Hot Topics

Advertisement

Advertisement

What if the entire concept of purchasing power is made up?

What if the entire concept of purchasing power is made up?
So let's look at 3 things
  1. U.S. Dollar
  2. Gold
  3. Bitcoin
The only reason the U.S. dollar is considered a store of value is it is the reserve currency for all the world and global transactions. This is only because it is backed by the economic and military might of the United States of America. This brings me to the topic of Gold A lot of people believe the biggest strength of Gold is that no single entity, be it a Sovereign State or financial institution, can control it. Some people think of Gold as a store of value, a tangible asset they can touch and hold. However this idea just shows a lack of understanding of when people say gold is not affiliated to any Sovereign State or institution, many governments are large holders of Gold and are rumored to suppress the price for their own benefit. As far as practical uses you cannot eat a bar of Gold and you cannot easily spend in a store. Granted you could have a credit card and spend your stores gold fractionally in theory same as with bitcoin. Which leads us to the final topic. The real or intended use of Bitcoin Bitcoin was originally intended to be a P2P protocol payment system. According to many internet sources and wikis Bitcoin is the first decentralized digital currency as the system works without a central repository or single administrator. It was allegedly invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. The system was intended to be peer-to-peer, and transactions to take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the scaling of Protocol and increase in block size the intended decentralization is now becoming more centralized and the speed of the network has many latency issues. The explosion in price has brought on an enormous amount of miners conducting proof of work which essentially through consensys mechanism are acting as third parties in the system. This is totally contrary to the original P2P protocol intention in the original white paper.   Disclaimer This article is for informational purposes only and does not constitute investment advice. Disclosure The author may hold Bitcoin and/or Gold.

You can share this post!

Advertisement

SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

Quick take

1 minute read

  • Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. 
  • But not everyone yet understands fully what bitcoin is or how it works. 

Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. But not everyone yet understands fully what bitcoin is or how it works. 

There are numerous videos and articles out there that explain it but some people will leave those articles and videos more confused than when they started!

This is a sentiment that is being shown in numerous institutional investors such as Masayoshi Son, who is the billionaire technology entrepreneur and the Chief Executive Officer of SoftBank, a conglomerate institution based in Japan. He has said that he doesn’t “understand“ bitcoin as it rises significantly in its value.

Son has said that bitcoin investment is seemingly pulling his attention away from his actual own business according to a report from business insider last week on the 19th of November.

He added that he would spend five minutes every day watching the price of bitcoin go up and down highlighting that he was told by a friend to invest 1% of his personal assets into the coin. Quick maths shows that this is around $200 million.

When discussing the future of digital currency, the CEO said that digital currencies will be useful in the future and are great for development but it will take time and they won’t go anywhere any time soon.

“I think digital currency will be useful [...] But I don't know what digital currency, what structure, and so on.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes

You can share this post!

As it grows, how much ground will XRP cover next year?

As it grows, how much ground will XRP cover next year?

Quick take

1 minute read

  • Is 2021 XRP’s year?
  • How adoption will result in the success of the token.

Timothy Peterson, the well-known advocate for bitcoin and manager of global macro, believes that the San Francisco-based XRP token will have its best year in 2021 since 2017. 

As previously reported earlier this week, Peterson has recently said:

“I know it doesn’t look like much but this is $XRP lowest price forward. I think people will be surprised at $Ripple’s performance in 2021. It will probably have its best year since 2017 and maybe outperform #Bitcoin.”

As many people will already be aware, the success for ripple and its token will all depend on adoption by financial institutions. They have developed numerous new products such as rippleX in order to help facilitate a seamless transaction on the decentralised ecosystem for the network. But for the tokens targeted market, only 2% of financial institutions are actually willing to use it.

The Chief Technical Officer of Ripple, David Schwartz has previously said that there are numerous obstacles that prevent adoption for the token some of which include problems with regulation. That being said, well-known traders and investors at Galaxy trading have said that the asset is proven to be resilient.

“Although it is perhaps one of the most disliked projects, it has more than once shown its aggressive nature at a time when no one is expecting it.”

They see that the coin is capable of sparking by 10 times its current price as they say:

“We believe that this moment is very close and since catching the exact bottom is something very unpredictable, our advice to all who want to invest is to start buying at these “golden” levels of support where 10X can become a reality.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Related TAGS:

You can share this post!

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

You can share this post!

The second richest man in Mexico invest 10% of his portfolio into BTC

The second richest man in Mexico invest 10% of his portfolio into BTC

Quick take

1 minute read

  • Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. 
  • It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. 

Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.

Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.

Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Related TAGS:

You can share this post!