Cryptocurrency News

Bitcoin: Last Minute Backstory


If cash remains the preferred method of payment, how did the Bitcoin exceed the $ 5.000 threshold? And what does Bitcoin have to do with Venezuela’s crisis? Here are the last minute updates on the most cherished cryptocurrency of the moment.

The biggest event of this week is not attributable to the normal assets we are used to reading, but to those which are destined to be an integral part of the financial markets: cryptocurrencies. Specifically, we are talking about Bitcoin that has finally broken the $5.000 threshold by marking a new record in history: over $5.013,91.

Actually, the Bitcoin had already exceeded the $5.000 barrier at the beginning of September but after that it had retreated to $3.200 because of China. The downturn was caused by the ban and the rigid regulations of China, in fact, at the Initial Coin Offering ban, the cryptocurrency market came into crisis.

A few days ago, Russia also began to come up with news about a possible ban but in this case investors did not react negatively as in September and the cryptocurrencies resisted.

It seems that new ban is no longer a big concern for traders and Bitcoin will continue to grow.

In addition to what has been written above, here are some facts and theories that concerned cryptocurrencies

Monaco Credit Card

Cryptocurrencies are so much in vogue that a credit card is immediately ready to make transactions using converted cryptocurrencies in euros or dollars (cashback system).

Monaco is the name of the card in whose portfolio there are no real currencies but digital coins like Bitcoin and Ethereum which are converted into euros or dollars at the moment of the payment.

Monaco has created different types of cards, from the one completely free to the paid one because more complete and less limited.

Obviously payment is made in Monaco token, the cryptocurrency invented by that company, whose value in the last month is around $26.

Cashback system aside, an important positive note is the security system. Facial recognition is required at time of registration and it can be used when needed, such as a theft or access problem.

Cryptocurrencies vs cash

Nevertheless, despite the great success of Bitcoin and its counterparts, cash remains at the top of the charts with respect to payment methods such as credit cards or alike methods.

According to a recent study by Cardtronics and Edelman Intelligence, 27% of Americans and not do prefer cash. A Paypal study also confirmed the same thing for Asian markets whose cash is still in the top spot as a payment method.

Cardtronics found that the main reason why cash is preferred is the concern for the security of their data and the fact that a tangible payment method inspires more security.

At the moment when all electronic devices (including ATMs) will break up, only cash would save us. It seems that progress in cyber-economy is moving too fast towards digital payment methods.

Bitcoin and Venezuela’s crisis

To add another bit to Bitcoin’s reputation, we quote the Bitcoin theory as a solution to the crisis in Venezuela.

The proliferation of cryptocurrencies can only benefit from the very low cost of electricity in Venezuela. If Bolivar appears to be a currency without any value, Venezuelans have no choice but to find alternative payment methods for the purchase of essential goods such as food and medicines. This theory does not bend.

The cryptocurrencies and the bitcoin covers so many backgrounds and investors will try to capture what will be the curse of his future. What do you think? Let us know in the comment below.

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