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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,…

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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

Prepare For Liftoff: Bitcoin Loses Bear Market Trendline Against Altcoins

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Aside from a few rare outliers, over the last several years, owning Bitcoin has been the better investment compared to other cryptocurrencies. Altcoins like Ethereum and others have only recently caught up, and BTC dominance has maintained the lion’s share of the crypto market cap.

However, dominance has lost an important trendline dating back four full years to the peak of the last bull market, and it could suggest a major turnaround is about to occur across the crypto market. Could this be the » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin season crypto investors have been waiting for?

Bitcoin Dominance Loses Crucial » Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>Bear Market Trendline

At peak Bitcoin fever in 2017, interest turned to altcoins that were much cheaper per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin by comparison as investors searched for the next BTC.

Related Reading | Five Signs That Say Altcoin Season Hasn’t Even Started Yet

Those investors ended up learning the hard way that there is no replacement for Bitcoin. Altcoins plunged by as much as 99% in most instances, while Bitcoin wiped out only 84% of its gains by comparison. Both scenarios are now far in the rear view, and since then Bitcoin has a commanding lead.

bitcoin dominance altcoin season

BTC dominance has lost an important monthly trendline dating back to the top of the last bull market | CRYPTOCAP-BTC.D on TradingView.com

At the height of that fever, dominance reached as low as 35%, but has since remained around or above 63%. That key level was lost at the same time a pivotal trendline was, and now there could be no over-performance in Bitcoin for the next year or more.

The trendline in question dates back four years to the bull market peak, and has kept dominance supported ever since.

Altcoins Are Ready To Explode If Dominance Dives Further

Bitcoin dominance holds the key to unlocking the true potential of any » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin season, which thus far the leading cryptocurrency by market cap has kept locked away for many years now.

bitcoin dominance altcoin season 2

A zoomed in view shows how many times BTC dominance tried to reclaim the line | CRYPTOCAP-BTC.D on TradingView.com

Losing the previous long term trendline resulted in some short term consolidation followed by a large move lower. A bearish retest of 70% BTC dominance failed, sending the important crypto market metric falling back lower to the second ascending trendline.

Related Reading | Altcoin Season Is Here: “Buy Crypto” Surpases Bitcoin Searches On Google

With the 63% level now lost also, BTC dominance should gravitate toward the mid-50% range, allowing altcoins to soar compared to Bitcoin for an extended period of time.

Altcoins could also theoretically hold up better in a wider correction, but that scenario is unlikely as the riskier assets typically are more volatile and react more sensitively to greater crypto market selloffs.

Featured image from Deposit Photos, Charts from TradingView.com

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-dominance-trendline-altcoins/

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John McAfee faces more charges connected to money laundering and wire fraud

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According to the United States Department of Justice, Manhattan Federal Court today charged John McAfee and his team’s executive adviser Jimmy Gale Watson Jr for fraud and money laundering conspiracy crimes. 

McAfee has been charged with securities fraud, touting, and wire fraud among other offenses stemming from the fraudulent promotion of crypto that federal law recognized as securities.

On 6 October last year, United States watchdog, Securities Exchange Commissions (SEC) charged the founder of the McAfee antivirus software firm for allegedly making over $23 million in the process of shilling seven initial coin offerings. Jimmy Gale Watson Jr. was also charged for violating Securities’ law in real-time on Twitter for shilling the ICOs along with McAfee. 

The ICOs reportedly raised $41 million in the process with half of those proceeds pocketed by McAfee. 

Manhattan US Attorney Audrey Strauss alleged that the duo exploited social media and “enthusiasm” among investors in the “emerging crypto market” to make millions through “lies and deception.” She further claimed: 

…[McAfee and Watson] allegedly used McAfee’s Twitter account to publish messages to hundreds of thousands of his Twitter followers touting various cryptocurrencies through false and misleading statements to conceal their true, self-interested motives.

The investors of these ICOs allegedly concealed the fact that they were compensating McAfee and his team for their promotional tweets through funds raised from public ICO investors.

While McAfee is currently detained in Spain on separate criminal charges filed by the DoJ’s Tax Division. Watson was arrested on 4 March in Texas and will be presented before a federal magistrate judge in the Northern District of Texas, today. 


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Source: https://ambcrypto.com/john-mcafee-faces-more-charges-connected-to-money-laundering-and-wire-fraud

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PAID Network exploiter nets $3 million in infinite mint attack

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Paid Network, a DeFi platform aimed at real-world businesses, has been exploited today in an “infinite mint” attack that has sent PAID token prices plunging upwards of 85%.

While the exploit netted nearly $180 million in PAID tokens at the time of the attack — what would have comfortably been the largest exploit of a DeFi protocol — the hacker’s payday will end up being far less. One observer noted that the attacker’s wallet only converted some of their tokens to wrapped ether, leaving the rest in rapidly-devaluing PAID tokens: 

The attacker’s wallet still has over 57 million PAID tokens worth $37 million. 

The exploit is conceptually similar to an attack on insurance protocol Cover that took place in late December last year. In that instance, the team took a “snapshot” of holders prior to the attack and issued a new token, returning the supply of the token to pre-exploit levels.

The team confirmed on Twitter that they are currently planning for a snapshot and restoration:

However, token holders anxious for a resolution may be out of luck. Some in the community are speculating that the attack on PAID wasn’t an exploit at all, but instead a “rugpull” — a colloquial term for an insider designing contracts to specifically make them exploitable and swiping user funds. 

Nick Chong of Parafi Capital noted on Twitter that Paid’s deployer contract, an externally controlled account, transferred ownership of the deployer to the attacker shortly before the mint, indicating that a member of the team either rugpulled, or errantly allowed the attack to take place with a security lapse:

Additionally, a DeFi risk analysis account @WARONRUGS warned of exactly this exploit in late January, noting that the contract owner can mint PAID tokens at any time:

An on-chain note sent to the attacker has ominously warned that “the LAPD will be in contact with Kyle Chasse very shortly.” Kyle Chasse is the CEO of Paid Network.

Paid Network did not respond to a request for comment by the time of publication. 

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Source: https://cointelegraph.com/news/paid-network-exploiter-nets-3-million-in-infinite-mint-attack

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