Because Bitcoin was the most successful of the earlier cryptocurrencies, people tend to associate the whole of cryptocurrency with it.
In the early parts of 2010, the perception of Bitcoin was generally negative. One major issue people had with it was the idea of general decentralisation.
Having something almost entirely unregulated by governments puts several red flags on Bitcoin’s legitimacy, as well as possible legal issues that may occur.
‘At this point, nobody expected that cryptocurrency would develop into what it is today.
But time changed things for Bitcoin
Towards the end of 2010, Bitcoin picked up viral popularity, which put a small amount of value into the digital currency.
When people started to see the value of Bitcoin rise, people began to take notice. When a man from Tennessee with the nickname KnightMB bought a pizza with 10,000 Bitcoin, people saw that cryptocurrency could be used in real life.
Many people believe that this was the beginning of the cryptocurrency phenomenon. Since then, Bitcoin has become the most prominent cryptocurrency in the world at around 40,000 USD to 1 Bitcoin.
Today, several major corporations worldwide own a certain amount of Bitcoin and are involved in the trading and exchange of Bitcoin. Showing us that the private sector does intend to invest in cryptocurrency.
After a lifetime of manipulating and dealing with the current financial systems in play worldwide, most of the major corporations worldwide need to navigate their way through digital currency.
Many companies involved look at cryptocurrency as an investment for the far future.
Employement, banking and Investment
Creating more jobs for the next generation, who are typically more technologically literate, and for future generations as well.
However, the question about the sustainability of cryptocurrency has raised several eyebrows. Several million are being invested into something limited in number.
This would keep a specific cryptocurrency’s sellability at a precise timeframe, thus making it a hazardous investment.
We can look at this interest towards cryptocurrency by the private sector as a shift towards a more digitally inclined financial system. Several corporations are starting to see the possible benefits of investing in cryptocurrency.
One benefit is the ability of cryptocurrency to reach newer demographic groups for certain companies. A recent study showed that around 40% of customers who pay with cryptocurrency are new customers.
In relation to this, the digital nature of cryptocurrency allows for quicker processing of transactions.
This allows for more transactions to be made over a period of time.
Another benefit the private sector takes from cryptocurrency is more on the overall reputation and appearance of the company.
The use of digital currency, more so with cryptocurrency, gives an impression of the company’s aim to be more progressive and forward-thinking with technology.
A major issue that many companies have to deal with is trying to integrate newer technology into any part of the production and sales process. This shows the adaptiveness of the company as a whole, making it look more attractive to newer customers.
Investor Charlie Munger Calls Crypto ‘Crazier Than DotCom Era’, Backs China for Banning Them
The crypto market rally this year in 2021 has been indeed crazier with the broader growing market growing 3x by adding nearly $2 trillion to the overall market cap. However, traditional investors and big names like Charlie Munger are finding it too difficult to digest.
The investment legend calls this rally in the crypto market to be crazier than the dotcom era. Addressing Australian investors at the Sohn Hearts and Minds conference on Friday, December 3, Mr. Munger called this investment environment “a little more extreme”. He also backed China on clamping down on “some of the exuberances” of capitalism. Expressing his extreme criticism towards cryptocurrencies and Bitcoin, Mr. Munger said:
“I think the dot com boom was crazier in terms of valuations than even what we have now. But overall, I consider this era even crazier than the dot-com era. I just can’t stand participating in these insane booms, one way or the other. It seems to be working; everybody wants to pile in, and I have a different attitude. I want to make my money by selling people things that are good for them, not things that are bad for them.
Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves,” he added.
Munger Backs China for Banning Digital Assets
The legendary investor further added that he would never participate in this “insane” crypto boom. More interestingly, Munger even backed China for banning cryptocurrencies entirely. He noted:
“I’m never going to buy a cryptocurrency. I wish they’d never been invented. I think the Chinese made the correct decision, which is to simply ban them. My country – English-speaking civilisation – has made the wrong decision”.
Legendary investor Warren Buffett and Munger’s partner at Berkshire Hathaway have also showered strong criticism on Bitcoin in the past calling it ‘rat poison squared’. After Buffet’s comments back in 2018, Bitcoin has just continued to grow higher.
3 Cryptocurrency To Buy For Christmas: Bitrise Coin, Cardano $ADA And Solana $SOL
Investing in the cryptocurrency industry is one of the smart decisions one can make today. The year 2021 has proven the kind of potential the crypto industry has with cryptocurrencies like Bitcoin and Binance recording bullish growth and making many dollar millionaires.
The industry is still young, and there are still many high-potential cryptocurrencies to invest in. Bitrise coin, Cardano $ADA, and Solana $SOL are three cryptocurrencies everyone crypto investor should have for this Christmas. These are high utility tokens with a solid 2022 development plan.
Cardano and Solana are blockchains that are doing very well in the crypto industry. The two blockchains address the problems associated with Ethereum and Bitcoin, which are scalability, security, and gas fees/transaction costs. At this moment, both Cardano and Solana have higher throughput than Ethereum.
Cardano is older than Solana, having been launched in 2017, and has so far achieved incredible milestones. That’s why Cardano ADA has been doing very well. Just like Solana, the Cardano platform uses the Proof-of-Stake consensus protocol to address the mentioned limitations. The accomplishments made by Cardano and Solana blockchains are some of the reasons their coin’s demand is ever rising.
Already Cardano and Solana have released their 2022 roadmaps, something that has excited the crypto community. There are big developments coming up in 2022 that will increase the demand for Cardano $ADA and Solana $SOL.
But investors need to pay more attention to the Bitrise coin. Bitrise is a still mooning coin that has been around for just 4 months but is attracting the crypto community’s attention. It is a hyper-deflationary token that rewards investors for just holding tokens.
Bitrise is a DeFi protocol built on the Binance Smart Chain and has already made impeccable accomplishments in developing a decentralized financial system. Like Cardano and Solana, the team is addressing the centralization of the financial services.
The team had already developed key products for this DeFi ecosystem, including Bitrise Audits, Techrate Audi, and dApp wallet in its first 3 months of launching. Bitrise exchange is launching in Q1-2022, and blockchain is in the development stages. These developments have made Bitrise coin popular, just like Cardano and Solana coins.
The staking process and investors’ rewards are other reasons why Bitrise coin is a good buy for Christmas. Like Cardano and Solana, Bitrise is soon launching the staking process and will be sharing 80% APY of the generated revenue. Like Cardano, there are already multiple products in the Bitrise ecosystem, and this means more money for staked tokens.
Bitrise tokenomics also redistributes 4% of the 12% tax on all transactions token holders for just holding tokens. The reward is BNBs and is automatically sent to Holders’ wallets every 60 minutes as static income.
Crypto investors looking to start 2022 on a high, Bitrise coin, Cardano $ADA, and Solana $SOL are cryptocurrencies to buy for Christmas. These are coins with massive potential because of their utility and a solid development plan.
Deadline for withdrawing from a Chinese cryptocurrency broker that will close in Brazil ends today
Today, November 30th, is the last day that Coinbene’s clients can withdraw their funds from the platform that will permanently cease operating in Brazil as of December 1st.
The Chinese brokerage firm decided to close operations in the country in October this year, after attracting Brazilian clients to its trading platform for about four years.
The decision to close its doors in Brazil was justified by a series of operational restrictions that the company began to suffer from the increase in the Chinese government’s ban on the crypto market. As it is a Chinese exchange, operations on the global platform depended on the central in the Asian country.
On that occasion, an employee of the brokerage provided the Bitcoin Portal that the operational problems at Coinbene were not limited to Brazil and that the company would soon close its operations in the rest of the world.
Later, the information was confirmed by Coinbene’s official channels when the brokerage firm announced the permanent closure of its services in all jurisdictions in which it operated until then.
Also in the October announcement focused on the Brazilian public, the company had set today, the last day of November, as the deadline for all customers to withdraw the balance that was still stored on the platform.
Although November is a day off, at the time the Coinbene team warned users: “After November 31, there will be no customer service staff to accept the withdrawal request. Users need to bear the property losses caused by not withdrawing money in time”.
The process of withdrawing funds, however, may not be so simple as the broker’s website is having problems in the user login area.
In Coinbene’s official Telegram group, focused on Latin American customers, company support confirmed that the problem at login time: “Due to the maintenance of CoinBene’s global server, the page www.coinbene.com/br/ is presenting a problem that is making login impossible. We are very sorry for that.”
To be able to enter the platform, users are required to fill out a form with their personal information such as CPF, address and date of birth and send a photo of their identity card or CNH. In addition, users must also submit a selfie holding their official document along with a paper written “CoinBene” and the date of request.
Only after completing all these steps, the user can have access to a customer service service dedicated to granting withdrawals.
Since the exchange confirmed the departure from Brazil, at least 15 users have complained on Reclame Aqui about the difficulty of withdrawing funds from the platform in this final stage.
A client from São Paulo, for example, wrote last Saturday (27) that he had been trying since the end of October to withdraw the balance in bitcoin he had left standing at Coinbebe for three years, but without success.
“I followed the guidelines, sending the necessary documents and selfie to be able to withdraw on 11/30, but as reported more than once to you (10/30, 11/06, 11/09), no matter how authenticator, pin and e-mail code are correct, I can’t transfer and my questions are not answered”.
He reports that he tried the broker’s international support, but he also had no return. “I’m going to claim my rights in other ways since I’m not getting the support I need from the company,” he concluded.
Another user from Barueri (SP) claimed the same problem, saying that he has more than R$ 10 thousand in cryptocurrencies stuck on the platform and that even after sending more than 50 withdrawal requests, he has not been answered.
The report got in touch with Coinbene representatives in Brazil, but as of this writing, there has been no response.