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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.

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Bitcoin

Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

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Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

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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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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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