Tag: cryptomarkets

This Blockchain Project Could Save Venezuela

James Sweet III | United States

Venezuela’s currency, the Bolivar, is worthless due to hyperinflation that shows no sign of stopping. Venezuelan citizens are starving, forcing them to resort to rationing the little bit of food they have and stealing food that they can find. The crisis is constantly evolving due to the failed policies of the Maduro regime, but with the help of the blockchain, the situation could become stabilized, saving the families of the nation.

AirdropVenezuela wants to help the impoverished families of Venezuela by donating $10 to 100,000 Venezuelan households, which can be achieved by raising $1 million via cryptocurrency donations. The money, once received, will be converted into the local currency, allowing the families to purchase supplies that they desperately need. The leader of AirdropVenezuela is Steve H. Hanke, a professor at John Hopkins University. Hanke is also a Senior Fellow at the Cato Institute, serving as Director of the Troubled Currencies Project. The project is based on the Airtm platform, which allows you to save your local currency’s value by pinning it to a more stable currency, specifically the United States Dollar.

The civil unrest in the nation makes it dangerous to leave your house, which is another reason why Hanke is leading the AirdropVenezuela project. “We provide in effect a clearinghouse that allows for the exchange of bolivars for dollars and vice versa,” said Hanke to Forbes.  By allowing money to be stored and transferred via the blockchain and the cloud, the time that Venezuelans spend in public is minimized, allowing them to live a safer life while also getting the resources that they need to provide for their families.

The project, while mainly benefitting the families of Venezuela, could help boost the cryptocurrency market. Instead of being risky investments, cryptocurrencies will become a medium of exchange pinned to more stable currencies. Airtm, if successful, will revolutionize the use of blockchain technology by allowing it to have a more practical use. “You could now have the additional demand for cryptos for use as a medium of exchange versus what you have now which is only the speculative demand,” says Hanke.

The Airtm platform will also show the possibility of putting into place a free market exchange rate. Venezuela has a fixed exchange rate, making it hard to exchange Bolivars in the market. If you want to donate to or learn more about the AirdropVenezuela project, you can click here to visit their website.


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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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Google Bans Cryptocurrency Adverts

By James Sweet III | United States

In an update from March of 2018, Google announced to the world that they would ban cryptocurrency advertisements on their platforms, effective June. With the 1st of June being in the past, Google has begun to enforce their ban on advertisements from “Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)”.

Google isn’t the only company to ban cryptocurrency ads, with Facebook doing so earlier in the year. Facebook had intentions to develop new technology for the company based off of the blockchain, leading many to wonder if Google is attempting to do the same and their advertisement ban is just a way to knock out the competition. A spokesperson for Google stated, “Like many new technologies, we have individuals in various teams exploring the potential use of blockchain, but it’s too early for us to speculate about any possible uses or plans”.

There is seem proper reasoning behind the advertisement ban by these tech-giants, as research shows that 80% of ICO’s are fraudulent. Business Insider has also reported that more “pump and dump” scams have appeared in the crypto-currency community.

While talking to The Independent, Phillip Nunn, CEO of Manchester-based investment firm Blackmore Group, said, “I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices”.

I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future and therefore removing other crypto adverts allows them to do it on their own terms.

What do you think? Is Google trying to protect their users from fraudulent ICO’s that are stealing their money, or are they planning for something bigger in the future?

Venezuela Certifies 16 Crypto Exchanges After Petro Pre-Sales

By Mason Mohon | @mohonofficial

Nicolas Maduro has authorized 16 cryptocurrency exchange services in his country in hopes that they will adopt the Venezeualan cryptocurrency “Petro” onto the international market. Maduro was quoted saying:

Continue reading “Venezuela Certifies 16 Crypto Exchanges After Petro Pre-Sales”