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

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Bitcoin Litecoin

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

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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