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Here Is How Bitcoin (BTC) Is More Stable Than Fiat and Could Eventually Become a Global Currency

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Bitcoin (BTC) has constantly been on the news due to its characteristic volatility during a 24 hour period. Those who have learned how to trade with the ups and downs have loved the crypto industry as can be seen in the numerous tweets, facebook posts and telegram chats about profits on a daily basis. But this type of volatility is frowned upon by veteran Wall Street investors and trusted personalities such as George Soros who had this to say about the King of Crypto back in January:

“Cryptocurrency is a misnomer and is a typical bubble, which is always based on some kind of misunderstanding…Bitcoin is not a currency because a currency is supposed to be a stable store of value and the currency that can fluctuate 25% in a day can’t be used for instance to pay wages because wages drop by 25% in a day. It’s a speculation. Based on a misunderstanding.”

Looking at the recent volatility of BTC since the SEC decided to postpone its decision, it has only declined the most by 12% in a day. BTC dropped from $7,100 on the 7th of August to $6,242 on the same day. This is a drop in value of 12% as earlier mentioned.

However, this drop in value is not as significant as the one witnessed by the Turkish Lira between the 9th and 10th of August this year. The fiat currency dropped by a comparative value of 0.18452 to the USD, to that of 0.15142 in a 24 hour period. This is a massive drop in value of 18%. This event even caught the attention of Shape Shift CEO, Erik Voorhees who tweeted the event as can be seen below.

To provide a visual representation of the event, we have included a screenshot of the TRY/USD chart referenced by Mr. Voorhees below.

TRY/USD Chart from the 9th to the 10th of August. Source, xe.com

Bitcoin (BTC) as A Global Currency

To hedge against the instability of fiat currency, Forex traders have been known to be using Bitcoin (BTC) to ‘stash their funds’ during periods of volatility. One such example is the recent news that the bank of Japan would stop stimulating the economy. This announcement happened around the 30th of July which coincidentally was when BTC seemed to be steady around the $8,100 levels. Perhaps this level was being maintained by the forex traders from Japan who soon went back to fiat as soon as the Bank of Japan eased up on its initial idea of cutting off government stimulus into the economy.

What then happened, is that BTC started fumbling once again after the Bank of Japan went back to business as usual. This indicates that the savvy traders cashed their BTC for fiat after the risk had been averted.

As we progress with time in the crypto-markets, we might see a situation where Bitcoin goes toe-to-toe with the major fiat currencies in traditional stock markets. This will now add an additional crown on to BTC as being also a global currency better than and greater than the USD.

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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 Pexels

Bitcoin

Is Bex500 an alternative to BitMEX?

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An all around review of Bex500

Bex500 is a young but rapid-growing exchange, less adversarial than BitMEX, but with higher leverage than Binance, Bex500 has enough strings to attract many crypto traders. 

Those dissatisfied with the old exchange, may find Bex500 exchange with a stable system with no manipulation or “overload”, pleasant UX, user-friendly tool kits, and around-clock customer service.

Bex500 says they are making crypto margin trading “easier” and giving you a better return. 

Can they really achieve that? We conduct a comprehensive review as below to see if it is a trustworthy exchange

Question 1. What features does Bex500 have?

Bex500 offers perpetual BTC futures as well as three other cryptos including ETH, XRP and LTC, all paired against USDT. You may find Bex500 doing a good job aggregating most important features traders need for a robust trading experience with better return.

-A fair trade with no overload

Many traders are familiar with “overload” problem, which disables placing orders in peak trading times. It is suspected to be insider manipulations by exchanges which can cost users entire portfolios.

Bex500, with its unmatched TPS (claimed to be over 10,000 orders per second), ensures that the trading…

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How Bitcoin Has Changed Online Gaming

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We always hear how Bitcoin is great for the financial industry, how it can remove the middleman and help you save money while you spend money. How it can provide fast transactions at any time to any place, even when you wish to send money to someone on the other side of the world.

While all of that is true, it is important to remember that Bitcoin’s impact does not end there. The coin has already changed countless other industries, but one of the first ones that have accepted it with open arms — and therefore one that was changed the most — is the online gaming industry.

Bitcoin’s impact on online gaming

The first thing to note here is that digital currencies have found their use in online gaming thanks to microtransactions. However, it goes far beyond simply purchasing an in-game item from another player. Bitcoin’s biggest impact, without a doubt, concerns online gambling, sports betting, and similar activities.

Bitcoin brings security and anonymity

Bitcoin casino has become one of the new most popular places for an online gambler to visit, and for numerous reasons. Bitcoin brought increased security — to the financial industry, as well as online games. This is important because security is crucial for anyone who enjoys online gambling. It…

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The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation

There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated. 

A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified. 

Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders. 

Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:

Unprecedented security

The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…

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