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Cryptocurrencies In The United States

Cryptocurrencies In The United States - Blockchain24.coCryptocurrencies seem to fit into the USA perfectly – yet the country appears to be reluctant to the idea of decentralized money.  The topic of cryptocurrency utilization in the United States is constantly recurring on many occasions. Despite being the leader in new technologies and the birthplace of many high tech companies, decentralized money is …

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Cryptocurrencies seem to fit into the USA perfectly – yet the country appears to be reluctant to the idea of decentralized money. 

The topic of cryptocurrency utilization in the United States is constantly recurring on many occasions. Despite being the leader in new technologies and the birthplace of many high tech companies, decentralized money is still a debatable matter in this country. Last year was exceptionally hard for crypto in that matter, because of the ongoing legal fight with Facebook’s stablecoin, Libra. We got used to the situation when the American market is an inhospitable ground for cryptocurrencies. But what exactly has caused this situation?

The cradle of crypto

The American aversion to cryptocurrencies seems especially bizarre in the country, which is an origin place of the blockchain technology itself. Although the identity of Satoshi Nakamoto still remains unknown, many other crypto developers began their work in the United States – for instance, a blockchain technology pioneer, Hal Finney, who was largely involved in the development of the first cryptocurrency.

With the first projects and developers, the first crypto community appeared. Although the overall idea of Bitcoin was transnational, the initial group of its enthusiasts originate mostly from the USA. Cryptocurrencies appeared to be a natural enhancement for the American economic system, which is strongly attached to values such as freedom and independence. The recent history, however, proved that this match works only in theory.

Unpleasant memories

At first, the United States government didn’t really care about the cryptocurrencies. The problems started when the idea of decentralized money became more popular, and some of its realizations appeared to be in conflict with the law. It was the moment when the authorities started to be more interested in this topic, paying attention to two particular cases.

The first one applies to cryptocurrency utilization in money laundering, tax evasion, and any other financial crimes. Because of the high anonymity of decentralized assets, they can easily slip just under the radar of law enforcers. It eventually led to a tightening anti-money laundering policy, which resulted in popularization of Know Your Customer (KYC) procedures

High privacy of cryptocurrencies was also the reason for the second problem which the authorities have with Bitcoin: the potential for illegal trade. Cryptocurrencies quickly found their place on darknet marketplace such as Silk Road, offering people a chance to buy various illicit goods anonymously. Although the best days of such dealings are already behind us, they still cast a shadow over the good name of the crypto industry.

Afraid of corporations

However, the real war between the government and cryptocurrencies began with the announcement of Facebook’s attempt to create its own cryptocurrency, Libra. It met with a strong objection from the side of the American authorities, which caused the ongoing regulatory discussion about the decentralized assets.

Although the main subject of the conflict was the government’s fear of big corporations gaining power to issue their own money, in most cases it concerned common cryptocurrency fans. For example, it forced American crypto exchange Poloniex to move outside the USA borders, making its users unable to trade there.

Public opinion

But that’s all the authority’s perception of the decentralized money. What about the voice of people? According to the research carried out by Finder at the beginning of 2018 (still before the major downfall, which occurred at the end of the year), only 8% of Americans have invested in cryptocurrencies. The reason for this, according to the survey, was the high risk and lack of a real need to use the decentralized money

Is this research worrying? Not necessarily. The next part of the survey showed that the popularity of decentralized money is growing with every generation. Millennials are far more eager to trust cryptocurrencies than their predecessors. Maybe bitcoins will be even more popular among the generation Z (or zoomers, as the Internet has recently started to call them).

Blockchain opportunity

Faith in younger generations isn’t the only hope which the cryptocurrency industry has. Among American authorities, various politicians support the idea of decentralized money. One such person is Ian Calderon, the Majority Leader of the California State Assembly, who is trying to popularize it in his state. Other states are also proposing various ideas for blockchain or cryptocurrency utilization. However, all those actions are still only a drop in the bucket. Without proper regulation on a national scale, the cryptocurrencies will always be only a margin of the American economy.

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Source: https://www.blockchain24.co/cryptocurrencies-in-the-united-states/

Blockchain

Bitcoin dominance is an irrelevant metric unless…

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The volatile cryptocurrency market has given way to multiple metrics for the market observers to analyze and predict what’s coming next. One such metric has been Bitcoin dominance, but as per Su Zhu, it should not be relevant to you unless you are a billionaire.

How so?

The CEO of Three Arrows Capital opined this after noticing the trend of the newcomers avoiding Bitcoin and Ethereum and opting for risky crypto tokens. When the largest digital asset was stuck in a wider correction period, altcoins like Dogecoin [DOGE] grabbed much attention. This was possible due to the hype created by Tesla CEO or, self-proclaimed “doge-father,” Elon Musk and the Doge community.

However, understanding the newcomers’ enthusiasm Zhu opined that if he were to bet on projects now, he would choose Solana and Avalanche.

Despite the popularity of altcoins, the exec remained bullish on Bitcoin and Ethereum as he expected, the former to flip gold’s market cap, and the latter to eventually hit a value above $25,000. Bold predictions, but nothing we haven’t heard before.

However, newcomers were more bothered about the dominance metric but as data suggested, Bitcoin dominance has recently been falling. The dominance was hit earlier but recovered to form a peak at 49.25% on 30th July. But given the correction phase that followed, the dominance of BTC fell and was last noted to be at 40% on 10th September.

It is interesting to note that despite plenty of adoption related news such as that of El Salvador, coming in over the past few weeks, it looks like the dominance has remained unaffected by it.

Source: CoinMarketCap

Twitter user and crypto enthusiast, @HsakaTrades also noted that Bitcoin dominance was not a relevant metric for anyone who has a “sub mid 9fig portfolio]. Agreeing with Hasaka, Zhu added,

“To clarify, if you’re holding for 5+ yrs, you shouldn’t be thinking about btc dominance in the first place. And obv btc and eth have a strong place in that portfolio.

If you’re allocating actively atm, and think debating btc v eth v alts is a good framework, you’re ngmi.”

While this advice could stand true for experiences, long-term trader interested in making money, but not the ones looking out to invest in tech. This was especially highlighted in the comments wherein the crypto users were upset about the CEO’s Solana [SOL] recommendation that recently witnessed an outage.

Nevertheless, the trading advice and strategies differd from trader to trader and Zhu’s opinion to not focus on the BTC dominance, prebably stemmed from a hodlers perspective. While interesting projects were now erupting in the crypto space, it looks like Bitcoin’s dominance, not only in terms of price, but as a crypto project could be challenge.

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Source: https://ambcrypto.com/bitcoin-dominance-irrelevant-for-anyone-not-10figs

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Millions of Dollars Raised Through Solana’s DeFi Projects

Millions of Dollars Raised Through Solana's DeFi Projects

PAI, an algorithmic stablecoin, backs Parrot Protocol. Grape Protocol was the primary source of the downtime. Solana has been up

The post has appeared first on thenewscrypto.com

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  • PAI, an algorithmic stablecoin, backs Parrot Protocol.
  • Grape Protocol was the primary source of the downtime.

Solana has been up nearly 3200% since August. Investors’ interest in Ethereum rival systems featuring DeFi, NFT, and smart contract services has risen dramatically.

The software applications that simulate legal contracts are smart contracts. Once housed on a blockchain network, the software application will run automatically without human intervention.

This month, Solana’s DeFi initiatives raised millions of dollars. This is another proof of Solana’s potential to compete with Ethereum. Currently, Ethereum has the most DeFi and NFT projects.

Bots raced to invest in a token sale for Grape Protocol over flooded the blockchain, causing Solana to collapse for 17 hours on Tuesday. Let us take a look at the few IDO that helped raise millions.

Grape Protocol

Grape Protocol, the primary source of the downtime, managed to raise just $600,000 on Raydium’s “Acceleraytor.”

Tokenized communities may use Grape Network to connect to platforms like Discord, Telegram, and soon twitter to collaborate over Solana and reward members with crypto.

Parrot Protocol

Parrot Protocol is based on Solana. Investors in the Initial DEX offering included Sino Global Capital, Alameda Research, and QTUM VC. Moreover, to put it simply, Parrot is a non-custodial lending platform and decentralized exchange.

PAI, an algorithmic stablecoin, backs Parrot. Furthermore, Parrot offered a governance token called PRT in its IDO. Thus, allowing investors to vote on the protocol’s operation and farm yields on Solana without affecting other Layer 1 blockchains.

Solana’s failure impacted Parrot’s IDO, but it was resolved by Sept. 16. Moreover, the team said it would start working on PRT staking, NFTs, and adjustable interest rates in “Letter from the Parrot.”

Several Solana initiatives will be launched in the next day’s/weeks. Examples include Solanium, Boca Chica, and Solstarter. On Solanium, whitelisted users may buy MatrixETF.

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Source: https://thenewscrypto.com/millions-of-dollars-raised-through-solanas-defi-projects/

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Cosmos (ATOM) Lead Market-Wide Rally

Cosmos (ATOM) Lead Market-Wide Rally

Cosmos’ creators call it an “internet of blockchains.” ATOM also launched a bridge to Ethereum at the end of August.

The post has appeared first on thenewscrypto.com

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  • Cosmos’ creators call it an “internet of blockchains.”
  • ATOM also launched a bridge to Ethereum at the end of August.

Cosmos (ATOM) blew up 10.74 percent overnight to establish a new price of $39.58, according to CoinMarketCap. It surpassed $40 yesterday, reaching $40.76. Despite today’s minor decline, Cosmos’ price was still ten dollars more than seven days ago, and twenty dollars higher than this time last month.

Its creators call it an “internet of blockchains.” It’s an interoperability network that allows various blockchains to connect, exchange data, and interact with one another.

In short, Cosmos claims to address some of the “hardest problems” in the blockchain sector. It seeks to provide an alternative to “slow, costly, unscalable, and ecologically harmful” proof-of-work protocols like Bitcoin by connecting blockchains. On August 18, Cosmos rose 25% from $15 to $20 after the introduction of Emeris, a cross-chain DeFi interface.

It also launched a bridge to Ethereum at the end of August. The inter-blockchain communication protocol (IBC) allowed trade across the Cosmos and Ethereum networks for the first time, along with the integration of Sifchain.

Cosmos Might Soon Over Take FTX Token

Cosmos is “Blockchain 3.0” — thus, as previously said, ease of usage is a significant objective. To this aim, the Cosmos SDK emphasizes modularity. This enables a network to be created quickly using existing code. Long term, it is anticipated that sophisticated applications would be simple to build.

Cosmos now has the twenty-first largest market value, but at this pace, it would only take $0.8 billion to flip FTX Token and make a bold entry into the top twenty.

Some in the crypto sector, much worried about the amount of fragmentation in blockchain networks. There are hundreds, yet few can converse. Cosmos wants to change this by making it feasible.

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Source: https://thenewscrypto.com/cosmos-atom-lead-market-wide-rally/

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