Since the early days of cryptocurrency, the fast-growing and passionate community behind this novel financial instrument has been on a mission to ensure wide scale mass adoption. In the last few years, there has been a significant increase in institutional support for cryptocurrency and new products such as margin trading and crypto lending. This is all by design, to encourage more participation within the cryptocurrency trading market. In 2020, DeFi made waves for creating new and improved ways for cryptocurrency to be included in the global financial landscape; offering appealing new features for investors. And despite all of the community’s efforts thus far, the key to mass crypto adoption still lies not only in institutional support for the industry, but in ensuring individual accessibility as well amongst the global community. In other words, cryptocurrency will not be widely accepted until people can access and spend it as easily as they do with tried and true fiat currency.
The jury is still not out on if cryptocurrency should be treated as legal tender, an investment or both. While there has been a huge advantage to positioning cryptocurrency as the next big asset class, especially during times of uncertainty like the one we’re in currently with a global pandemic; the bigger picture must be taken into account. If the public perceives cryptocurrency as an asset class, consumers will not want to spend it as a currency. This means that widespread cryptocurrency use with current market conditions is unlikely to occur since far more people use legal tender than invest in assets. This is coupled with the often-volatile price of cryptocurrency on the market, which is another significant challenge.
There are already efforts in place by crypto-focused firms to connect cryptocurrency use to everyday consumption such as the use of e-commerce platforms. Plutus for example, is a FinTech start-up which recently announced a promotion for their followers that tied in with Amazon Prime Day; a massive e-commerce event during which the site offers crypto back to their users. On their website, they announced:
“Starting today, we are jumping in on the action to offer you a massive 10% crypto reward on any, and all, Amazon purchases. This comes on top of any existing discounts/sales applied by Amazon, meaning savings could be in excess of 60%.”
Furthermore, the promotion was available to all users regardless of how much of their native token, PLU, they had staked. The reward was to be redeemed through the use of the Plutus card for purchases at checkout. Aligning cryptocurrency with such a popular and established e-commerce event not only encouraged cryptocurrency use, but aided to improve its public perception as well.
Cash and credit cards have been working just fine for merchants over the years, and crypto adoption carries the risk of volatility and also requires a need to educate people on its use, which is proving to be a cumbersome process. A proxy solution was introduced back in 2015 in Plutus’ white paper, which outlined the details of how to enable users to spend Bitcoin at over 40 million merchants using the current banking infrastructure. It was a way for customers to spend in crypto using a debit card, and for the merchant to receive their preferred method of payment; cash in the bank without any additional onboarding. The concept was introduced by the founder of Plutus, Danial Daychopan, who recently announced the team’s plans to obtain a banking license in order to scale their business into Asia and Latin America and provide brand new banking features for members of the crypto ecosystem. By obtaining such a license, Plutus will be positioned to eliminate one of the biggest roadblocks faced by crypto firms and allow for seamless adoption by merchants worldwide. Should this strategic move prove to be successful for Plutus, more crypto firms might follow suit and create an industry-wide snowball effect towards increased adoption.
Marcus Henry is an American Journalist with over 12 years working in the tech industry. He has been actively involved in the crypto community for the past three years and currently works out of Austin, Texas. He covers breaking news, writes perspective pieces and reflections, and conducts interviews with industry professionals and community members. Follow Marcus Henry on Twitter- @MarcusHenryHODL
Disclaimer: The information above does not constitute investment, financial, trading or any other sort of advice and you should not treat any of my content as such. I do not recommend the purchase, sale, or holding of any cryptocurrency or other product and/or service. Nothing I write about should be deemed as an offer to purchase, sell, or hold a cryptocurrency or other product or service. Please do your own research and consult a certified financial professional before making any investment decision.
© 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.
The second richest man in Mexico invest 10% of his portfolio into BTC
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.
Para iniciar con el #Bitcoin, les comparto un video tomado en un país latino donde los bancos tiran el dinero a la basura (el papel moneda no vale nada) es por eso que siempre es bueno diversificar nuestro portafolio de inversiones 😌.— Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020
Esto es la expropiación inflacionaria! 🤦🏻♂️ pic.twitter.com/ahblQW6AhO
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.
BTC/USD Buying Opportunity After Pullback: Sally Ho's Technical Analysis 27 November 2020 BTC
Bitcoin (BTC/USD) extended its recent pullback early in today’s North American session as the pair depreciated to the 16400 area after running out of steam around the 17356.30 level in the Asian session. Traders have been on the defensive since BTC/USD recently peaked around the 19500 area, just short of establishing a fresh all-time high. The pair stopped short of testing the 15808.49 area during the move lower, representing the 23.6% retracement of the wide appreciating range and absolute 2020 range from 3858 to 19500. Significant Stops were elected during the decline including below the 18605.14, 18275.16, 18016.74, 17604.12, 17517.42, 17156.69, 17099.13, 16905.00, 16603.10, 16357.50, and 16292.58 levels. If the pair is able to resume its upward trajectory, traders are carefully monitoring the 20311.36 and 21909.24 areas as upside price objectives. Similarly, the 20534.46 area is an upside price objective related to buying demand that originated earlier this year around the 6854.67 area.
Traders will pay close attention to some potential areas of technical support during pullbacks lower and these include the 16092.69 and 15935.90 areas. Notably, the 15935.90 and 16304.69 areas represent the 76.4% and 78.6% retracements of a historical depreciation from 19891.99 to 3128.89. Further below current market activity, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 17344.86 and the 50-bar MA (Hourly) at 18158.27.
Technical Support is expected around 17657.16/ 17306.03/ 16304.69 with Stops expected below.
Technical Resistance is expected around 19500/ 20311.36/ 21909.24 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
CNBC’s Brian Kelly predicts bullish YEAR for bitcoin
1 minute read
- Brian Kelly predicts a bullish future for bitcoin.
- Bitcoin surpasses $16,000.
Brian Kelly, a well-known advocate for bitcoin recently said on the Fast money show for CNBC that the gains that bitcoin is currently making could be extended to a full year following the halving.
In an interview earlier this week on the 12th of November on the show, Brian said that the spike in high-profile and institutional investors that are moving towards cryptocurrency and specifically, bitcoin, could indicate an exciting and bullish future for the king coin.
“There's a lot of scope for upside. Most of the gains that come are the year after the halving, and we’re seven months into that year after the halving, and Bitcoin’s doing what it should do.”
The host, Melissa Lee said:
“So there could be five more months here of pretty good upside.”
Bitcoin has had a very exciting week this week after it surpassed the $16,000 key resistance level following what was a very exciting time during the United States presidential election. Bitcoin has seemingly come out on top with many people now predicting big things in the short and long-term for bitcoin.
You can see his interview here:
Bitcoin bounces back! The cryptocurrency broke above $16,000 today for the first time since 2018 as investors jumped back into the trade. Bitcoin Baller @BKBrianKelly looks at what could fuel the bullish boom. pic.twitter.com/6cUegXrhPW— CNBC's Fast Money (@CNBCFastMoney) November 12, 2020
How South Africa's scam history has made its investors stronger
South Africa is a country with great diversity and has a rich history which attracts about 2.5 million tourists into the country every year. But what’s more appealing about South Africa is its gold mining industry which is one of the aspects of the country that makes it very attractive to foreign investors. And it comes as no doubt that South Africa has the most industrialized economy in the continent as a whole. Besides natural endowments history and tourism, South Africa is one of the countries in Africa where the activities of the financial market are widespread. Due to its attractiveness, many individuals have fallen victim to scammers in the country in an attempt to make a decent investment.
According to numerous reports, many investors and visitors have been scammed by South African citizens or even scammers who are established in South Africa because it is a hub for foreign investment. Scammers go a long way to defraud people and it is always almost genuine, which makes it difficult for the investors to notice. Some examples of these activities involve scammers posing as airport staff, engaging in unexpected chats, stealing from backpacks or carry-on bags, or even fake taxi drivers that take passengers to unknown destinations to defraud them. These scammers go as far as telling passengers to get a receipt for some kind of taxi voucher, bus card, or airport receipt, take them to the ATM to get that non-existent voucher, and then try to see you type your PIN before creating a distraction to snatch and run with your card.
It does not only end at that the height of this was when several South African investors lost over $13 million to a bitcoin scammer. This is one of the most thought out scams in the history of forex scams in South Africa and there are several more of this magnitude or even worse.
In this case, the mastermind of the bitcoin scam, Willi Breedt who was the CEO of Vaultage Solutions now defunct, allegedly scammed several investors of over 227 million rands ($13.35 million) and escaped to another country when things got messy. It all started when the scammer abruptly severed all connection and communication between his clients and going on vacation. After several reports from his investors to the authorities, he was under criminal investigation, during which he closed shop, it is alleged that he went into hiding as the investigations went on. Reports by local news outlets indicated that Breedt claims that his troubles started in 2019 when the crypto market slumped. However, the truth of the matter is that the markets immediately recovered sufficient enough for him to recover all his losses. Because the slump was short-lived as it occurred only between one day and recovered the next so all losses were recovered. But Breedt claims to have been bankrupt by the slump and went into hiding to avoid his clients. Investigations on his bank account uncovered fraud as some of his investors stated that they had about $3.15 million in their account and the next day there was nothing and Breedt was nowhere to be found.
The members of the crypto community in South Africa have not been amused by Breedt’s actions because it reflects back to them as untrustworthy. But what’s more, is that it has been so common in the country that investors are becoming more accustomed to it. Although scamming is still prevalent in the country, investors are becoming more cautious when investing in South Africa. They have been scammed so much so that they are now stronger and more aware of scamming activities in the country, making it an even harder task for scammers to cook up any story because they’ve seen all and heard all.