Bitcoin may simplify its control on this date

The world’s most traded cryptocurrency will overtake central bank currencies as the dominant form of the financial sector worldwide in less than 30 years, a panel of fintech professionals has confirmed.

Fifty-four percent of 42 crypto experts surveyed predict that so-called hyperbitcoinization — or the moment when bitcoin dominates global finance — will happen by 2050, according to a report released Friday from Finder.com, a finance comparison site. profile.

According to 29% of respondents, this could happen sooner, by 2035.

This prediction comes at a time when interest in the cryptocurrency market is growing among institutional and individual investors, while the majority of central banks are considering creating their own digital currencies, from research to pilot programs.

Thomson Reuters technologist and futurist Joseph Raczynski believes that some countries “will benefit from Bitcoin as a base currency with stable circulation and ease of money transfer, and it will be beneficial for them to move to a non-banking model that is inherent in this system,” Thomson Reuters reports. environmental”. Bitcoin is expected to surpass fiat currencies by 2025, when its price will reach $150,000.

El Salvador has become the first country to adopt bitcoin as a legal currency, and it will officially start using it in September after lawmakers approved the decision in June.

Fifty-five percent of the panel of experts believe that Bitcoin will become the currency of choice in developing countries, as Venezuelans are using cryptocurrency as a way to beat the country’s hyperinflation.

But 44% of 41 respondents to the survey do not believe that an over-trading of cryptocurrencies will happen. Among them is Lee Smalles, associate professor at the University of Western Australia.

“Ultimately, I think Bitcoin (and many other crypto assets) will lose out to central bank digital currencies as many of them will be operational by the end of the decade,” Smalls said.

Federal Reserve Chairman Jerome Powell told US lawmakers this week that cryptocurrencies have failed to become a viable means of payment, and that the official digital currency of the United States could undermine the need for cryptocurrencies.

Powell said a research paper on whether the Fed should create a digital currency is likely to be published in September.

And 86% of central banks are exploring the advantages and disadvantages of what is known as CBDC, or central bank digital currencies, according to a 2020 survey by the Bank for International Settlements.

Looking at the price of Bitcoin in 2021, 61% of experts in a Finder.com survey said the price of the most popular cryptocurrency was undervalued. On average, the committee expects the price of Bitcoin to rise to $66,000 by the end of the year.

On Friday, Bitcoin was trading at less than $32,000, and was on track for its worst weekly performance in more than a month.

Cryptocurrency prices continued to decline on Monday, with Bitcoin dropping more than 2% to $31,590. The world’s largest cryptocurrency has been stuck in a range of about $30,000 to $40,000 for months after hitting an all-time high near $65,000 in mid-April.

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Cryptocurrency market earthquake… The founders of “Ethereum” and “Dogecoin” withdraw permanently

In less than a week, two of the most important innovators and investors in the cryptocurrency world announced their withdrawal from the field.

The co-founder of the Ethereum platform and coin, Anthony Di Yorio, says he has exited the world of cryptocurrency, in part due to personal safety concerns, according to Bloomberg.

Di Yorio, 48, has had a security team since 2017, with someone he travels with wherever he goes.

In the coming weeks, Di Yorio plans to sell software company Decentral Inc, refocusing on philanthropy and other non-crypto-related projects. He expects to sever ties with other startups he is involved in in due course, and does not plan to fund any more projects in Blockchain.

“I don’t necessarily feel safe in this place,” said Di Yorio, who declined to reveal his crypto holdings or net worth.

In 2013, Di Yorio co-founded the Ethereum platform, which has become the home of many of the world’s most important crypto projects particularly in decentralized finance, which allows individuals to borrow, lend, and trade with each other without intermediaries like banks. The platform is worth about $225 billion.

He took a hit in 2018 when buying the largest and most expensive apartments in Canada, paying for them in part with digital money. In recent years, he held the position of chief digital officer for the Toronto Stock Exchange for a while. In February 2018, Forbes estimated his net worth to be $1 billion.

In a related context, Jackson Palmer, who co-founded Dogecoin in 2013, announced its withdrawal from the cryptocurrency world, and launched a scathing attack on what the cryptocurrency has become, according to Barrons.

Palmer wrote on Twitter that cryptocurrency is an “inherently right-wing, hypercapitalist technology built primarily to amplify the wealth of its supporters through a combination of tax evasion, reduced regulatory oversight, and artificially imposed scarcity.”

Ballmer, a software engineer at Adobe, helped create the digital currency with IBM software engineer Billy Marcus, to attract a larger group of bitcoin users. But he has since been disappointed, claiming that cryptocurrencies have been hijacked by the wealthy.

He added, “Despite claims of decentralization, the cryptocurrency industry is controlled by a powerful cartel of wealthy personalities who, over time, have evolved to incorporate many of the same institutions associated with the existing central financial system that it is supposed to replace.”

He continued, “The cryptocurrency industry benefits from a network of shady business connections, and has bought into influencers and pay-to-play media to perpetuate a cult-like get-rich-quick funnel designed to extract new money from the financially desperate and the naive.”

Palmer argues that cryptocurrency has taken away the worst parts of the capitalist system today, for example corruption, fraud and inequality.

On Thursday, Italy took strict measures against the world’s largest cryptocurrency exchange, Binance, and confirmed that it was not authorized to provide investment services in the country.

In June, authorities in both the UK and Japan banned Binance affiliates from operating there.

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What bottom may “Bitcoin” reach? .. These are the experts’ estimates of the lowest price

The price of the cryptocurrency Bitcoin tumbled within a trading range of just over $30,000, leading cryptocurrency experts to identify this number as a potential bottom.

Predicting cryptocurrency trends is risky, not least because the price of Bitcoin has almost halved from a record high near $65,000 just three months ago. However, some in the sector agree that $30,000 is a support level, citing evidence from options activity and recent trading habits.

The $30,000 low is the most present of the options for July and August, indicating confidence among these traders that this level will continue, according to Delta Exchange, a crypto derivatives exchange, with CEO Pankaj Palani saying: “It should provide strong support to the market.” “.

Traders are also trying to take advantage of price ranges, including buying between $30,000 and $32,000 and selling in the $34,000-$36,000 range, said Todd Morakis, co-founder of digital finance products and service provider GST Capital, In comments via email, adding that the market “at the moment seems to be more interested in bad news than most”.

Bitcoin Reversals

Bitcoin has been hit by several setbacks recently, including a Chinese regulatory crackdown – in part due to concerns about rising energy consumption by crypto miners – and advances in central bank digital currency projects that could put pressure on private cryptocurrencies.

The creator of Dogecoin, which was created as a joke to mock Bitcoin at the time of its launch, recently dealt a blow to the cryptocurrency, calling it a hoax, and the appetite for speculation has generally waned.

Bitcoin was trading at around $31,600 this morning in London, and is down about 6% this week. But the price is still up more than 200% in the past 12 months, despite the crash in 2021.

Konstantin Richter, CEO and founder of Blockdaemon, a blockchain network infrastructure provider, is hoping for institutional demand, arguing that Bitcoin must drop below $20,000 before institutions begin to question the “health” of the sector.

“If the price goes down quickly, it can go up quickly as well,” he said in an interview. “That is exactly what crypto is.”

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Cryptocurrency exodus as a climate of caution continues

Data from digital asset management CoinShares showed on Monday that crypto funds and products saw an outflow of capital in the beginning of the second half of the year, with the atmosphere of caution continuing amid a summer slump in trading.

There were net inflows of $4 million in digital assets over the week ending July 9, which was the quietest trading week since October 2020. The pair came after two consecutive weeks of inflows from digital assets.

Bitcoin, the world’s most popular digital currency, recorded an outflow of $7 million last week. But it has attracted net inflows of $4.2 billion since the start of the year.

Despite its faltering, Bitcoin prices recorded a gain of about 14% in 2021.

Cryptocurrency Ether saw a modest outflow of $800,000 last week. But it attracted net inflows this year with a total value of $961 million.

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Bitcoin & Co .: This tightening of taxes threatens crypto investors

Euro, dollar, bitcoin

The taxation of cryptocurrencies could soon be tightened

(Photo: Ulrich Baumgarten / Getty Images)

Frankfurt How are Bitcoin and Co. taxed? This question has been bothering the German crypto industry for years. The Federal Ministry of Finance recently published its draft of a nationwide regulation – and it literally contains explosives.

The draft is the result of consultations between the Federal Ministry of Finance and the highest financial authorities of the federal states. It deals with numerous “individual questions on the income tax treatment of virtual currencies and tokens”.

The new regulation with the potentially greatest explosive power can be found on page 16 – and concerns the previous tax exemption for crypto investments after a holding period of one year.

Specifically, it says: “The sale period is extended (…) to ten years if units of a virtual currency or token are used as a source of income and income has been generated from them in at least one calendar year. It is used as a source of income, for example, when units of a virtual currency are made available for a fee by way of so-called lending. “

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They discover clandestine farm of cryptocurrencies equipped with 3800 PlayStation 4

Editorial: Gaming / Facebook / Twitter / YouTube / Instagram / News / Discord / Forums

We have been living a nightmare situation in the world of PC gaming for months due to the shortage of graphics cards caused, in part, by those who use them to mine. Apparently this headache will stop being exclusive to PC gamers to invade the world of consoles. We say so since they recently discovered a clandestine cryptocurrency farm that was equipped with thousands of PlayStation 4 consoles.

Ukraine’s security service reported that the authorities of the European country discovered a cryptocurrency mining farm in the city of Vinnystia. It was an old warehouse that illegally used the city’s electricity to mine cryptocurrencies without having additional expenses.

In case you missed it: They will launch an electric car that can mine Dogecoin and Bitcoin when parked

What drew attention is that the Ukrainian authorities seized more than 5,000 pieces of hardware from the warehouse. Among them were more than 500 graphics cards and about 50 processors. So far everything normal, right? What is truly surprising is that this cryptocurrency farm used 3,800 PlayStation 4 consoles.

If you’ve been following this topic, you know that cryptocurrency farms use processors and graphics cards to mine and make a profit. That said, we rarely see consoles being used to achieve this, and despite this, this warehouse was full of PlayStation 4 consoles.

Is it possible to mine with PlayStation 4? It looks like it is

At the moment, it is still not clear what those responsible for this farm did with the PlayStation 4. That said, that there were so many units of this console indicates that they found a way to use them to mine cryptocurrencies.

Although the method is unknown, it must be remembered that a project demonstrated that it is possible to mine cryptocurrencies with a Game Boy. So, while there is no concrete evidence of the way they used these consoles, it is an element that is not impossible.

Find out: Cops Found a Bitcoin Mine by Mistake; they thought it was marijuana

An important point is that the PlayStation 4 may not be the most efficient way to mine cryptocurrencies. That being said, considering that these guys were stealing their city’s electricity, it seems that the energy expenditure was far from something that robbed them of sleep.

And you, what do you think about this case? Did you imagine someone would use a PlayStation 4 to mine? Tell us in the comments.

Follow this link to see more news related to the world of cryptocurrencies.

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More than half of Salvadorans reject Bitcoin

Study presented by the UFG revealed that the population mistrusts the cryptocurrency.

52.1% of Salvadorans do not agree on the use of Bitcoin and another 30% do not trust the cryptocurrency,

According to data from a survey revealed yesterday by the Francisco Gavidia University, two months after the Bitcoin Law enters into force.

The survey: “Salvadorans think about the Bitcoin Law: Do they accept and receive?” It was carried out by the Disruptiva magazine and the Institute of Science, Technology and Innovation (ICTI), both units of said university.

Oscar Picardo, director of the ICTI, explained that the data reflected in the question: “Do you trust the criteria of President Bukele in this decision to adopt Bitcoin?” are key to understanding that not only do people distrust and reject Bitcoin, but that Bukele has lost popularity.

Can read: This is ECLAC’s warning about Bitcoin in El Salvador

“The study itself reveals that 3 out of 10 people have lost confidence in the president who until this date had a very wide popularity,” said Picardo.

The data collection was carried out from July 1 to 4 of this year with 1,233 effective ballots nationwide and has a 95% confidence level; was made with a view to the entry into force of the Bitcoin Law on September 9.

The study revealed very important data, since two months before the regulations come into effect, 68.4% said they did not know the Bitcoin Law; 21.9% know a little about it and only 9.6% said they know it.

Furthermore, 53.5% of Salvadorans consider that Bukele’s decision to establish Bitcoin as legal tender was a mistake; 24% answered that it was not very correct; 12% believe that it was correct and only 6.5% considered that it was very successful.

Salvadorans are not only unaware of the Law, but of the cryptocurrency itself and its value.

To the question: How much do you know about Bitcoin ?, 48.2% said something, 46% said nothing and 4.6% said a lot.

The survey: “Salvadorans think about the Bitcoin Law: Do they accept and receive?” It was carried out by the Disruptiva magazine and the Institute of Science, Technology and Innovation (ICTI), both units of said university. Photo EDH / Archive

Another question was: “In this week, how much is a Bitcoin worth in its dollar equivalent?” and 71.3% indicated not knowing; 18.2% answered that close to $ 30,000 (which is the real value that the cryptocurrency had in that week); 4.7% said its value is equal to a dollar and 3% said that it was close to $ 100.

A very sensitive issue for the population is their salary or income, so they were asked: Would you be willing to receive your salary or income in Bitcoin? and 64.8% answered that they are not willing; 16.5% are willing; and 18.7% do not know or did not respond.

When consulting the public, which currency do you value for the financial stability of your family economy? 95% said that the dollar, only 1% answered that Bitcoin; 3.2% responded that another currency, and 0.8% said they did not know or did not respond.

In addition, 83.4% indicated that they do not know any family member or friend who has made transactions in cryptocurrencies or Bitcoin; only 16.1% said yes and 0.5% said they did not know or did not respond.

Traders reject Bitcoin

The study also inquired about the opinion of merchants, since the Bitcoin Law obliges this sector to accept cryptocurrencies.

Did you know that once the new Bitcoin law takes effect, on September 9, businesses will be obliged to accept these cryptocurrencies? They were consulted and 61% said they knew, 38% did not know and 9 % answered not knowing or did not answer.

Of the respondents, 280 people were merchants and they were asked if they would be willing to accept payments in Bitcoin, but 67.14% said they would not receive it; 24.29% that would receive it; 3.93 said that they are indifferent and 4.64% that they do not know or did not respond.

“It is important to see at this point how the rejection of Bitcoin is marked,” commented the ICTI director.

Read also: El Salvador’s economy recovers from 2020 thanks to remittances and exports

On June 24 during a national chain, Bukele spoke about the difference between accepting and receiving Bitcoin. To find out if the population is clear about the message, they were asked if they understood the difference. 20% answered that they did not understand; 33.9% assured that they did understand, but 44.7% did not see the chain and 0.6% did not know or did not respond.

In that same chain, Bukele explained how to use the wallet or electronic wallet on his mobile phone and they asked citizens what is their assessment? 24.7% said it is easy to use; the 28.4 stated that it is very complicated; 44.4% assured that they did not see the national network and 2.5% said they did not know or did not respond.

Another important fact that the survey revealed is that merchants consider that the economic situation will worsen with the implementation of the Bitcoin Law, since 43.6% said that the situation could get worse; the 25.6% that will improve the economy; 17% that everything will remain the same and 13.1% said they do not know.

Those favored with the Bitcoin Law

40% of the population assured that the Bitcoin Law favors large entrepreneurs; 14.8% indicated that foreign businessmen; 13.1% to the country in general; 11.2% said that to government finances; 8.5% said they do not know and 6.5% said that Bukele’s family.

32.7% considered that Bukele’s motivation to adopt Bitcoin as legal tender was due to personal and / or business interests; 24.7% mentioned that to improve the family economy and generate more jobs; while 18.5% said that to facilitate transactions such as purchases and remittances; 10% to evade economic sanctions and 13.6% said they do not know.

Finally, when consulting the population, how do you feel about this decision to implement Bitcoin as legal tender? 48% said with uncertainty; 29% with fear; 19.8% optimistic and 2.6% do not know.

On June 24, President Bukele announced the Chivo application that will be used to make transactions with dollars and Bitcoins. Photo: Twitter / Press Secretary of the Presidency

For Picardo, these results are only a reflection of a decision that was made without technical debate.

“The mandatory factor is what put the result of this bet in check; Maybe if the law had given a one-year period for adaptation, for progressive implementation, and after that year the law had been reformed, it would have been different, so I think it was a false step and there is a marked rejection, ”explained Picardo.

The analyst added that we must not forget that there is a digital divide and that it complicates the population to become familiar with this type of digital products.

“There is the digital divide, not everyone has internet, not everyone has equipment, not everyone has a bank account, there are many gaps associated with the problem,” he said.

At this point, the survey revealed that 23.5% have no way to connect; 24% stated that they did not have access to the internet 24 hours a day, seven days a week.

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Bitcoin and other cryptocurrencies fall.. Huge deal from an anonymous investor

Bitcoin price fell below the $33,000 support level, on Thursday, slowing down the bullish scenario.

Bitcoin was trading down more than 6% this morning, with the price at around $32,920 per coin, while rivals Ether and DodgeCoin were trading around $2,200 and 21 cents per coin, respectively, according to Coindesk.

It came after an overnight bounce from around $35,000 hit Bitcoin, with the most popular cryptocurrency failing to break through a crucial resistance level.

The latest price move came hours after fresh selling pressure, in part due to an unknown “whale” or large holding of the cryptocurrency trying to sell more than 5,000 bitcoins. The accumulation of short positions on the main Bitfinex exchange was noted.

Meanwhile, European Union documents showed on Wednesday that the bloc will propose a new anti-money laundering authority and new transparency requirements for the transfer of crypto assets, Reuters reported.

The US Securities and Exchange Commission also wants more time to review SkyBridge Capital’s application to create a bitcoin trading fund, according to a filing from the US regulatory agency reported by Coindesk.

US regulators have been very cautious about approving such investment vehicles. The approval will provide individual investors with access to the bitcoin market without having to own the bitcoin itself.

On the other hand, more than $1 billion in cryptocurrency has been spent by consumers globally in the past six months using crypto-related Visa cards, according to a blog published by the credit and debit card company.

Visa CFO Vasant Prabhu told FOX Business that cryptocurrency spending on daily purchases has grown “very quickly” versus “almost nothing” a year ago.

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New cryptocurrency baby doge doubles in price in a day after Elon Musk tweet | TODAY | DW

The price of baby doge – a derivation of dogecoin – soared after a tweet from Tesla and SpaceX boss Elon Musk. “Baby Doge, doo, doo, doo, doo,” Musk tweeted Thursday, referring to the well-known nursery rhyme “Baby Shark.” The hashtag #babydoge was a trend on the web after the tweet.

According to data from CoinGecko, the price of the c coin more than doubled and rose to $ 0.000000002000 from $ 0.000000000916 after the tweet.

An hour earlier, Musk had tweeted a meme – a picture of Marlon Brando from the iconic movie The Godfather – and said “Free the Doge!”

Cryptocurrencies dogecoin and baby doge

Dogecoin started as a joke in 2013 and has since become a major digital asset, according to Business Insider. Baby doge, meanwhile, is one month old, according to the project’s social media account.

Baby doge is a sequel to the larger dogecoin project. The baby version aims to be faster, “hyper deflating” and has a built-in betting system for users to win more coins, as reported Yahoo!Finance.

The developers of baby doge claim that it is the best community currency in the world. Baby doge, according to its creators, offers a higher transaction speed at a lower cost than its “father” dogecoin.

FEW (Business Insider, Yahoo!Finance)

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Michael Peterson, the figure who convinced Bukele to adopt Bitcoin as a currency

The American, originally from San Diego (California), came to El Zonte beach in 2006 as a surfer and then started his business and implemented Bitcoin.

On June 25, Amy Castor, a journalist specializing in cryptocurrencies, published on her blog an article called “Michael Peterson, El Salvador and Bitcoin Beach, which is summarized in the following paragraphs:

“On June 8, El Salvador passed a law to make bitcoin legal tender, in parallel with the dollar. Overnight, President Nayib Bukele became a complete bitcoiner, still embracing the laser eyes of bitcoin on his Twitter profile – he and members of his cabinet too.

Who sold this plan to Bukele? Many think it was Michael Peterson, a 47-year-old white evangelical from San Diego. A surfer, Peterson first came to El Zonte in 2006 to test the waves. He fell in love with the place so much that he bought a house there and now has several cabins that he rents for surfers.

YOU COULD READ: Bukele imitates the FMLN and awards Bitcoin project directly

The same year, Peterson established MissionSake, an institution that gives community aid and support to evangelical missionaries, who in turn give advice for daily life, financial planning and the use of Bitcoin.

Peterson lives there 9 months of the year with his wife and two children, and the rest in San Diego, where he runs a bacon-wrapped food business.

Eventually Peterson started what he calls “a Bitcoin circular economy” in El Zonte and Punta Mango, with some paying others in Bitcoins and back, using a mobile phone payment application.

In the world at large, Bitcoin has failed as a payment system from day one. It’s too volatile, too slow, and finger mistakes mean the money is gone forever. The only ones who use it for payments are criminals and hackers who hijack computer systems for a ransom. In order for people to use his software at El Zonte, Peterson had to gift them Bitcoins.

As he was trying to make his system work, he was making modifications to it, adopting a “wallet” to store Bitcoins that he called Bitcoin Beach Wallet, complemented with a private version of a network called Lightning to make transfers, and cooperating with another version of the same network used in another Bitcoin payments application called Strike.

This has added complication and confusion to the task of moving from one beach to the entire country to make payments, with a system that was not competitive to begin with.

YOU MAY BE INTERESTED: Rodolfo González: “The Bitcoin law is a fraud to the Constitution and repeats the case of SITRAMSS”

Peterson says that the Bitcoin Beach app is doing very well. Reports from the place tell a different story. Many El Zonte residents downloaded the app just to convert the given Bitcoin into cash. The case of Zelma Rivas is illustrative of the people who tried to use them.

She started by accepting Bitcoins for the fruits she sells, but now she uses Bitcoins very rarely because her phone barely handles the payments app. When Reuters interviewed her, her phone was not working.

The project is also suffering from other problems. Some of the residents of El Zonte see in the image of the Bitcoin, in the lower right edge, the number 666, which the Apocalypse identifies as the number of the mark of the Beast (the Antichrist), a mark that would be used in the last times to buy and sell, and that it would be used as a sign of obedience to Satan.

Also, these neighbors think that the first part of the cryptocurrency name is a satanic mockery of the name of Christ.

On the other hand, the commissions at Bitcoin ATMs have proven to be very high at the scene. A user received $ 13 when he tried to cash $ 20 into Bitcoins. In addition to a $ 5 charge, the ATM added a 10.5% fee.

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Peterson promotes Bitcoin while glossing over its sad realities, such as that Bitcoin does not work well for payments, that the Lightning Network he uses for transfers cannot be made large enough to handle the entire country, and that El Salvador does not have the infrastructure necessary for this to work by September 7th.

What is Peterson’s master plan? He wants to see Bitcoin adopted by the 6.5 million inhabitants, with El Zonte functioning as the nerve center. Peterson told “Go Full Crypto” that his vision includes erecting a monument to Bitcoin in El Zonte, with a large “B”.

“We want it to be a point of reference where people can come and take selfies,” Peterson said. He just has to convince the neighbors that the “B” is for Bitcoin, not “the Beast.”

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