Autor Cointelegraph By Ezra Reguerra

Community discusses why inflation isn't pushing more people to crypto

Community discusses why inflation isn't pushing more people to crypto

Uverejnil používateľ | okt 14, 2022 |

While some anticipate that more people will naturally get into crypto due to inflation, the reality is far from some community members’ expectations. A discussion in the r/cryptocurrency subreddit highlighted this topic and explored why higher inflation is not pushing more people into the crypto space. According to a Reddit user, events like the United States Federal Reserve printing more money and the government spending more and more funds have led them to the conclusion to get into crypto as one of its functions is to hedge against inflation. The Redditor posted that they expected more people to do the same in the subreddit. However, the community member is now puzzled as to why this is not the case. In response to the Reddit thread, one community member pointed out that higher inflation means that the cost of goods is on the rise. Because of this, the Redditor believes that people have “less to invest,” suggesting that people would prioritize their basic needs rather than put their money into crypto. Another user agreed with this notion, saying that people would rather burn gas to keep them warm in the winter than burn their money on “sketchy shitcoins.” Redditor contributing to the discussion Source: reddit.comMeanwhile, another user brought up that the US Dollar (USD) has performed very well throughout the year. According to the user, even Bitcoin (BTC) has lost value against the USD in the current year. In addition to this, a user believes that people not jumping into crypto has something to do with its volatility, lack of use cases and the space being plagued by a lot of scams, rug pulls and hacks. Despite the negative notions, some still argued in favor of crypto. A community member highlighted that in terms of volatility, Bitcoin has been less volatile compared to some tech stocks this year. In terms of use cases, the user argued that there have been a lot of use cases within crypto, like easier cross-border transactions and smart contracts. Talking about scams, the community members said that there are scams everywhere, citing real estate, fake gold scams and pyramid schemes. Related: Bitcoin traders were ready for a hot CPI report, but BTC bears are still in controlOn Oct. 13, politician Nigel Farage told Cointelegraph that one of Bitcoin’s appeals is its fixed supply and highlighted that it cannot be inflated away. According to Farage, Bitcoin will very soon become a trusted means of exchange in Europe as a very big change is set to happen in the next 2-3 years.

Čítaj viac
Bitcoin to become 'trusted means of exchange' in EU: Bitcoin Amsterdam 2022

Bitcoin to become 'trusted means of exchange' in EU: Bitcoin Amsterdam 2022

Uverejnil používateľ | okt 13, 2022 |

With inflation becoming a bigger problem as time goes on, Bitcoin may become a better and more trusted means of exchange in Europe, according to politician Nigel Farage. At the Bitcoin Amsterdam 2022, Cointelegraph reporter Gareth Jenkinson spoke with Nigel Farage, the former head of the pro-Brexit United Kingdom Independence Party, and discussed how the politician first heard about Bitcoin (BTC), the appeal of the cryptocurrency as a hedge against inflation and how it may be adopted broadly in Europe in the near future. According to Farage, he first discovered Bitcoin 10 years ago when he worked within the financial markets industry and before he got involved with politics. “I always got a very close ear to the ground in terms of financial development. So, I heard about it very, very early,” he said. The former member of the European Parliament highlighted that back then, he wasn’t sure about Bitcoin and did not “fall in love at first sight” with the new monetary concept. However, as years went on, the politician had a change of heart as inflation started to become more severe. He explained that: “The disease of money, inflation is now back in the system, which I remember from being a younger person, this history of inflation is once it sets in, it’s there for longer than anyone could imagine.” By then, the politician probed further into Bitcoin’s tech and inherent features. Eventually, Farage realized that Bitcoin’s appeal is linked to its fixed supply. “So, the appeal of Bitcoin was rather like the gold standard appeal. There is a set number. It can’t be inflated away,” he noted.Related: Bitcoin price threatens $19K support ahead of ‘most hyped’ CPI printApart from his discovery of Bitcoin and its features, Farage also gave his opinions on how the future may play out in terms of Bitcoin adoption in Europe. According to Farage, events in the United States are also influenced by the things that happen in Europe. He explained that: “What happens in America first happens here, too. There’s going to be a very, very big change here over the next two or three years, and it [Bitcoin] will become a trusted means of exchange.” In addition, the politician compared Bitcoin to banking transactions, which he described as inefficient, costly and very slow. Because of this, Farage believes that Bitcoin has become more attractive compared to this existing infrastructure.

Čítaj viac
Binance exchange burns $547M worth of BNB tokens

Binance exchange burns $547M worth of BNB tokens

Uverejnil používateľ | okt 13, 2022 |

Crypto exchange platform Binance has concluded its 21st quarterly BNB (BNB) burn, eliminating around $547 million worth of BNB tokens from its supply. In an announcement, Binance said that it had destroyed a total of 2,065,152 BNB tokens, which is valued at just below $600 million at the time of writing. The exchange also mentioned that an added 4,833.25 BNB was burned through its Pioneer Burn Program, a mechanism that helps users who have lost their digital assets through honest mistakes. The exchange covers these losses and returns the tokens to users, depending on the specific conditions. These tokens are then deducted from the total quarterly burn by Binance.#Binance Completes 21st Quarterly #BNB Burn!2.06m #BNB has been burned pic.twitter.com/VHvt1E4FzB— Binance (@binance) October 13, 2022Previously, Binance committed to burning 20% of its profits for each quarter. With the latest burn, the exchange could have profited by $2.7 billion during the third quarter of 2022. The 21st quarterly BNB burn is one of the larges amounts burned in BNB burn history in terms of its fiat value. Back in 2021, around $600 million in BNB was burned, marking the largest BNB burn on record. Despite the massive amount burned, the burning efforts don’t seem to have had a huge impact on t Binance Coin markets at the moment, with BNB prices moving slowly downward along with the rest of the crypto market.Related: Binance introduces BNB Auto-Burn to replace quarterly burn protocolOn Oct. 3, the exchange also owned up to its commitment to help tTerra Luna Classic (LUNC) — formerly Terra (LUNA) — investors by burning the LUNC trading fees collected on its LUNC/BUSD and LUNC/USDT spot and margin pairs. The exchange announced that in the initial burn, around $1.8 million worth of LUNC tokens were burned. While some parts of the community are burning tokens, some are burning artworks worth millions of dollars. On Oct. 12, British artist Damien Hirst set some of his physical artworks ablaze during a livestream to complete his nonfungible token (NFT) project called “The Currency.”

Čítaj viac
From first downs to crypto: A former NFL player gets into digital assets

From first downs to crypto: A former NFL player gets into digital assets

Uverejnil používateľ | okt 6, 2022 |

When things don’t go as planned in your career, finding opportunities in other fields is the way to go, according to Lewis Neal, a former National Football League (NFL) defensive tackle.Speaking to Cointelegraph at the Blockchain Economy Dubai Summit 2022, Neal shared the story of how he went from playing professional football to exploring the finance world, which eventually led him to Bitcoin (BTC) and crypto wallets. Lewis Neal with Cointelegraph reporter Ezra Reguerra. Photo by: Roland GuirdonanNeal explained that his expectations were high when he started football. Like many aspiring professional sports guys, he thought that he would be the star of the show. However, things didn’t turn out as he hoped. He said:“I thought I was going to get a lot of playing time. But during that year, I was a backup. […] So, I had to develop another skill that can be life-changing for my family and myself. So, that’s what drove me to get into the financial industry.”The former football player went on to trade currencies, futures and commodities before findin out about crypto. “As you trade, you get exposed to other asset classes. And that’s exactly how I got exposed to Bitcoin and other asset classes in the crypto space,” he said. Eventually, he became the CEO of a crypto wallet project called Kryptic. Related: Houston Texans becomes first NFL team to sell game suite with cryptoGiven Neal’s experience as a forex trader, Cointelegraph asked him to share his thoughts on the recent fall of fiat currencies like the euro and the pound. According to Neal, despite Bitcoin’s steady performance, it may still fall as the United States dollar gains ground. He explained: “The market is going to follow the economy at the end of the day, even if it’s Bitcoin. So, just because Bitcoin is steady doesn’t mean it can’t fall, right? Because if you look at the dollar, the U.S. dollar is gaining strength against every major currency.”When asked about Web3 technologies like nonfungible tokens being used by sports professionals to engage with fans, Neal said that it’s important to simplify things and empower the athletes by making the user experience simpler. “I’ve been in the locker room, a lot of them don’t even know how to download a wallet and buy a cryptocurrency,” Neal said. Neal underscored that athletes should be able to do it themselves so that they can have complete control over their brand and not have third parties do it for them: “We have to make it easy for it to become mass adopted by athletes.”

Čítaj viac
Bitcoin can solve the DeFi onboarding crisis, argues exec

Bitcoin can solve the DeFi onboarding crisis, argues exec

Uverejnil používateľ | okt 6, 2022 |

As the decentralized finance (DeFi) space remains plagued with hacks, people have become less interested in jumping in and engaging with DeFi. But according to Dennis Jarvis, the CEO of Bitcoin.com, there is a way for DeFi adoption to move forward through Bitcoin (BTC). In a keynote speech at the Blockchain Economy Dubai Summit 2022, Jarvis pointed out that massive losses of investor funds like the collapse of Terra and the Axie Infinity Ronin hack have made DeFi unappealing to potential users. However, the executive believes that by using Bitcoin as a hook, DeFi can overcome the onboarding crisis brought about by its declining reputation. Dennis Jarvis, the CEO of Bitcoin.com, at the Blockchain Economy Summit Dubai 2022.Speaking to Cointelegraph, Jarvis explained why his team believes that Bitcoin can be people’s gateway to the DeFi space. He said: “I think the vast majority of people are mostly interested in finding out about Bitcoin first. It’s the first step on their crypto journey, and so that includes buying their first Bitcoin.”After getting their hands on their first BTC, the executive said that through a decentralized exchange (DEX), their team has the opportunity to help the community easily swap some of the Bitcoins into assets like Avalanche (AVAX), Polygon (MATIC), Ether (ETH) or other digital assets. Jarvis believes that this can eventually push Bitcoiners further on their DeFi journey and use decentralized applications.When asked why Bitcoin.com, a brand heavily associated with Bitcoin and Bitcoin Cash (BCH), is venturing into DeFi, the executive explained that they believe in a multichain future and are trying to improve their offerings to their consumers. He said: “We really think that multichain is the future for crypto, that there is frankly a universe of possibility and a multitude of features available in various DeFi primitives that are popping up all over the place.”Because of this belief in a multichain future, the executive highlighted that their firm should be able to keep up. He noted that they wanted to give their users the ability to participate in DeFi and be able to give them that choice. Related: MEV bot earns $1M but loses everything to a hacker an hour laterWhen asked about Bitcoin maximalists who might not support DeFi or any other products apart from Bitcoin, the executive highlighted that being a Bitcoin maxi may be related to concerns about scams. He said: “I think there is some element to Maxism that is concerned about people getting scammed and ripped off, and so are we. […] We do our best to help them avoid the riskier, maybe potentially scammy side of crypto.”In the end, Jarvis highlighted that they are happy to support those people who believe that Bitcoin is the one true coin and everything else is a scam.

Čítaj viac

Získaj BONUS 8 € v Bitcoinoch

nakup bitcoin z karty

Registrácia Binance

Burza Binance

Aktuálne kurzy