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The perceptions about Bitcoin is not well settled. Some trust the Bitcoin principles to the core. Yet others believe that the BTC and other crypto are a fad. Despite the naysayers, many believe that they can buy their freedom with Bitcoin.
The basics of why Bitcoin came into being is simple: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. #Bitcoin.”
The belief systems that have been built around Bitcoin about being anti-government, anti-taxes, etc., all are perceptions and “trader hysteria” – The hysteria on what they wish it should be. Still, it is not true on the document. On the document, it is just technology; the rest are perceptions.
Bitcoin has set the price dictum for major digital asset classes, and most tend to follow suit. Altcoins are working to develop a Bitcoin-independent momentum to track a price path of their own. However, Bitcoin until date ranks No. 1.
Sydney Ifergan, the Crypto Expert, tweeted: “Bitcoin put to real-world use for the real benefit of the masses is the key to calling it Holy Grail. Money is Holy Grail for the majority. Some accept Bitcoin as a Holy Grail – Not all.”
Bitcoin is attractive at times of volatility because traders can earn money. The bears are always calling for the upside. The bulls have been winning after several crashes. Bitcoin (BTC) tried to create a peaceful revolution but alerted several Altcoins to add to the noise.
There are too many Altcoins, too many noises in the market. The combined strength of Altcoins is trying to test the grounded gravity of the Bitcoin citing their use cases – citing the many ways in which the BTC cannot function.
Bitcoin (BTC) Suitability for Unavoidable Transactions
Traders are triggering the price of the Bitcoin (BTC) to the highest rates. The investors love the idea of Bitcoin being the perfect money, anytime it strikes the highest price. They like the price to propel like a fast jet, and it often goes up, falls back down, and back up. This has indeed triggered the race to accumulate digital scarcity claimed by Bitcoin, among investors. The profits are made in the perfect storm created by the racing price trends.
So, how far, and why would people want the Bitcoin among several other scarce assets? Bitcoin needs to justify it by real-world application and suitability for unavoidable transactions like during the CoVID-19 crisis.
Featured image from bitcoin.com
Article written by DAN SAADA
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Crypto traders have been closely watching the rapidly developing Coronvirus pandemic’s impacts on the global economy, as Bitcoin’s recent status as a risk-on asset has made it particularly prone to seeing volatility similar to that seen by the traditional markets.
This risk-on asset classification may soon be nullified, however, as the benchmark cryptocurrency has seen a tremendous rise in adoption amongst new users throughout the past couple of weeks – according to new data.
If this trend extends further, or accelerates in the coming days and weeks, it could signal that those fearing an economic crisis or collapse are turning to BTC – potentially shifting it to adhere to the previously invalidated “digital gold” narratives.
Economic Turbulence Rattles Investors as They Turn to Bitcoin
Because the global economy hasn’t ever been frozen in the way it is now, there’s no telling as to what the economic implications of this will be in the months and years after the pandemic passes.
Some believe that the jobs market – along with other economic strength indicators – will all see sharp “V-shaped recovery” while other analysts are offering more pessimistic outlooks.
Either way there is a bullish case to be made for Bitcoin, as the benchmark crypto could rise alongside the financial markets if it maintains its correlation to them or could also see upside if it breaks this correlation and becomes a digital safe haven.
According to a recent report from on-chain analysis platform Glassnode, in addition to large exchanges seeing a massive uptick in new users, on-chain data also shows that new user activity on the Bitcoin network has ballooned in recent times.
This growth is especially highlighted while looking at the net growth of entities, which has tripled over the past month.
“Not only are exchange accounts growing particularly rapidly, but new user activity on the Bitcoin network has also accelerated, with net growth of entities almost tripling over the past month, rising from 6000 to over 17,000 new entities per day,” they noted.
BTC Growth Rekindles Safe Haven Narrative
This new user growth has not yet translated in bullish price action for Bitcoin, but it could as these new users begin placing bids. It also seems reasonable to assume that this sudden interest is primarily rooted in these new users turning to decentralized assets – or hard money – as they witness incredibly loose and potentially dangerous monetary policies undertaken by global central banks.
Glassnode comes to a similar conclusion, saying:
“As interest rates plummet below zero and the stock market continues to struggle, investors are looking for a safe place to store their wealth and hedge against positions in traditional assets such as stocks.”
Article written by Cole Petersen
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Coinbase Commerce, a platform that supports cryptocurrency payments for internet retailers, just passed $200 million in total transactions processed over its two-year history.
According to sources available to Cointelegraph, the wing of the largest crypto exchange in the U.S. reported on March 26 that the platform’s success was due in part to the 8,000 retailers currently using Coinbase for payment services.
Bitcoin preferred for retail payments
While the coronavirus pandemic is wreaking havoc with traditional markets, the news from Coinbase Commerce would imply consumers are still comfortable using Bitcoin (BTC) to pay for products.
John Zettler, product lead at Coinbase Commerce, said BTC was by far the preferred payment method among the cryptocurrencies offered as payment methods on the platform:
“Merchant customers often tell us it's the crypto they're most familiar with and the one they trust the most.”
Volatile price movements often make it difficult for retailers to accept cryptocurrencies. However, if these numbers from Coinbase Commerce are any indication, it seems that more retailers are warming up to the idea.
Coinbase’s stablecoin big winner of crypto bloodbath
While BTC was one of the hardest hit during the crypto downtown on March 12, stablecoins reaped some benefits: the transfer value hit an all-time high of $444 million the day after the crash.
Coinbase’s own stablecoin, USD Coin (USDC), was one to which crypto holders may have been turning in an attempt to preserve their capital following the bloodbath. In terms of market caps, USDC reported a 57% increase over a thirty-day period ending on March 25.
Both USDC and other stablecoins can be used for crypto purchases on Coinbase Commerce. The platform recently added MakerDAO’s DAI stablecoin as a supported payment method.
After the fairly resent ban of the cryptocurrency transactions by the People’s Bank of China, three largest and most
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