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Bitcoin’s next step to adoption – infiltrating traditional finance

The rise of technology in the 21st century revolutionized many traditional industries. The digitized world is becoming more and more drastically different from what it was a few decades ago. Billions are now online, using social media, search engines and other internet platforms on a daily basis. The financial industry is the one heavily affected…

The post Bitcoin’s next step to adoption – infiltrating traditional finance appeared first on Cryptoverze.

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The rise of technology in the 21st century revolutionized many traditional industries. The digitized world is becoming more and more drastically different from what it was a few decades ago. Billions are now online, using social media, search engines and other internet platforms on a daily basis.

The financial industry is the one heavily affected by recent technological development. Digital financial services are slowly forcing physical branches into closure around the world. They are smarter, smoother, faster as well as safer, and that is why an increasing number of people switch to digital services. There is even a term defining the relationship between the financial field and technology – fintech. Yes, it simply is a combination of words financial and technology, uniting a growing number of platforms offering such services online.

The year 2009 became an important mark in history as a date when the now widely-recognized and globally spread cryptocurrency – bitcoin was introduced. It is a virtual currency that became wildly popular in the early 2010s, soon hitting a massive value tag. The innovation, something the world had never seen before sparked lots of interest from the general public. Countless articles and opinion pieces were written, discussing what the future of bitcoin is. After all, can it compete with more traditional financial instruments?

Besides bitcoin, many other cryptocurrencies started to appear on the market. One of such is ethereum, known as one of the most successful ones. Many others fail to gain momentum on the market as they lack investments. The market price for bitcoin has been swinging for its entire existence. It is known to have an enormous market capitalization for a cryptocurrency, However, it still remains rather fragile to external factors. Its price accelerated in 2017, soon exceeding $10,000 and almost reaching $20,000 in December of the same year. However, the uprise did not last for long and in 2018, bitcoin price plummeted to roughly $3,400.

Despite the unstable market price, bitcoin is still paving the way forward thanks to modern technology. Forex trading has become very popular in recent years. It allows anyone to purchase and sell currencies online in an attempt to make a profit. Unsurprisingly, the Bitcoin Forex brokers list is quickly expanding as such platforms are yet the most accessible way to trade with cryptocurrencies.

Such a swinging price sparked a lot of questions about the reliability and stability of bitcoin. More generally, it started a broad debate about how realistic the broader adoption of cryptocurrencies is.

The future of bitcoin: is it a sink or swim situation?

Fast-changing price is one of the biggest downfalls of bitcoin, as well as the vast majority of other virtual currencies. However, there most certainly is more to it. The overall worth of bitcoins worldwide now stands at around $156 billion. However, no one knows when this number will soar or decrease drastically.

Bitcoin has for long now been actively trying to compete with the traditional financial instruments. Initially many were confident that virtual currencies would shape the nearest future. However, they turned out to be more fragile than anyone expected.

Despite its massive capitalization, the bitcoin market is still much smaller than sovereign traditional currencies. They account for tens of trillions of dollars globally, dominating major markets. Thus, the influence and size are not the areas bitcoin should focus on. In the best-case scenario, it will take decades for bitcoin to become competitive in this niche.

However, bitcoin has many other benefits that could potentially help it establish itself as a more reliable financial instrument. The main advantage virtual currencies come with is their simplicity and safety. Bitcoin operations do not need a visit to a physical branch or any documentation for transactions, no matter what the amount is. In simpler terms, bitcoin offers minimized bureaucracy and further efficiency.

Importantly, since every cryptocurrency, including bitcoin, is based on the blockchain technology, they offer more safety than traditional currencies. Such a method guarantees that the data is visible and available on every end of the ‘chain’. This means that the risk of fraud during transactions is almost absent on every side of the operation. Transparency is one of the main assets of bitcoin and that is what attracts many from the financial industry.

One other field, where bitcoin is attempting to compete with traditional finance is safe-havens. Those are the areas investors turn to when there is a major global economic turmoil, potentially threatening their capital. Traditional safe-haven assets are cash, defensive stocks as well as gold and other precious metals. They have been used for decades during economic downfalls, however, many investors are now choosing to invest in bitcoin during such times. The most recent of such events happened in February when markets shocked by the possibility of the global spread of the new coronavirus COVID-19 saw the soaring bitcoin price. For the first time in a while, it even exceeded the $10,000 mark. This was a clear sign that bitcoin is already establishing itself as a global safe-haven asset.

What are the obstacles on the path for bitcoin?

First off, although bitcoin is attracting more and more attention around the world, it still remains a small-sized niche. This, naturally, is in comparison to the traditional financial industry, which still dominates the sector.

However, besides its size, there is a larger problem for its future. Despite the global hysteria around bitcoin, not as many people hold extensive knowledge about it. This becomes particularly noticeable when the community members discuss the general adaption of bitcoin. Unfortunately, there is still no easily-accessible platform for the general public and the language of virtual currencies remains unclear for many.

Lastly, cryptocurrencies are still not acknowledged by many companies and nations. Some legislations do not even have a mention of virtual currencies, creating an unstable environment for the industry. Furthermore, the use of it is also rather limited, as not many services have implemented crypto payments.

For bitcoin to stand tall with traditional means of finance, it needs a mass-adoption, rather than a big boost in value. The worth of it will always be restricted if the accessibility does not grow along with it. However, if needed legislative changes happen in more corners of the world, bitcoin can become a serious competitor to sovereign currencies.

Source: https://cryptoverze.com/bitcoins-next-step-to-adoption-infiltrating-traditional-finance/

Blockchain

Spanish Banking Giant BBVA to Launch Bitcoin Trading and Custodial Services in Switzerland

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After conducting tests for several months, the Swiss branch of the large Spanish bank – Banco Bilbao Vizcaya Argentaria (BBCA) – has announced plans to release two services related to the cryptocurrency industry.

  • According to the official statement, private banking customers based only in Switzerland will have the option to trade bitcoin and other digital assets starting from Monday – June 21st.
  • BBVA’s second service will enable its clients to store their digital assets on a regulated platform, and both initiatives will launch simultaneously.
  • Nevertheless, the entity has no plans to offer advice or actively manage any funds related to cryptocurrency investments.
  • Alfonso Gomez, CEO of BBVA Switzerland, explained that these services come after an extended trial period and enhanced customer demand.
  • “This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security, and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk.” – he added.

  • The services and a bitcoin management system will also be available in the bank’s mobile application. Users will be able to use to review their investments and track their performance.
  • The bank will provide a personalized digital wallet, which will enable customers to convert BTC and other digital assets to euros or other fiat currencies, and vice versa. The process will be automatic, “without delays and without the illiquidity that affects other digital wallets or independent brokers.”
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Source: https://cryptopotato.com/spanish-banking-giant-bbva-to-launch-bitcoin-trading-and-custodial-services-in-switzerland/

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Secret (SCRT) and Injective Protocol (INJ) Technical Analysis: What to Expect?

Secret (SCRT) and Injective Protocol (INJ) Technical Analysis

Rate this post Injective Protocol and Secret prices are holding up above key support levels. Still, INJ/USDT may crash towards $5 as SCRT/USDT buildup towards $2.5. Secret (SCRT) SCRT is the native currency of the privacy-centric focus enabling private and secure computation. Past Performance SCRT/USDT prices remain under the weight of sellers. However, the whipsaw of June 17 with markedly high trading volumes may provide a cushion for hopeful bulls. SCRT is relatively strong at press time, adding seven percent against the USD. Trading volumes are up 36X on the last trading day, buoying buyers. Day-Ahead and what to Expect Reading from the daily chart, SCRT/USDT is deep in bear territory. However, there are signs of strength as June 17 gains may lead the way. Technically, every low may be a loading opportunity for buyers expecting a surge towards $2.5 in line with gains of late May 2021. SCRT/USDT Technical Analysis SCRT bulls are back in contention, which is net bullish. Thus far, SCRT/USDT prices are in range, flattening out following losses of May 21. However, as long as SCRT prices are firm above $1 and May 2021 lows, every low may be a loading opportunity for bulls targeting $2.3 in the medium term. Losses below $1 invalidate the uptrend. Injective Protocol (INJ) INJ primes the protocol. Its creators look forward to truly decentralized solutions explicitly allowing users to trade various assets, including CFDs and derivatives. Past Performance of INJ INJ prices are mainly in range inside a tapering wedge with clear resistance and support lines. On the downside, INJ found support at $8, while the middle BB is a notable resistance line, as the price action of the last month shows. At spot rates, INJ is stable, losing versus the USD but posting minor losses against BTC and ETH. Day-Ahead and what to Expect Technical candlestick arrangements favor bears in the short term. Sellers are pressing lower, unwinding gains in a bear trend continuation pattern, as June 17 bar reveals. Nonetheless, a close above the middle BB may rejuvenate bulls, injecting them with momentum for the next phase higher. INJ/USDT Technical Analysis Technically, every high below the middle BB is a liquidation opportunity for opportunistic bears. In that case, $8 is the next target. Further losses in sync with May losses below the minor support trend line may force INJ/USDT towards $5 or $3 in the medium term. An unexpected surge above $9 ignites demand building up for $11.

The post Secret (SCRT) and Injective Protocol (INJ) Technical Analysis: What to Expect? appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

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Injective Protocol and Secret prices are holding up above key support levels. Still, INJ/USDT may crash towards $5 as SCRT/USDT buildup towards $2.5.

Secret (SCRT)

SCRT is the native currency of the privacy-centric focus enabling private and secure computation.

Past Performance

SCRT/USDT prices remain under the weight of sellers. However, the whipsaw of June 17 with markedly high trading volumes may provide a cushion for hopeful bulls.

SCRT is relatively strong at press time, adding seven percent against the USD.

Trading volumes are up 36X on the last trading day, buoying buyers.

Day-Ahead and what to Expect

Reading from the daily chart, SCRT/USDT is deep in bear territory.

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However, there are signs of strength as June 17 gains may lead the way.

Technically, every low may be a loading opportunity for buyers expecting a surge towards $2.5 in line with gains of late May 2021.

SCRT/USDT Technical Analysis

Secret Price Daily Chart for June 18

SCRT bulls are back in contention, which is net bullish.

Thus far, SCRT/USDT prices are in range, flattening out following losses of May 21.

However, as long as SCRT prices are firm above $1 and May 2021 lows, every low may be a loading opportunity for bulls targeting $2.3 in the medium term. Losses below $1 invalidate the uptrend.

Injective Protocol (INJ)

INJ primes the protocol. Its creators look forward to truly decentralized solutions explicitly allowing users to trade various assets, including CFDs and derivatives.

Past Performance of INJ

INJ prices are mainly in range inside a tapering wedge with clear resistance and support lines.

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On the downside, INJ found support at $8, while the middle BB is a notable resistance line, as the price action of the last month shows.

At spot rates, INJ is stable, losing versus the USD but posting minor losses against BTC and ETH.

Day-Ahead and what to Expect

Technical candlestick arrangements favor bears in the short term.

Sellers are pressing lower, unwinding gains in a bear trend continuation pattern, as June 17 bar reveals.

Nonetheless, a close above the middle BB may rejuvenate bulls, injecting them with momentum for the next phase higher.

INJ/USDT Technical Analysis

INJ Price Daily Chart for June 18

Technically, every high below the middle BB is a liquidation opportunity for opportunistic bears. In that case, $8 is the next target.

Further losses in sync with May losses below the minor support trend line may force INJ/USDT towards $5 or $3 in the medium term.

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An unexpected surge above $9 ignites demand building up for $11.

#DeFi #INJ #INJ/USDT #Injective Protocol #SCRT/USDT #Secret Network

Source: https://www.cryptoknowmics.com/news/secret-scrt-and-injective-protocol-inj-technical-analysis-what-to-expect/

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Bitcoin isn’t as Anonymous as People Think it is: Cornell Economist

Bitcoin Anonymous Cornell Economist

Rate this post Eswar Prasad, an economist at Cornell University that says that Bitcoin isn’t as anonymous as people think it is. Other issues pointed out by him include Bitcoin mining being extremely bad for the environment, and that it doesn’t work well as a currency. Cornell Economist Points Out more Flaws of Bitcoin Besides Not Being Anonymous Leading cryptocurrency Bitcoin isn’t as anonymous as people think it is, according to a professor at Cornell University, Eswar Prasad, and formerly head of the International Monetary Fund’s China division. In an interview with CNBC on June 17, Prasad has highlighted the flaws of the flagship cryptocurrency. Firstly, he highlights that Bitcoin mining is an energy-intensive process and that it harms the environment and that it’s “certainly not good for the environment”. On the counterpart, he does highlight that Ethereum requires less energy than the flagship digital asset, saying: “That is going to be much less energy-intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker.” Secondly, he points out that BTC isn’t as anonymous as people think it is: “The main idea of bitcoin was to provide pseudonymity. But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.” He reminds the U.S. government’s recent success in tracking and retrieving part of the Bitcoin ransom from the Colonial Pipeline ransomware attack has increased doubts about the security and non traceability of Bitcoin transactions. Bitcoin is a “Slow and Cumbersome” Medium of Exchange Lastly, he says that BTC doesn’t work well as a currency as it’s “slow and cumbersome” to use it to pay for goods and services and that the market is very volatile, adding: “So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange” According to him, BTC has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode.

The post Bitcoin isn’t as Anonymous as People Think it is: Cornell Economist appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

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Eswar Prasad, an economist at Cornell University that says that Bitcoin isn’t as anonymous as people think it is. Other issues pointed out by him include Bitcoin mining being extremely bad for the environment, and that it doesn’t work well as a currency.

Cornell Economist Points Out more Flaws of Bitcoin Besides Not Being Anonymous

Leading cryptocurrency Bitcoin isn’t as anonymous as people think it is, according to a professor at Cornell University, Eswar Prasad, and formerly head of the International Monetary Fund’s China division.

In an interview with CNBC on June 17, Prasad has highlighted the flaws of the flagship cryptocurrency.

READ  Retail Investors on Reddit are Shifting from Equities to Cryptocurrencies

Firstly, he highlights that Bitcoin mining is an energy-intensive process and that it harms the environment and that it’s “certainly not good for the environment”. On the counterpart, he does highlight that Ethereum requires less energy than the flagship digital asset, saying:

“That is going to be much less energy-intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker.”

Secondly, he points out that BTC isn’t as anonymous as people think it is:

“The main idea of bitcoin was to provide pseudonymity. But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”

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He reminds the U.S. government’s recent success in tracking and retrieving part of the Bitcoin ransom from the Colonial Pipeline ransomware attack has increased doubts about the security and non traceability of Bitcoin transactions.

Bitcoin is a “Slow and Cumbersome” Medium of Exchange

Lastly, he says that BTC doesn’t work well as a currency as it’s “slow and cumbersome” to use it to pay for goods and services and that the market is very volatile, adding:

“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange”

According to him, BTC has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode.

READ  Grayscale Bitcoin Trust Sees Rebound as Institutional Demand Increase

#Bitcoin #Cornell University #Eswar Prasad

Source: https://www.cryptoknowmics.com/news/bitcoin-isnt-as-anonymous-as-people-think-it-is-cornell-economist/

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