Bitcoin: Satoshi’s Dream or His Worst Nightmare?
The vision of Satoshi Nakamoto, the creator of Bitcoin, was for a new currency that would be free from the bureaucracy of governments and free from the tyranny of the old world financial cartels. However, in order for cryptocurrency to advance and gain value, it needs to be adopted by the masses of people on our planet Earth. This adoption has come with a compromise to Satoshi’s original vision.
The four major components that are necessary for crypto adoption
are government endorsement, government regulations, the enhancement of the banking cartel’s services utilizing blockchain technology, and national economic failures.
Government endorsement is important because it gives legitimacy to cryptocurrencies. Governments have been hesitant to endorse cryptocurrencies because they are decentralized and not under their control. However, as more and more people adopt cryptocurrencies, governments are starting to pay attention and some are even beginning to endorse them. Government regulations are important because they provide guidelines for how cryptocurrencies can be used. Without regulations, there is a risk of criminal activity associated with cryptocurrencies. Regulations also help to protect investors.
Bitcoin and other cryptocurrencies are being adopted by everyday people because they offer a number of advantages over traditional forms of payment. Satoshi’s creation was supposed to free Bitcoin owners from the control of institutions like banks, but instead these institutions are bringing his creation to life. The Premier of Malta recently proclaimed that cryptocurrencies are the “future of money,” and the President of Venezuela has added another incentive for the citizens of Venezuela to adopt the use of cryptocurrencies. Citizens of Venezuela must now pay the fee for passports and passport renewals with the Petro, the national cryptocurrency of Venezuela. The significance of that policy may not be immediately apparent, but it means that every citizen from Venezuela that has the means to travel to international locations will be equipped to purchase goods and services with cryptocurrency.
Venezuelan President, Nicolás Maduro, has encouraged his citizens to be involved with the world’s 6 largest cryptocurrency exchanges that have been enabled to operate within the borders of the nation. Venezuelans are free to purchase other cryptos besides the Petro. Those directives from the Chief Executive of Venezuela have thrust the people of Venezuela into a state of crypto readiness. Making Venezuelans the 1st nationally sanctioned population of crypto consumers, everyone; almost simultaneously, a tremendous accomplishment in the evolution of cryptocurrency adoption. Despite the unattractiveness of the Petro as an investment vehicle, the people of Venezuela are at the leading edge of crypto adoption.
Bitcoin and other cryptocurrencies have seen increased regulation in the US and China, two of the world’s most populous countries.
This has caused some roadblocks in terms of adoption for these digital assets. The US has placed limitations on the participation of some crypto products, while China has banned its citizens outright from participating in cryptos. Despite this, the three leading manufacturers of Application Specific Integrated Circuits (ASIC) for crypto mining hardware, Bitmain, Canaan, and Ebang, are all owned and operated by business conglomerates based in mainland China.
It is evident that the regulatory environment for cryptos is still a work in progress. The financial market makers of the US are now able to create and offer exchange traded funds (ETFs) based on Bitcoin and other cryptos for the retail sector of investors, referred to as unqualified investors. Unqualified investors are individuals that earn less than US $200,000 a year or $300,000 combined income with a spouse. Or they have a total net worth less than $1,000,000 when the value of their primary residence is excluded. Meetings are continually taking place between market makers and lawmakers on Capitol Hill, in Washington D.C., to help install regulations for digital assets and securities.
Both the US and China are working towards a more cryptocurrency-friendly environment. However, there is still a long way to go before cryptocurrencies are fully adopted by both countries. Bitcoin and other cryptocurrencies have seen a dramatic increase in value over the past year. This has led to increased interest from both investors and regulators. While some countries, such as China, have been moving to regulate the industry, others, such as the United States, are still trying to figure out how to deal with it. This has caused a bit of a problem for market makers, as they are not sure which way the regulatory wind will blow.
This has led to some market makers feeling that they need to take a more hands-off approach when it comes to dealing with cryptocurrencies. This is because they do not want to be on the wrong side of the law if and when regulations are finally put in place. However, this hands-off approach may not be the best course of action, as it could lead to market makers missing out on important opportunities. In order to take advantage of all the opportunities that cryptocurrencies have to offer, market makers need to be able to operate in both regulatory regimes.
Bitcoin and other cryptocurrencies have seen a recent surge in adoption rates,
with more and more people using them as a way to store value. This may be in part due to the economic turbulence that countries like Turkey and Venezuela are experiencing. Both of these countries have seen a rapid devaluation of their national currencies, which has caused many people to turn to cryptocurrencies in order to preserve their wealth. While some may view this as a positive development for the cryptocurrency industry, it is worth noting that this adoption is taking place in spite of the fact that neither government has hindered its citizens from making the switch to crypto. This suggests that the vision of Bitcoin and other cryptos as being independent from government and banking institutions is still far from reality.
Nonetheless, the increasing adoption of cryptocurrencies is a positive sign for the industry, and it is likely that we will see even more growth in this area in the future.
Is Crypto A Good Investment Opportunity Now?
Every big technological advancement has also brought with it great financial rewards for those who made shrewd investments. As television and radio technology improved in the 1960s, people who made the decision to invest in the companies that provided the technology were empowered with financial stability and moved closer to financial independence. Today’s consumers are still familiar with companies like IBM, Microsoft, and General Electric that once offered technology that the general public could purchase.
A tiny investment made in any of those companies at the time of their founding, when they released their most significant inventions at the time, has flooded those investors with incredible returns. You might have easily gotten back multiples of 1,000 with a minimal investment.
Since smartphones were first introduced, investments in smartphone inventions and innovators have all grown significantly.
When the general public could access the internet. A little Yahoo investment felt like a lotto win.
I use such scenarios as illustrations so you can see the possibilities that bitcoin investments present you with right now. The blockchain will continue to exist. We can easily understand that it would be a mistake to do nothing when technical marvels are unveiled to the general audience.
You need a device to store cryptocurrencies of any kind in order to own them. A “Wallet” is the name of that gadget. Without one, you cannot engage in cryptocurrency. Hardware wallets are a great option for portable media storage because they stand alone. The most secure way to store your cryptocurrency is in a hardware wallet. Whether you’re a professional investor or just a hardworking individual looking to advance, For this kind of investment, a bitcoin wallet is required.
A cryptocurrency wallet is an electronic, encryptable media storage device that is specific to its owner. A software wallet on the internet, sometimes known as a hot wallet, a hardware wallet, or a cryptocurrency exchange are all places where cryptocurrencies can be kept.
The risks of hacks are presented to the cryptocurrency owner (YOU) when storing cryptocurrency on a cryptocurrency exchange. Large sums of cryptocurrencies have disappeared from other investors as a result of hacks. So it would be foolish to assume that you won’t be the next victim. If your account is hacked, the damage can be beyond repair. We strongly advise moving your cryptocurrency coins—as well as any money made from selling them—to your private hardware wallet. After making a purchase or sale on a cryptocurrency exchange, this action should be taken.
Hot wallets are not completely safe because they connect to the internet through browser software.
A excellent illustration would be to contrast a hot wallet with a man’s pocket-carried wallet. The man can make quick purchases since he always has his wallet on him. Even though the man’s wallet is securely tucked away in his pocket whenever he goes out in public, pickpockets and thieves are constantly looking for opportunities to steal his money.
Due of their adaptability, multi-currency wallets that support ERC20 (NFTs) are advised.
Hardware wallets from TREZOR and KeepKey continue to receive positive evaluations. All of the information about these two manufacturers of cryptocurrency wallets is excellent. They are two of the leading producers of these products in the market.
Another top producer of hardware wallets is Ledger. A well-liked brand and design is the Ledger Nano S Plus. After avoiding a security breach, this model and its manufacturer are now even more resilient. For significant amounts of investing capital, getting a wallet and a backup wallet is necessary.
Here, we need to pause for a moment. Some sovereign states forbid their citizens from owning or conducting transactions in certain cryptocurrencies. Some countries forbid its residents from engaging in any cryptocurrency activity. Please do your own research and familiarize yourself with the laws that are relevant to you.
A list of 9,590 cryptocurrencies that may be bought and sold was found by me. Since seeing that listing, I have seen announcements of the creation of new cryptocurrencies every day. With so many investing possibilities, it’s important to have solid knowledge of the most valuable cryptocurrencies.
Out of the 9,950 cryptocurrencies I discovered, the top 30 had market capitalizations ranging from $85,860,000 to a mind-blowing high of $39,988,647,800 for Bitcoin. The top 15 cryptocurrencies at the time of my writing will be our main emphasis.
Speculative investing on the cryptocurrencies with a lesser market value can be taken into consideration as you continue to educate yourself about cryptocurrencies.
Let’s reduce the number of cryptocurrencies on the list to the top 10. I am unable to personally advise you on what cryptocurrency to purchase or how much money to invest. However I can offer you some advice that could be really useful. The amount of money that is regarded as a benchmark for financial investments is $10,000 US dollars. The number 10,000 or a multiple thereof works very well with the math involved in calculating gains and limiting losses in the financial sector. It is also a wonderful number to utilize in order to demonstrate yields, percent of change, and growth rates.
The bitcoin market has demonstrated erratic behavior in both positive and negative directions. Furthermore, the newly available option to sell some of these financial instruments short leads to an enormous number of possible strategy combinations. Here is a quick and efficient way to start your cryptocurrency investment plan.
Think about it, You might only be able to purchase 1 whole bitcoin with $10,000. Or perhaps you can only purchase 5 whole Ethereum coins. If the value of Bitcoin increases by $100, you will only have made a $100 profit on an investment that may have cost $20,000 or more, not including any additional expenses. That is less than 1% return on your hefty investment. You may possibly earn $1,000 to $2,000 or more from an investment that cost you roughly $10,000 after fees if Ethereum increases in value, which it has. That represents a 10%–20% return on your investment. Using this straightforward comparison, I’ll show you how having more coins enables you to take advantage of price fluctuations that are favorable to you more effectively.
Fortunately for us, cryptocurrency can be purchased and sold in increments up to and including the tenth place after the decimal point. You can then distribute your $10,000 evenly across the top ten cryptocurrencies. A portfolio of cryptocurrencies that is well-balanced enough to reap the full potential of gains from their movements might be created by allocating $1000 to each of the top 10 cryptocurrencies.
Where can I purchase cryptocurrency?
Similar to how corporate stocks are purchased and sold on stock exchanges, cryptocurrencies are bought and sold on cryptocurrency exchanges. The top exchanges for cryptocurrencies are:
LocalBitcoins (peer to peer)
With one of the friendliest user interfaces, Coinbase is accessible to people everywhere. Peer-to-peer exchanges are more expensive to use but provide greater transaction privacy. In order to invest in cryptocurrencies, opening an account is a simple but time-consuming process.
Now that you have given yourself the tools, you can trade cryptocurrencies. The earliest possible moment to participate is now. Anyone who claims to have entered a market at the bottom and made a profitable sale at the top is almost always lying. Even while they did make profitable trades, the majority of professionals will acknowledge that they missed the bottom and top of trading markets. You cannot benefit until you participate, that much is certain. Cryptocurrencies should be viewed as high-risk venture capital investments with the potential for incredible profits. Protect your prospective gains, and in turn, reduce your possible losses.
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Crypto Is A Great Hedge Against Turkish Inflation And The Lira
Despite the conflict in the Ukraine, for people in Turkey and many around the world, 2022 will most certainly be remembered as the year of inflation. Prices have increased by about 9% in both the United States and the European Union after decades of inflation below 5%, with supply shocks to the energy and food industries accounting for the majority of the increase (not to mention quantitative easing).
However, 9% is still not as awful as the inflation wrecking havoc on the Turkish economy, which has enjoyed years of 2% inflation or below. Year-over-year inflation in Turkey is now officially estimated to be at 80%, but unofficial data suggests real inflation may have reached 140% as early as April.
Such staggering numbers have had a significant negative impact on Turkish citizens, but many have discovered a rather creative way to mitigate the effects of inflation: cryptocurrencies. Although Turkey has a reputation for being an authoritarian state, despite having one of the highest percentages of cryptocurrency ownership globally, the country shows that bitcoin is used for more than simply high-risk speculation.
August saw an increase in the official consumer price index for Turkey of 80.2% over the previous month, which was already very high. This marks both the highest rate ever observed during President Recep Tayyip Erdoan’s almost 20-year leadership and the first time official inflation has exceeded 80% since 1998.
In Turkey, where Erdoan refused to raise interest rates to a level that may potentially restrain price increases, lax monetary policy is usually held responsible for the country’s out-of-control inflation. Despite this, the government predicts that inflation will start to decline by the year’s end.
The nation’s finance minister, Nureddin Nebati, predicted on Twitter that inflation would slow down much further in the coming months. “We shall expel high inflation from these countries, and it will never come back.”
Whatever the future holds, regular Turks are now feeling the effects of inflation, which has been happening for a while. Its data on cryptocurrency ownership makes this clear; according to Statista’s figures, 20% of the population owned or had held cryptocurrencies in 2019, and that number increased to 25% in 2021.
Data on worldwide cryptocurrency ownership is fascinating since it shows that countries with similar stresses to Turkey typically have the largest levels of such ownership. To put it another way, individuals turn to bitcoin and other cryptocurrencies as a way to preserve (or grow) whatever meager wealth they already have as a result of inflation.
As a result, Turkey boasts one of the most active cryptocurrency markets globally, despite recent attempts by the government to limit it in various ways (so far unsuccessfully).
In December 2021, data from Chainalysis and Kaiko showed that the country’s borders were clocking in at almost one million cryptocurrency transactions per day. This may have been one of the clearest indications of how busy the Turkish crypto industry is.
What Comes Next for Turkey and Cryptocurrency
People on the ground corroborate that they bought bitcoin and other cryptocurrencies in response to the problems facing the Turkish currency.
According to Izzet Emre Ari, a twenty-something computer engineer who talked to Reuters in 2021, “If my savings are in lira, they are losing value.”
Turkish cryptocurrency trading has gained so much traction that some local commentators have spoken of a “cryptolization” process as the local population switches to cryptocurrencies as a way of asset preservation.
According to Turan Sert, an adviser to the Paribu exchange in Turkey, who talked to Al Jazeera in January, “in the past it was dollarization, meaning in order to prevent swings in their currency individuals held their assets in dollars.” The most current fad is now referred to as cryptolization.
Even more recently, industry insiders in Turkey claim that the bear market of 2022 hasn’t significantly diminished Turkish enthusiasm for cryptocurrencies. This is due to the Turkish lira falling even more sharply than Bitcoin, which has declined by 71% since hitting an all-time high of USD 69,000 in November.
Because we want to protect our money from rising inflation and high interest rates, there is a huge demand for and trading volume in Turkey’s cryptocurrency market. According to author and consultant Vedat Guven, who was recently interviewed by German state-run news outlet DW, there are 5.5–6 million Turks who have cryptocurrency accounts, and if you include family members, 10–12 million individuals are interested in this.
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Crypto.com Sues Australian Woman After Giving $7.1 Million Instead Of $68
It took Crypto.com seven months to recognize that it had transferred a woman in Australia AU$10.5 million dollars (about $7.1 million at the current conversion rate), rather than the 100 Australian dollars that the woman had sought as a refund. Now, the cryptocurrency trading platform is going after Thevamanogari Manivel, who resides in Melbourne, as well as her sister, Thilagavathy Gangadory, in an effort to retrieve its money — along with ten percent interest and the costs of legal representation.
According to the records presented in court, in May of 2021, a worker for the trading platform situated in Singapore made the error of entering an account number into the field for the payment amount. When Crypto.com was carrying out a standard audit in December 2021, it was then that the company learned it had sent Manivel millions of dollars in error.
According to the petition, Manivel invested around AU$1.35 million of the unexpected windfall in the purchase of a property.
Even though bitcoin transactions cannot be undone, it is theoretically possible for centralized platforms to undo payments made using cryptocurrencies in the event of fraud or error. However, in this particular instance, the mistake was not uncovered by the corporation until seven months later, after some of the money had reportedly been transferred or spent. According to the petition, the corporation was successful in convincing the authorities in February to freeze Manivel’s bank account; however, the money had already been moved to other defendants mentioned in the case by the time the account was frozen.
The judge’s decision was favorable to Crypto.com, and the matter will be heard again in October before another judge who will decide the next measures to take in the proceeding.
The lawsuit was filed during a particularly challenging period for the platform. It has been reported that the company has gone through a second round of aggressive cuts, as crypto firms across the board look for ways to cut costs in response to investors rotating out of the riskiest assets, which is pulling down trading volumes. In June, the company let go of 260 employees, which represented 5% of its workforce.
Both bitcoin and ether have experienced losses of more than 58% so far in 2018, and the total value of the cryptocurrency market as a whole has dropped below $1 trillion, having peaked above $3 trillion in November 2021.
In the meantime, Crypto.com is responsible for some hefty ongoing payments, including a multiyear naming rights deal with the Staples Center in Los Angeles, which is the home of the Lakers and the Sparks of the WNBA. The deal is worth a total of $700 million.
In a recent report, Crypto.com stated that the company was unable to comment on the topic “since the matter is before the courts.”
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