Connect with us

Blogs

NYSE Owner Predicts Bitcoin (BTC) Becoming the First Worldwide Currency

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

The CEO and owner of Intercontinental Exchange (ICE), the company that owns NYSE (New York Stock Exchange), has decided to form a new firm called Bakkt. Additionally, he stated that Bitcoin (BTC) might become the first currency that would be accepted and used worldwide.

Helping BTC become a worldwide currency

According to a recent statement by Jeffrey Sprecher, the founder, chairman, and CEO of ICE, Bitcoin might become the first currency that will be accepted worldwide. This is a phenomenal achievement, and the fact that it can be made by a crypto makes it even more so. Now, Sprecher has a plan that will allow Bitcoin to take a next step towards making that a reality.

The plan includes the creation and launch of a new company, by the name of Bakkt. The firm will serve as a bridge between Bitcoin, Wall Street, and Main Street. Sprecher has stated in a recent interview that Bitcoin’s potential is huge and that Bakkt will have a unique opportunity to allow it to reach it.

Eventually, Bitcoin can become a global currency of choice, which would vastly simplify the process of moving the money around the world. Additionally, this move will also bring the launch of physically-delivered BTC futures, as well as custody crypto assets. Not only that, but a number of companies will join in on the move, including Microsoft and Starbucks. While this doesn’t mean that Starbucks will actually start accepting BTC, as some recent headlines falsely indicated, it will accept fiat currencies that can be obtained by trading BTC on Bakkt platform.

The move will also represent a big change for ICE itself, considering that only a little more than half a year ago stated that it doesn’t want to rush into dealing with Bitcoin and its products.

The move to attract more young investors

Bitcoin, as well as other cryptos, have been making continuous efforts to enter the mainstream usage for a long while now. Unfortunately, they were mostly unsuccessful when it comes to achieving any great victory in this field. Now, with ICE’s help, this might become a reality. Not only that, but it might also attract new generations of investors.

While older investors continue to remain the biggest skeptics when it comes to new technologies, the younger generations have also been very careful about the traditional financial institutions. Sprecher said it himself, stating that millennials do not trust regular banks, asset managers, brokerages, and alike. If these institutions wish to attract younger users, they will have to offer them currencies that they believe in, and BTC might be a perfect choice.

Sprecher recognized this long ago, and he even stated back in April that cryptocurrencies are not a trend that can be ignored. He criticized to an extent the willingness of younger generations to put their faith in Satoshi Nakamoto instead of the US Fed. But, he also recognizes that the things are as they are and that everyone needs to adapt to the new situation in order to remain relevant.

For the latest cryptocurrency news, join our Telegram!

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

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

Continue Reading

Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Elite