Connect with us

Blockchain

Can Bitcoin Be the Hope for The Unbanked Population of The World

According to the Global Financial Index, 1.7 billion people over the world do not have a bank account. This means that they are beyond receiving any monetary or financial help from governments or relief institutions. This also means that they are not contributing to the formal economy or business in any way. According to data,…

The post Can Bitcoin Be the Hope for The Unbanked Population of The World appeared first on Cryptoverze.

Published

on

According to the Global Financial Index, 1.7 billion people over the world do not have a bank account. This means that they are beyond receiving any monetary or financial help from governments or relief institutions. This also means that they are not contributing to the formal economy or business in any way.

According to data, China has the largest population of unbanked people in the world followed by India. One disturbing factor, which has emerged from studies, is that women make up nearly 65% of those unbanked. In other words, of the 1.7 billion unbanked people, women make up nearly 1 billion!

In this article, we are going to look at why and how this problem can be resolved through cryptocurrencies and technology. We would also focus on why financial literacy is a major stepping-stone towards inclusion and justice.

Who enjoys monopoly over Financial Knowledge and Literacy?

Before we discuss how Bitcoin can help in gaining bank accounts and formal finance to the unbanked population of the world, let us look at the importance of financial literacy. Financial knowledge has come to become the privilege of the rich.

In other words, those in authority make it difficult and practically impossible to make financial knowledge easier. This is because they have vested interests and want to control economics and happenings according to what suits them best.

It has been found that the best way to improve financial literacy is through income. When people start earning income, they naturally become more aware of their rights. In the case of Bitcoin, the vast majority of the population is not aware of its benefits. What they are aware of is what governments and those in power are feeding them.

This includes all the negatives associated with Bitcoin, like it being used for illegal transactions, money laundering, arms trading, etc.

Financial Problems, which exist but the unbanked are not aware of

While the unbanked people do not have any say in the economic and financial policies of nations, they are sure to suffer from poor ones. This means that issues like inflation, debt, and others hit the unbanked population much harder that the rest.

The corrupt financial system does not do anything to spread financial awareness. However, the fallouts of poor economic and financial decision-making are thrust upon the unbanked. Most governments are in a hurry to make the transition to a digital economy and financial system.

They do this without disseminating any information or education to the lowest sections of the population. The result? It is these sections, which face the brunt of the corruption from authorities as well as exposure to financial frauds!

How Bitcoin and technology can help in addressing problems

More than just being a new financial currency, Bitcoin and the technology it represents is an idea. It is an idea, which seeks to build financial independence from poor decisions and favouritism of authorities.

Most people do not know that Bitcoin allows you to control your own finances. It cannot be taxed or be subject to outright regulations. It is an open system, which allows you complete control over how you handle your finances. Bitcoin brings empowerment and keeps governments, financial institutions and corporates out of the picture.

This means that it is aimed to be most beneficial to people who are outside the formal banking structure and economies. Bitcoin is also not subject to inflation, which means that your assets hold value, even if a multi-billion dollar bank crashes because of its own wrongdoings.

People who are at the bottom rung of the financial pyramid can use Bitcoin as a safety valve. This is because Bitcoin is a sound investment, which does not depreciate based on external factors. If you wish to know to know more about Bitcoins and investing in Bitcoin, you can visit bitcoin-loophole

Conclusion

Many experts feel that if people come to know the true advantages of cryptocurrencies, the traditional financial order will cease to exist. They also point out that this is the fear that governments and financial institutions have. In the ultimate analysis, Bitcoin can be the emancipation, which can lead to financial fulfilment of a major section of the world’s unbanked population.

Source: https://cryptoverze.com/can-bitcoin-be-the-hope-for-the-unbanked-population-of-the-world/

Blockchain

Cardano must remain above this level to revive from current lows or else…

Published

on

Cardano, following the lead of Bitcoin and Ethereum was falling today. In fact, in some ways, the third-generation coin has been following the second-generation coin. ADA’s price movement has been imitating ETH’s price action. It is important to consider what this means for the investors. We know they are hit by losses but how bad is that hit? Can they recover from it?

Cardano following Ethereum?

The coin has seen a consistent price fall in the same 5 day period as Ethereum did, falling by 15.08% at press time. At $2.12, things do not look good for ADA holders.

Cardano’s 15.08% drop | Source: TradingView – AMBCrypto

Those who bought ADA for around $2.41, are presently struggling to sell their holdings. As mentioned due to the price falling to $2.14 these people are dealing in losses. At the moment they represent 67% of all ADA investors.

The addresses in profits did not suffer much, however, but those at break-even did. These addresses went into losses and the total number of addresses in loss rose by 4%.

4% Cardano addresses move into losses | Source: Intotheblock – AMBCrypto

These losses further led to the average balance on every Cardano holders’ address dropping from $40k to $37k.

Cardano addresses’ average balance falls | Source: Intotheblock – AMBCrypto

So are there any hopes of recovery?

Hopes of recovery are alive but for that Cardano will have to maintain its strength somehow. Already its correlation to Bitcoin has dropped to 0.71. 

But that hasn’t stopped bullish investors from trying to gain as much profit as possible. The market books show a 16 million ADA worth $34.2 million higher demand for buying even during such a market.

Cardano continues to be bought | Source: Intotheblock – AMBCrypto

At present, $2 is the immediate and critical support. To minimize losses Cardano must remain above it as a fall from it could lead to further downfall.

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/cardano-must-remain-above-this-level-to-revive-from-current-lows-or-else

Continue Reading

Blockchain

XRP, EOS, Chainlink Price Analysis: 20 September

Published

on

Broader crypto market sentiments remained quite bearish over the last 24 hours. The likes of XRP, EOS and Chainlink registered substantial losses.

XRP was trading below a dollar’s mark after over a month’s time. EOS lost 15.4% of its valuation and inched closer to its immediate support level. Lastly, Chainlink declined by 13.5% and was oversold after a gap of multiple months in between. 

XRP

XRP, EOS and Chainlink Price Analysis: 20 September

XRP/USD, TradingView

XRP depreciated 14.6% over the last 24 hours and was trading at $0.90. Immediate support level for the coin was at $0.77. 

Technical outlook suggested negative price action. MACD displayed red bars on the histograms. The Relative Strength Index was near the 20-mark indicating that XRP was oversold. Bollinger Bands diverged, suggesting that price volatility might be on the rise.

Conversely, if XRP’s buying pressure finds its way back, then the first resistance point stands at $1.06. Other price ceilings awaited the alt at $1.20 and $1.31 respectively. 

EOS

XRP, EOS and Chainlink Price Analysis: 20 September

EOS/USD, TradingView

EOS recorded a 15.4% fall over the last 24 hours and was trading at $4.26. The token had last traded around this price level over a month ago. A dip below the current price level could push EOS to trade at $3.90 support line. 

On the four-hour chart, the price of EOS was below the 20-SMA line. This reading meant that momentum belonged with the sellers. The Relative Strength Index was positioned inside the oversold territory.

Chaikin Money Flow was below the half-line as capital inflows also declined. MACD displayed red bars on the histogram. On the flipside, the first resistance mark for the coin was at $4.54. Additional price ceilings were at $5.10 and $5.48. 

Chainlink (LINK)

XRP, EOS and Chainlink Price Analysis: 20 September

LINK/USD, TradingView

Chainlink was priced at $24.07 after it plunged by 13.5% over the last 24 hours. Immediate support line was at $22.50, a price level it last touched on 11 August. The price of LINK was seen below the four-hour 20-SMA, indicating that price momentum belonged to the sellers. 

The Relative Strength Index was on a multi-month low. It was parked near the 20-mark signifying an oversold state. Awesome Oscillator displayed red signal bars. MACD flashed red bars on the histogram. 

In the event of a price reversal, LINK’s immediate resistance was at $27.78. Other resistance lines awaited LINK at $32.37 and $35.83.

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/xrp-eos-chainlink-price-analysis-20-september

Continue Reading

Blockchain

Mapping Dogecoin’s retreat, as the horizon line recedes from $1 to $0.5 to…

Published

on

As most of the market’s coins have sort of recovered from the 7 September crash, DOGE is one of the few “top” alts that hasn’t shown any signs of revival. In fact, DOGE’s price has shrunk by more than 11% on both, the daily and weekly time window. On TradingView’s price chart, it was rather noticeable that DOGE’s price was positioned within its newly-formed descending channel.

Will DOGE bark anytime soon?

At the time of writing, it was noted that close to 60% of addresses that owned DOGE were in losses. IntoTheBlock’s Global In/Out of the Money indicator presented the same. On any given day, rising RoIs manage to attract new investors into the market. However, the current state of returns do not serve as an incentive.

Messari’s data highlighted quite an interesting trend with respect to the meme-coin’s network-value-t0-transaction ratio. This ratio gauges the  relationship between the market cap and the transfer volumes. When the NVT is high, it indicates that the network value is outpacing the value being transferred on the network.

Source: Messari

Usually such a trend tends to rub-off positively on the long-term valuation of any alt. The same has been observed with Ethereum per se. However, this has not been the case with DOGE. The alt’s price has always pumped when the the NVT has been low. On 15 August when DOGE’s price was at its $0.3 local top, the adjusted NVT was  as low as 33.96. Further, during the SNL saga when the price was at its ATH, the NVT was as low as 16.47.

As can be seen from the chart attached, the current level [333] is exorbitantly high, and as per the tradition, isn’t favorable to sustain DOGE’s rally.

Further, when the coin’s price slightly rallied in August, the development activity had started showing signs of revival. In fact, this metric witnessed a steep incline from 8 to 13 in a matter of 10 days in. Since then, the same has remained quite stagnant.

Having said that, it should also be noted that the active developer count has also been on the decline of late. At the time of writing, there was only 1 developer who was actively working. In fact, the submissions on the GitHub repository too has been pretty inert lately.

Source: Santiment

The collective sentiment at the time of writing was additionally bearish at press time. Thus, it doesn’t make sense to expect DOGE’s price to pump in the coming days. If DOGE manages to sustain its current levels, that itself would be equivalent to a victory for the meme-coin and its loyal community. In retrospect, the $0.5 benchmark too, just like $1, seems to be far from attainable at this point.

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/mapping-doges-retreat-as-the-horizon-closes-in-from-1-to-0-5-to

Continue Reading
Uncategorized5 days ago

Wicked Craniums are now Nifty Gateway!

Uncategorized5 days ago

Acorns Hires Former Amazon Executive as President, Hints at Crypto Options

Uncategorized4 days ago

Swissquote Confirms European Expansion Plan, Focusing on Crypto

Uncategorized5 days ago

Head of Australian Crypto Exchange Says Regulations Are Beneficial

Blockchain5 days ago

Biggest Crypto Adoption Rumours: Apple, Amazon, and Walmart

Blockchain4 days ago

Massive NFT and Token Giveaway from Polker as Staking is Announced!

Blockchain5 days ago

The Signal and the Noise

News5 days ago

Evaluating Credit Card Debt Relief Options

Uncategorized4 days ago

Bingbon Launches its Carbon Free and Afforestation Project

Uncategorized4 days ago

Nickelodeon All-Star Brawl will include DLC fighters post-launch

News4 days ago

Gods Unchained and Guild of Guardians Layer 2 Solution Immutable Raises $60 Million

Blockchain5 days ago

What’s Behind Elrond (EGLD) Daily Surges?

Blockchain5 days ago

Public.com Inks Deal with NFL Star to Advise on Financial Literacy Programs

Blockchain2 days ago

Over 40 days after Ethereum’s EIP-1559, here’s where it stands

Uncategorized5 days ago

This needs to happen before Peter Schiff will buy Bitcoin (BTC)

Blockchain4 days ago

Opensea NFT marketplace Accuses Senior Employee of Insider Trading

Blockchain5 days ago

Venture Firm Raises $350 Million to Double Down on Its Cryptocurrency Involvement

Blockchain4 days ago

Grab a spot in Tomi’s presale by bagging an NFT – 260+ ETH raised!

Blockchain4 days ago

Kanga Exchange Partners with Tenset for an Exclusive Public Sale of KNG Token

Blockchain5 days ago

Cardano’s Successful Alonzo Upgrade Sees PolyMarket Lose Bet

Trending