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Bitcoin and Litecoin prices will surge significantly and could even replace fiat currency

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The 21st century has witnessed a lot of changes in the financial markets. However many, almost none of the changes, have been as momentous as the introduction of cryptocurrency. Cryptocurrency has become a threat to the regulated financial system in every facet leading to speculations on the probability of some cryptocurrencies such as Bitcoin replacing physical money and blockchain technology substituting central banks in the future.

Many financial analysts have singled out possibilities of revolutionary changes in the financial markets as a result of the emergence of virtual currency. Others argue that Bitcoin does not meet the merit for cash; therefore, the virtual currency cannot replace fiat currency.

Both arguments make sense in their respective rights and its good to measure both arguments to come to an all-inclusive decision. This can only be done by examining both the traditional financial systems and the emerging crypto blockchain technologies. By doing this, we will be able to tell the impact Bitcoin will have on the financial system and whether it can replace fiat currency.

How Does the Traditional Financial System Work?

The financial system is a web of financial institutions governments use to supply money in an economy. Treasury, Central banks, Commercial banks, and Mint are some of these financial institutions.

Every nation uses physical money; therefore, their intrinsic value is determined by governments through their respective central banks. Physical currency exists as stored data, such as bank balances and records of credit and debit card settlements. Money supply is regulated through the minuscule reserve system, where banks and financial institutions are permitted to accept deposits and take loans as long as they have reserves.

The deposit liabilities are usually more than the bank reserve making the money supply to be more than the base money. To ensure banks have sufficient money for withdrawals, the central bank is charged with the responsibility of regulating the whole process of the money supply.

The Demise of Physical Money

According to many financial experts, the days of the dollar being the global reserve currency are slowly coming to their end. It could be substituted from 10 to 15 years from now. The question is not whether it’s going to happen because it is going to happen, the real question is, when. It looks like notable financial experts like Peter Schiff, Bill O’Reilly, Robert Kiyosaki, and Coinbase CEO, Brian Armstrong, agree with these sentiments although having different outlooks of how the whole situation might play out.

From the observation of the market trends and technological advancements being made, we foresee the US dollar falling from being the world’s economic sledgehammer sooner than expected; its fall will be at the hands of virtual currencies such as Bitcoin and Litecoin.

Litecoin Price Analysis

Litecoin has experienced substantial declines in price this year trading at a low of 73.17 US dollars from a high of 323.12 US dollars earlier this year.

But, according to crypto experts, Litecoin has the potential to reach as high as 500 to 600 US dollar, regardless of its current situation. Currently ranked as the 6th most significant digital coin in the crypto market with a market cap of $4.8 billion, Litecoin is no doubt a digital currency worth watching and investing.

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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.

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Bitcoin

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving
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In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

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IE Option – 91% Profit on BTC Fluctuations in Every 60s

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On Thursday, Bitcoin price broke below $6,700 and hit the weekly low to $6,480. Then, it rebounded back above $7,000 again with an increasing rate of 5%. At press time, based on the incomplete statistics, more than $720 million worth cryptocurrency futures contracts have been liquidated in this week. During the strong market fluctuation, investors are learning a hard lesson about the downside of cryptocurrency futures trading with leverage. 

Since we know that we cannot make money by investing in BTC spot trade during the bear market, and we notice the high risks of liquidation by trading leveraged bitcoin futures contracts, how can we hedge the loss in spot trade and profit from the BTC market volatility? 

BTC Option is a profitable trading product that you can turn to!

What is Option?

Option is a type of crypto derivative contract which enables investors to make speculative bet on price rising and falling. Call option means that trader long BTC at a given strike price, while Put option allows trader to short BTC at a given strike price. 

For example, if you predict that BTC price may surge, you can buy a call option. Suppose that you buy a call option at $7,000. As long as price exceeds $7,000, you can make profit. 

IE Option – Get…

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4 things you should know about bitcoin casinos

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Bitcoin Casinos are the ideas of innovation, firmly moving towards the goal of disrupting the whole Gambling Industry. Best Bitcoin Casinos are the true trailblazers of the new era of gambling. Their creators quickly recognized all the immense potential that blockchain and cryptocurrencies contained within themselves. Most of the top Crypto Casinos started operating in the first half of the past decade and are quickly moving towards being the dominant force, when it comes to online gambling. There are a couple of key characteristics and advantages that elevate BTC Casinos above the rest of the competition on the market.  

Trusted casinos have fast withdrawals

Only the Best Bitcoin Casinos offer players the benefits that come with using cryptocurrencies as the main source of finance. One of the biggest advantages that BTC Casinos have over the rest of the competition is speed. When using cryptocurrencies, players can deposit and most importantly withdraw their money with blistering speeds. Thanks to blockchain technology, all the financial transactions are completed within the minutes of request. Alternatively, standard online casinos operating under the guidance of classical banking intuitions, need several days to complete the same procedures.

In BTC Casinos anonymity matters 

Another amazing benefit of Bitcoin Casinos is the ability to stay completely anonymous during the transactions and gameplay. Thanks to the…

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