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Bitcoin Trading in Venezuela Increases to a Record High: Can it Become a Global Digital Currency One Day? Ahsan Khalid February 12, 2019 2 minutes read FacebookTwitterLinkedInTumblrReddit

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Bitcoin (BTC) erupted out on the financial scene after the global economic recession of 2008. As people started to look for alternatives to the traditional fiat framework, cryptocurrencies appeared out of nowhere. Although initially, bitcoin trading was on the relatively lower side, as years passed by, its volumes increased. In the past couple of year, things have become too exciting for the asset overall. A lot of attention was gained by the asset during the bull run that it had back in 2017. Since them, bitcoin trading has become one of the focal points for various investors.

Just recently, as suggested by the data compiled by Coin.dance, bitcoin transactions in Venezuela on the peer-to-peer crypto trading platform LocalBitcoins hit a record new high. Bitcoin trading is seeing a rise in the country. Here’s why.

Venezuela has been facing severe problems in its economic structure. The economy has been destabilized and hyperinflation has taken hold. As per some reports, a mass exodus to the neighboring country of Colombia is also taking place. Protests and strikes are erupting out. And in this time of economic crisis, people are taking the cryptocurrency route to store and transfer value. Dash has already achieved a very strong hold in the country. The transactions of bitcoin are on the rise. So what does this signify? Are cryptocurrencies the future? Will bitcoin trading get more attention? Will bitcoin become a global reserve currency in the future operating in parallel with the traditional fiat one?

The condition of Venezuela has highlighted some major flaws in the banking system. It was reported recently that the Bank of England blocked Nicolas Maduro’s officials from withdrawing $1.2 billion worth of gold. We are also seeing financial frameworks in countries like Iran and Zimbabwe break down. Before the next global economic recession hits, people are looking for alternatives again. And bitcoin is one of them. No wonder bitcoin trading is seeing a serious boost in Venezuela.

The proponents of bitcoin believe that it is the future of global currencies and will help provide people across the world with a separate layer of financial operations. As it is decentralized, there is no single party controlling the asset. Being on blockchain, the transactions are also visible to everyone. The current monetary framework of the world is controlled by banks. Bitcoin is an entity that is not controlled by banks. Hence, the proponents of bitcoins support this asset with so much intensity, freedom from banks.

In the hindsight of all this, there are still a lot of shortcomings associated with bitcoin. As we move forward with developments being made in the regulatory and the tech arenas, it seems that the position of bitcoin in the financial world will become more strong. Although the bitcoin trading volumes might be low as of now, they are expected to increase in the future if things turn out well for the asset. With the Venezuelan situation in mind, it looks like bitcoin does possess to become an accepted global digital currency one day,

source:blockpublisher.

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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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