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Here Is Why Even Goldman Sachs’ CEO Is Warming Up To Bitcoin (BTC)

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A while back, a seasoned trader once advised this author that whether you love Bitcoin (BTC) or not, the cryptocurrency is the King of The Markets. This means that BTC dictates the general direction of all other crypto assets out there. Whenever Bitcoin is doing well or is experiencing sideways movement, the rest of the coins and tokens either increase in value or also experience sideways movement. The converse is also true. If BTC tanks, the entire market falls with it. Referencing old sailing boats such as those popularized by Pirate movies, BTC is the sail needed to carry this ship of cryptocurrency markets to our preferred destination of The Moon!

Similar sentiments have been echoed by the current CEO of Goldman Sachs, Lloyd Blankfein. He says that critics who believe Bitcoin and cryptocurrencies have no future are wrong 100%. Mr. Blankfein has been open-minded about the entire cryptocurrency markets since last year and had this to say at a conference of the Economic Club of New York:

“If you go through that fiat currency where they say this is worth what it’s worth because I, the government, says it is, why couldn’t you have a consensus currency?”

During an earlier interview with CNBC, Mr. Blankfein had reminded the audience that there was a period in US history when the US government abruptly abolished the gold standard and replaced it with a currency of ‘no value’,. This replacement currency was the USD. Back then, everyone embraced the change and has been the case till now where even foreign governments hold their reserves in the US Dollar.

He used this example to reiterate that Bitcoin could one day replace the regular fiat currency used around the globe. He expressed his opinion by saying that:

“A five dollar gold coin was worth five dollars because it had five dollars worth of gold in it. Then they issue paper money that is backed by gold in the treasury. Then one day, they issue paper money that does not have the backing of gold. There was no pledge that if you turn it in, I’ll give you five dollars of gold. It is fiat money. I say this piece of paper is worth five dollars and so therefore it is five dollars and a lot of people did not take that for a long time.”

By this statement, we can conclude that the acceptance of Bitcoin and cryptocurrencies will be a matter of trusting that the asset holds value the same way paper money was eventually trusted as being a store of value.

Mr. Blankfein would later add:

“You move a little bit further and you get bitcoin that is not a fiat currency so I don’t trust it and I don’t like it. On the other hand, if it works, I say maybe it was a natural progression from hard money to digital money.”

In summary, the adoption of Bitcoin will have to come from a global change of mentality that it is a trusted asset that holds value. This will happen in a manner similar to how the USD came to be accepted as the natural store of value across the globe. It might sound ridiculous that the USD is simply paper, but there is a global consensus that it is valuable.

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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 Fortune Live Media via Flickr

Bitcoin

Trusted Crypto Tumbler To Protect Your Wealth

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Back when Bitcoin originally emerged, over 11 years ago at this point, cryptocurrency transactions were believed to be fully anonymous. This belief stuck around for years to come, but today, we know that, in most cases — this is no longer the truth.

Since the invention of blockchain explorers, it became possible to track every Bitcoin transaction, all the way back to the genesis block. This came as a part of blockchain transparency which promises to eliminate corruption, theft, and other such issues.

However, there is still a need for a certain level of privacy, as people like to keep their wealth to themselves, and not let everyone know how much money they have, or how much they sent for whatever purpose. This is why many are now using crypto tumblers, or mixers.

What do crypto mixers do?

As the name suggests, crypto mixers/tumblers mix up the coins in order to hide/disguise/make it difficult to discover where the coins came from. Things like the amounts, transactions, and wallet addresses to and from which the coins travel are fully traceable, which is why tumblers exist.

In a way, you could say that mixers can add an extra layer of privacy while using Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies. There are many Bitcoin mixers Continue Reading

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5 Best Places to Bet with Bitcoin

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It seems like BTC is always making headlines for one reason or another.

When the market points towards bullish behavior Bitcoin is all the rage. When there is so much long action (going on right now) and then the price plummets, BTC also dominates the headlines. The same goes for legislation and when any new crypto product or platform comes out. It’s always compared against BTC.

So with BTC fever in full swing, sportsbooks around the world have adopted digital currencies as one of their main forms of funding accounts and paying out winnings. And with sports betting legalized in states across the USA, both BTC and legal online gambling are in the limelight. 

But where are the best places to bet using BTC and other cryptos? Furthermore, why would you want to use BTC, LTC, or Ethereum in this manner?

The Why

The principal reason why you would want to use cryptocurrencies in your ‘sports investing’ ventures is speed, cost, security, and bonuses.

When you use cryptos like BTC (BTX) to move money in and out of your account. You bypass the standard centralized banking system which drastically improves on both the speed of the transaction and the cost of the transaction – this is especially true with payouts. 

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Bitplaza Inc Introducing Cryptocurrency to Retail

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Even though influential companies are not ready to validate cryptocurrencies as a stable form of money, Bitcoin is becoming a more frequently used currency daily. There is a rising number of companies that accept Bitcoin for the purchase of their products, validating it as a spendable currency around the globe.

Bitplaza Inc took the next step into technology and commerce, providing customers with a platform where they can spend Bitcoins for their needs through a mobile device. It opens the opportunity for companies and brands to list their products in exchange for Bitcoin, which will give more credibility to the coin.

What is Bitplaza?

Bitplaza is a shopping app that belongs to a retail company called Bitplaza Inc, located in Pennsylvania. The app is available on both Google Play and the Apple App Store. Bitplaza allows anyone globally to purchase brand new items with Bitcoin. The app has a wide variety of products to buy online, from electronic devices, video games, even groceries. The products that can be purchased from the app range from popular brands such as Sony, Starbucks, Adidas, Apple, and many more. The Bitplaza team is always adding new products to the shopping app, making more items available to be purchased with Bitcoin. The app covers a broad range of products for the different needs of the…

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