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“Crypto Can’t Match Gold On Stability And Volume”: World Gold Council

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The latest Bitcoin news cite the World Gold Council (WGC) which recently said that cryptocurrencies are “no substitute for gold.” The WGC, which is a market development organisation for the gold industry argued that gold is “very different” from cryptocurrencies like Bitcoin. According to them, the yellow metal is less volatile, has a more liquid market and trades in a regulatory environment among other factors.

Meanwhile, gold has appreciated 10% per year on average ever since the collapse of Bretton Woods monetary system (which pegged major currencies to the precious metal) in the 1970s, while its volatility has also reduced over the past four decades.

Bitcoin’s price, on the other hand, has been “extremely volatile – around 10 times than of the dollar denominated gold price.” Therefore, it is not really as good as a currency, the WGC said, “let alone a store of value, potentially limiting bitcoin’s use as a transaction token.”

When we compare Bitcoin trading volumes to gold, we can see that they are also “very low.” When releasing the statistics, WGC said that Bitcoin trades $2 billion on an average per day which is less than 1% of the total gold market’s volume of $250 billion per day.

Furthermore, the WGC said that gold demand is diverse, supply is responsive and is “tried and tested effective” investment option in portfolios as a diversifier as well as performing well during periods of inflation.

“[Bitcoin’s] performance has, until recently, been remarkable, but its purpose as an investment seems quite different from gold. Cryptocurrencies have yet to be tested in multiple markets,” the WGC concluded.

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Altcoin News

Most Altcoins Report Moderate Gains, Bitcoin Reaches $8,000

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Most altcoins, especially the top 20 are reporting moderate gains on the day as the largest cryptocurrency approaches the $8,000 price point again. As noted in all of the altcoin news headlines, Bitcoin increased up to 2 percent on the day. The largest cryptocurrency is trading at $7,957 at press time according to the data from CoinMarketCap. Bitcoin is up by 2 percent on the day and by looking at its weekly chart the cryptocurrency is up by 2.55%. The proximity of the biggest cryptocurrency is $8,000 which comes as the United States Securities and Exchange Commission (SEC) reported a few days ago that they are ‘’still in information-gathering mode’’ regarding the VanEck bitcoin exchange-traded fund (ETF). Most altcoins among the top 20 are reporting notable gains and one of the biggest winners is Bitcoin SV (BSV) which increased up to 102 percent at press time. As reported in the latest cryptocurrency news, Bitcoin SV promoter and the self-proclaimed Satoshi Nakamoto-Craig Wright, has officially filed U.S copyright registrations for Bitcoin’s whitepaper and code. Ethereum (ETH) on the other hand, is clinging to its position as the largest altcoin by market cap which is currently standing over the $26.7 billion price point. The second largest altcoin XRP now has a market cap of $16.6 billion. Following the data from CoinMarketCap, we can see that the price of ETH increased by 3.1 percent over the past day. At press time, ETH is trading at $253. By looking at the weekly charts, Ethereum seems to have increased by over 18.5 percent. Ripple’s XRP is nearly three percent over its previous price in the last 24 hours and is now trading at $0.401. Over the week, the altcoin increased by about 4.50 percent. At press time, the total market cap of all cryptocurrencies combined is $248.5 billion which is three percent higher than the one reported week ago. Most of the oil futures and indexes saw some mixed signals over the day with WTI Crude going down by 0.13 percent. Brent Crude dropped by 0.08 percent and Mars US by 0.13 percent at press time. The Canadian Crude index saw some increase action by 0.6 percent at press time.
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Bitcoin News

Teen Bitcoin Millionaire: BTC Will Die If 4 Major Issues Are Not Solved

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Teen Bitcoin millionaire Erik Finman predicts once again that the number one cryptocurrency could ‘’ die’’ if four major issues are not resolved. According to the latest cryptocurrency news, Finman stated that the problems are ‘’sticky’’ and must be solved immediately. While speaking to Yahoo Finance, Finman explained the issues: the complexity of use, high transactions fees, fights among the developer teams and slow-processing speeds. He pointed out:
‘’It’s facing four big problems. One, its high transaction fees. Two, it takes a long time you know to kind of send anything. And then three, the people that are trying to solve those problems… it’s fragmented, it’s cultish, it’s really kind of a lot of group in-fighting. And I think the fourth one is it’s really hard to get into bitcoin. It’s really not easy.’’
Even before the interview, the teen bitcoin millionaire outlined the problems of the currency on social media. He first purchased bitcoin at the age of 12 after his grandmother gave him $1,000. Over the years, he was trading cryptocurrencies and now has about 457 bitcoins which is nearly $3.6 million. Finman also pointed out that the future for bitcoin as a leading cryptocurrency is not guaranteed. Bitcoin is ‘’facing a lot of stiff competition and I think it really has to respond to that.’’ Erik also revisited his statement which was deemed as extremely controversial in 2018 when he pointed out that the ‘’long-term bitcoin is dead.’’ He defended the statement saying that the cryptocurrency needs to have one or two more bull runs in order to be set for the better future. As reported in the altcoin news last week during the MarketWatch, Finman raised his concerns about Bitcoin. He even stated that Litecoin was also afflicted since the altcoin decreased over 95 percent since its record high. Despite his pessimistic view, Finman is bullish on blockchain technology as well. He added that anyone who failed to become a billionaire by investing in crypto or in blockchain, in ten years from now they would have themselves to blame. Among the top cryptocurrencies that Finman believes have the best chances of success include ZCash and Ethereum. He praised Bitcoin Cash’s technology but he says the altcoin is poorly marketed.
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Bitcoin News

Crypto Startups Should Go All-In On Blockchain: Expert Opinon

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Crypto startups need to focus on the blockchain rather than bitcoin according to Bernhard Schroeder, the managing director of entrepreneur programs at San Diego State. According to our coming altcoin news, Schroeder classified bitcoin as a ‘’speculative investment.’’ He believes that bitcoin might not work out in long-term but says blockchain is a ‘’serious technology.’’ Schroeder believes that the blockchain technology has a lot of potentials that will emerge from the companies who want to build on it. Companies who failed during the ICO boom in 2017 should now follow four areas that entrepreneurs should look. Also, investors and industries should get exposure to blockchain technology according to Schroeder:
 “So why should you as an entrepreneur or investor care more about blockchain than Bitcoin? Bitcoin is still a speculation on a future crypto currency that the world may not yet adopt. Maybe in the future, maybe not. But blockchain is a serious technology that can provide a variety of solutions. Imagine you are an automotive manufacturer and you have a product quality problem. Rather than recall thousands or millions of cars, you can simply recall the cars whose part is potentially defective based on blockchain identification and tracking.”
The areas that the crypto startups should follow include digital rights management, tokenizing other assets, customer rewards programs and digitizing real estate. Of course, there are more uses cases for blockchain technology but he believes those are the most important areas. Schroeder focuses mostly on those because he believes they have the most potential. Following the reports in the best cryptocurrency news sites, a huge number of companies are tackling digital rights management via blockchain. For example, BitTorrent’s cryptocurrency is one example of how to handle that. The holders of the coin will be able to use it to purchase content directly from its creator. Schroeder makes a valid point that people are too close to cryptocurrencies and usually get burned. This is why he stated:
 “In the 1800’s it was not always the gold miners who thrived. But the people who sold picks and shovels did. In the early days of the internet, it was not the multitude of startups that were rewarded. Most failed. But the builders of web infrastructure and internet technology thrived. Don’t confuse the adoption of Bitcoin as a digital currency with the enormous potential for blockchain technology.”
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Bitcoin News

Bitcoin In Myanmar No More: CBM Sees It As Liability

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Bitcoin in Myanmar no more after the Central Bank of Myanmar announced that it doesn’t recognize bitcoin as money. Following the coming altcoin news, CBM considers the number one cryptocurrency as a liability rather than an opportunity. Myanmar is a developing country that is now considering shutting its doors down for bitcoin merely because it poses a threat to the central bank. Bitcoin proposes to replace banks with an improved decentralized network of transaction validators. This means that everyone with an internet connection can join the bitcoin economy and participate in global economies. But, the Central Bank of Myanmar stated previously that it would not allow Myanmarese Financial Institutions to accept or to facilitate transactions conducted with Bitcoin. The same rule applies to all other cryptocurrencies with similar properties. According to reports, Myanmarese investors are increasing their stakes in bitcoin despite the bad news. Local ads for bitcoin exchanges are still increasing and this shows that more people are looking to hop on the bitcoin bandwagon. CBM fears that this process can flush out a large part of the capital from Myanmar’s market to the industry in other countries which is the main reason why the bank is discouraging people from investing and therefore to make no more bitcoin available in the country. An IT professional Aung Aung who works at the Yangon Company pointed out for the latest cryptocurrency news that the people in the country face a lot of restrictions on banking. He admitted that he purchased about $20 worth of BTC in 2017 since he found that the cryptocurrency is perfect for conducting flawless ‘’global e-commerce and aid.’’ There are thousands of people in Myanmar who got into bitcoin for the same reasons Aung did. The bitcoin frenzy began in 2017 when the market valuation jumped up to $313.89 billion which five times more than the current GDP of Myanmar. The downside correction in 2018 brought the rates of Bitcoin to go down by 85 percent. The market now stands close to the $144 billion and there is a huge interest from institutional players. CBM now has two options: restrict people from investing in bitcoin or make Myanmar the perfect crypto-hub such as Japan or Switzerland. The chief executive of the digital commerce platform Get Myanmar pointed out:
 “Before making crypto illegal, its impact on the local currency and compatibility with existing policies should first be analyzed and discussed.’’
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