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Is Bitcoin finally becoming money?

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As we all know the current year has been terrible for the cryptocurrency market. After reaching 19,783 USD, Bitcoin has kept falling down and it’s at 6,487 USD at the time I write this. That kind of loss in value doesn’t seem like a great thing, but is it really that bad?

Over the last month, something happened to Bitcoin that is making even traditional investors notice it: it’s been stable. It’s been in between 6,200 and 6,600 for a full month, which means it’s been even less volatile than the stock market and most of the world’s fiat currencies. And that is a good thing.

For the first time in its short history, Bitcoin is showing signs of achieving stability which was one of the main criticisms held against it by detractors. It’s gone low all year for sure, and it’s been driving the market down. But there’s just a slight possibility that this is where the market should have been from the beginning, and that it’s found the level at which it can remain stable and reliable. And that would be the point in which traditional (and, usually, fearful) investors come in and start driving the market up again slowly but steadily?

How do we know all this? Well, the charts are there, for a start. But there is also an interview with Michael Moro, CEO of Genesis that was broadcasted by CNBC recently. Genesis is a company that gives out loans in digital assets and he had a lot to say about the current market both for loans and for cryptocurrencies.

For a start, Mr. Moro was very clear that Bitcoin still reigns supreme in all markets. Most of Genesis portfolio is indeed Bitcoin (60%) with Ripple’s XRP second at 18%. He then explained that many of those loans are used to short-sell Bitcoin, which is what has been happening all year thus driving the prices down. He also said that shorters are correcting their postures now, according to market behavior, and are buying back in.

It’s too soon to say that the market crisis we’ve seen since last December is over (but we’ve reported many times on signs of an imminent bullish run). Beyond that, the stability the market has seen recently has always been one of the signs that traditional financial analysts have been waiting to give the crypto market a vote of confidence. And it could be that stability has arrived at last.

When Mr. More was asked “Is Bitcoin digital gold at last?” he answered without hesitation that it’s not yet, but it’s on its way to be. And that is a lot more likely that the token will reach 10,000 USD before it reaches 5,000.

This is all good news. The cryptocurrency markets in the world are finding organic ways to become stable, even if it’s happening at low prices and many traditional institutions (even in Wall Street) are starting to go into Bitcoin and the cryptosphere in general, and see how it goes, which was just unthinkable a few years ago.

So make no mistake, the Bitcoin game is a long-term game, don’t let a run of low prices (however long it could be) throw you off. Cryptocurrencies are gaining mainstream adoption slowly but surely, and the market is now even tamer than the stock market. We’re all on the right path. Patience is the key.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of TheDigitalArtist/Pixabay

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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Bitcoin

The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

In many ways, it’s the perfect partnership between Bitcoin and online casinos with multiple benefits for both.

The first of…

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