“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”Let's unpack it and jump into the economics Bitcoin:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.In english: *hyperinflation stops when the central bank can say "no" to the government."
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds.
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Ought to you jump in and begin using your onerous-mined bitcoins within the markets? Find out the risks and advantages initial.KEY TAKEAWAYS
The market is devoted to trading in the globe's currencies.
Many brokers currently settle for bitcoin and different cryptocurrencies.
Bitcoin trades benefit from the anonymity and decentralized valuation system the currency represents.
They add a replacement layer of risk trading, exacerbated by the acute volatilityStandard Forex Trade
Before you think about whether to trade using bitcoin, it's helpful to understand how a standaroretrade works.
A forex trade is simply an exchange of 1 currency for an additional at its current rate. Unlike tourists who exchange their home currency for local spending cash, forex traders are trying to form cash off the continual fluctuations in the real value of 1 currency against anothe
The key distinction is that, though forex exchanges would possibly be decentralized, the currencies themselves are backed by central banks in the countries that issue them. It's the duty of those banks to stabilize the value of their currencies and keep them stable
Now think about an example of a forex trade using bitcoin. First, you open a forex trading account with a broker who accepts bitcoins. These embody AvaTrade,one? eToro, and LiteForex.a pair of? You then transfer 2 bitcoins from your digital wallet to the forex broker’s digital wallet.
If you wish to trade using bitcoin, use only a locally regulated forex brokerage. And avoid using leverage till you know what you are doing.
Assuming the present bitcoin to U.S. dollar rate is 1 bitcoin = $seven,500, your deposit of two bitcoins is value $fifteen,00zero. Now, assume that you would like to require an edge in British pounds. If the exchange rate is £zero.five = $one, you may receive £7,500. When it rate changes to 0.45, and you square off your position t.sixty five in your trading account. You have got made a tidy eleven.elevenpercent profit and you're prepared to cash out.
Despite the very fact that your bet on British pounds earned you an eleven.11% profit (from $fifteen,00zero to $16,66six.65), the fluctuation in the bitcoin to U.S. dollar rate suggests that that you sustain a loss of zero.039 bitcoin or about -two.percent. (Initial deposit of 2 bitcoins — 1.961 bitcoins = .039 bitcoin).
However, had the bitcoin to U.S. greenback exchange rate changed to 1 bitcoin = $7,000, you'd realize a benefit from both the forex trade and the bitcoin exchange. You'd have received ($16,66half dozen.65/$7,00zero) = two.381 bitcoins, a profit of nineteen.onepercent.
This hypothetical example illustrates the large reason to exercise caution when using digital currencies for forex trading. Even the most fashionable and widely used cryptocurrency, the bitcoin, is highly volatile compared to most traditional currencies.
Within the year ending July 24, 20twenty, the value of a bitcoin ranged from $five,532 to $eleven,982
This unpredictability means that that the risks associated with trading forex using bitcoin are that abundant larger
Beyond the exchange rate fluctuations impacting profit and loss, there are other edges and risks to consider before trading forex with bitcoin
Decentralized Vauations: A major advantage of trading forex with the bitcoin is that the bitcoin isn't tied to a central bank. Digital currencies are free from central geopolitical influence and from macroeconomic issues like country-specific inflation or interest rates.
High Leverage: Many forex brokers offer leverage for bitcoin trades. Experienced traders can use this to their profit. However, such high margins ought to also be approached with great caution as they amplify the potential for losses.
Low Deposit Amount: A trader can begin with as little as $twenty five with some bitcoin forex trading firms. A few forex trading companies have even offered promotions sort of a matching deposit quantity. Traders ought to check that the broker is legitimate and appropriately regulated.
Low Cost of Trading: Most forex brokers that settle for cryptocurrency are keeping brokerage costs terribly low to attract new shoppers.
Security: You don’t would like to reveal your bank account or mastercard details to make a bitcoin transaction. This could be a massive advantage in terms of price and monetary security.
No World Boundaries: Bitcoin transactions don't have any international boundaries. A trader primarily based in South Africa can trade forex through a broker based mostly within the United Kingdom. Regulatory challenges could stay a concern, however if both traders and brokers are willing to transact, there aren't any geographical boundaries.
Risks of Trading Forex with Bitcoin
Different Exchange Rates: Bitcoin trades on multiple exchanges and exchange rates vary. Traders must guarantee they understand that bitcoin exchange rates the forex broker can be using.
U.S. Dollar Rate Risk: While receiving bitcoin deposits from clients, almost all brokers instantly sell the bitcoins and hold the quantity in U.S. dollars. Even if a trader will not take a forex trade position immediately when the deposit, he or she remains exposed to the bitcoin-to-U.S. dollar rate risk from deposit to withdrawal.
Danger of Volatility: Historically, bitcoin prices have exhibited high volatility. Within the absence of regulations, volatility will be used by unregulated brokers to their advantage and a trader’s disadvantage. For example, assume the intraday bitcoin rate fluctuates from $five,00zero to $5,300 U.S. greenbacks per bitcoin. For an incoming deposit of two bitcoins, the unregulated broker may apply very cheap rates to credit the trader $10,00zero (2 bitcoins * $five,000 = $10,000). However, once the trader is ready to create a withdrawal, the broker might use rock bottom exchange rate. Instead of the original a pair of bitcoins deposited, the trader receives o
Security Risks Inherent to Bitcoin: Deposited bitcoins are vulnerable to theft by hacking, even from a broker’s digital wallet. To reduce this risk, rummage around for a broker who has insurance protection against theft.
Risk of Leverage: Using leverage is risky for new traders who may not perceive the exposure. This risk is not unique to cryptocurrency forex trading and comes into play in traditional forex transactions still.
Asset Category Mixing: Cryptocurrency may be a different asset class altogether and has its own valuation mechanism. Trading forex with bitcoins primarily introduces a replacement intermediate currency which will impact profit and loss in unexpected ways. Any cash that's not locked down in an exceedingly trader’s base currency is a risk.
Although cryptocurrencies like bitcoin are gaining popularity, there are still several associated risks. In forex trading, dealing in a decentralized currency that provides global transactions with no fees is a bonus. But the tradeoff is actually adding a 3rd currency to what was a trading try
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We need all users to enroll on our platform to access the Bitcoin Trader platform. The sign up method is easy and solely takes a couple of minutes. You'll be able to forever contact our customer service team if you wish helpour Bitcoin Trader account for our trading robot to position trades on your behalf. We tend to need all users to possess a minimum of $250 in their account before accessing our web trader platform. This quantity is enough to require positions price lots of thousands of dollars when using leverage.
You do not would like any expertise to trade with the Bitcoin Trader app. We tend to are ninety nine.99percent automatic, that means that live trading involves terribly little manual input. Moreover, we tend to offer comprehensive guides and tutorials to help users set up a live trading account.
ognized by the US Trading Association as the foremost profitable crypto robot in 20twenty. Whereas results rely on market conditions, a number of our traders have seen profits of more than four
What is the minimum deposit withBitcoin freedom
You'll be able to trade with us by depositing just $250. The additional you deposit, the more earning potential you have in a very single day. However, we have a tendency to encourage our users to begi
We have a tendency to are tested and verified by prime trading review sites. Our trading platform is cutting-edge. Moreover, we have a tendency to operate in collaboration with highly reputable brokers. We have a tendency to work absolutely transparently and publish all the data that users need to get started with our trading robot
The Bitcoin Trader trading platform is internet-based mostly and accessible through all major browsers on desktop and mobile. You can also install an HTML5 version of our net-trader on any mobile device. We tend to are coming up with to release native apps for Android and iOS by the top of the year.
Bitcoin Trader is a trading robot powered by cutting-edge AI technology. We have a tendency to have a possible daily return on investment of up to four hundredp.c. We have a tendency to have over five thousand reviews on TrustPilot, and at least 90percent of our reviewers are happy with our platformn
Are there hidden fees with Bitcoin Trader?
Our fees are fully transparent. You can download a listing of trading fees from the platform’s management dashboard. We have a tendency to only charge a little commission on profits earned through our trading robot
We have a tendency to settle for registrations from over a hundred thirty countries across the world. Most of our purchasers are from the UK, the US, some elements of Africa, and Asia. We have a tendency to are on the market in your country if you can access our Bitcoin Trader website while not employing a VPN.
We aim to assist normal people reap important returns from cryptocurrency trading. With us, you get exposure to over forty five Bitcoin contracts for variations (CFDs). Common crypto pairs you'll trade with us embrace BTC/USD, BTC/GBP, BTC/EUR, and BTC/XRP.
1) Register: Registering with the Bitcoin Trader app is straightforward. Scroll to the high of this page and submit the specified details through the registration kind.
We require users to verify your phone range and email, since this is often what you'll use for multi-factor authentication. Yet, our partner brokers verify the identity of all users per regulators’ understand your customer (KYC) requirements.
a pair of) eposit: You wish to deposit a minimum of $250 US to trade with the Bitcoin Trader software. We tend to depend on our partner brokers to facilitate transactions, and all of our partners are absolutely regulated by government authorities. With regulated brokers, you'll rest simple knowing that your funds are safe.
You'll fund your account through wire transfer, MoneyGram, Western Union, FasaPay, Visa, MasterCard, Neteller, WebMoney, and Skrill.
three) Trading Education and Demo: We have a tendency to are an auto-trading robot, however we have a tendency to do enable our users some level of management, especially when it comes to risk management. Consequently, our Bitcoin Trader official website encourages you to travel through our trading education section to familiarize yourself with the chance management process.
Our highly intuitive demo platform ought to additionally facilitate your observe trading with the robot before you begin trading during a live account Bitcoin Freedom
The platform needs that you just define the trading conditions for the robot and activate the live trading session button. We have a tendency to encourage you to depart the robot running throughout the day within the background. You'll be able to let it run unmonitored for up to eight hour
We tend to have recently been nominated as the most profitable robot for BTC trading in 20twenty. Moreover, we are one of the trading robots that has been extensively covered by mainstream media. Bitcoin Trader has thousands of reviews on client feedback platforms
Bitcoin Trader was one amongst the primary robots to use high-frequency trading techniques to BTC trading. The robot was founded in 2015, nearly two years before the crypto boom in 2017.
Bitcoin Trader uses AI and ML to create sense of big knowledge, which allows it to trade with high accuracy.
Our trading platform became an on-line sensation in mid-2017, and it has maintained its popularity since then. Bitcoin Trader is the simplest possibility for many beginner and experienced traders.
Bitcoin Trader allows you to earn a daily profit of up to $1,00zero by investing simply $250. That’s a potential return on investment of up to four hundredpercent.
Do celebrities recommend the Bitcoin trader software?
We tend to are highly widespread and hence a prime target for celebrity gossip. There are viral rumours that we have a tendency to have been endorsed by Elon Musk, Richard Branson, and Jeff Bezos.
Elon Musk – The founder of SpaceX has invested in Bitcoin and expressed interest in artificial intelligence, however he has not invested employing a trading robot.
Richard Brandson – Branson is another celebrity alleged to own invested using Bitcoin Trader. While it's true that he loves Bitcoin and blockchain technology, he hasn’t endorsed any trading robot.
Jezz Bezos – Bezos is also a big fan of emerging technologies, however he hasn’t shown any interest in BTC trading through revolutionary robots like Bitcoin Trader.
You ought to never build an investment decision based mostly on whether or not a star has endorsed or invested in it. Bitcoin Trader has been tested and licensed by specialists.
The verdict about Bitcoin Trader
We tend to are a prime-rated crypto trading robot with nice reviews on sites like TrustPilot and ForexPeaceArmy. Moreover, we have been recognized as legit and profitable by authoritative bodies like the US Trading Association.
We have a tendency to are always striving to offer the most effective to our users by regularly improving our trading platform. Our team of experts analyzes feedback from users to work out what features will create a a lot of seamless trading experience. We tend to operate in complete transparency, having partnered with some of the world’s most reputable brokers.
Our platforms are encrypted to shield you from hackers. Furthermore, we tend to also adhere to information privacy measures, like the General Information Protection Regulation (GDPR). Try out Bitcoin Trader currently through the link at the high right corner of this page.
perior over different cryptocurrencies?
PRESS RELEASEWhy is Bitcoin superior over different cryptocurrencies?Akshay KSPublished a pair of weeks agoon August 12, 2020By Akshay KS
During this technical world, bitcoin is the foremost used digital currency all over the world. However the main question then arises within the minds of the many folks is why bitcoin is considered the foremost superior over other cryptocurrenc Bitcoin Freedom
Bitcoin is that the one method of creating transactions daily as alternative currencies. But it's its options and uniqueness that make it superior. Bitcoin and different currencies are based mostly on the cryptographic algorithms or mathematics that are encrypted, with that the user becomes the owner of the currency. Bitcoin currencies are easily accessible at Bitcoin ATM and online exchange
The main feature of the bitcoin, which makes it superior is that it is the safest option for digital transactions. These will be used for on-line searching and transfer of money too.
There are many alternative blessings to using bitcoin. A number of them are mentioned below
Decentralized and digital
Bitcoin offers the freedom of exchanging the price without representatives that proves helpful in controlling the lower fees and high funds. Bitcoin is that the faster method of transaction than others. It is secure as it is free from theft and frauds and is constant. The main advantage is that bitcoin has its homeowners whereas the bank controls the money.
Makes online looking
Normally, bitcoin will be used for on-line shopping too. Bitcoin is the opposite face of e-wallet, that is created by blockchain technology that is used to store money and will easily pay everywhere digitally. For this reason, it also makes your searching easy by which you'll be able to look from your home solely
Bitcoin is accepted globally at each corner of the planet, which makes it less volatile than local currencies or cash. This feature makes it superior because it enables us to form transactions on-line and across the boundaries
Bitcoin unable the means of tracking cash
Bitcoin is created by blockchain technology. Blockchain is the sole technology which will either make it or break it. There are many computers which are used to keep up a permanent record of each bitcoin transactions with the help of cryptographic technique. In this approach, it becomes a lot of valuable together with the tracking of the payment. At the same time, there's no method of tracking the cash
While not any transformation method, it will be used over the entire world. It provides the simplest platform for the investment as it is free from the restrictions of governments or banks. It provides an open market and combines the simplest of gold and money.
Bitcoin provides the power to access the balance of the users with a password which is named a personal key. It additionally permits the exchange of values through the web without any middle person. Thus, bitcoin becomes safer, stuffed with privacy, and open to everyone
Unlike cash, it is not possible to form the duplicate quite bitcoin that makes it more efficient. It's protected with the technology of blockchain. Even if anyone tries to form a replica of bitcoin to use it, then the system will automatically reject it as the system recognize it as unknown
Bitcoin Freedom failed to allow two persons to transact on the one price. Once the bitcoin is transferred, its possession is also transferred. So this is the simple approach of maintaining records for any tax functions. It conjointly makes it a easy and healthier metho
Bitcoin is the foremost reliable manner of online transactions. Many questions arise in folks’s minds that are solved on websites like bitcoin revolution. One in all them was the above-mentioned question. Bitcoin provides many facilities, and it comes with more and a lot of blessings which makes it distinctive and special over different cryptocurrencies. It can be preferred as the simplest digital platform for transac
Disclaimer: AMBCrypto US and UK Market's content is informational in nature and is not meant to be investment advice. Buying, trading or selling crypto-currencies ought to be considered a high-risk investment and every reader is advised to do their due diligence before making any decisions.
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Sign up with Bitcoin Trader nowadays to start out earning potentially thousands of greenbacks in profits daily from an initial investment of just $250. We tend to are a high-rated automated trading robot that's accessible and easy for all to use. By trading with Bitcoin Trader, you'll start generating a lot of investment income than ever beforeBitcoin Freedom
“After simply some months trading with Bitcoin Trader, I’ve made a lot of than $ten,00zero and finally understand what it’s like to measure the dream. I’m saving up my profits to quit my job and spend a year traveling.”
“I’ve been a member of Bitcoin Trader for only 47 days. But my life has already modified! Not solely have I created my 1st $1,000, however I’ve also met a number of the most incredible folks in the process. Thanks, Bitcoin Trader!”
“I used to speculate on my own, but now that I’ve used Bitcoin Trader I would never return to my recent broker. Bitcoin Trader takes manner less work and that i’ve already created thousands of greenbacks in profits in simply a few months.
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With the Bitcoin Trader software, you can probably build up to $one,500 daily from a deposit of $250. We tend to are powered by artificial intelligence technology to confirm that you just get a win rate of more than 98p.c under the right market conditions. The US Trading Association has nominated our Bitcoin Trader as the most profitable crypto trading robot on the market.
We have invested in the globe’s best trading technologies. These include the factitious intelligence subsets of natural language processing, deep learning, and machine learning. Bitcin Trader depends on these technologies to derive insights from huge data and market news.
The Bitcoin Trader app has won nearly fifteen coveted awards since launching in 2016. These include the most Profitable Robot 2020 award by the American Trading Association, the simplest Robot in Trading Technologies 2019 award, and the most Profitable Crypto Robot in 2018 Award. We have a tendency to price our customers and are contin
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Hello, everyone, It’s been a long time since you heard our team, someone thought we were gone, someone was waiting, and someone disappeared himself.
All this time we have worked hard to bring you good news. We will tell you what we have prepared for you, what events will be soon, what you can use right now and what else will be new in the year. And so, let’s go!
Preparing for listing on the exchangeThe pandemic period played into the hands of the entire team and we managed to build beauty in our services. In anticipation of the exchange, the team tidied up the sites and services and connected new tools. First of all, we paid attention to the preparation of all services for a foreign audience, taking into account its mentality.
New sections, localizations, nice things, and much more to ensure the most efficient use of the TKEY resource. In addition to the new tabs, the services that we will talk about in this material, there is a special page for representatives of the exchange with the necessary documentation for listing — https://tkeycoin.com/en/documentation/.
Full localizationAlready today the official website tkeycoin.com available in 5 languages: Russian, English, Korean, Chinese (Simplified), Chinese (Traditional).
We made adjustments to the Russian and English versions of the site, including support for Korean and Chinese for each section of the site. Professionals in their field, native speakers translated and adapted the information as it should be, and we, in turn, structured and framed it properly. So welcome!
We will update language support for the site, and soon it will include support for all languages that are available in the mobile app.
QR Codes for Asian Audience
Our friends and residents of Asian countries actively use QR codes in their lives, both when paying in stores and when working with websites. QR codes are used almost everywhere when renting a car or bike, we just open the phone, scan and the mode of transport becomes available for use, anything is available for rent, even a battery, even an umbrella.
“It was a hot May day. Seven-year-old Wang Jiaozui came out of school and saw his grandfather, who came to pick him up. He was standing in the sun, and his shirt was soaked with sweat. Jiaozui invited the grandfather to buy a cold Cola in the shop, but he forgot her purse at home. It turned out that this is not important — the boy took his grandfather’s smartphone and called the payment app with a QR code on the screen.” ©What to say if QR codes are used even to identify entire farms. By pasting QR codes on farm buildings and then scanning them, government inspectors can quickly figure out who owns the building and whether its owners are violating any laws.
We must be on the trend! Now a special library generates QR codes for the desired page, any tab on the site tkeycoin.com in Chinese and Korean-accompanied by a QR code that leads to the requested page: fast, convenient, and simple.
Providing this opportunity to our colleagues and future users of Tkeycoin from Asia is a friendly approach and most importantly, a strategic step on our part. After implementing QR codes, we are undoubtedly drawn into the convenience of this function, which we recommend to You:) If you like it, we will make QR codes on the Russian and English versions of the site.
Buying and withdrawing cryptocurrency to a Bankcard
On the site, you can now buy Bitcoin for pound, dollars, euro, and any other currency. This is a powerful automated service for instant exchange of fiat currencies for cryptocurrencies. The system works around the clock and seven days a week, allowing everyone to conduct exchanges at any time of the day and in the shortest possible time.
Withdrawal to a Bank card will be available until the end of the month, we finish the details, the page is available now, and the withdrawal itself will be activated during this week. You can buy Bitcoin, Ethereum, or any other currency right now.
These features are the future for the function of purchasing any product or service for TKEY at any point of sale, which will form the basis of the mobile app, quickly, conveniently, and most importantly, observing the letter of the law.
All we do is build an Empire that is being built before your eyes. Every service and product is connected, so any update promises the appearance of even more cool and effective features than before.
Buying cryptocurrency for pound, dollars, euros, and other currenciesAt the end of February, we told you that we are working on building a payment service that will include the provision of services: buy cryptocurrencies, sell a cryptocurrency, withdraw cryptocurrency to Bank cards, etc.
This day has come, now you can buy Bitcoin (BTC), Ethereum (ETH), Tether USDT, Basic Attention Token (BAT), Algorand (ALGO), Tron (TRX), OKB (Token Okex.com).
The purchase is available in any currency: Russian ruble, US Dollar, Euro, British pound, Ukrainian hryvnia, Indonesian rupiah, South Korean won, Japanese yen, Turkish Lira, Argentine peso.
As you can see, the currency corridors are quite extensive, which allows you to make exchanges fast and at a favorable rate. Just choose the right pair to exchange or buy, available fiat currencies: RUB, USD, EUR, GBP, UAH, IDR, KRW, JPY, TRY, ARS, available cryptocurrencies: BTC, ETH, BAT, USDT, ALGO, TRX, OKB.
Even if this wide list does not include the currency you want to buy, such as Bitcoin or USDT, it’s okay — the service will automatically convert your currency into the payment currency and the Bank will make the exchange. Exchanges take place within 1–3 minutes, it is enough to pass quick verification once, which allows you to work with a volume of > 15,000 euros per month.
Exchange of cryptocurrencies for pound, dollars, euros, and withdrawal of BankcardIn addition to the fact that you can now easily buy a cryptocurrency for fiat currencies, pound, dollars or any other, during this week we will finish work on the withdrawal to a Bank card and you can easily withdraw your profit to the card, the most important thing is that this is a completely legal method, and all operations pass through banks and jurisdictions where work with digital assets is legalized.
This means that when you buy or make a withdrawal to the card, you get legal funds that are credited to you by the Bank or payment system.If you are used to working with effective tools that work in a new way, or rather correctly and legally, then this service is for you. Fast crediting, easy exchange, a large selection of currency pairs, that’s what the company is betting on.
We work with the most reliable third-party partners to make your cryptocurrency process easy and convenient, and most importantly safe for You. The service supports plastic and virtual Bank cards VISA, MasterCard, MIR, and other payment systems for fast payment processing.
On the exchange page, you can choose any currency pair to exchange in the opposite direction, for example, GBP to BTC or USD to BTC. Choose a suitable pair for exchange, available fiat currencies: RUB, USD, EUR, GBP, UAH, IDR, KRW, JPY, TRY, ARS, available cryptocurrencies for exchange: BTC, ETH, BAT, USDT, ALGO, TRX, OKB.
How it works
When buying cryptocurrency for the first time, your Bank reserves (holds) the requested amount, then this amount is transferred to the authorization waiting state. As soon as the Bank freezes the fiat funds, the service fixes the exchange rate at the time of creating the application, reserves the cryptocurrency, and provides you with 30–40 minutes to complete verification. After successful verification, the service charges cryptocurrency to the wallet.
Quick verificationVerification takes 2–3 minutes and requires only one time to perform operations every day. The “Know Your Customer” (KYC) procedure is necessary to exchange cryptocurrencies for fiat currencies.
As you understand, you need to pass verification 1 time, regardless of whether you withdraw funds or buy currency, after passing verification, all services are available to You without any further confirmation.
New currencySupport for other currencies, including TKEY, will be added gradually and highlighted through service updates. As for the TKEY exchange, it will become available in exchange services after listing on the exchange. Listing on an exchange allows you to automate the exchange process, link the necessary services, and most importantly, the exchange provides liquidity, which is key when we talk about exchanging for a particular currency.
We will tell you more about the operation of the service and its advantages, chips, in a separate material dedicated to the withdrawal and purchase of cryptocurrencies for fiat currencies, as well as touch on various banking issues and tell you how you can combine the SWAP service for more efficient exchange and withdrawal to the card.
Charitable activityBy making an exchange or purchase of cryptocurrency, you help children and people who need our help. We deduct 0.1% of the profit from each transaction to charity funds.
This is the fastest and most comfortable way of charity, which allows you to bring together people who are not indifferent to other people’s problems. TKEY enables people to do good deeds, and the resulting turnover profit of 0.1% is sent to charity funds every month. Together with You, we create new opportunities for people in need who need help — “Big things have small beginnings”.
How does it work?
You have made an exchange or purchase operation, the company has accumulated the volume of these operations for a month->the company has chosen a charity Fund->sent funds to the charity Fund’s account. Priority charity funds are children’s aid funds. You can always suggest a candidate for a particular Fund by sending a message to [[email protected]](mailto:[email protected]).
Why do we write Funds and not a Fund?
This is the first launch of the service, so depending on the monthly volume, we will focus on distributing funds to one charity or several. For example, if we have accumulated $ 10,000, we can distribute $ 5,000 to 2 funds. if we have accumulated $ 100, it is logical that we will only send this amount to 1 Fund. With the development of the service, we will be able to focus on several funds, which we will actively help due to the received volume.
New sections, improvements for existing services
Menu logic and site structureThe menu logic has been revised. now more items are available on the menu and they are divided into sections. Navigation through the sections has become much easier and more convenient. for some sections, QR codes are available for Russian and English-speaking audiences, and for representatives of Asian countries, all sections are available by QR code.
TKEYSPACE Promo PageNew blocks were added, the entire page was fully localized and is available in Chinese, Korean, English and Russian, and QR codes were added for easy navigation for the Asian audience.
Documentation for the exchangeWe have already mentioned that there is a section for exchanges with the necessary documentation for listing, now it is available in English. In the next updates, it will be translated into Russian, Chinese (Traditional and Simplified), and Korean.
Market Data (Coin Data)The market data section has been optimized for mobile apps. Charts are expanded and optimized page borders for most mobile devices, and you can search for cryptocurrencies and tokens that interest you.
FAQAdded answers to frequently asked questions in various sections of the site, You can find the information directly on the section page, for example, TKEY-QT, SWAP or Core. Right on the page there is a FAQ section, in which we disclose answers to questions, for example: How are You going to solve the scalability problem, or why did you choose Phoenix as the logo and symbol of the project, or how do you exchange cryptocurrency for pound or dollars? As you can see, you can get answers to different questions, depending on the topic of the site section.
FooterFor convenience, the site’s footer has been expanded and new sections (quick tabs) are included, which are also available in the QR-code format. In addition to various details, the footer is now accompanied by the company’s coat of arms — the Phoenix, which is the symbol of the entire community, the Phoenix Alliance.
Page 404Added page 404, which is also an integral part of the site. now when you go to a non-existent site page, all the necessary menu items are fully available to us, which will quickly Orient You and direct you to the desired section.
What is waiting for us in the nearest future?In addition to various improvements, connecting services, our team has been working every day on other main areas of the Tkeycoin project, which are already being prepared for the next release and we will tell you what updates, what plans, events, and what else will be interesting this year.
Online conference with managementAn online conference in question-answer format will be organized. The main task of the conference, in addition to questions and answers, is to discuss plans, talk about new directions, touch on issues of legislation, and analyze current issues of users.
The online meeting format will allow you to get feedback and discuss a large number of issues in a short time. Questions related to technical support and other questions that can be answered through the administration will not be discussed.
The meeting involves the development, constructive, and suggestions from users for further development of the Tkeycoin project. If you are interested in participating in the conference, you can also make business proposals during it, please use the time to your advantage. We work for you.
New content: reports, new categories, useful informationBased on user feedback, we introduce new categories to our content plan:
Reports This section will be accompanied by information about the work done by the team for the month, the format of submission — abstracts, highlights. This format will help establish feedback between users and developers.
In addition to the content that we produce ourselves, users have questions that arise during the process of working with the project’s services, as well as during interaction with the project itself. To avoid making guesses and making up stories, we have introduced the question-answer category.
Users ask questions in comments, and the company prepares answers based on the questions and they are published in the post. Depending on the number of questions, the post generates all the answers, or the post is divided into parts if the number of questions for the past period was the largest. In addition to asking questions, you can make suggestions to the project, for example, about new features or directions.
This format also builds feedback and helps to improve all services. the most important thing is that it can not only help us but also you, as the offer and questions will help you focus on the tasks that the end-user wants to see.
TKEY-POOL (Tkeycoin pool)We are completing the work and debugging of the official pool for Tkeycoin, this is a completely new approach for mining Tkeycoin. The pool will feature higher performance and stable architecture, a light interface, and objective commissions.
A pool is a highly loaded system that works 24/7/365, it turns out that such a product hides a sufficient number of lines of code and, most importantly, is built on a reliable architecture that can withstand +50000–100000 miners, not to mention the number of connected devices for this number of miners.
A cryptocurrency pool is a combination of the hardware power of many miners at once to increase the probability of finding a block. The reward for a block obtained by the pool is distributed among all participants.
The TKEY pool is developed taking into account the features of the Tkeycoin blockchain, including multi-blockchain, transaction model, hashing, blocks, and other nuances that are an upgrade of the blockchain among others. Together with the pool, the TKEY network is being tested: high loads, attacks, and other tests that show positive results, proving that the TKEY blockchain can work under any loads and is protected from attacks.
Our task was to: 1. Stable system for handling high loads; 2. Adaptation pool for any software; 3. Connecting any hardware for mining cryptocurrency Tkeycoin; 4. Fair remuneration calculation; 5. Security.
The main goal is for any user, regardless of the software and hardware used, to be able to connect to Tkeycoin mining via a pool. The first releases will be accompanied by a simple user-friendly interface, easy connection, instructions for various mining programs that can be connected.
In future releases, we will optimize the operation of the pool, add new features, as well as tracking functions and other nice things. any suggestions from miners and the community are interesting to us and will be implemented, so do not hesitate to send your suggestions after the launch.
Work on the TkeySpace mobile app is also not standing still. We will soon release updates for TkeySpace on Android and iOS.
This release is a complete transition to the most stable version of the mobile wallet. This means that after the update, even with the largest changes, the user will not need to completely reinstall or restore to use the new features, as before, just update the app via the AppStore or GooglePlay.
Between the previous update has been a sufficient amount of time, on average, updates are released once a month. This update will be one of the major ones. We are finishing work on the code to prepare the app for the new features that will be available this year. Besides, we are improving the app’s logic, data processing speed, optimizing the code, restoring order, and preparing for the global market.
Exchange, purchase of cryptocurrency and withdrawal to the Debit/Credit Card
In addition to pleasant optimizations, the app will display the exchange and withdrawal to a Bankcard, tab with an optimized page for exchange, withdrawal, and the purchase will be available directly in the mobile app. This upgrade will also capture the cryptocurrency exchange SWAP page, which can be evaluated after the update. Other features and new features will be announced by the developers immediately after the release.
SWAP UpdateThe development team is finishing work on optimizing the SWAP service. Regardless of updates, it is available in working mode 24/7/365. The team is working on improving the operation, optimizing the page, changing the interfaces, improving navigation, and speeding up query processing. This update is also among the upcoming ones, along with the pool, mobile wallets, and other news that will excite.
Network StatisticsIn the network statistics section, there are several sections that will be fixed — this is the hash rate of the network and the volume of Tkeycoin. Now the volume of Tkeycoin is displayed by mTKEY, and the graph itself indicates M TKEY, the user may incorrectly understand the volume of transactions in the network, so, given the current volume, it is advisable to switch the display to TKEY, and in the future switch to mTKEY for large volumes.
TKEY is divided into cryptograms (CryptoGramm, cgr), uTKEY (keys), and mTKEY. 1 TKEY = 100 000 000 cryptograms. 1 mTKEY = 100,000 cryptograms. 1 TKEY contains 1000 mTKEY. 1 mTKEY = 0.00100000 TKEY 1 uTKEY =100 cryptograms 1 TKEY contains 1,000,000 utkeys. 1 uTKEY (keys) = 0.00000100 TKEY 1 cgr = 0.00000001 TKEY
Cryptocurrency ExchangeThis issue has become the cause of mass discussions, disputes, investigations, the subject of memes, kitchen, and online conversations, that just did not happen, that TKEY is not taken anywhere, someone made guesses that we are waiting for everyone to run away, or TKEY is a world conspiracy and around some actors, you can write a book or shoot a great series, not worse than Breaking Bad.
Jokes, jokes, but the question is serious. Since the 4th quarter of last year, the company has been actively working on the issue of listing, prepared the necessary platform for this, held several meetings, negotiations, released the necessary products, figured out various transfers of funds to the blockchain, worked out many small things, many major issues that were behind the scenes. Everything is ready, and it’s time to start soon. This will be a surprise, believe it or not, and we will meet you on the stock exchanges :)
What other plans does the company have?
Enabling payment at retail outletsAfter entering the exchange, we will actively engage in connecting payments to implement them and link them to TKEY. The plan, strategy, and legal component are ready.
Payment developmentThis implies the development of payments and services that will expand the use of digital currencies in the commercial sphere. Application on the territory of Russia will depend on the Federal law on the CFA, in any case, we plan to analyze the law, after its release, to find a legal way to implement payments based on blockchain and digital assets. Therefore, until the law is released, we are keeping this initiative in the future, and we will work on other jurisdictions that will support it.
We left some plans behind the scenes, because they will make the greatest impact on the market and the value of our asset, and this — likes silence.
What useful materials will be released soon?
How to effectively use the SWAP service together with the exchange and purchase of cryptocurrency from a Bank card?We will tell you in detail how to use these 2 services, how to save on payments and purchases, how to exchange tokens that are very difficult to exchange, how to quickly get money for them to the card, and much more.
The law CFAOur opinion about the law of cryptocurrencies in Russia, what to pay attention to, what to prepare for, how to act if there is a complete ban. Let’s talk about legal nuances and banking practices.
TKEY blockchainIn this material, we will talk about the blockchain, analyze the issues of the system, expand the questions on attacks, payment processing, and touch on the system of multiple chains. The article suggests your suggestions, perhaps someone will have ideas that we will implement in the chain.
At the end,
Don’t forget to ask questions in the comments or send suggestions to [[email protected]](mailto:[email protected]) we will be happy to respond and consider your requests for any of our services. Collaboration, feedback, help us make the whole platform better.
Thank you for being with us! Until new meetings, stay tuned for news, updates, because the most unexpected news comes spontaneously.
https://cryptoiq.co/bitcoin-as-the-ultimate-haven-from-hyperinflation-a-country-by-country-analysis-of-worldwide-fiat-currency-inflation/submitted by turtlecane to Bitcoin [link] [comments]
Bitcoin was created during the Great Recession that started in 2008, when the governments of the world printed trillions of dollars to bail out banks and corporations. Satoshi Nakamoto intended Bitcoin to be a decentralized form of money that could not be printed by governments at will. In the the Genesis Block Satoshi included the message “The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks.”
Fiat currencies continue to be the dominant form of global currency, but it seems logical that, if fiat currencies were to hyperinflate and collapse, Bitcoin would become the dominant global currency.
This is because Bitcoin can be sent instantly anywhere in the world and is cryptographically secure. It is easy enough to integrate Bitcoin into any e-commerce store or physical store, and the customers of the future will be able to send Bitcoin from their smartphones via QR codes. Therefore, if fiat currency becomes obsolete, Bitcoin could seamlessly take its place and keep the global economy running.
There has been plenty of hype that fiat currencies are collapsing, but this article will explore the current state of major fiat currencies in the world to ascertain the true situation. This is important information since the rate of fiat currency inflation by country is an important factor that will determine Bitcoin adoption rates and ultimately Bitcoin’s price.
United States’ Inflation Rate
The United States is perhaps the best place to start an analysis of global fiat inflation, since the USD is the world’s dominant fiat currency and perhaps the most stable long term. That being said, there is 2-3 percent annual inflation in the United States.
If we split the difference at a 2.5 percent annual inflation rate, it means $100,000 stored in a bank will lose a whopping $22,400 of value over the course of 10 years, corresponding to 22.4 percent inflation per 10 years. Therefore, even in the United States, saving money long term seems impractical, and this essentially forces people to risk their savings by investing in the hopes that the money earned from investing will outpace inflation.
It appears inflation will only worsen in the United States since the national debt is approaching $22 trillion, with a budget deficit of $1 trillion per year and growing. This situation will likely lead to increased money printing, which would increase the inflation rate. Therefore, saving money in USD long term does not make financial sense. Bitcoin is an alternative way to store money long term, although Bitcoin has yet to mature and can be extremely volatile from year to year.
Euro (EUR) Inflation Rate Is 37.5 percent Relative To USD During The Last 10 Years
One of the primary global currencies besides the USD is the Euro (EUR). For the rest of this global analysis, fiat currencies will be compared to the USD exchange rate to determine inflation, but it must be kept in mind that the USD itself is inflating at the rate of 2 to 3 percent per year.
When the EUR launched in 1999, the exchange rate was one USD per 0.85 EUR. By 2002 the EUR weakened to 1.16 EUR per USD. The EUR then entered a period of vigorous strengthening, and the exchange rate fell to 0.64 EUR per USD by 2008. The Great Recession caused the EUR to begin weakening versus the USD long term, and currently each USD is worth 0.88 EUR. This represents 37.5 percent inflation relative to the USD in roughly 10 years.
Back to the storing money in a bank analogy, $100,000 of EUR stored over the past 10 years would have lost the EUR inflation rate + the USD inflation rate. With this sort of inflation rate it seems dangerous to store money in EUR long term.
It gets worse. The EUR is one of the top global fiat currencies, and there are many currencies doing worse than the EUR.
United Kingdom’s Pound Has 65 Percent Inflation Relative to USD in 11 Years
The United Kingdom (UK) is one of nine European Union (EU) countries that does not use the EUR, and eventually, the UK will leave the EU via the Brexit. However, the native Great Britain Pound (GBP) has done far worse than the Euro, with the exchange rate going from 0.48 GBP per USD in 2007 to 0.79 GBP per USD currently. This is 65 percent inflation relative to the USD during the past 11 years.
Canada’s Inflation Rate Is 45.2 Percent Relative to USD During the Last 7 Years
The United States’ neighbor to the north is similar to the United States in many respects. It is a fully developed and industrialized first world country. However the native fiat currency, the Canadian Dollar (CAD), has been experiencing severe inflation since the Great Recession. In 2011 1 USD was worth 0.95 CAD, and now the exchange rate is 1.36 CAD per USD. This represents 43.2 percent inflation relative to the USD since 2011, and of course, the USD has an underlying inflation rate as well of 16.2 percent during the last 7 years.
Even in the first world country of Canada, it is becoming impossible to save cash for retirement or even for short-term goals like buying a house, forcing people to invest in the risky stock market.
Mexico’s Inflation Rate Is 97.6 Percent Relative to the USD During Past 10 Years
Since the 2008 financial crisis, the exchange rate of the Mexican Peso (MXN) has gone from 10.12 MXN per USD to 20 MXN per USD. This represents 97.6 percent inflation relative to the USD, and USD inflation means the true Mexican inflation rate is well over 100 percent per 10 years. This sort of inflation rate ensures that people have to work their entire lives and can never retire, and overall, this sort of inflation can cause the entire economy of Mexico to struggle. Bitcoin seems like an obvious alternative to holding MXN long term.
It is quite shocking that a country bordering the United States has such high inflation, yet the mainstream media never mentions it.
Russia Has 194 Percent Inflation Relative to USD Since the 2008 Great Recession
Russia is a global superpower, with a gross domestic product (GDP) of $1.58 trillion versus the United States’ $19.39 trillion GDP. Despite being a superpower, the native currency of Russia, the Russian Ruble (RUB), has gone from 23.48 RUB per USD in 2008 to 69.08 RUB per USD currently. This yields a 194 percent 10 year inflation rate relative to the USD. Clearly, the Great Recession that started in 2008 is a common point when fiat inflation accelerated in many countries around the world.
Japan’s Inflation Rate Is 46 Percent Relative to USD Over the Past 7 Years
Japan is a first-world country and has one of the most important stock markets in the world. The GDP of Japan is ranked number three in the world at nearly $5 trillion. However, its inflation rate is far higher than the United States, at least since 2011. In 2011, the exchange rate was 76 JPY per USD, but it has now risen to 111 JPY per USD, a 46 percent inflation rate relative to the USD over the past 7 years. This is actually almost exactly the same as Canada’s inflation rate.
China’s Inflation Is Only 14.4 Percent Relative to USD Since 2013, but China Tightly Controls the CNY
China is the second ranking economy in the world with a $12 trillion GDP. Its position as the number one trading partner of the United States gives it power to manipulate the exchange rate of its native currency the Chinese Yuan (CNY). The CNY actually strengthened greatly versus the USD until 2013, when China relaxed its control over the CNY exchange rate to make it more competitive in the global import and export markets. Chinese control over the CNY and therefore, control over the profitability of Chinese imports, is a primary reason for the “trade war” between China and the United States.
Since allowing the CNY to lose value relative to the USD, the exchange rate has gone from 6.04 CNY per USD in 2013 to 6.91 CNY per USD currently, a 14.4 percent inflation relative to the USD in 5 years. China is an outlier and has one of the lowest inflation rates relative to the USD.
Switzerland Has One Of The Lowest Inflation Rates At Less Than 5 percent Relative To The USD In 7 Years
Switzerland has remained independent of the European Union and does not use the EUR. Instead, it uses the Swiss Franc (CHF). The CHF actually strengthened greatly relative to the USD during the Great Recession, but the trend reversed in 2011. There was a rapid devaluation of the CHF relative to the USD from 0.76 CHF per USD to 0.94 CHF per USD during 2011. In The 7 years since then, the CHF has roughly five percent inflation relative to the USD and sits at 0.99 CHF per USD currently.
That being said, it cannot be forgotten that the USD itself is experiencing 2.5 percent inflation per year, so even countries that have low inflation rates relative to the USD have a significant inflation rate overall.
India Has Seen 79 Percent Inflation Relative to USD Since the Great Recession Began
India has the sixth highest GDP in the world at $2.6 trillion, and the second highest population at 1.34 billion. Since the Great Recession began, the Indian Rupee (INR) has gone from 39.18 per USD to 70.14 INR per USD, a 79 percent inflation relative to the USD in 11 years. Unfortunately, India is slowly making Bitcoin more illegal and could fully outlaw it, so citizens may have to break the law in the future in the event that inflation accelerates and Bitcoin becomes a preferred way to store money.
Indonesia Has 76 Percent Inflation Relative to the USD in Seven Years
Indonesia has a population of 265 million, not far behind the United States, but its GDP is 20 times less than the United States at $1 trillion. Part of the reason Indonesia’s economy is weaker may be that the native fiat currency, the Indonesian Rupiah (IDR) has gone from 8,250 per USD in 2011 to 14,550 IDR per USD currently. This is 76 percent inflation relative to the USD in 7 years, around the same rate as India. However, Indonesia has banned Bitcoin as of 2018, which would make it difficult for citizens to use Bitcoin in the event inflation spirals out of control.
Brazil Has 152 percent Inflation Relative To USD In Past Seven Years, Despite Being the Strongest Economy In South America
Brazil has the most powerful economy in South America with a $2 trillion GDP. However, South America as a whole is experiencing out of control hyperinflation, and Brazil seems to be feeling the effects. The Brazilian Real (BRL) has gone from 1.55 per USD in 2011 to 3.91 BRL per USD currently. This is 152 percent inflation relative to the USD in 7 years. There does not appear to be any inflation safe haven in South America, and this could make South America a Bitcoin adoption hotspot.
Venezuela Has Ridiculous Inflation Around One million percent Per Year; Bolivar Collapsing
The end game of fiat currency inflation, if left unchecked, is currency collapse. A classic example of currency collapse is the situation in Venezuela, where the Cafe Con Leche Index suggests 400,000 percent inflation per year, although if a shorter term average is used it is 1 million percent per year or more. It would be shocking if the native fiat currency of Venezuela, the Sovereign Bolivar (VES), is still usable one year from now. Bitcoin is legal in Venezuela, and there is plenty of news which indicates people are abandoning the VES for Bitcoin.
South Korea Has Zero Inflation Relative to the USD
South Korea is considered a powerful economy relative to most of the world, with a GDP of $1.5 trillion despite the country’s small size. The South Korean Won (SKW) has essentially zero inflation relative to the USD long term aside from an exchange rate shock during the 2008 Great Recession. That being said, inflation is still a reality in South Korea since the USD has average inflation of 2.5 percent per year.
Australia Has 53 Percent Inflation Relative to the USD in Seven Years
Australia essentially has a continent to itself, but it is not isolated from the global fiat inflation crisis. The AUD actually strengthened massively versus the USD from 2001 to 2011. However, the trend reversed, and the exchange rate has gone from 0.93 AUD per USD in 2011 to 1.42 AUD per USD currently. This is 53 percent inflation relative to the USD in seven years.
Israel Has Zero Inflation Relative To USD Long Term
Israel is in the Middle East but does not have strong connections to the economy of the rest of the Middle East and, apparently, a different monetary policy than most of the rest of the world. Israel is only comparable to the United States, South Korea, and perhaps Switzerland when it comes to fiat currency since the Israeli New Shekel (ILS) has practically zero inflation relative to the USD long term although there are shorter term oscillations. Like the other countries listed with zero USD relative inflation, inflation still exists because the USD itself is inflating.
In total, there are 180 fiat currencies in the world, and here, we’re covering just 16 of them. We could keep going, but the trend is already clear. Even in major countries with powerful economies, inflation has become a serious issue, with some major countries experiencing 50-200 percent inflation relative to the USD over the past decade, and those numbers don’t even take in the 2.5 percent per year USD inflation underlying them.
It is possible that worldwide fiat inflation will accelerate due to the growing global debt crisis. That’s especially true if an economic recession occurs since that would force a rapid increase in money printing.
So we’re in a global situation that needs to be actively monitored. Even if the status quo is maintained long term, most of the world’s population cannot realistically save money for the future because it’s going to lose value over time. This is a major shift from our parents’ generation when saving money was the smart thing to do.
The good news is Bitcoin is waiting on the sidelines. It’s ready to become the global currency if fiat currency collapses worldwide. Even if fiat does not totally collapse, perhaps once Bitcoin matures and becomes more stable, it will be a good option for saving money long term since its value is independent of fiat inflation.
submitted by evseevam971 to u/evseevam971 [link] [comments]
The digital asset space is undergoing a transformation and is trying to adapt to new and wider interest from large non-financial companies like Facebook, Samsung, Walmart, BMW, Shell and Nestle. Those companies, along with large financial services institutional players like J.P. Morgan, UBS and Fidelity, create enormous demand for tradable assets running on both public and private blockchains. These non-financial companies are usually less risk-averse than are the experienced traditional finance institutions. Thus, to embrace the new technology, they must rely on stable, reliable and scalable instruments like stablecoins. These new assets are ideally suited to service the expanding payments industry, a primary blockchain use case, and digital assets exchanges.
Having price stability when trading and exchanging digital assets is important and effectively creates additional channels for global remittance as well as better price efficiency.
But what are stablecoins in a nutshell? They are digital assets designed to have a stable value and extremely low volatility. Usually, they are backed by fiat currency – in most cases, the US dollar, digital assets or a physical commodity like gold or silver. There are projects that aim to completely remove the need for physical collateral and that rely on algorithms to dynamically adjust supply. The goal is that the price should not drastically fluctuate at any moment in time.
Recently, several interesting stablecoin projects came out, and they are pushing the boundaries of digital assets. For example, the NYC-based exchange Gemini is issuing GUSD but also applying for an ATS (Alternative Trading System) license, which will create a unique opportunity for the GUSD to reach newly tokenized assets and private placements.
Another two projects coming from the corporate world are JPM Coin, run by the powerhouse J.P. Morgan, and Fnality’s Utility Settlement Coin, which is backed by a plethora of banks like UBS, BNY Melon, Barclays and HSBC. Both seem to have the same aims, a similar reach and the same potential customers. It will be interesting to see if they cooperate at some point.
Recently, Tether was in the news when the New York Attorney General started a case against Bitfinex and its Hong Kong founding company iFinex for using Tether reserves to mask a missing $850 million. Strangely, this high-profile investigation had minimal effect on Tether’s stability. It dropped to $0.85 but recovered to its usual dollar parity of $0.99 – $1.01.
Being vital to the crypto trading ecosystem, Tether aims to be as widely available as possible. It is available on numerous networks like OMNI (Bitcoin), ERC20 (Ethereum) and Tron. To get a sense of how fragile everything is, last week Poloniex wanted to move $50 million between networks. However, instead of printing the needed amount, it issued $5 billion in new tethers, which surprised the whole market. Eventually, it was made clear that this was an issue with the decimals, or what the trading world knows as “fat fingers”.
Why it is important: Considered by many to be the main driver behind the bull run of Bitcoin’s price, Tether is vital for the crypto community because it is widely spread and adopted by exchanges. It makes up 75% of the total Bitcoin trading market, so it is also regarded as probably the biggest liability in the industry. Many experienced traders are wondering what would happen to the Bitcoin price and volatility if USDT availability is restricted. The interested parties will watch closely on July 29th, which marks the next appearance in the New York courtroom.
Last week, its co-creator, David Marcus, was in front of the Senate Banking Committee and the House Financial Services Committee, answering tough questions about regulation, trust and privacy. Generally, the Senate and Congress were supportive of the innovation and technology direction that will position the US as the leader in payments. However, they remain highly skeptical of the governance and execution of the Libra project in relation to handling data privacy. With fresh memories of 2008’s financial crisis, most members of Congress were asking themselves, “What will happen if Libra goes down and we have to bail it out?” Which leads to the question: How do you bail out the finances of 2.6 billion people?
Another concern is the fact that the governing body of the Libra Association is being established in Switzerland. This creates the possibility of regulatory arbitrage between US and Swiss laws. For example, securities lawyers in the US might consider the Libra token to be a security, which might not be the case for their Swiss colleagues. With all the signs of ETF (Exchange Traded Fund) or Money Market funds, this can’t be too far. The Libra stablecoin reserve will grow based primarily on two sources: the investors who will initially buy the Libra Investment Token ($LIT) and any other retail users who would convert any type of fiat to use the payment network.
In comparison to another stablecoin issued by a large corporation (J.P. Morgan’s coin), the Libra carries a different sentiment. When J.P. Morgan announced its JPMC, nobody reacted too harshly. Of course, J.P. Morgan doesn’t have the same privacy issues that Facebook does and is generally known to do well in exactly this: banking services with currencies.
An interesting use for the Libra network, once live, will be to serve as the Layer 2 network to permissionless protocols like Bitcoin and Ethereum. This way, the open and trustless networks can communicate/exchange value and assets with the Libra permissioned stablecoin.
Why it is important: Libra is moving waters in DC. This last week, the President tweeted, US Treasury Department Secretary Steven Mnuchin held a press conference and two days were spent in Washington with the Senate and Congress. One thing is clear: cryptocurrencies, Bitcoin and blockchain received prime-time attention. In terms of what comes out of Libra, only time will tell. The sentiment is that it will be heavily regulated, maybe closer to being a bank. Thus, the Libra token will look like CBDC (Central Bank Digital Currency).
Currently, many discussions are taking place about the protocol stability fee. This is the interest rate, currently at 20.5%, that all users must pay back to the system when closing their CDP positions. One might argue that this is too high and the current CDPs are overcollateralized. It seems like this is true. The current collaterization ratio is around 390%. For $81 million in debt, there is $320 million in collateral.
The Dai is an important instrument in the DeFi ecosystem built on Ethereum. Currently, it is being used on protocols like dYdX, enabling decentralized margin trading; 0x Protocol, the open-source marketplace for crypto tokens; Uniswap, the exchange for swapping ERC20 tokens; Dharma, the open protocol for building apps that allow for the borrowing and lending of digital assets; and many more.
There are three main issues of which Dai users must be aware:
Why it is important: Nevertheless, piece by piece, the Open Finance infrastructure, with stablecoins at its core, is being built and is “eating up financial services” as we know them. Slowly but surely, all the existing financial tools will have their own open sources and trustless tokenized equivalents.
A growing concern about stablecoins is how they could be classified by agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). For example, Basis’s stablecoin, despite raising $133 million, couldn’t escape the SEC classification as a security and had to shut down. Depending on how one reads the current regulation, one could classify the stablecoins as "swaps" under the CFTC regulation or as "demand notes" under the SEC. If you talk to experienced securities lawyers, the answer is always “it depends”.
Still, similar to other markets in which we saw interesting and innovative financial instruments, not all stablecoin projects will survive. The winner will be the one with the most user adoption, highest volumes, largest liquidity and lowest volatility. Last but not least, it should operate within an approved regulatory framework which will guarantee exchange listings and wider organic exposure.
It will be interesting to see if Facebook’s Libra receives regulatory approval, as this might pave the way for the long-awaited Bitcoin ETF.
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