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Bitcoin will eventually replace the U.S. dollar and all other fiat currencies. When this will happen, nobody knows. However, a recent UBS study concludes that for Bitcoin to replace the U.S. currency, it has to reach a value of about $ 213,000 USD.
Money and Traditional Banking Systems Are Obsolete
Fiat money and traditional banking are a three-thousand-year-old concept and technology, which cannot efficiently support today’s economic model. Therefore, they have to be replaced by a neutral, borderless, and frictionless system, such as a decentralized peer-to-peer electronic cash system: Bitcoin.
COBINHOOD, a zero-fee cryptocurrency exchange, has announced the launch of fiat trading, which means that legal tender can be converted, through COBINHOOD, into cryptocurrencies, and vice versa. U.S. dollar deposits will be accepted from July 20th.
Last month, COBINHOOD announced the creation of the DEXON Foundation, which was created to support the DEXON blockchain technology, a ‘blocklattice’ on which DApps could be built far easier than previous decentralized networks. While COBINHOOD is a separate, commercial entity, it is also the exclusive ICO services partner of the DEXON Foundation. With fiat trading now arriving to COBINHOOD, investors can buy and sell tokens for Bitcoin, Ethereum, and Tether, in addition to a multitude of other options on the COBINHOOD platform in the future, including DEXON.
Early Bitcoin investors continue to bet on Bitcoin’s potential. For example, angel investor Jeffrey Wernick started investing in the “the currency of the people,” as he calls it, in 2009. Wernick believes that Bitcoin’s formidable power resides in the fact that its value “comes from its ability to solve the biggest problems with fiat money.”
Wernick: Bitcoin is the People’s Currency
In a recent Business Insider interview, Wernick gives details about why he started to invest in Bitcoin. And he describes how the shift in the relationship between government and people triggered his interest in gold and monetary issues.
As the start of the crypto banking ban by the Reserve Bank of India approaches, cryptocurrency exchanges in the country are preparing to stop fiat deposits and withdrawals while boosting crypto-to-crypto trading. Zebpay plans to continue crypto-INR trading pairs even after the ban. Unocoin has launched a weighted basket order tool to simplify crypto investing.
No Fiat Withdrawals But Trading to Continue
The date for India’s crypto banking ban imposed by the Reserve Bank of India (RBI) is drawing near. All regulated banks and financial institutions must stop servicing cryptocurrency exchanges by July 5.
The recent announcement that Bittrex will allow investors to buy digital coins with the U.S. dollar is the latest in a string of crypto trading trends to move West from Asia. With Japan and Korea among the first to facilitate an open and active trading ecosystem with fiat pairing, it’s clear that the Asian region is a nexus for global crypto trends.
Jim Chanos — an American investment manager and founder of Kynikos Associates, a New York City-registered investment advisor focused on short selling — claims fiat currencies could bring the world down. However, he also claims that Bitcoin is “the last thing” he’d want to own in the event of a catastrophe.
‘The last thing I’d want to own is bitcoin’
In an interview with the New York City-based nonprofit think tank The Institute for New Economic Thinking, nocoiner Jim Chanos didn’t shy away from his negative opinions on Bitcoin and other cryptocurrencies.
Bittrex has finally introduced fiat currency support. The US exchange, which was established in 2013, subsisted with tether as its USD surrogate until recently, before adding another stablecoin, TrueUSD, a couple of months ago. Around the same time, its CEO Bill Shihara revealed that the platform would be adding USD pairs and today they went live for corporate clients.
Last month, Venezuela became the first country to issue its own cryptocurrency with the launch of the purportedly oil-backed Petro. Now, the digital currency is available for purchase with a variety of fiat currencies — just not the dollar.
Petro for Fiat
Venezuelan citizens, companies, and other interested parties may now purchase the country’s oil-backed cryptocurrency with a selection of fiat currencies.
In an announcement made on national television last Thursday, Venezuelan President Nicolas Maduro stated:
Starting March 23, all legal and physical entities will be able to purchase the petro directly… within the next 15 days for convertible currencies: yuan, rubles, Turkish liras, and euro.
Bitcoin was the best-performing currency in the world for a seventh time in 2017, beating major cryptocurrencies and all fiat yet again.*
2017 Was Bitcoin’s 3rd Best Year
Bitcoin’s 1200% annual growth last year took it easily to the top of the league against the global fiat basket, while only a handful of less mainstream altcoins posted bigger returns for investors.
2017’s Bitcoin harvest for hodlers was the best since 2013, which was the cryptocurrency’s best ever year that spawned near 5500% returns.
2011 contributed 1387% gains, while 2010 offered up 480%. By contrast, 2016 delivered “only” 130%.
It is no secret how there seems to be a major opportunity for digital currency to gain mainstream adoption in the iGaming world. Even though Bitcoin adoption is still fairly slow when looking at things on a global wallet, companies like Cubits are working hard to pave the way. Thanks to this convenient wallet service, iGaming operators from all over the world can accept Bitcoin payments without too much hassle.
Bitcoin is poised to disrupt the financial sector, and money remittance services will be among the first to feel the wrath of borderless digital currencies. Servers like Western Union and MoneyGram are the top contenders in the remittance sector, yet that paradigm might be about to shift sooner rather than later. That being said, MoneyGram isn’t feeling the pressure just yet.
I love surprise announcements, don’t you? I mean the good kind, like “yay we have a new feature we didn’t tell you about!”. Not the “yeah we are bailing and taking your money lulz” kind. Either way, MultiWallet provided us with the good kind of surprise announcements. Let’s take a look!
MultiWallet (MWC) Is now listed on TitanBit. Have no idea what TitanBit is? Don’t worry, neither did I until a few minutes ago. TitanBit is an exchange where you can trade listed coins for US Dollars. Thus, MWC can now be traded to and from USD directly. Told you it was the good kind of surprise, right?
We have received some more bits of news from the VeriCoin team. A new wallet has been released, version 1.3.1, which features big fixed and stability improvements. No option to buy VRC with fiat directly from the client though.
We will talk about this wallet update in a moment, but there are other bits of VeriCoin news I would like to discuss as well. First of all, Moolah.io has now officially integrated fiat payments , allowing users to purchase VRC with EUR, USD, GBP, CAD,…
A ton of new updates and announcements in regards to VeriCoin have been posted over the past 12 hours or so, so we should take a look at what we can expect in the near future! VeriBit changes, buy VRC with credit card, and much more!
Let’s start off with the change to how VeriBit works. The maximum transaction limit has been increased from 0.15 Bitcoin to 1 Bitcoin. On the other hand, the transaction fee has been lowered from 2 VeriCoin to 1 VeriCoin. Very nice work!
Official announcement here : https://twitter.com/pnosker/status/482725756884492288
This is an official communiqué from the IsraCoin team :
“For the first time since its launch less than a month ago, Isracoin has been added to a $USD trading platform and is now traded both against the Dollar and Bitcoin.
C-Cex.com has added Isracoin today to its trading platform as a full-market coin, trading against all other currencies.
This is a significant milestone as Isracoin is now directly exchangeable to a fiat currency, which makes it more fungible as well as accessible to more audiences.
Well I had to post something here today while working on the magazine , so I’ld better make it a good article!
You might ask yourself whether we need another exchange or not, and the simple answer is: yes, we do.
Especially exchanges that allow you to trade any cryptocurrency to and from a fiat currency (even if it’s just USD), are good.
At this point, it is a bit uncertain whether or not the developers might get intot rouble by naming their coin USDe, which is awfully close to “USD”(even though it stands for Unitary Status Dollar Ecoin).
USDe is a Scrypt coin with a 60-second block generation time,and difficulty re-targetting every 2 hours. Also, the block rewards halve every time 1/3rd of the total USDe supply cap (1.6 billion coins in total) is reached.