Bank of England (BoE) Governor, Mark Carney, in a meeting with central bankers worldwide in Wyoming, has predicted that a cryptocurrency backed by several nations could overtake the U.S. dollar as the world reserve currency. As such, it will end the fiat’s hoarding by governments and enhance global trade, reports The Guardian on August 23, 2019.
Global Cryptocurrency to Replace the U.S. Dollar
Per sources close to the matter, Mark Carney is of the opinion that a global digital currency could dethrone the dominating U.S. dollar as the world reserve currency, a scenario that would significantly help to improve global trade and reduce the volatility of capital flows in emerging markets.
The BoE governor says the dollar’s exclusive control of the international money markets and its level of dominance in these markets makes it a barrier to a sustainable recovery.
Also, governments around the world have stockpiled the dollars to protect against the swings in the U.S. economy, which has been on the rise of late.
On the other hand, hoarding the fiat has had an adverse effect on the economy, which is evident in a decade’s long low inflation rate, low-interest rates, and significant increment in the cost of borrowing.
Cryptos to Rescue World Economy
To that effect, Carney firmly believes that a possible solution that will reduce the domineering influence of USD on global trade, dampen its control on global financial conditions, and stimulate the economy is a global blockchain-based digital currency.
A virtual currency of this nature, according to Carney, will be one that is backed by several nations and it will help to unlock the USDs reserved as an insurance policy in times of economic turbulence.
“If the share of trade invoiced in a digital currency were to rise, shocks in the US would have less potent spillovers through exchange rates, and trade would become less synchronized across countries,” he said.
Reportedly, the crypto version of the Chinese currency, renminbi, and Facebook’s Libra, are being cited as the potential currencies that could replace the dollar.
However, the Carney has pointed out that neither of these can become an alternative to the dollar; instead, the use of new technologies to develop a new cryptocurrency could create a worthy rival to the U.S. dollar.
Furthermore, Carney noted that the world is rapidly advancing, thanks to DLT, and more retail payments are taking place online through electronic payments instead of the major use of cash as was the case in the past.
Five Long Term Cryptocurrencies To Consider
n the crypto game for the long haul? If so, you might want to focus on picking currencies that are likely to be around in 10, 20 or even 50 years!
Plenty of traders out there are happy to admit that they’re holding cryptocurrency right now to try and make as much money as possible as quickly as possible. They take a hands-on approach, trade on a day-to-day basis and invest every last dollar they have into the latest coin that might make it big so that they can maximize their potential income. If you’re one of those people – this article probably isn’t for you! What we’re going to be looking at here is the list of available tokens right now that you might want to consider as a long-term investment. Think of this as being an S&P 500 of coins, only a much smaller index with a big focus on the players in the game that appear to have the potential to maintain value through thick and thin. Let’s put it this way: if the tokens below disappear, chances are that no cryptocurrency survived whatever caused them to lose all of their value!
#1 – Bitcoin
It’s boring, the technology is limited and everyone knows about it already: that doesn’t change the fact that Bitcoin has been the most resilient cryptocurrency of all time and has stood up to a huge number of tests to get where it is today. In fact, we believe that no cryptocurrency has even come close to having to deal with the bullshit that Bitcoin has. From multiple forks and memory exhaustion attacks through to government restrictions and high profile thefts – Bitcoin has shown time and time again that it has the backing to survive and be the king of the coins. You might not like it, you might think it’s slow, you might think it’s not scalable and simply costs too much to be attractive to you – that doesn’t change the fact that if cryptocurrency is a major part of the economy in 20 or so years, Bitcoin will be there and in addition to that, be valuable. My advice: ignore the forks, don’t read the nonsense and look at the data: Bitcoin has survived through thick and thin.
#2 – Monero
This might seem like a bit of a strange choice, but the privacy aspect of Monero makes it a perfect choice for people who’re looking to secure their future in a safe way. With all the talk on the street of eating the rich and taxing wealth, it wouldn’t surprise me if at least a few billionaires over the next few years searched for a way to protect their wealth. In the cryptocurrency space, Monero does appear to be the best choice on the market for exactly that. What’s brilliant about Monero is that you can sit around all day playing online sex games with $100 million to your name and no one would be any the wiser. There’s a reason why it’s regularly utilized by hardware hackers: no one knows where the money ends up.
#3 – XRP
There are a lot of misconceptions in the community about XRP, what it is, how it functions and whether or not it’s truly a cryptocurrency. I highly recommend reading this Forbes article on the topic as it should shed some light on the differences between Ripple and XRP, its use case and the general benefits that the products bring to the market. It should come as a shock to no one that control over cryptocurrency by governments is a serious concern – if that does happen, XRP seems to be in the best position politically to survive. Ripple is all above-board and has working relationships with many big players in the finance industry, including multiple banks around the world. The threat of control and restrictions by the powers that be can be offset slightly by selecting a cryptocurrency that would seem to be able to stand up against all scrutiny thrown its way.
#4 – Ethereum
There are lots of use cases for Ethereum – the most obvious one being ICOs. You only have to listen to Vitalik talking for a few minutes to realize that this is exactly the type of person who’s going to ensure the long-term stability and future of his project, even if he takes a hands-off approach to its development. Ethereum’s relatively low-cost fees (such that people don’t even really factor it in) and speedy transfer rates make it an attractive alternative to Bitcoin. It’s also easier to play around with and understand, since the concept of wallets is a lot more developed and less prone to attacks. I personally believe that Ethereum is likely to sit behind Bitcoin for a long time to come – it just has something about it that gives off the impression it’s going to be around forever! Much like MrPornGeek and his review platform.
#5 – VeChain
Focused on supply chain management, VeChain is a coin that’s big in China and has plenty of active products and projects that are actually being used to verify goods and speed up the logistical side of international trade. VeChain originally began in 2015 and has gone from straight to strength ever since. It also has a masternode system in place, which stabilizes the price of the coin and the project in general as people invest for the long-term gains. It stands to reason that if people are willing to lock up tokens for passive revenue, it’s likely because VeChain has a promising future ahead of itself!
Final thoughts on long-term investing in crypto
You might not want to invest in every single currency listed above, but if you want a ‘buy and forget’ approach, picking 3 out of the tokens above is a good starting point. The more diverse your holdings, the less risk you have. I should probably mention that I hold all 5 of the tokens above – that’s for a good reason, though. They’re great tokens! Anyhow, I’m going to go and check out the best escort sites to spend all of my gains I made this week from trading – take care and happy investing!
3 TOP CRYPTOCURRENCIES HIT HARDEST BY THE LATEST FLASH CRASH
- BTC Crash Triggered Downward Spiral for Altcoins
- Halving Cryptocurrencies Sink Lower
When Bitcoin (BTC) drops, other cryptocurrencies drop even more. But some assets erased more value, showing their relatively fragile market gains.
BTC CRASH TRIGGERED DOWNWARD SPIRAL FOR ALTCOINS
On Thursday, BTC prices flash-crashed by about 7%. BTC dipped as low as $9,400, before recovering to a new stabilized price range. But the market panic also affected the still-fragile rallies of altcoins. Some cryptocurrencies managed to keep their gains, while others saw a much deeper correction.
Among the worst-hit assets was EOS (EOS). This coin has shown some curious price moves, including a relatively steady rate while all other assets sank in previous sell-offs. EOS has sparked some doubts its price may be artificially supported. EOS sank again toward the $4 level, wiping out another 12% net on Friday. The asset is down 24.41% this week, becoming the biggest loser among the top 10 coins.
The EOS market price sank significantly despite the announcement of the Voice platform, utilizing blockchain technology for the first of a kind voice service. EOS is viewed with some skepticism, especially after its network was taken over by the EIDOS minting mechanism and its distributed apps showed signs of mostly bot activity driving the statistics.
HALVING CRYPTOCURRENCIES SINK LOWER
Ethereum Classic (ETC) also broke down, sinking by 26.93% on a weekly basis, and more than 10% on Friday. ETC returned to $8.65, after trading near $12 for a few days. ETC got a boost after December’s lows of around $3.70. The coin is among the few expecting a reward halving in 2020, which attracted some attention to the lagging asset. Yet the price rally quickly turned ETC into one of the biggest losers, as panic seized the market.14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!
Dash (DASH) is the third biggest loser in the top 20 of coins. The asset sank 20.05% on a weekly basis, down to $104.05, once again threatening to go down to double-digits. DASH recovered from its lows under $50, and once again rose on the narrative of its halving happening in the fall of 2020.
However, the coin also returned to its usual volatile trading. DASH remains one of the more expensive altcoins, though it has moved away from the top due to its low supply and the inflow of new assets. Most altcoins erased around 15% of their value since last weekend, with the exception of Algorand (ALGO) trading up 5.78% to $0.38. Altcoins rose due to various factors, mostly bouncing off their lows, or responding to the positive BTC performance in early 2020.
Cryptocurrencies price prediction: Bitcoin, Ethereum & Litecoin – American Wrap
Bitcoin Price Analysis: BTC/USD rockets back above the big $10,000 mark
Bitcoin price is trading in positive territory, up 3.40% in the second half of the session.
BTC/USD is heading back for another purposeful retest of the barrier at $10,500.
The price managed to stage a rebound, after receiving support at the round figure of $9500.
Ethereum Price Analysis: ETH/USD can fly if $270-290 supply zone is broken down
Ethereum price is trading in the red by 1.40% in the session on Tuesday.
ETH/USD price action is very much choppy, as seen over the last seven sessions.
The bulls must break down a barrier of resistance running around the $270-290 range.
Litecoin Price Analysis: LTC/USD has broken out of an intraday chart pattern
Litecoin is breaking higher today like much of the other cryptos on Tuesday.
The sell-side volume is still much larger so we would need a pick up to ensure the market is behind this move.
At the moment 70.00 seems to be a good area of support for LTC/USD and a break of the 77.30 resistance would be a good sign for the bulls.