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Can Precious Metals Save Crypto?

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It has been over two weeks since the second large crypto market crash of 2018, and many believe that the bubble we all know as Bitcoin has finally burst. This is the year when BTC has hit its highest value ever, only to gradually drop back down.

While the entire year was progressively bearish, Bitcoin has successfully held its ground at the price of $6,400 for months. However, in mid-November, this changed, and the coin continued to sink. As a result, the same year that gave it the value of $20,000 per coin also brought it down to $3,700. Those who invested in it when it was at its all-time high have lost over 80% of their investment within 11 months.

The drop is not only limited to Bitcoin, however, but to all top currencies, such as Ethereum, Bitcoin Cash, XRP, and countless others. However, while many believe that these cryptos are going down, this doesn’t necessarily mean that they will all disappear. It is possible that some of them will manage to survive. Even if they don’t digital currencies are hardly going away for good.

Cryptocurrencies are here to stay

Their utility is a real thing, recognized around the world. Blockchain in crypto came in a pair, and will likely remain together, especially since they provide people with online transactions outside of banking system. This is not only practical for black market merchants anymore, and numerous businesses are already considering this as an alternative to traditional payment systems.

For some of them, this is not only a choice but a necessity as well. Banks often tend to deny services to some of their customers, as do credit cards. Sometimes, the reason is nothing more than their political views. One example of this is what happened to an alternative social networking website called Gab. Gab is known for allowing its members to express controversial views on various topics, which is something that did not sit well with banks. As a result, its founder stated that Gab will be turning to BitPay and Bitcoin.

As this continues, more and more such cases are expected to appear, which is why alternative payment systems have grown to become a necessity. However, major Bitcoin exchanges, like Coinbase, for example, are also becoming very politically correct. So much so, in fact, that they have also started blacklisting those who they don’t like.

In addition, they are collecting their customers’ personal data and giving it to the IRS. In the end, Bitcoin users can only guarantee their privacy by never actually using their coins for anything. This is only one of the problems connected to Bitcoin. It is also very slow when it comes to confirming transactions, it consumes a lot of energy, and there is a constant risk of loss if investors lose their private key. Not to mention outside threats, such as fraud, hack, government crackdown, and alike.

However, the biggest problem with Bitcoin and other cryptocurrencies, by far, is their volatility. Since they don’t have any asset backing them, it is nearly impossible for these coins to have a stable, constant price. This is one problem that can be solved by bringing real assets on the blockchain.

Backing crypto with gold?

One idea that might solve this issues revolves around using precious metals to back cryptocurrencies, just as they were used for backing fiat money some time ago. While there are numerous challenges — legal and technical — as well as a constant threat of scammers, there are many who support this solution.

These are optimists who believe that we are approaching the time when precious metals such as gold can be used on the blockchain for buying things such as shares of stock, real estate, and more, without ever having to us fiat money. This would mark the return of demand for gold and other precious metals, and the entire idea is a bullish view on the future of crypto and blockchain.

However, there is a bearish view as well. Numerous banks around the world are researching the crypto space, with some of them already making plans on launching their own coins. Doing so could potentially satisfy public policy goals, provide customers with protection and security, and even provide privacy in payments, which is something that the private sector failed to do.

While their claim would be that they only have security, privacy, and protection of their customers in mind, they would effectively eliminate competition to fiat currencies, and move to an all-digital economy at the same time. While Federal Reserve officials continue to deny that they are planning to issue their own coin, they still looked into the possibility.

The crypto space is evolving rapidly, and predicting the next turn is impossible. This includes the potential direction that crypto will take, as well as the intentions and potential interventions from the governments, banks, and alike. While precious metals may come into play once again, even this is still only a speculation, with no certainty about anything at this time. One thing is certain, and that is that a big change of a financial sector is happening right now, and it will take a few years for things to stabilize again. During those years, pretty much anything is possible.

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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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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore
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Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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