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Cryptocurrencies (BTC, ETH, LTC, XRP) Will Edge Out Traditional Financial Systems

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The crypto markets have been in the red since Sunday and show no signs of stopping. Bitcoin (BTC) has been forecasted to touch $5,700 before any signs of a rebound can be seen. The King of Crypto is currently trading at $7,200 at the moment of writing this and down 1.70% in 24 hours. Ethereum (ETH) has also been affected and is trading at $539. Ripple (XRP) has not been spared and is currently trading at $0.57. Bitcoin Cash (BCH) has gone to levels below $1,000 and currently trading at $926.

The cause of the current decline has been the subject of speculation. Many traders have postulated the theory that Bitcoin manipulation is highly probable. They claim that it all started when the CME Group and CBOE started offering Bitcoin futures back in mid-December. But these institutions really be blamed? The crypto-verse is unregulated and subject to pump and dumps once in a while at the expense of the small traders.

But can it be that the actions of the ‘big shot’ financial institutions are the kicks of a dying horse? Are they seeing pending doom with the introduction of decentralization and peer-to-peer transactions as envisioned by Satoshi Nakamoto?

This might be the case. They are trying to make some profits before they fall like the wooden bricks while playing Jenga.

Niall Ferguson, an accomplished author and commentator, recently told a group at a seminar hosted by the Bank of England, that Bitcoin and cryptocurrencies were the financial systems of the future. He was also keen to note that we might be on the cusp of another financial crisis as the one witnessed in 2008. He had this to say:

“The financial system of today is not fundamentally that different than the financial system of the pre-crisis period, except that big banks are better capitalized. I don’t think much else is really different. The novelties, the things that will really matter ten years hence are still relatively small in scale. Whether its bitcoin or cryptocurrency generally or the massive revolution in online payments that is being achieved by the big Chinese tech companies, that’s the financial system of the future, and it is still small enough not to be systemically important in 2018. In short, I am left feeling we are only a matter of time before the next crisis.”

The last crisis was the fault of the American banks who were trading with derivatives of mortgages held by subprime borrowers. The interest rates of these mortgages fluctuated resulting in a domino effect of delinquent payments. What then happened is a total collapse of the economy due to lack of support for the value of the said derivatives.

Long story short, the banks messed it up. This then gives cryptocurrencies the opportunity of grabbing the wheel in terms of being the financial system of the future. Even with the current decline in the crypto market, there is some light at the end of the tunnel in crypto going mainstream. We hold the key to this adoption.

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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

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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