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6 Benefits of Investing in Cryptocurrencies

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The birth of bitcoin in 2009 opened doors to investment opportunities in an entirely new kind of asset class – cryptocurrency. Lots entered the space way early.

Intrigued by the immense potential of these fledgling but promising assets, they bought cryptos at cheap prices. Consequently, the bull run of 2017 saw them become millionaires/ billionaires. Even those who didn’t stake much reaped decent profits.

Three years later cryptocurrencies still remain profitable, and the market is here to stay. You may already be an investor/trader or maybe contemplating trying your luck. In both cases, it makes sense to know the benefits of investing in cryptocurrencies.

Cryptocurrency Has a Bright Future

According to a report titled Imagine 2030, published by Deutsche Bank, credit and debit cards will become obsolete. Smartphones and other electronic devices will replace them.

Cryptocurrencies will no longer be seen as outcasts but alternatives to existing monetary systems. Their benefits, such as security, speed, minimal transaction fees, ease of storage, and relevance in the digital era, will be recognized.

Concrete regulatory guidelines would popularize cryptocurrencies, and boost their adoption. The report forecasts that there will be 200 million cryptocurrency wallet users by 2030, and almost 350 million by the year 2035.

Opportunity to be part of a Growing Community

WazirX’s #IndiaWantsCrypto campaign recently completed 600 days. It has become a massive movement supporting the adoption of cryptocurrencies and blockchain in India.

Also, the recent Supreme Court judgment nullifying RBI’s crypto banking ban from 2018 has instilled a new rush of confidence amongst Indian bitcoin and cryptocurrency investors.

The 2020 Edelman Trust Barometer Report also points out peoples’ rising faith in cryptocurrencies and blockchain technology. As per the findings, 73% of Indians trust cryptocurrencies and blockchain technology. 60% say that the impact of cryptocurrency/blockchain will be positive.

By being a cryptocurrency investor, you stand to be a part of a thriving and rapidly growing community.

Increased Profit Potential

Diversification is an essential investment thumb rule. Especially, during these times when the majority of the assets have incurred heavy losses due to economic hardships spurred by the COVID-19 pandemic.

While investment in bitcoin has given 26% returns from the starting of the year to date, gold has returned 16%. Many other cryptocurrencies have registered three-digit ROI. Stock markets as we all know have posted dismal performances. Crude oil prices notoriously crashed below 0 in the month of April.

Including bitcoin or any other cryptocurrencies in your portfolio would protect your fund’s value in such uncertain global market situations. This fact was also impressed upon by billionaire macro hedge fund manager Paul Tudor Jones when a month back he announced plans to invest in Bitcoin.

Cryptocurrency Markets Are On 24X7X365

As opposed to usual markets, cryptocurrency markets operate round the clock, all days in a year without fatigue. That’s because digital currency systems are essentially designed using pieces of software code that are secured by cryptography.

The operational blueprint doesn’t involve human interference. So, you are free to trade crypto or invest in digital assets whenever you want to. That’s a great benefit! Cryptocurrency markets are very efficient that way.

E.g., Bitcoin has successfully processed transactions with 99.98% uptime since its inception in 2009.

Tweet: https://twitter.com/fernandoulrich/status/1185368277557620736

No Paperwork or Formality Required

You can invest in bitcoin or any other cryptocurrency anywhere and anytime without any unnecessary terms and conditions.

Unlike conventional investment options, where an absurdly high amount of documentation is required to prove yourself as an ‘accredited investor’, crypto-investment is free for all. In fact, that was the intended goal behind the inception of cryptocurrencies. The democratization of finance/money.

For buying any cryptocurrency on WazirX, you need to open an account for which you just need to provide some basic details including your bank account information. Once they are verified, within a few hours, you are good to go.

Sole Ownership in Investment

When you buy bitcoin or any other cryptocurrency, you become the sole owner of that particular digital asset. The transaction happens in a peer-to-peer arrangement.

Unlike bonds, mutual funds, stockbrokers, no third party ‘manages your investment’ for you. You call the buying and selling shots, whenever you want to.

User autonomy is the biggest benefit of cryptocurrency systems that provides incredible opportunities to invest and build a corpus on your principal capital ‘independently’.

These were some of the benefits of investing in cryptocurrencies. We hope you find them useful and convincing enough to kickstart your crypto investment journey.

Bitcoin

Mining Company Offers First-Ever “Mine-to-Token” Cryptocurrency to Investors Looking for Exposure to Gold

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AABB Gold

Cryptocurrencies are highly volatile assets. Even Bitcoin, the most valuable cryptocurrency in the world by market capitalization, is still subject to 20% to 30% swings in price on any given day.

This despite the fact it is the pioneering crypto project responsible for birthing the entire blockchain technology industry beginning with the publishing of the original Bitcoin whitepaper by Satoshi Nakamoto way back in 2008.

Today, cryptocurrencies offer investors and users all kinds of benefits and built-in utility, including self-executing smart contracts, decentralized finance projects that pay out a higher annual yield than a centralized bank would ever give to a customer, non-fungible tokens that provide owners with social status and the potential for huge profits, and more.

Although each of the above benefits of cryptocurrencies stretches well beyond a basic decentralized peer-to-peer payment system like Bitcoin, they don’t necessarily fit the goals of every investor. There is an in-between investor that still wants their cryptocurrencies backed by real-world assets such as precious metals.

That’s where Asia Broadband (OTC: AABB) comes in.

Why Clients Are Choosing Asia Broadband

Asia Broadband supplies both precious and base metals mined in Mexico to clients across Asia. The company is in its 25th year of doing business. It is publicly listed in the United States and allows clients to benefit from the vertical integration of its value chain.

The company’s move into cryptocurrency marks an adventure into uncharted waters. But for clients, it marks an opportunity to benefit from the flexibility, security, and transparency offered by cryptocurrencies while giving them exposure to perhaps the most tried, tested, and true hedging instrument in all of human history; Gold.

Given gold’s history and the fact that blockchain technology is now in its 13th year of existence, tokenizing precious metals is not a new concept. There are several other competitors serving customers in the gold-backed crypto market. So why are investors choosing Asia Broadband over other options?

It’s because unlike other players in the market, Asia Broadband is not a crypto-first company.

It’s a publicly traded mining company available to investors via the over-the-counter market under the stock symbol AABB with over $100 million in assets. That means it’s one of if not the only company in the gold-backed token sector of the crypto market that gives investors access to gold in a “mine-to-token” fashion. All of this is accessible through the AABB Gold Token, which lives on the Ethereum blockchain and is ERC-20 compliant.

Why The AABB Gold Token is Both the Present and the Future of Gold-Backed Cryptocurrencies

The minimum price of the AABB Gold Token is always linked to the spot price of gold at any given moment. Investors worried about the potential of currency debasement coming to fruition because of exorbitant money printing by governments around the world in response to the coronavirus pandemic now have a way to separate themselves from that possibility.

Not only is Asia Broadband actively mining precious metals just the way it has been for the last 25 years, but it also maintains a minimum of $30 million USD worth of physical gold in its reserves at any given time.

The company is pledging to use third-party sources for gold only when it is necessary, with its own physical reserves and mining operations offering investors precious metals exposure while they hold the token and benefit from any increase in market demand.

The fact that the token is 100% backed by gold and investors will benefit from the vertical integration of Asia Broadband offers a very clear value proposition no other market participant can. The overwhelmingly positive reception of the token is a reflection of that.

Over $1 million worth of tokens were sold in the first two weeks of the token’s launch and more than 9,000 active users are currently holding over 245,000 tokens.

Asia Broadband is committing wholeheartedly to giving investors an entirely new way to balance their interest in both cryptocurrency and gold. The time to benefit from a one-of-a-kind “mine-to-token” project like AABB Gold is now.

 

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TA: Ethereum Lacking Bullish Momentum, Why ETH Holders Are Safe

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Ethereum

Ethereum started a steady increase above $3,050 against the US Dollar. ETH price could correct lower, but the bulls might remain active near $3,000 and $2,950.

  • Ethereum extended its increase above the $3,100 and $3,150 levels.
  • The price is now trading near $3,100 and near the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower towards $3,000 or even $2,950 in the near term.

Ethereum Price Is Losing Pace

Ethereum started a steady increase and settled above the $3,000 level. ETH even broke the $3,100 level and settled above the 100 hourly simple moving average.

It traded as high as $3,173 and recently corrected lower. There was a break below the $3,150 level. Besides, there was a break below a key bullish trend line with support near $3,150 on the hourly chart of ETH/USD.

Ether is now trading near $3,100 and near the 100 hourly simple moving average. It is still trading well above the 23.6% Fib retracement level of the upward move from the $2,651 swing low to $3,173 high. An immediate resistance on the upside is near the $3,150 level.

Source: ETHUSD on TradingView.com

The first major resistance is near the $3,180 level. The main breakout zone could be near the $3,200 zone. A close above the $3,200 resistance could start another steady increase. The next major resistance might be near the $3,320 level. Any more gains may possibly open the doors for a move towards the $3,500 level in the near term.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,150 and $3,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $3,050 level.

The next major support seems to be forming near the $2,950 level. Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $2,651 swing low to $3,173 high at $2,912. A downside break below the $2,900 support zone could put a lot of pressure on the bulls.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now close to the 50 level.

Major Support Level – $3,050

Major Resistance Level – $3,200

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Will Crypto Market Aim For the Moon, After The Current Fall?

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Will Crypto Market Aim For the Moon, After The Current Fall?
  • Many cryptocurrencies hit record highs in April.
  • Few analysts believe this crash will eventually be overlooked.

With a new all-time high for Bitcoin, legislative discussions that may affect the sector, and more institutional buy-in from large businesses, the cryptocurrency market has gone through so much this year. Despite this, interest in Crypto has soared this year.

But the sector is young and growing. Long-term trends are difficult to forecast, but experts will focus on topics like regulation. Also, institutional crypto payment usage in the next months to better understand the industry.

This month’s crypto market collapse saw several major digital currencies decrease in value. Bitcoin, Ethereum, and other popular cryptocurrencies lost value in the recent market collapse.

Many cryptocurrencies hit record highs in April, with Bitcoin hitting over $50,000 before major falls during the summer.

According to Coinbase, Bitcoin’s value has increased 335.91 percent in the past year, despite the crypto collapses of May 19 and June 8. The total price is now far below the mid-April highs, but well over the same time last year.

In 2021, mainstream businesses across sectors showed interest in cryptocurrencies and blockchain. And some even invested. According to AMC, Bitcoin payments will be accepted before the end of this year. PayPal and Square, for example, are betting on Crypto by enabling consumers to purchase on their platforms.

The market wants to climb to the moon, according to Twitter Crypto Analyst and co-Founder of @PACcoinOfficial David Gokhshtein.

David’s Tweet:

Future of Crypto

Many analysts believe this crash will eventually be overlooked, and new highs will be made following the wide-adoption rate of Crypto in all sectors. 

NFT sales soared in August, according to the biggest platform for the burgeoning digital asset class, as investor’s wagered increasing interest in the arts, sports, and media. Many people, puzzled as to why so much money, spended on things that do not exist physically.

The demand and craze for the Crypto and increasing upgrades to DeFi. Along with nations starting to approve Crypto as a legal tender, shows the future of Crypto has a long way to go, and one can predict moon is not too far for the crypto market.

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TA: Bitcoin Revisits $45K, Why Dips Turn Attractive In Short-term

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Bitcoin

Bitcoin price extended its increase above the $44,000 level against the US Dollar. BTC traded close to $45,000 and it might correct lower in the short-term.

  • Bitcoin started a recovery wave above the $43,000 and $43,000 resistance levels.
  • The price is now trading above $44,000 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower towards the $43,500 support zone and the 100 hourly SMA.

Bitcoin Price Extends Increase

Bitcoin price started a decent increase above the $43,000 level. BTC remained well bid and it managed to clear the $44,000 resistance level plus the 100 hourly simple moving average.

The price even climbed above the $44,500 level and traded close to the $45,000 level. A high is formed near $44,934 and the price is now correcting lower. There was a break below the $44,500 and $44,400 levels.

An immediate support is near the $44,300 level. There is also a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair. The pair is also well above the 23.6% Fib retracement level of the recent wave from the $39,580 swing low to $44,934 high.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $44,800 level. The first major resistance is near the $45,000 level. A clear break above the $44,800 and $45,000 levels could start another increase. The next major resistance is near the $46,200 zone, above which the price could rise towards the $47,000 resistance.

Dips Limited In BTC?

If bitcoin fails to clear the $45,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $44,300 level.

The next major support is near the $44,250 zone and the channel trend line. A downside break below the channel support could lead the price towards the $43,500 support zone or the 100 hourly simple moving average. Any more losses could lead the price towards the 50% Fib retracement level of the recent wave from the $39,580 swing low to $44,934 high at $42,250.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.

Major Support Levels – $44,250, followed by $43,500.

Major Resistance Levels – $44,800, $45,000 and $46,200.

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Bitcoin.org Hacked By Scammers For A Few Minutes. Someone Sent Them 0.4 BTC

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Bitcoin.org hacked website

Hackers took over the Bitcoin.org website and displayed the classic double your money scam for a few minutes today. Apparently, it was a DNS hack. Luckily, the Bitcoin community took notice and alerted Cobra, the pseudonymous website owner, as well as the company that hosted the domain. A few minutes later, Bitcoin.org was down. Sadly, a credulous person was faster than them and sent 0.4 BTC to the displayed address… or did he?

The transaction exists, but there’s a rumor that it might’ve been the scammers themselves, trying to make the operation look reputable. Just like a busker who put some change in his hat to encourage others to contribute. However, that’s just a rumor. Someone might’ve been scammed.

Related Reading | Old Bitcoin Miner Proves Craig Wright has No Access to 145 Tulip Trust Addresses

In any case, everybody else should thank Matt Corallo, a Bitcoin Core contributor who took it upon himself to contact the domain name registrars and managed to convince them to temporarily take down the site before some catastrophe happened. 

What Does The Bitcoin.org Owner Think About All Of This?

When Cobra announced the Bitcoin.org hack, he or she said, “Currently looking into how the hackers put up the scam modal on the site.” So far, there’s no information on that. Cobra also said that Bitcoin.org “May be down for a few days,” but luckily that wasn’t necessary.

Earlier in the day, Cobra contacted via Twitter their new hosting company Cloudflare and told them that the website has never been hacked, and now that he moved to their servers, this happened. The company responded, and eventually, the original tweet disappeared.  

BTC price chart for 09/23/2021 on Bittrex | Source: BTC/USD on TradingView.com

Does This Have Anything To Do With Craig Wright AKA Faketoshi Nakamoto?

A few months ago, both Cobra and Bitcoin.org made worldwide news. Craig Wright, Australian entrepreneur and Satoshi Nakamoto cosplay artist, got a UK court to order the website to remove the Bitcoin Whitepaper from its servers. At the time, Yahoo! finance informed:

“Cobra, the pseudonymous creator of the Bitcoin.org website, has been ordered by London’s High Court to discontinue hosting its copy of the Bitcoin white paper.

Citing copyright infringement brought forward by nChain Chief Scientist Craig Wright, the judge had no option but to rule a default judgment because Cobra chose not to make an appearance.”

Does the hack have anything to do with Craig Wright? There’s not a single clue to indicate that, but, rumors are flying. He’s the only one incentivized to attack Bitcoin.org, they say. However, 0.4 BTC is a pretty great incentive. Maybe the scammers were just interested in scamming.

Related Reading | Craig Wright Wins Lawsuit On Bitcoin.org Hosting Bitcoin Whitepaper

In any case, to close all the loops, Yahoo quotes Cobra explaining why he chose not to make an appearance in court:

“Unfortunately the court rules allowed for me to be sued pseudonymously, however, I couldn’t defend myself pseudonymously. So I was put in an impossible situation of losing my privacy or losing the case in a default judgment.”

So, to sum it all up, Bitcoin.org is back up again and no one scammed you. All is well that ends well. 

Featured Image: Screenshoot from the hacked website | Charts by TradingView

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Bhutan Partners With Ripple to Deploy Central Bank Digital Currency (CBDC)

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Bhutan Partners With Ripple to Deploy Central Bank Digital Currency (CBDC)