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Bitcoin’s Future: While RBI Cautions, Bitcoin Wallet Operators Stay Upbeat

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Amid a series of warnings issued by the Reserve Bank of India (RBI) and finance ministry against the growing interest in bitcoins, the cryptocurrency operators continue to stay upbeat about the bitcoin’s future in India. There are several experts who called the bitcoin rally a ‘bubble set to burst’. European Central Bank (ECB) vice president Vitor Constancio even went to the extent of comparing it with ‘Tulip mania’ while Nobel prize-winning economist Joseph Stiglitz suggested that the bitcoins be outlawed. On December 29, finance ministry even stated that investing in cryptocurrencies is like Ponzi schemes and the union finance minister Arun Jaitley announced in Rajya Sabha that bitcoin is not a legal tender.
But the investors take heart in the fact that despite the warnings, the agencies have not taken any firm stand against bitcoins so far, or outlawed them, thus keeping their current status on tenterhooks.

No wonder then that the bitcoin exchange operators in India are not as circumspect as are the wise people in academia and regulating agencies. Zebpay’s co-founder Sandeep Goenka, says that the nations’ future will soon rely on whether they adopt this technology or not.

“We believe the future of nations will depend on adopting this technology. Just like no nation can afford not to adopt the Internet, we shall realize that every nation will strongly benefit from the adoption of this technology. This technology can make India a global fintech hub, be an instrument of financial inclusion and save India billions of dollars in remittance fees paid to non-Indian companies.”

On being asked about the bitcoin rally being called a bubble, Goenka said, “Depends the time period you define for a bubble. In the short to medium term, it’s very difficult to comment. We are believers of this technology in the long term.”

Representative of Unocoin, another bitcoin wallet in India, pitches for self-regulations by the bitcoin companies instead of diktats issued by RBI and government. He also seemed upbeat about the proliferation of interest in bitcoins among Indian investors.

Sharan Nair, vice president, marketing of Unocoin, said, “All prominent bitcoin companies are self-regulatory and do proper and stringent KYC (know your customer) and AML (anti-money laundering) documentation of its users. Without a doubt, I can say that there has been a tremendous amount of interest amongst the Indian masses about cryptocurrencies and this is evident from the surge in number of user registrations across exchanges in India.”

Bitcoin prices jumped nearly 14 times in 2017, while they once even smashed past $19,500 on December 17. On January 6, bitcoin trades around $16,400 on Luxembourg-based BitStamp and around Rs. 11.10 lakh on Zebpay (around 7% higher than the international price).

About the massive rise of bitcoin prices, Nair said, “Bitcoin prices are determined basically on the demand and supply. As more people understand about Bitcoins and its functioning, they would want to hold some bitcoin and this leads to an increase in the demand for bitcoin and hence its price gets affected. I wouldn’t deny that there have been a lot of people buying bitcoin without understanding the consequences but how much of it contributes to the price rally is debatable.”

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Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019

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Cryptocurrency Bitcoin (BTC/USD) is trading at 3587. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend for Bitcoin. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator.

Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019

As part of the Bitcoin exchange rate forecast, the test level of 3820 is expected. Where should we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 2700. The conservative area for selling Bitcoin is located near the upper border of the Bollinger Bands indicator at the level of 3850.

Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019

Cancellation of the option to continue the decline in Bitcoin will be the breakdown of the area of ​​the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of ​​4250. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall of the cryptocurrency.

Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019 implies a test level of 3820. Further, it is expected to continue falling to the area below the level of 2700. The conservative area for selling Bitcoin is located area of ​​3850. Canceling the option of falling cryptocurrency will break the level of 4250. In this case, we should expect continued growth.

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BTCUSD Analysis: Bitcoin still trading in a bearish consolidation [Video]

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Any upside moves are classified as corrective ahead of what could be the next downside extension and bearish continuation. It would take a break back above 4,380 at a minimum to take the immediate pressure off the downside. Next critical support comes in the form of the July and September 2017 lows, around 2,000 and 2,975 respectively.

In this analysis, we take a look at Bitcoin each day, highlighting all of the need to knows for anyone looking to extract up to date information about major levels and relevant trends, both short term and longer-term. The analysis is designed for the trader, investor and even those simply holding the crypto asset, looking for an idea of where they may want to consider making that next conversion.

The cryptocurrency update is new each day and is presented with an added layer of animation, in an effort to make the analysis as engaging as possible, while also communicating the message with respect to key trends and levels in an easy to understand, seamless manner with great value add to all.

News Source: fxstreet

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Are Central Bank Digital Currencies (CBDCs) Net Positive Or Negative For Bitcoin And Crypto Assets?

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Central Bank Digital Currencies (CBDCs) have been analyzed by several banking institutions around the world, specifically by several central banks in different countries. However, they are different than virtual currencies such as Bitcoin (BTC). How would the issuance of CBDCs affect Bitcoin and the whole crypto market?

There are some important differences between Bitcoin and CBDCs. For example, Bitcoin is permissionless, decentralized and censorship-resistant while CBDCs are permission, centralized and censorable. Thus, they are almost contrary to Bitcoin. While the most popular cryptocurrency provides freedom to users, CBDCs allow governments to have larger control over their populations.

A few days ago, the popular investment bank JP Morgan unveiled a stablecoin called JPM Coin that would be used to make transfers between customers in just a few seconds. Although JP Morgan’s CEO Jamie Dimon has been against virtual currencies, it seems that the bank will be using blockchain technology to power their virtual currency.

There were several individuals in the market claiming that the new JP Morgan digital coin killed Bitcoin, or at least, it is going to kill the most popular cryptocurrency in the market. However, it is important to understand that these coins will never be similar and work in a completely different way. CBDCs and stablecoins issued by financial institutions such as JP Morgan work in a centralized and controlled way.

Indeed, these new digital assets do not seem to present a threat to cryptocurrencies such as Bitcoin. SWIFT could be affected by these new coins. SWIFT is the mainstream and most popular system to perform cross-border payments. This system has proven to be slow and costly for many financial institutions and banks all over the world. Indeed, Ripple’s services could also be affected by the growth of new CBDCs.

CBDCs legitimize that virtual currencies are the future of money. Because of this, it might be possible for Bitcoin to distance itself from drugs and criminals. At the same time, with CBDCs individuals will discover that there are several advantages of using digital assets.

Individuals will clearly have their funds frozen at any moment using CBDCs if the financial institution regulating the asset decides so. Moreover, their accounts can be suspended and users would not be able to use these funds anymore.

There are some crypto experts that believe that CBDCs could be very harmful to societies. For example, China is currently trying to control its population with new surveillance systems related to how individuals use their funds.

With CBDCs, people will realize that there is no more freedom and that the government is ultimately controlling everything. This is why Bitcoin could grow as a safe haven where users can feel free to use their funds as they want without being controlled by governments.

That does not mean that Bitcoin will be used to perform illegal things. It means that users will protect their privacy and what they do with their funds.

Source.bitcoinexchangeguide

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