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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

It’s Official: PayPal to Acquire Crypto Custodian Curv

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The leading payment processor, PayPal, announced today that it has agreed to purchase the digital asset custody company, Curv. It said that it will complete the acquisition in the first quarter of the year.

Rumors Confirmed True As PayPal Acquire Curv

Reports surfaced last week that PayPal was planning to acquire cryptocurrency security firm, Curv. There were no concrete evidence to buttress the claims, but the leading payment giants have now made it official via a press release today.

The company’s decision to purchase Curv reaffirms its mandate to remain closely knitted to the digital asset space and become a major player in the rapidly changing financial world. According to the statement released on its website, PayPal said the rationale behind its latest acquisition is “to accelerate and expand its initiatives to support cryptocurrencies and digital assets.”

PayPal’s blockchain, crypto, and digital currencies vice president and general manager, Jose Fernandez da Ponte had a few words to say about the latest addition.

“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system. During our conversations with Curv’s team, we’ve been impressed by their technical talent, entrepreneurial spirit, and the thinking behind the technology they’ve built in the last few years. We’re excited to welcome the Curv team to PayPal.”

Financial details of the transaction were not disclosed, but according to previous reports, PayPal may pay in the region of $500 million to acquire Curv. It said that the deal will be completed in the first quarter of the year.

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What Will Curv Bring To The Table?

Curv is a digital asset security company founded in 2018. It developed an encryption technology based on multi-party computation (MPC). This enables secure transfer and eliminates any point of failure by distributing generated private keys between cloud and client.

With major institutions now weighing in, there’s a lot more on the line, and it has become even more paramount to ensure top-notch security.

Curv CEO Itay Malinger spoke briefly about the fresh development.

“As a pioneer in security infrastructure for digital assets, Curv is proud to be recognized as an innovator and trusted partner to leading financial institutions around the world. Now, as the adoption of digital assets accelerates, we feel there’s no better home than PayPal to continue our journey of innovation. We’re excited to join PayPal in expanding the role these assets play in the global economy.”

PayPal’s Surging Interest In Cryptocurrencies

PayPal’s foray into the industry kicked off in October 2020 when it announced that customers would be able to buy and hold cryptocurrencies on its platform. It was unarguably one of the biggest news in the crypto world last year.

With over 360 million users and 26 million vendors newly exposed to the market, many predicted a bullish momentum, and they were not disappointed. Crypto market capitalization surged by $25 billion while bitcoin hit a new all-time high following the announcement.

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Source: https://cryptopotato.com/its-official-paypal-to-acquire-crypto-custodian-curv/

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Blockchain

Chainlink, VeChain, Decred Price Analysis: 08 March

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Chainlink flipped the $28.34 level from resistance to support over the past few days and defended it from bearish pressure once more. VeChain was strongly bullish on the charts as bulls eyed a target of $0.077, and Decred was trading at $149.

Chainlink [LINK]

Chainlink, VeChain, Decred Price Analysis: 08 March

Source: LINK/USD on TradingView

On the hourly chart, LINK made steady progress past levels of former resistance, now turned support. The past couple of days saw the $28.34 level flipped to support, ceded to selling pressure before being converted into a support level once more.

This showed that in the short-term, there was some demand for LINK, which should aid its move toward and past $30 over the next few days.

The RSI moved above the neutral 50 value while the Stochastic RSI had corrected from overbought territory, showing further gain are possible in the coming hours.

VeChain [VET]

Chainlink, VeChain, Decred Price Analysis: 08 March

Source: VET/USDT on TradingView

The $0.06 was a high reached in mid-February, and a brief rectangle-top pattern was formed before VET plunged to $0.038. However, the bulls have picked up the pieces since, and driven the prices past the local highs at $0.06.

This recovery was driven by strong demand, as the OBV shows a series of higher lows that have formed recently. This is indicative of buying volume being greater than selling volume, that is, greater demand than supply recently.

The Fibonacci extension levels past $0.06 give a bullish target of $0.077 (27% extension) for VET bulls to achieve over the next few days.

Decred [DCR]

Chainlink, VeChain, Decred Price Analysis: 08 March

Source: DCR/USDT on TradingView

The ascending channel (cyan) was one that DCR has been trading within since late January. DCR broke down beneath the channel, but not far. The $125 mark caught its fall and served as support on multiple retests.

Since then, a short-term range appears to have formed, from $125 to $149.

On the 4-hour chart, the Aroon indicator showed some choppiness for DCR- a trend hasn’t yet been established. Above the $149 mark, which also represents the 62% Fibonacci extension level for a past move, there lies a region of supply at $165-$170.


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Source: https://ambcrypto.com/chainlink-vechain-decred-price-analysis-08-march

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This strategist’s data suggests an accelerating pace of Bitcoin replacing Gold

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Commodity Strategist Mike McGlone shared on Twitter recently that his data points to an accelerating pace of Bitcoin replacing Gold “as a store of value in investor portfolios.” While the precious metal will always have a place in “jewelry and coin collections,” Bitcoin on the other hand seems to be “pushing aside the old guard” and will replace the metal as an inflationary hedge. 

According to McGlone’s data, investors have frequently chosen Bitcoin over gold in terms of its store of value from 2017 onward – as shown in the image below: 

Source: Twitter

In addition to the asset’s growth over Gold, McGlone has been bullish about Bitcoin’s price as well. 

McGlone who earlier predicted, quite accurately, that Bitcoin would surge to the $50,000 mark, recently made a new prediction. He stated that the price of Bitcoin will continue to appreciate to eventually hit the $100,000 milestone by 2025, a target expected by many other Bitcoin bulls. He based his forecast on the asset’s growing popularity, which is seeing increasing adoption, even among mainstream investors. The expert once said that financial markets may even want to replace US Dollar reserves with Digital Dollars and Bitcoin.

Some maximalists such as MicroStrategy CEO Michael Saylor even cautioned investors to sell their gold, and buy Bitcoin instead. According to him, “gold is dead money” and that “other people are going to sell their gold”. 

Gold advocate Peter Schiff who always counters such arguments remains certain that Bitcoin is a scam and argued that it couldn’t replace gold only because it appreciates at price. Schiff’s criticism of Bitcoin has often irked traders.

One trader dedicated a comparison of his investment in Bitcoin and Gold to Schiff. He claimed that $1 invested in Bitcoin vs Gold over 11.4 years amounted to: 

Bitcoin:$66,542,100.00…Gold:$1.63

Source: @woonomic


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Source: https://ambcrypto.com/this-strategists-data-suggests-an-accelerating-pace-of-bitcoin-replacing-gold

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