Bitcoin price may be stable, but its adoption is surging
If 2020 came with a catchphrase, words like “uncertainty” and “instability” would almost certainly be a part of it. What started with a global pandemic kitchen fire, became a raging inferno of societal instability. The economic downturn and joblessness resultant of the illness laid bare some of the more sinister underpinnings of global infrastructure. Leaving many more concerned with the security of a wildly uncertain future. Luckily, Bitcoin is an expert when it comes to navigating volatility and an uncertain future.
Bitcoin, created in the darkest days of one of the biggest recessions seen to date worldwide, knows how to address some of the major systemic issues of economic structure. Structures that have also led to its rhythmic collapse. Moreover, the cryptocurrency has been actively advocating for ubiquitous adoption since its advent. Thanks largely to the efforts of users, widespread dissemination of inclusive information, and even exchanges and trading platforms like Bitvavo– purpose-built for encouraging new users to gain traction in the market. Bitcoin can be viewed as a better alternative to the systems that seem to routinely fail. And 2020 so far has done nothing but shore that premise.
Growing Distrust in a System
Discussions regarding the “assured” downfall of bitcoin values following the halving and economic fallout following the coronavirus, being resoundingly rebuffed following bitcoins latest performance. But these sorts of doomsday scenarios regarding bitcoin valuation are nothing new, as many vocal critics of bitcoin have been predicting the end of cryptocurrency since widespread adoption in 2017.
What many of these criticisms have failed to address is the ever-increasing inflation of the US dollar and many other fiat systems. A concept that many crypto users and proponents are acutely aware of. Americans, and surely many other countrymen, face one of the biggest quantitative easing schemes ever seen. Making the few fully informed seriously questioning the future of the dollar, one of the world’s most trusted and reliable currencies.
Quantitative easing, a monetary policy set into motion by governments that causes central banks to buy government bonds or other internal financial assets to stimulate the economy and expand economic activity. However, in instances of high economic distrust, the policy can function more or less effective than planned. Resulting in prohibitive inflation and deflation later on. If banks are hesitant to lend and potential buyers are unwilling to borrow, or when quantitative easing fails to improve economic sentiment, then the result is a too saturated market. Especially in such cases that the amount of easing required is overestimated, or when too much money is created by purchasing liquid assets.
Bitcoin has been seen in other countries, like Venezuela and Argentina, to be a security that is capable of offering much-needed protection against the debilitating inflation and deflation that excessive quantitative easing programs can catalyze. Functioning more as a safe haven asset than a digital currency. This is largely due to how bitcoin created and retains its own value. As a fully decentralized currency with a strict artificial scarcity framework, bitcoin is all but immune to quantitative easing practices. As a borderless currency, bitcoin offers these types of protections to anyone anywhere in the world.
Safe Haven Assets
Despite the term, and it’s inherent viability, being hotly debated, safe-haven assets are those that are considered to be “recession-proof”. Although, this is a bit of a misnomer, as any and all supply is somewhat dependent on demand, and if a recession is bad enough, demand will fall regardless of the asset. Such was seen in the few weeks following the coronavirus settling into global economies. Even gold prices fell. The misconception that these markets continue to thrive during economic duress is widespread, but the truly defining behavior of safe-haven assets is actually how they rebound following a market shakeout.
Bitcoin, much like gold, has bounced back to pre-crisis values and continues to hold strong without regular injections through quantitative easing and other stimulus programs. In short- it hasn’t relied on the government to bail it out. It’s come back entirely on its own. Which may serve to further prop up the idea that it is a safe haven asset, and could very realistically act as a hedge to future economic disruption. Which could provide a genuine answer as to why the coin has been behaving in stark contrast to almost all other cryptocurrencies since the beginning.
Dimitra (DMTR) Listed On Kucoin
Dear Dimitra Community, We have some fantastic news to share with you. Dimitra is excited to announce the listing of the $DMTR token on KuCoin, recognized as one of the world’s leading crypto currency exchanges. The exchange’s user base is global and it is considered to be one of the leading trading venues for emerging […]
Dear Dimitra Community,
We have some fantastic news to share with you. Dimitra is excited to announce the listing of the $DMTR token on KuCoin, recognized as one of the world’s leading crypto currency exchanges. The exchange’s user base is global and it is considered to be one of the leading trading venues for emerging and established altcoins.
KuCoin is the first exchange to list $DMTR. This listing, to be followed by other centralized and decentralized listings, will facilitate and accelerate Dimitra’s goal of democratizing agriculture technology for farmers globally.
The Dimitra $DMTR token will be available for deposit initially with the DMTR/USDT trading pair.
– Deposits will open at 11:00am UTC on September 21, 2021
– Trading will start at 09:00am UTC on September 22, 2021
All trading execution is done through the official website at www.kucoin.com or within the KuCoin Android and iOS apps
Dimitra is grateful and fortunate to experience the growth of such an active and loyal community! We are looking forward to continuing to grow together.
📢 WORLD PREMIERE LISTING
🔹Deposit: now open (supported network: ERC-20)
🔹Trading: 09:00 am on September 22, 2021 (UTC)
🔹Withdrawal: 10:00 am on September 25, 2021 (UTC)
— KUCOIN (@kucoincom) September 21, 2021
Check out KuCoin’s listing announcement here: https://www.kucoin.com/news/en-dimitra-dmtr-gets-listed-on-kucoin-world-premiere?utm_source=twitterinfo
Dimitra (DMTR) is a blockchain platform that is democratizing the agricultural technology space for smallholder farmers globally. Dimitra provides access to the blockchain, machine learning, Internet of Things sensors, and Satellite Technology through a mobile platform that helps farmers globally increase their yield, reduce costs and mitigate risks. Current farming practices are not sustainable; creating an evolution of practices will contribute to solving some of today’s largest issues for farmers. Issues like poverty, hunger, global warming, carbon emissions, freshwater, and soil preservation are all impacted by the adoption of Dimitra. Dimitra’s platform provides utility by combining the crypto investment cycle with agricultural development practices within nations globally.
MiamiCoin Could Free Residents Of Tax Burden, Says Mayor
Thanks to its recently launched cryptocurrency, Miami is exploring a new way to fund municipal expenditures. ICYMI my interview on MiamiCoin w/ @FoxBusiness ✅The revolutionary concept of @mineCityCoins ✅Understanding how it’s generated $5M+ for the City ✅How these benefits translate into a better quality of life for Miamians pic.twitter.com/ipewPwBMdw — Mayor Francis Suarez (@FrancisSuarez) September […]
The post MiamiCoin Could Free Residents Of Tax Burden, Says Mayor appeared first on CryptoCoin.News.
Thanks to its recently launched cryptocurrency, Miami is exploring a new way to fund municipal expenditures.
ICYMI my interview on MiamiCoin w/ @FoxBusiness
✅The revolutionary concept of @mineCityCoins
✅Understanding how it’s generated $5M+ for the City
✅How these benefits translate into a better quality of life for Miamians pic.twitter.com/ipewPwBMdw
— Mayor Francis Suarez (@FrancisSuarez) September 20, 2021
MiamiCoin earns 2,000 USD every 10 minutes for the city
In February, Miami mayor Francis Suarez made first advancements to transform the city into a cryptocurrency hub. His plans were further cemented when the municipal cryptocurrency MiamiCoin launched last month with 30% of all mined coins going directly to the city.
In a recent interview with Fox Business, Suarez confirmed that the city receives roughly 2,000 USD every 10 minutes though MiamiCoin. Annualized, this transfers to a revenue of over 100 million USD, although Suarez has been more careful, estimating a yearly revenue of 60 million USD. The money is earmarked for specific projects, such as funding for underprivileged communities, crypto education, and climate change mitigation.
Crypto could revolutionize government funding, says Francis Suarez
In his interview, Suarez stated that MiamiCoin could theoretically abolish Miami’s already low tax burden altogether:
It’s interesting because it’s not an involuntary tax and it’s not philanthropy. It’s something that is completely different and could revolutionize the way governments are funded in the future.
It is still a long way to go for that though. In 2015, the City of Miami recorded a total tax revenue of roughly 240 million USD. Yet, the move towards municipal coins is a very natural development.
Using cryptographic tokens as a funding vehicle for developing DeFi platforms and other decentralized applications is a tested method and has specially made great advancements over the last year. It should be only a matter of time until this method will be tried on a municipal, or even nationwide scale.
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AMC Entertainment Could Include Dogecoin as a Payment Option
Following confirmation that AMC would begin accepting Bitcoin, Ethereum, Bitcoin Cash, and Litecoin for online payment, the company’s CEO has asked the Dogecoin community if AMC should add the meme coin among the cryptocurrency options.
Almost 80% Want to Pay for a Movie Ticket With DOGE
Adam Aron, CEO of the world’s largest movie theater chain AMC Entertainment, conducted a poll via Twitter on Tuesday (September 21st, 2021) to check whether the company should accept DOGE payment. The poll, which ends on September 22nd, has garnered a lot of responses, most of them wanting AMC to include the meme crypto.
According to Aron, the Twitter survey came amid calls from members of the Dogecoin online community to add DOGE to the list of crypto options.
“I hear from many on my Twitter feed we should accept Dogecoin too. Do you think AMC should explore accepting Dogecoin?”
Before the latest development, the AMC CEO announced that the movie theater giant will accept Ethereum, Bitcoin Cash, and Litecoin by the end of 2021. This was after Aron previously revealed during an earnings call in August that customers would be able to pay for movie tickets and concessions online with bitcoin, also at the end of the year.
The poll has so far seen 110,000 votes, with 70% responding positively to the idea of DOGE payment, while 8% also agree but say they would not use the meme coin for payment. Meanwhile, 22% of the voters were not in support of the motion.
Growing Support for Dogecoin Payment
Aron’s survey comes as the cryptocurrency market is experiencing massive price dumps, along with the global financial markets, mostly tied to the Evergrande saga. Bitcoin, which traded at $48k over the weekend, dropped to as low as $40k, with the price of other altcoins also plummeting. However, there has been a slight recovery.
Dogecoin is currently the 10th largest crypto by market capitalization and reached an all-time high (ATH) of over $0.7 back in May. Now, though, it’s down to roughly $0.2.
If AMC Entertainment goes ahead to include the meme token among the list of accepted cryptocurrencies, the movie theater giant would become the latest company to support DOGE payments. Some others who have adopted Dogecoin include American basketball team Dallas Mavericks and Newegg.
Apart from AMC’s Adam Aron, Tesla’s CEO Elon Musk also carried out a similar poll for his followers. Although many of the respondents voted in favor of the electric vehicle manufacturer including DOGE among payment options, the company is yet to make it official.
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