ethereum. Civic's token, CVC, has been in a downtrend since 2018 and is considered a bad long-term (1-year) investment.

Civic's (CVC) price volatility and market sentiment

Civic (CVC) is a highly volatile cryptocurrency, and its price has been fluctuating along with the broader crypto market. In the past 30 days, Civic has experienced 12 green days and 13.32% price volatility. While it has been in an upward trend over the last 7 days, increasing by 4.86%, its long-term performance has been bearish.

Civic's price movement is influenced by various factors, including market sentiment and technical indicators. As of July 2024, the Fear & Greed Index for Civic scored 51 (Neutral), indicating a Bearish Bullish 27% market sentiment. Civic's price has also been impacted by its relatively small market cap, making it susceptible to market fluctuations.

The cryptocurrency market's volatile nature can benefit traders who know how to navigate it. Civic's price has shown strong potential, and investors should consider the broader market trends and Civic's unique use case when making investment decisions.

Civic's use case in identity verification and management is a critical factor in its price volatility and market sentiment. Civic aims to address the growing need for secure and decentralised identity verification, protecting individuals' personal data. This use case has attracted attention and partnerships, impacting Civic's price.

In conclusion, Civic's price volatility and market sentiment are influenced by the broader crypto market conditions and Civic's specific use case in identity management. Investors should carefully consider these factors and conduct their own research before investing in Civic or any other cryptocurrency.

Civic's (CVC) performance against other cryptocurrencies

Civic (CVC) is a blockchain-based identity management solution that gives individuals and businesses the tools they need to control and protect personal identity information. The Civic token (CVC) is a unique utility token used for the settlement of identity-related transactions between participants on the platform, such as between a customer and a service provider.

CVC's performance in the market has been mixed. While it has shown strong potential and upward trends at times, it has also experienced fluctuations and downtrends. Here is a more detailed analysis of its performance against other cryptocurrencies:

Recent Performance

According to CoinMarketCap, the Civic price as of September 2024 is $0.112821 USD, with a 24-hour trading volume of $43,378,267 USD. Civic is up 10.36% in the last 24 hours and has a live market cap of $112,820,765 USD. It is ranked #293 in the cryptocurrency market.

On the other hand, CoinGecko reports a slightly lower price of $0.1065 for CVC, with a 24-hour trading volume of $14,883,620.93, representing a 45.70% decrease from the previous day. This indicates recent volatility in CVC's price.

Historical Performance

CVC reached its all-time high on January 3, 2018, with a price of BTC0.0001820. The current price is 92.10% lower than this high. The all-time low was recorded on March 13, 2020, at BTC0.051411, making the current price 871.70% higher.

Competition and Market Performance

CVC competes with cryptocurrencies such as Solana, XRP, Open Network, Staked Ether, and TRON. Analyzing its performance against these competitors can provide insights into its relative standing in the market.

CVC has shown promising performance against its peers, with a 20.00% price increase in the last 7 days, outperforming the global cryptocurrency market, which is up 9.60%.

Technical Analysis

From a technical perspective, CVC's performance has been mixed. On the USD scale, CVC was approaching a bullish formation but reversed before making a higher high. The oscillators MACD and CMF are positive on the weekly scale, indicating potential bullish momentum. However, on the BTC scale, CVC is still in a bearish trend, with negative MACD and CMF ratios.

Civic (CVC) has shown potential with its unique identity verification use case and strong fundamentals. However, its performance against other cryptocurrencies has been mixed, with periods of upward momentum followed by fluctuations and downtrends. Investors should carefully consider the risks and potential before making any investment decisions.

Civic's (CVC) market cap and growth potential

Civic (CVC) is a blockchain-based identity management solution that gives individuals and businesses the tools they need to control and protect personal identity information. It is designed to make it easy for users to verify their identity with service providers while retaining full control over their personal information. Civic's identity verification solution uses distributed ledger technology to authorize identity usage in real time and share information with Civic partners after authorization by the user.

As of September 2024, Civic has a market cap of around $100-112 million and a fully diluted valuation of around $2 billion. Civic's price has been volatile, and the crypto market is very unpredictable. However, Civic has shown strong potential lately, and its price has been on an upward trend. In the past month, the price of CVC increased by around 3-4%, and it has increased by 18% in the last year. Civic's best-performing year was 2020, when its price increased by 362.82%.

Civic has a clear vision and a working product that is quickly gaining attention. It has established several partnerships and has a well-respected founder in Vinny Lingham, who has experience in the crypto world. Civic also has a unique use case with real-world applications, and its tokens have value within its own network. These factors suggest that Civic has massive growth potential.

However, Civic also has some disadvantages and faces strong competition from similar blockchain applications. It also needs to form more partnerships and go mainstream to succeed. Additionally, the price of CVC is very volatile, and the crypto market is subject to significant swings. As such, experts are divided on the future of the platform, and investing in Civic comes with risks.

Civic's (CVC) ability to solve real-world problems

Civic (CVC) is a blockchain-based identity management platform that provides decentralized, secure identity verification. It aims to solve existing problems in identity management, such as identity fraud, high costs of identity verification, accessibility in low-income countries, and complicated KYC (Know Your Customer) processes. Civic enables users to protect their personal data and control how and when it is used.

One of the key advantages of Civic is its ability to address data privacy and security concerns, which are among the biggest challenges facing internet users today. With Civic, users can selectively share their information as they choose, without their data being stored in a central database. All interactions between the user and Civic are securely encrypted using AES-256. This feature ensures user privacy and empowers individuals to manage their digital identities easily and privately.

Civic also offers a unique solution to businesses, particularly those with well-defined regulatory requirements. It helps businesses meet global and local regulations, such as Know Your Customer (KYC) practices, which are crucial for Virtual Asset Service Providers (VASPs). Civic's identity verification services can be tailored to specific business needs, strengthening their compliance programs.

Additionally, Civic has developed technology to recognize and mark individuals based on specific characteristics or information related to their identity, including vaccination status. This feature was particularly useful during the COVID-19 pandemic, as it allowed individuals to securely share their health information, such as COVID-19 test results and vaccination status, without compromising their privacy.

Civic's identity verification services extend beyond the financial industry. They can be applied to gaming platforms, NFT mints, online communities, and more. For example, gaming platforms can use Civic to ensure players are real people and of allowed age to play. Civic also helps prevent Sybil attacks and voting fraud in DAOs and virtual spaces.

Overall, Civic (CVC) has the potential to solve real-world problems related to identity management, data privacy, and regulatory compliance. By providing secure and decentralized identity verification, Civic streamlines onboarding processes, enhances security, and improves user experiences.

Civic's (CVC) leadership and partnerships

Civic (CVC) is a non-custodial Bitcoin wallet developed by Civic Technologies, Inc. The company was co-founded in 2015 by serial entrepreneurs Vinny Lingham and Jonathan Smith. Lingham, who is also the CEO, is a well-known figure in the crypto world and has experience in the field.

Civic's flagship identity management product is Civic Pass, an on-chain solution that enables decentralized apps (dApps) to restrict access to their offerings by vetting users in a way that protects their privacy. Civic Pass is available in over 190 countries and can be used for a variety of applications both inside and outside the crypto world. It is built to offer Web3 functionality in particular.

Civic has also developed a crypto wallet that offers a safe way for people to store and transact with digital currency. The wallet is protected by Coincover, which is the first and only service to guarantee that digital funds will not be lost or stolen. The Civic Wallet is currently the first and only non-custodial crypto wallet to offer a $1 million (USD) digital currency guarantee provided by Coincover, insured by Lloyd's of London underwriters.

Civic has established several partnerships. For example, the 0x project ICO required the use of the Civic app to verify identities for token sale registration, and WikiHow recently added Civic as a verification option. In March 2021, Civic announced an integration with the Solana blockchain to utilize its high throughput and low transaction costs. Civic has also partnered with non-profit Identity.com, an open-source identity ecosystem that provides decentralized protocols and tooling for the issuance and verification of identity-related information in on- and off-chain applications.

Frequently asked questions