“Bitcoin Edge Review” Is Bitcoin Edge App Scam? Or Immediate Edge Trading legit? – There was once a time when cryptocurrency wasn’t accessible by ordinary people. Due to its complexity and lack of knowledge, many people would avoid using it. However, modern trading systems allow ordinary people to understand how Bitcoin works and give them the chance to trade and earn.
Bitcoin Edge review
The market is currently in a state of extreme price instability. As a result, investors have become jaded. They lack the motivation to do anything other than sitting back and wait for the carnage to end. The only solution is to put your faith in a reliable set of data points and do nothing else but buy when the price rises and sell when it’s falling. (Technically, this isn’t taking any risk–you’re just preserving your profits.) And that’s precisely what Bitcoin Edge does for you.
Bitcoin Edge lets you profit from the upcoming cryptocurrency crash by instantly placing profitable trades on public Bitcoin and Ethereum blockchains.Bitcoin Edge app is revolutionizing the way traditional trading occurs.
However, it done by using advanced statistical analysis coupled with machine learning technology. The software allows traders to maximize profits while minimizing risk due to increased transparency and information available 24/7. Let have a detailed,Bitcoin Edge review below:
What is an Bitcoin Edge?
Bitcoin Edge is a high-performance, fully automate software platform for making high-risk. Moreover, it has high-reward investments in the most misunderstood and undervalued asset class of all: cryptocurrencies. Utilizing innovative machine learning algorithms and cutting-edge data science, this software produces asymmetric price predictions for popular cryptocurrencies in a matter of seconds.
Then, it matches investors against those predictions to bring profits while protecting their assets financially. As the technology wears away at traditional markets, implementing Artificial Intelligence into the trading process forever provides investors new opportunities to increase their returns while reducing risk.
In addition, immediately Edge a confirmed bitcoin and blockchain technology company. It offers the clients automated, real-time access to market data and trading solutions. The cryptocurrency market is incredibly volatile and prone to significant price changes.
This is where the “Bitcoin Edge” system comes in. With this free software, you will be able to analyze any given cryptocurrency within a few minutes and place your buy or sell order in a matter of seconds. If an item is trading at $10, you see that someone has sold it for $11.06. Then you can assure that the value of your Bitcoin is going up, not down. Therefore you should buy the asset immediately.
How to register on the Bitcoin Edge app? Detailed steps
Opening a bank account and starting trading with Bitcoin Edge takes a couple of seconds.Keep in mind that the app only operates in countries in which retail CFD trading is permitted. To start your trading trip with Bitcoin Edge, simply follow the step-by-step signup guide below. Keep in mind that almost all crypto CFDs trading carries a high level of risk.
Fill in the form in the upper right side of such a webpage to make a free Bitcoin Edge account.Protect your account with a passcode and provide the necessary information to the paired partner broker. You can invest in insufficient data security measures, such as RSA encryption.
Any user can make a minimum deposit of two fifty dollar. The quantity for a start-up down payment is kept artificially low by the company. It allows users to begin to smaller purchases before placing larger orders. The system recognizesvarious payment options, allowing users to choose the one that is best for them.
- Verification of Account
Once the payment is authorized, the app will ask the user to verify their details by entering basic information such as their email address and phone number. The payments platform relies not only on encryption but also on data encryption algorithms to protect the data transmitted between the app and the bank or other intermediaries.
Verifiers are actually software applications used by banks, and all payments are currently carried out through bank accounts. Still, it is also possible to make payments directly from your Google or PayPal account using a particular app called Wallet Bit.
Use the matched broker to fund your Bitcoin Edge account. To deal with us, you should first deposit a two fifty dollar. With us,brokers regulate and, as a result, adhere to stringent deposit security measures.
Test the waters with our simple-to-use demo platform. To start trading on historical data, you will be given a simulated capital of $20,000, to begin with. The Bitcoin Edge demo account is a complete simulation of the real version.
Users can now use the app’s features virtually, thanks to the console. It has a ‘demo acc’ feature that puts simulated order information for the first time using the credits in their account. It assists them in determining whether the app is appropriate.
Whether you have read with us trading guide and practiced just on demo, you will listen to live to buy and sell on the platform to be extremely simple.
The trading mode gives you complete control over how your trades are executed. You can choose from several parameters that can finely tune to your needs. Bitcoin Edge, like some other automatic trading systems, gives its consumers complete control over their trading.
You can sign up for a free trial account before you dive into the details. Butthe trading is here means understanding every button press and every calculation behind every line of text. You won’t be able to make mistakes as quickly as you can on other sites.
The proceedings are now complete, and market participants can place actual orders. These transactions carry out using the funds in the trading. The app has a nearly 99 percent win rate, which means that traders will benefit from each order.
Bitcoin Edge app and trading benefits
- Secure and protected trading
The trading environment assure by two layers of security: authentication and encryption. Both implemented as standard in our trading platform. The authentication phase involves a phone number verification sourced from a validated registrar. At the same time, the encryption is carried out by us using industry-leading 256-bit encryption technology.
With trading cryptocurrency, there is always a chance of fraud or loss. The network should remain secure, and the userbase should be aware of their responsibility to protect themselves. Tradex offers its clients a unique opportunity to benefit from daily live quantitative data feeds from the leading cryptocurrency exchanges in France. This allows us to monitor the trading environment 24/7.
- Best trading facility
The fast Trading System is based upon innovative algorithms. Furthermore, it allows us to provide precisely accurate information as the market is currently operating. This trading system is by default a clever implementation of slash pricing. It increasing the speed at which markets react to new information. Then, it means that you can issue your orders in as little as 0.001 seconds.
Bitcoin Edge provides fastest trading system in the world. It gives you access to cutting Edge algorithmic strategies and technical analysis to find relevant information. For traders, it has spent years struggling to stay profitable. For them, the benefits are clear and accurate data at the tip of your fingers.
- Provide access to all services
Bitcoin Edge is a broker/dealer that provides access to high-quality trading instruments and related services. We have been in business since 2012 and have built a loyal clientele from Italy, Spain, Russia, the UK, Ireland, and many other countries around the world. It always uses industry-standard technology and strives to improve our transparency, security, client relations, and product offering.
Moreover, it offers our clients worldwide 24/7access to a fully licensed and regulated financial marketplace. So, this trading platform is exclusively available on the App Store and Google Play Store, with hundreds of thousands of users worldwide having access at any given time. In addition, it provides access to all services with military-grade encryption.
Fun Facts regarding the modern Bitcoin Edge
For the past five years, it provided automated cryptocurrency trading. Here are some fun facts regarding our platform.
- Bitcoin Edge consistently ranks among the top three popular and popular Bitcoin keywords on Google Trends for the past two years.
- From a $250 investment, Bitcoin Edge could start generating daily revenue of up to $800. Users must invest that money in profits to grow.
- Over 100,000 new registrations have been received, with over 90 percent of the total of the remaining active.
Bitcoin Edge is Bonus Provider
Buyers who participate in Bitcoin Edge may well decide to offer performance bonuses as an incentive. Such bonuses are not free and come with a mandatory trading requirement, also known as a “rollover.”
The goal of these bonus payments is to “lock you in” and maintain your transactions so that you cannot withdraw your funds. We’ve heard a few horror stories about traders who subscribed for Bitcoin Edge. It bonuses inserted into their account balance without their knowledge.
Some essential queries regarding Bitcoin Edge trading system
- How much money could you really make per day with Bitcoin Edge?
It will determine by various variables, such as how much you are ready to risk, the configurations used, and the present volatility rate.
- Is there a trading app available from Bitcoin Edge?
It does not currently provide a native trading app. Nevertheless, you can transfer the web-trader to HTML5 and configure it as a hybrid application on mobile phones.
- What is the price of Bitcoin Edge?
It does not charge for registration. You shouldn’t have to blow the budget to start trading with the system because the minimum purchase is $250.
- Is it possible to make numerous withdrawals with Bitcoin Edge?
Yes! Each month, it allows up to ten free deposits and with drawls. Any subsequent withdrawals are subject to a minimal charge. You have the choice of withdrawing up to $20,000 per payment.
- Is Bitcoin Edge governed?
The Bitcoin Edge app works with regulated tier-one alliance broker-dealers. These brokers are in charge of all transactions taking place on the robot’s webpage.
Is the Bitcoin Edge app a scam?
No, it is not anBitcoin Edge scam. Bitcoin Edge App is the most secure and fastest way to buy and sell stocks, and it’s also one of the most funs. There are various ways to use this app, detailed in this review. This app is definitely an investment, but not an irresponsible one. You will need to make sure that you understand what you’re getting into before making the investment.
Bitcoin Edge app gives you access to the latest and most trusted cryptocurrencies. It’s the best place to buy cryptocurrency without risking your hard-earned money on an exchange. Bitcoin Edge has a network of over 100+ traders and has been actively building its platform since 2016.
Bitcoin Edge is an innovative financial technology company that is not fake. Further, it makes trading more interactive and accessible to individuals everywhere. If you’re someone who wants to retire early or concern about short-term financial success, it can help. It uses AI to predict where you should be placing your bets today using Information Theory. Hence, It is not fake like any other trading company.
Suppose you are looking to invest in crypto currencies. In that case, thereno better place to start than on an automated exchange in an Bitcoin Edge bot.Such sites are becoming increasingly popular as more and more traders are drawn to them by the massive growth in prices over the past months.
Bitcoin Edge provides profit-maximizing cryptocurrency trading software. It’s an edge because it simplifies things for users, eliminating the need to monitor dozens of digital assets. It provides profit-maximizing trading software. Users can begin trading instantly, even if they don’t have cryptocurrency.Hence, it is one of the best places for getting cryptocurrency and investing.
Now that Bitcoin Edge allows users to conduct trades with cryptocurrencies, hackers could become more challenging to take advantage of users. This app is currently in beta, but its well worth a try if you want to protect your wealth and own a piece of history.
German financial regulators have approved a security token offering (STO) based on a Bitcoin (BTC) sidechain.
Germany’s Federal Financial Supervisory Authority (BaFin) has greenlighted the EXOeu token by game publisher Exordium, making local retail investors eligible to participate in the sale on Stokr, a major European digital marketplace.
German investors can invest in EXOeu via Stokr with a minimum investment amount of $100. EXOeu is the second STO ever approved for the German market on Stokr after BaFin approved an STO by parking network ParkinGO last year.
Launched in January 2021, the EXOeu security token is raising funds for the development of Samson Mow’s sci-fi MMO game Infinite Fleet. The offering has been available for investors in other European countries lik France, Luxembourg, Spain, Portugal, raising more than $7 million to date.
While many STOs are based on the Ethereum blockchain, the EXOeu token is issued via Blockstream Amp, a platform for tokenizing securities built on the Liquid sidechain of Bitcoin.
“Bitcoin is shaping payments, and it’s about time it shaped capital markets — this can be done via layer two technologies,” Stokr co-founder Arnab Naskar said, adding that Ethereum is “losing its charm” as an STO platform due to high gas fees and the uncertainty around Ethereum 2.0.
According to Stokr co-founder Tobias Seidl, BaFin’s approval of Exordium’s STO marks a new milestone in cross-border blockchain-based STOs. “We see Bitcoin as a fundamental backbone of the future capital markets, which will be built on blockchains,” he said.
The news comes shortly after major crypto exchange Bitfinex announced last week that it would debut its own STO trading platform with Exordium (EXO) trading.
A single bitcoin transaction generates the same amount of electronic waste as throwing two iPhones in the bin, according to a new analysis by economists from the Dutch central bank and MIT.
While the carbon footprint of bitcoin is well studied, less attention has been paid to the vast churn in computer hardware that the cryptocurrency incentivises. Specialised computer chips called ASICs are sold with no other purpose than to run the algorithms that secure the bitcoin network, a process called mining that rewards those who partake with bitcoin payouts. But because only the newest chips are power-efficient enough to mine profitably, effective miners need to constantly replace their ASICs with newer, more powerful ones.
“The lifespan of bitcoin mining devices remains limited to just 1.29 years,” write the researchers Alex de Vries and Christian Still in the paper, Bitcoin’s growing e-waste problem, published in the journal Resources, Conservation and Recycling.
“As a result, we estimate that the whole bitcoin network currently cycles through 30.7 metric kilotons of equipment per year. This number is comparable to the amount of small IT and telecommunication equipment waste produced by a country like the Netherlands.”
In 2020 the bitcoin network processed 112.5m transactions (compared with 539bn processed by traditional payment service providers in 2019), according to the economists, meaning that each individual transaction “equates to at least 272g of e-waste”. That’s the weight of two iPhone 12 minis.
The reason why e-waste is such a problem for the cryptocurrency is that, unlike most computing hardware, ASICs have no alternative use beyond bitcoin mining, and if they cannot be used to mine bitcoin profitably, they have no future purpose at all. It is theoretically possible for these devices to regain the ability to operate profitably at a later point in time should bitcoin prices suddenly increase and drive up mining income, the authors note.
“Nonetheless, there are several factors that generally prevent substantial extension of the lifetime of mining devices,” they add. Storing mining hardware costs money, and the longer it is stored for, the less likely it is that it will ever be profitable.
The authors also warn that the e-waste problem will probably grow further if the price of bitcoin continues to rise, since it will incentivise further investment in and replacement of ASIC hardware.
If the community were to try to reduce its e-waste problem, the paper concludes, it would need to replace the bitcoin mining process in “its entirety with a more sustainable alternative”, and the paper suggests “proof of stake”, an experimental replacement. Ethereum, a bitcoin successor, announced in May plans to move to proof of stake within months, although the switchover has yet to occur.
Other bitcoin alternatives have been less successful at limiting their environmental footprint. Chia, a cryptocurrency that is built on a “proof of time and space” algorithm, has been accused of leading to shortages in hard drives and SSDs, a type of storage medium popular in fast computers. “Instead of just wasting electricity, Chia chews through SSDs at a fantastic rate and also has thoroughly wrecked the market for big HDs,” said David Gerard, a cryptocurrency expert.
I think at the end of the day if it’s really successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it. -Ray Dalio on Bitcoin
Banning Bitcoin is a practical impossibility. The incentives are such that Bitcoin will prevail in the long term as the savings technology of choice, but that doesn’t mean the state will give up its power as a monetary monopolist without a fight. The brighter minds among the ruling class will attempt to emerge undefeated from the upcoming turbulent times.
Government Bans Don’t Work
One of the best definitions of the state was formulated by Max Weber, calling it entity that has “a monopoly on violence.” The state uses this monopoly to further entrench and strengthen said monopoly, with the goal being to attain more power over society. Direct state monopolies have been pretty much discredited by economic disintegration whenever tried throughout history. So the modern approach for the state to control various industries is to do it indirectly. Two popular ways to achieve indirect control are to either ban the particular industry or to steer it via a combined force of taxation, regulation and surveillance.
Bans aren’t very effective. The history of major bans is a testament to the futility of banning an activity or resource that has strong demand.
The U.S. alcohol prohibition that was in effect between 1920 and 1933 is a prime example. A research paper from 1991 summarizes its effects as follows:
Although consumption of alcohol fell at the beginning of Prohibition, it subsequently increased. Alcohol became more dangerous to consume; crime increased and became “organized”; the court and prison systems were stretched to the breaking point; and corruption of public officials was rampant. No measurable gains were made in productivity or reduced absenteeism. Prohibition removed a significant source of tax revenue and greatly increased government spending. It led many drinkers to switch to opium, marijuana, patent medicines, cocaine, and other dangerous substances that they would have been unlikely to encounter in the absence of Prohibition. –Mark Thornton: Alcohol Prohibition Was a Failure
The War on Drugs, which began in the 1970s, saw similar results. According to a 2017 Cato Institute analysis, these are the effects of 50 years of drug prohibition:
- Overdose deaths increased from 1 per 100,000 in 1971 to 12 per 100,000 in 2008.
- Drug potency increased, with consumption shifting from softer drugs like marijuana to hard drugs like opioids.
- New synthetic drugs such as crack cocaine and fentanyl emerged with a devastating effect on its users and their communities.
- Enforcement costs taxpayers $50 billion annually; the initial budget approved in 1972 for drug-related policies was $1 billion for a three-year program.
- The 50-year war gave rise to ruthless Mexican drug cartels and aviolent government response — the Mexican drug war itself has claimed an estimated 300,000 lives since 2006.
- A policy known as civil asset forfeiture became normalized, under which enforcement agencies can seize any assets belonging to a drug-related suspect. The amount of such seizures is staggering: “In total, the Department of Justice’s Asset Forfeiture Fund confiscated nearly $94 million in assets during 1986, its second year of operations. By 2011, this number had ballooned to approximately $1.8 billion [annually]. State and local seizures have followed similar trends.”
- Other consequences include police militarization, widespread corruption, increased oppression of minorities and foreign military interventions.
The drug trade is also the main source of illicit funds and money laundering problems, similar to how illegal alcohol was the major source of illicit funds during the alcohol prohibition.
Now the purpose of this article isn’t to comment on alcohol or drug policy. The point of this rather lengthy introduction is to illustrate that government bans are ineffective when aimed at curbing activities that are in high demand. Wherever persistent demand exists, supply will, uh, find a way.
Failed attempts at banning a particular industry gradually transform into the second type of state control: indirect, by way of taxation, regulation and subsidies. We have seen this development with the alcohol industry and the same is happening with the drug industry; cannabis use and trade is already legal in 18 US states and all types of drugs decriminalized in Oregon. The alternative to bans for the state isn’t to declare a free market, but rather to dominate via licensing requirements and to extract rent via taxation.
Are You A Good Citizen Or A Money Launderer?
Contrary to what Ray Dalio thinks, it’s becoming clear by now that Bitcoin isn’t going to be banned in the way alcohol or certain drugs were banned. Governments, or rather experts in appropriate agencies, have done their homework. They know they can’t ban Bitcoin in any meaningful way.
There won’t be a war on Bitcoin. Not in the sense of an eradication attempt.
Instead, the state is going to go straight to indirect control, while it still can — before the process of bitcoinization reaches an event horizon, before the emergence of the bitcoin circular economy and widespread sats-based wages and before we can do away with fiat on-ramps.
Bitcoin itself cannot be banned but people interacting with it can be surveilled, prosecuted, fined or jailed. Plus, most of the massive value that bitcoin will generate over the coming years can be siphoned away from the holders. This can be done by dividing prospective bitcoin holders into two categories:
- Good citizens: everyone wishing for bitcoin’s price exposure can do so in a compliant manner via exchanges and similar service providers. Good citizens don’t come in direct contact with the Bitcoin protocol and are discouraged from withdrawing bitcoin into their wallets. Transactions among regulated service providers are allowed; good citizens would be able to send bitcoin from Coinbase to PayPal, for example. Everything is fully KYC’d and custodied so the government has an easy time taxing away most of the value gains while the honeypot of personal data grows ever larger.
- Money launderers: direct interaction with the Bitcoin protocol is effectively illegal due to regulatory requirements that cannot be met on the individual level. Violators will have their bitcoin confiscated.
I believe establishing such an environment is the dominant motivation for the cryptocurrency provisions in the recent U.S. infrastructure bill. As many have pointed out, the definition of “brokers” in the proposed legislation is technically ignorant and doesn’t take into account how the Bitcoin protocol works. Yet there was no will to acknowledge these shortcomings and bring the provisions closer to reflecting the technical reality.
The vagueness of this text means that everybody running their own node or mining on U.S. soil could potentially violate the law. The full text of the bill is available here, with specific sections on reporting for digital assets on page 2433.
I don’t think this is a case of incompetence. From the state’s point of view, a regulation of this kind isn’t a problem — it’s a solution.
The state isn’t aiming to have “regulatory clarity” (whatever that means), or to ensure consumer protection or to curb money laundering. The aim is to scare coders and businesses in the Bitcoin ecosystem into adopting bitcoin in an approved manner, via surveilled venues from which there won’t be any escape, and to siphon off the value that bitcoin will generate in the coming year, both from exchange-held IOU bitcoin and from sovereign bitcoiners.
Siphoning Off Bitcoin Value Gains
According to a recent survey conducted by NYDIG, about 46 million Americans, or 17% of the US adult population, “own” bitcoin; it’s unclear how many of these simply have an account on Coinbase instead of truly holding bitcoin, but let’s assume that at least half of them hold their own keys (a very optimistic assumption). This would mean that less than 10% of the U.S. adult population hold any bitcoin.
If we further assume that bitcoin is going to keep on winning against fiat as a supreme store of value, it’s only natural that the majority of the American population will look to gain some sort of exposure to bitcoin in the coming years. And the way that this precoiner majority gets exposure is what’s at stake today. The state still has the chance to drive the majority into compliant walled gardens. It’s kind of similar to legalizing cannabis via regulated dispensaries, where everything is done in a regulated, recorded and thoroughly taxed manner.
The truth is that the majority of the population will be satisfied with having some exposure to bitcoin’s price, without having anything to do with Bitcoin the protocol. Most won’t even mind very much when the withdrawal process is greatly limited or disabled “for user safety.” The small minority of cypherpunk bitcoiners will be subject to prosecution, because they will always be in violation of the law — by running their node or mining without following the technically infeasible KYC requirements, or by developing or using an anonymous open source wallet.
Thus the state can siphon off most of the value that bitcoin will generate in the coming years.
Once the majority is captured in compliant walled gardens and the minority can be prosecuted at will, it’s pretty straightforward:
- Bitcoin on exchanges will be subject to an annual unrealized capital gains tax. This may sound outrageous now, but there are ways to propagandize this into acceptance. We are currently heading into the greatest economic recession since the Great Depression. Everyone will be asked to do “their share” — and taxing half of the annual gain (in fiat terms) won’t be viewed as such a great sacrifice. The tax would be automatically deducted from the user’s account balance.
- Bitcoin held by sovereign hodlers would be subject to civil asset forfeiture — a process already widely used in the war on drugs and cheered on by good citizens. Everyone can choose to follow the law, after all.
The End Game Is To Own As Much Bitcoin As Possible
It’s fully plausible that people in the government understand the end game that hodlers play. Some might even be well-versed in the writings of Saifedean Ammous, Vijay Boyapati or Robert Breedlove. They know they have to do something, while also knowing that banning bitcoin is a fool’s errand. Embracing bitcoin in a compliant manner and scaring away people from a sovereign approach is the one shot the state has at surviving hyperbitcoinization.
The winning scenario for the state isn’t to ban bitcoin, but rather confiscating as much of it as possible and controlling the flow of the remainder. This doesn’t mean that all nation-states will do this; some will rather seek to attract Bitcoiners fleeing from those predatory regimes. It’s important to stay vigilant, hold your own keys, care about your privacy and be open to a scenario where relocation may be necessary in future.
This is a guest post by Josef Tětek. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.
European Central Bank (ECB) President Christine Lagarde was interviewed on Bloomberg TV on September 13, which aired yesterday, September 15. Among the topics discussed, which included monetary policy, debt, and gross domestic product (GDP) of countries in the European Union (EU), Lagarde also shared her view on Bitcoin and “cryptocurrencies.”
“Cryptos are not currencies. Full stop,” Lagarde emphatically said in the video. “Cryptos are highly speculative assets that claim their fame as currency, possibly, but they’re not. They are not.”
More than just bashing out at “cryptos,” Lagarde shows a deep need to suffocate something that threatens her job and its agenda. Putting “cryptos” aside, which are indeed not currencies, there is Bitcoin that is not only a currency but has the potential to turn the ECB and other organizations that have the monopoly on money creation worldwide wholly obsolete. But before discussing Lagarde’s agenda as the head of the ECB, the meaning of “currency” needs to be determined.
What Is A Currency?
Merriam Webster’s definition of currency categorizes it as “something that is in circulation as a medium of exchange.” On the other hand, the noun phrase medium of exchange is defined as “something commonly accepted in exchange for goods and services.”
Currency is then something used for someone in exchange for some other product or service. But this medium of exchange role of money is only one of the many characteristics of a good monetary medium. Money also serves as a store of value and a unit of account.
Does this mean Lagarde doesn’t understand what a currency is? Unlikely. As the head of one of the leading central banks globally, it is fair to expect her to know what a currency precisely is. The catch, however, is that it is in her best interest to promote her institution’s and her fellow central banks’ currencies at the expense of others. If Bitcoin were irrelevant and posed no threat to central banks, the ECB President would simply not be talking about it.
Mainstream media will undoubtedly share Lagarde’s remarks, and the general public might even see them as the truth. Well, let it be that way. In the end, it is free press for Bitcoin. People historically selected which monetary goods to use based on the benefits they brought to those utilizing them, but in the past couple hundred years, central banks have dictated what ought to be adopted by determining the mediums with which citizens can pay their taxes — until Bitcoin came along.
Bitcoin Is A Currency
Bitcoin, born just twelve years ago, is long past being magic internet money. The peer-to-peer digital monetary network idealized and invented by Satoshi Nakamoto has grown over the “collectible” status to start being recognized as a store of value. Indeed, high-profile investors in developed economies are stating how superior it is to gold — the best store of value for centuries.
The meaning lies in the historical path monetary goods usually take from inception to becoming accepted and used worldwide. New money historically starts as a collectible item, something a tiny percentage of the population sees value in and purchases for different reasons. As its value increases over time and the money perdures, more people notice, increasing adoption and enabling it to be seen as a store of value. Then, the money is mainly hoarded as more and more people acknowledge its demonstrated ability to increase purchasing power compared to other well-established money in that society. This stage is likely where Bitcoin is currently at.
Investors, companies, and people around the world are waking up to Bitcoin’s value proposition. As adoption increases, the peer-to-peer digital cash will keep progressing in its monetary path to become a widely accepted medium of exchange. Lastly, with sufficient adoption, bitcoin can get recognized as a unit of account.
National currencies are the only kind of currency being used as units of account, each in its own country, due to political mandates and lack of legal options. However, in the medium of exchange side, different goods can often be used as the transacting parties see fit based on their own needs.
This is already playing out in many countries in the world. Kenya, Nigeria, and other African countries are becoming hotbeds for Bitcoin usage as a store of value and a medium of exchange as citizens face currency debasement, monetary colonialism, and scarce access to the banking system. Similarly, in Central America, El Salvador recently adopted bitcoin as a legal tender after the Bitcoin law was enacted last week. Where the majority of the population doesn’t have a bank account, real change is happening with Bitcoin.
Central Banks Fear Bitcoin
Lagarde’s comments on Bitcoin and “cryptos” bring to light the fear of those who currently hold the monopoly of money creation. Their actions of moving towards central bank digital currencies (CBDC) further showcase an attempt to tell the public, “hey, we can be digital too!” But the people won’t be fooled.
Satoshi Nakamoto created parallel money that doesn’t require permission from a central authority to be used. Bitcoin allows people of any background, nationality, religion, and race to access sound money.
Beyond empowering those marginalized by the permissioned monetary system pushed forward by the ECB, the Federal Reserve, and the International Monetary Fund, Bitcoin also provides everyone with an opportunity to be their own masters — something a digital euro or digital dollar will never be able to accomplish.
Bitcoin was created as a direct response to the bailouts given to the banks that caused the subprime crisis in 2008. Big corporations can afford to be reckless because there’s always a friendly central bank to rescue them and pardon their debt while the average citizen pays the price.
But apparently, only now have those central banks noticed the reason why Satoshi Nakamoto and the cypherpunks before him brought Bitcoin to the world, and they can’t help but fear the end of a centuries-long monopoly. They aren’t at ease with the idea of seeing the end of a colossal power that empowers banks, corporations, and influential individuals at the expense of regular citizens who work hard to pay the very taxes that sustain such a system. But the people say no more; because now, they have Bitcoin.
- Bitcoin has gained popularity as the Federal Reserve has significantly increased the money supply.
- Ethereum is set up for a “perfect Goldilocks launch,” said the founder and CEO of Celsius Network.
- But altcoins, including surging Solana, are “extremely risky” and could crash.
COVID-19 disrupted everyday life, popularized the phrase “social distancing,” and changed the course of history. Inadvertently, it also played a critical role in meme stocks going as mainstream as masks, as well as introducing many investors to cryptocurrencies.
Emergency pandemic-era policies taken by the government to save the economy, including stimulus checks for most Americans and rock-bottom interest rates that spur spending, have buoyed stocks and fueled rapid corporate earnings growth.
But a growing number of skeptics don’t view a spend-happy Congress and a
pushing ultra-accommodative policy as heroes. Instead, many see them as villains whose efforts may backfire and cripple the dollar’s value while inflation runs rampant.
“More and more people, they couldn’t explain to you what’s happening, but they know that something’s broken in our system,” Alex Mashinsky, founder and CEO of digital wallet firm Celsius Network, told Insider in a recent interview.
The Fed has drastically increased the money supply in the past 18 months, and Mashinsky said that 40% of all the dollars ever created were printed since the start of the pandemic.
That has sent investors flocking to volatile cryptocurrencies like bitcoin, which has a capped supply of 21 million, as safe-havens. Mashinsky reiterated a $100,000 price target for bitcoin as greater demand and slowing supply growth lead to the price the world’s first digital token doubling from current levels.
“So many people are frustrated or disappointed with our government printing money like crazy,” Mashinsky said. “They’re worried about the value of their dollars. They’re going to keep the store of value in bitcoin rather than in dollars.”
Gold, long touted as an inflation hedge, hasn’t appreciated in value like it’s supposed to, Mashinsky said. He added that buying bonds is as risky as “picking a penny up in front of a steamroller,” given their low yields in a high-inflation environment.
As long as the Fed keeps buying bonds and expanding the money supply, bitcoin should have room to run, Mashinsky said. He added that the biggest risk to its bull case is that the Fed tapers, or slows, its bond purchases sooner than expected but said that’s unlikely.
“We’ve heard the Fed many times promise to taper, and yet they’ve never tapered,” Mashinsky said. “The day Jerome Powell made that announcement, the stock market was up — not down. Because everybody yawned and said, ‘yeah, right.”’
Ethereum ‘Goldilocks’ launch ahead
Mashinsky isn’t just bullish on bitcoin. He also owns ether, the ethereum network’s native token.
“Ethereum is like in the perfect Goldilocks launch,” Mashinsky said. “Why? Three things happened recently, that basically — I can’t say guarantee — but basically make it very hard for ethereum not to appreciate in value. So, we definitely think ethereum is going to $8,000 or $9,000.”
While ethereum doesn’t have a capped supply like bitcoin, it’s now a “deflationary currency” because of a protocol called EIP-1559 that lowers the supply of ether in circulation. Fixed ether supply compounded with higher demand is the main reason why Mashinsky is bullish.
The Celsius Network founder also cited two more reasons why ether should rise: ETH 2.0, a one-way wallet deposit where ether gets taken out of the market and lowers supply further; and lower balances on crypto exchanges, which reflects an increase in buying activity.
“You have more demand, less new supply, less existing supply — higher prices,” Mashinsky said. “So that’s my rationale for $8,000 to $9,000 this year — by the end of this year — on ethereum.”
Watch out for trendy altcoins
Ether is set to surge and bitcoin is an important hedge that some have likened to digital gold, but not all cryptos will have the Midas touch.
Altcoins, or non-bitcoin cryptocurrencies, promise massive overnight gains but are highly volatile and are “extremely risky,” Mashinsky said. He isn’t the only one who thinks so — in a recent note JPMorgan’s digital assets expert Nikolaos Panigirtzoglou warned that the surge in altcoin popularity could precede a disastrous decline.
“You know those pictures in India where there’s 500 people on a train? That’s what altcoins are,” Mashinsky said. “The train is ethereum, or the train is bitcoin, and everybody else just piles on and tries to catch the ride.”
One red-hot altcoin, Solana (SOL), is up 150% in the past 30 days. It’s soared “to the moon,” as retail traders say, but it may be falling back to Earth — Solana has declined 12% in the last five days after its network shut down for 17 hours earlier this week.
“I love Solana as a technology, but Solana has an extremely high valuation,” Mashinsky said. “So I’m not sure. From a risk-reward standpoint, I like ethereum much better than Cardano, Solana, or Polkadot or any of the NFTs (non-fungible tokens), for example.”
Instead of buying altcoins that promise to be the next bitcoin or ethereum, or what one crypto technician called “ethereum killers,” Mashinsky recommends investors stick to the originals.
IT IS COMMON, in tech circles, to hear a business pitch that is simultaneously simple and baffling. “It is going to be like “X” [insert the name of any successful business], but on a blockchain.” The eager entrepreneur is quick to assume that everyone is both familiar with the technology and agrees on its merits. But what is a blockchain? And what are the benefits of using it meant to be?
A blockchain is a database that contains the history of whatever information it was designed to store. It is made up of a string of “blocks” of information that build on top of one another in an immutable chain. Bitcoin, one of the first blockchains, was built in 2009. It stores data on transactions in bitcoin, providing proof of who owns what at any time. What distinguishes a blockchain from other databases is that its ledger is distributed, publicly available and replicated on thousands of computers—or “nodes”—around the world. Rather than a centralised entity, like a bank or a tech platform, ensuring that the ledger is accurate, it is verified by a decentralised network of individuals.
Though Bitcoin’s blockchain is public, it is also trustworthy and secure. This is guaranteed by the mixture of mathematical subtlety and computational brute force built into its “consensus mechanism”, the process by which the nodes verify new transactions and add them to the blockchain. Computers race to solve a cryptographic problem—the first to do so wins newly mined coins—and a new block is added.
Newer blockchains, like Ethereum, store more information, such as lines of computer code. A function or application that can be programmed in code can be guaranteed to operate as written. The Ethereum blockchain offers proof that the code was executed. Developers can write conditional code—software that executes after a certain trigger—making it possible to set up “smart contracts” about future events.
Unlike private networks, open, public blockchains are transparent (anyone can view them), permissionless (anyone can use them) and censorship-resistant (no one can stop them). But because they demand consensus, they can be slow and complex to build. Building applications that conduct financial activities and distribute digital content on top of a blockchain can therefore be trickier than operating through trusted intermediaries. Building “X” on a blockchain may be sensible, but is easier said than done.
This article appeared in the Briefing section of the print edition under the headline “Building consensus”
Bitcoin on Thursday opened in the green and was trading at $47,907, up 1.58 per cent. The global market cap of the virtual currency was hovering around $901.478 billion. According to many analysts and media reports, Bitcoin is on the verge of making a ‘Golden Cross’ on the daily chart for the first time after forming a ‘Death Cross’ in June. A ‘Golden Cross’ is a term used by technical analysts to suggest a crossover of two important simple moving averages – the 50-day moving average over the 200-day moving average. As of Tuesday evening, Bitcoin’s 50-day moving average stood at $45,802 whereas the 200-day moving average was at $45,875, according to Tradingview.com. During the period between April 2019 – April 2020 golden cross happened 3 times. Measured from the BTC price to the extremes: April 23, 2019, BTC increased by 155 per cent, on February 18, 2020, it dropped by 61 per cent, May 20, 2020, it increased by 576 per cent. However, Bitcoin rival Ethereum was trading at $ 3,590.02, up 5 per cent. While the global market cap of Ethereum stood at $421.5 billion.
“Bitcoin broke past the $48,000 barrier, and Ether shot up more than 6 per cent. Over the past three days, Bitcoin broke past three crucial resistance levels and presently seems to be strongly bullish. Cardano, the third-largest crypto by market cap, finally managed to break free from the bearish dominance and moved past the $2.5 mark. The coming 24 hours will be an interesting session. BTC could likely consolidate, giving Altcoins the perfect opportunity to move higher. If the traded volumes in BTC go higher, it could potentially inch closer towards the coveted $50,000 mark.The global crypto market cap posted a third consecutive day of gains after moving 3.56 per cent. It currently stands at just around $2.18, while the total traded volumes dropped more than 12 per cent,” Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Trading Platform said.
On the other hand, Cardano was trading at $2.45, up 2.18 per cent. The global crypto market cap is $2.18 trillion, a 3.02 per cent increase over the last day. The total crypto market volume over the last 24 hours is $100.15 billion, which makes a 10.05 per cent decrease. The total volume in DeFi is currently $18.48 billion, 18.45 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $76.27 billion, which is 76.16 per cent of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 41.38 per cent, a decrease of 0.37 per cent over the day.
“Bitcoin has recently experienced its eighth Golden cross with the 200-day and 50-day. Moving averages crossing paths. This could potentially mean an increase in buying volumes and a breakout from the current trend pattern. The last time such a phenomenon occurred, Bitcoin surged close to 600 per cent,” said Siddharth Menon, chief operating officer, WazirX.
“Meanwhile, after a brief period of consolidation, the Total crypto market cap has gained an upward momentum reaching $2.2 trillion levels. Looking at the volume trend, it could only mean that investors have regained confidence in the crypto market after the recent correction,” he added.
Here are the top cryptocurrencies and their prices on September 16, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $47,907 or +1.58 per cent change in 24 hours
Ethereum $ 3,590.02 or + 5 per cent change in 24 hours
Cardano $2.45 or +2.18 per cent change in 24 hours
Binance Coin $427.72or 2.98 per cent change in 24 hours
Tether $1.11or 1.55per cent change in 24 hours
XRP $1.11 or 1.56 per cent change in 24 hours
Dogecoin $0.2436 or 1.05 per cent change in 24 hours
USD Coin $1.00 or -0.02 per cent change in last 24 hours
Polkadot $35.90 or -2.99 per cent change in 24 hours
Solana $155.89 or -0.94 per cent change in 24 hours
Uniswap $26.90 or +5.23 per cent change in 24 hours
Bitcoin Cash $645.35 or +0.98 per cent change in 24 hours
The below is a direct excerpt of Marty’s Bent Issue #1076: “Yet Another Reminder That Many Bitcoin Critics Are Subpar.” Sign up for the newsletter here.
The above snippet comes from the Opinions section of the New York Times, and it is a stark reminder of just how bad many Bitcoin “critics” turn out to be. In his piece that dropped today, Binyamin Appelbaum claims that the gold standard – something humanity used for THOUSANDS of years – was disastrous, called private keys passwords, claimed that the US Government can easily brute force ECDSA and confiscate anyone’s bitcoin, and that individuals don’t use bitcoin in a non-custodial self-sovereign fashion because it is “too hard”. A pretty impressive streak of objectively wrong statements.
The frustrating part isn’t that Binyamin was so terribly wrong, it is that he was so very confident while spreading his fake news in the New York Times. Confident enough to exclaim that bitcoiners are nothing more than “Libertarian cosplay” participants. I usually wouldn’t waste a day’s issue of this dirty rag on one particular critique from a single New York Time Opinions piece writer, but pointing out the juxtaposition of this article with the New York Times’ coverage of the Met Gala was irresistible.
The New York Times likes to paint itself as a leader pushing forward social justice and progressive values while speaking truth to power during chaotic times. However, if you look closely – particularly at this bitcoin hit piece and the Met Gala coverage – you will find that it’s the New York Times that is engaged in cosplay and not bitcoiners.
Since January 3rd, 2009 bitcoiners have been working diligently; writing code, building businesses, educating, and erecting physical infrastructure to provide the world with a peer-to-peer digital cash system that will serve anyone who can access the software. In the process, the network has provided billions of unbanked and those already banked with the opportunity to access a digital app where they can store their wealth. Not only that, but the Bitcoin network gives you the ability to have an extremely high degree of certainty that your share of the overall network cannot be debased. The app has only gotten easier to use over time as more and more people are drawn to the network and work to make it more efficient and user friendly. The same can not be said for the incumbent monetary system, which is only getting harder to use.
As central bankers and governments around the world continue to lose their grip on the very interconnected monetary systems of the world – causing social in-cohesion – they are getting more serious about the monitoring of who is sending money to who and how much they can spend. A result of this is increased data collection and filtering that is making it harder for individuals to interact with the economy. It’s getting harder to use in this technical sense, but it’s also getting harder to use in a practical sense as the amount of overall units of money increases rapidly, pushing the prices of many good up as a result. Either completely boxing individuals out from the digital monetary system all together, or decreasing their quality of life materially by making things more expensive.
Bitcoin fixes this problem by giving individuals the world over an open and sound monetary system, yet the New York Times, which is supposed to be cheerleading the advancement of human rights, chooses to bash bitcoin while running this article during the same day…
Legitimate gushing over an elite costume party where celebrities and politicians alike signal their support for social justice while dawning outfits worth tens of thousands of dollars to hundreds of thousands of dollars with a full life cycle of 12-hours. And the wardrobe wasn’t the only thing the celebrities at the Met Gala were waving in the face of the poors, they were also waving their actual maskless faces right in front of them too. Apparently if you adorn an outfit worth more than your average annual salary in the United States you are naturally immune to COVID. And as long as you signal your disdain for the state of the world by including political phrases like “Tax the Rich” and “Peg the Patricarchy” on your costume, you are absolved from not actually doing anything. That is enough effort. You can go on feeling good about yourself.
The funny thing is that Bitcoin is going to win in such a fantastic way because it is rooted in proof of work. A proof of work that the LARPing elites dependent on the Cantillon Effect cannot compete with in the long run. We’re going to wake up one day, Bitcoin is going to be as easy to use as the mobile phone or laptop you are reading this rag on, the incumbent monetary system is going to be more burdensome and less reliable, and those who the progressives think they are helping are going to thank Satoshi for Bitcoin for providing them with the opportunity to build themselves a better life.
PRICE DROP PREDICTED
However, others said that the change in price was to be expected.
“When this move was first announced, it didn’t have nearly as big of an impact on price as some may have expected it might, possibly because El Salvador’s population is less than New York City’s, but also because the announcement was light on details and people were on the fence about how this was going to be implemented,” Leah Wald, CEO at Valkryie Investments, told CNBC.
“Transaction fees, processing times, and other hurdles also make this feel more like a beta test rather than a solution to many of the problems plaguing the country’s poor,” she added, noting most El Salvadorians live in poverty without internet access or a smartphone.
“What is most worth looking out for is whether or not neighboring countries in Latin America, or those elsewhere around the world, begin to adopt bitcoin as their national currency as well,” Wald added.
“Should this occur, that is when we could see a parabolic move higher, as the momentum gained from many millions more people having instant access to crypto should result in more adoption, more HODLing, and higher prices.”