Tag: crypto 2018

New Survey Finds Surprising Crypto Demographics

By James Sweet III | United States

Cryptocurrency has taken the world by storm, threatening the fiat currencies of major nations. The governments of these nations are very hesitant to embrace the blockchain, but their people are not. According to a survey by YouGov, 44% of Millenials believe that crypto will become more accepted in the future. This makes them the most optimistic generation of the cryptocurrency market.

Of these Millenials, 48% would be interested in switching their primary currency over to Bitcoin or another crypto. 50% would not be interested. Overall, 36% of the Americans surveyed said they would be interested in making the switch.

You wouldn’t need a survey to know that Bitcoin is the most well-known cryptocurrency among the American population. For those that like to hear numbers, you’d be happy to know that 71% of those surveyed have heard of Bitcoin before, with the second most well-known cryptocurrency being Ethereum, with only 13% of those surveyed hearing of it before.

Men may dominate the cryptocurrency community. 74% of men saying they have heard of Bitcoin while only 68% of women say they have. 27% of women said they have not heard of any cryptocurrency before, which is a significantly more amount than the 16% of men unfamiliar with cryptocurrency.

Race might play into the stereotypes of blockchain technology. 32% of Hispanics believe that cryptocurrencies are used for legal purchases more than illegal purchases. Only 12% of Caucasian’s interviewed said the same thing. African-Americans are in the middle, with 22% saying that cryptocurrencies are used for legal reasons more than illegal reasons. Overall, 17% believe that crypto technology is used more for legal transactions, while 25% believe that it is more used for illegal transactions.

Hispanics, Millenials, and men seem to be the most likely groups to embrace cryptocurrencies than the other groups in their category. Will the future of the crypto market be young minorities in a male-dominated society? Or can these numbers change with more women embracing the revolutionary technology?

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Cryptocurrency Market Shows Life, Adds $40 Billion in 2 Days

By Ryan Lau | @agorisms

Over the past several months, the cryptocurrency market has slowed. Its peak market cap of $830 billion has fallen dramatically, losing over two thirds of its value.

However, over the past several days, it is beginning to show life again.

On July 2, Bitcoin finally saw growth after it reached a 12 month low in value. As of June 29, the cryptocurrency had fallen as low as just over $5800 USD. Yet, the value, as of July 3, has soared back to $6658 USD.

This shows nearly a 15% increase in Bitcoin in just four days, which averages to slightly under 4% a day.

Of course, since the cryptocurrency’s fall from a January high of nearly $20000 USD, it has jumped up by these percentages a number of times. Despite this, some investors believe that this rally is longer term.

Sustainable Cryptocurrency Market Gains

As Bitcoin rose, the cryptocurrency market as a whole also saw considerable gains in volume. In the past 48 hours, it has added $40 billion dollars in total volume. As part of this, Bitcoin’s volume rose to $4.6 billion.

Other coins, such as Bitcoin Cash, Cardano, and Ripple, have also risen in value and volume over the same span. Ethereum also showed strong recovery, bouncing from $400 to $467 USD.

Because of the increase in both volume and value, many expect this growth to continue. Some market estimates place a short-term value of Bitcoin at slightly over $7000 USD. If this occurs, it will represent a 21% payout since the cryptocurrency reached its low.

Smaller cryptocurrencies have yet to see the same rebound and uptick in volume. Yet, the market trend suggests that they may soon see similar looking gains, as demand for crypto increases.

The Cryptocurrency Market in U.S. Cities

Clearly, there has been a rapid increase of cryptocurrency market recognition since just one year ago. As this continues, demand not only rises for coin ownership, but for work opportunity. in fact, first quarter 2018 blockchain jobs on the freelance site upwork.com rose a staggering 6000%.

While some, like those on upwork.com, seek employment in blockchain, many others are finding another way to join the market.

Throughout U.S. cities, Bitcoin ATMs are beginning to appear. As of mid-June, over 2,000 of the machines existed in the United States, with almost 100 in the state of Michigan.

For a fee of 7 to 8 percent, consumers may purchase the cryptocurrency in order to hold, invest, or trade.

Generally, the machines exist in low income areas. Of course, many families with lower incomes do not have bank accounts. As an alternative, they may use these ATMs as a cheap alternative means of storing money.

Some even view the machines as an alternative to lottery tickets. With high levels of risk and reward, both are capable of bringing massive success for a small price.

Unlike a lottery, however, the cryptocurrency market shows trends that users can monitor for maximum gain. Detroit gas station owner Andy Attisha says that users of his Bitcoin ATM are doing exactly that.

“A lot of people do day trading on it,” Attisha remarked about his ATM. “I see people coming in here every day messing with the machine.”

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France Is Severely Cutting Taxes On Bitcoin

By Nick Hamilton | United States

Earlier this year, France and Germany came to a consensus that they needed to tax and regulate Bitcoin.

However, on April 26th, France turned over a new leaf. The nation cut taxes by more than half on the crypto-currency, from 45% to 19%, excluding other social taxes.

With this social contribution tax, France will tax Bitcoin at 34.5%, which is still almost a 25% tax cut.

This comes due to a change in the classification of cryptocurrency. France is now classifying Bitcoin as a capital gain, meaning that it get’s the flat tax of 19%, per French law.

At the G20 Summit in Buenos Aires last March, Germany and France both advocated heavily for regulation of the currency. The French Financial Minister, Bruno Le Maire, sent out a series of tweets on March 19th about regulating Bitcoin with other EU countries, which you can read here. However, clearly, Mr Le Maire has had a change of heart, and it definitely picked up a huge win in France yesterday.

Since the ruling yesterday, Bitcoin saw a jump to over $9k, and is maintaining that early this morning pretty nicely. The currency has been on an upwards trend lately. Thus, this tax cut could very well motivate more French to buy it, as France is one of the more economically stable states of the EU, with many citizens looking to invest in crypto-currency.

However, this is not the only means of relaxed taxation we’ve seen from the EU. Germany announced on March 1st, 2018 that they support crypto-currencies as a form of payment. This also means that the government will not tax miners that receive block rewards, due to their services being voluntary. So, even though both France and Germany have called for heavy regulation, they’ve been very lenient on taxation.

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2018: The Year of Monero?

By Max Bibeau | USA

While 2017 has undoubtedly been the year of Bitcoin, with prices skyrocketing tens of thousands of dollars, 2018 may have different surprises in store. What really made 2017 important for Bitcoin, is that it became a household name. Instead of being a niche, nerdy technology, it became something that grandparents texted their kids about asking how to get involved.

2018 will absolutely bring more name recognition and price rockets for Bitcoin. However, Bitcoin may not be the biggest winner. Monero may see huge gains, both in price and adoption, as Bitcoin continues to face centralization issues and high fees.

Monero, founded in 2014, prides itself on being the most private, decentralized currency on the market. It is currently listed 8th by market cap, at about 3,800,000,000 USD. Its price is about $250 at the time of writing.

Monero treats privacy as the most important factor for a successful cryptocurrency – and as legislation continues to be proposed to Congress regarding the legality of cryptocurrencies, this could be very important. Monero assures users that they use the “latest and most resilient encryption tools available” in order to ensure all transactions are as anonymous as possible.

With a current supply of 15,449,232 XMR, it’s also incredibly undervalued compared to currencies like Bitcoin. It also has an interesting system regarding the total supply. Instead of capping at 21 million coins like Bitcoin, once 18.3 million XMR are in circulation, Monero will only be created at a rate of about 0.3 XMR per minute. This is meant to ensure miners continue to profit. In this scenario, the first year that the original Monero supply runs out, only about 1% of the existing supply will be introduced into the circulating supply. And every year after that, the percentage will continue to decrease, but never reach zero. This ensures that unlike Bitcoin, Monero miners won’t have to raise fees in order to turn a profit after the maximum supply runs out.

2017 was already a solid year for Monero – going from $13.79 in January to now peaking at $278.66 this year. The graph follows similarly the graph of Bitcoin in its 2014 years.

Even outside of price, Monero has seen increasing adoption this year, and it will likely increase next year as well. Black market dealers have started to catch on to Monero’s anonymity and have begun accepting it often. This is extremely important, as the black market is where Bitcoin got its start as well. It’s only a matter of time before white and grey market shops begin to adapt as well.

So, while 2017 was the year of Bitcoin, it’s likely that 2018 will be known as the year of Monero.