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Advantages and Disadvantages of Credit cards

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Credit Card is an Automatic advanced card, when you used it, you can get the goods you bought without paying for it yet. Credit cards are a widely used source of convenient credit for restaurants, hotels, mail order, on-line shopping, gasoline stations, grocery stores, dental and medical care, church bazaars, as well as telephone and television advertised products. There are many advantages and disadvantages of using credit cards, but the consequences of misuse can be drastic and painful.

Advantages

Credit cards eliminate the need to carry large sums of cash

If you are away from home without cash, you often can receive a cash advance or have the option of buying traveler’s checks with a credit card

Places that are suspicious of personal checks often take credit cards.

Credit cards act as a short-term loan if you find something that is a bargain and haven’t the cash or balance in your checking account to pay for it.

If you move to a new place, credit cards give you purchasing power until you establish yourself as a good risk in a new community.

If you charge an item or service that costs $50 or more in Colorado (or within 100 miles of your home) and later discover it doesn’t work or has other problems, you can withhold payment from the credit card company if you have attempted to resolve the problem with the merchant.

You often get the best rates of exchange when traveling in foreign countries if you use your credit card for purchases and your ATM card to get cash. Check with your card issuers about surcharges before you leave on your trip. A two to three percent surcharge may eliminate this advantage.

Credit cards can help coordinate receipts for tax purposes.

Bookkeeping is reduced to one monthly bill as opposed to checks.

Disadvantages

Some people have been swindled by giving their credit card numbers to dishonest salespeople over the phone.

It becomes a loan when the credit becomes due and you do not pay for it.

Adding monthly interest charges means you pay more for the goods and services.

Consumers often have more than one credit card and each one has a credit limit. When the credit limits for all cards are added up, the total can be in the thousands of dollars. Consumers can fall into the habit of using credit cards to extend their income.

Credit cards are easier to use than applying for loans even when a loan from a credit union, bank or other financial institution may provide the funds at a lower interest rate.

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TA: Ethereum Plunges to $3,150: Can Bulls Save the Day?

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Ethereum

Ethereum started another decline below the $3,400 support zone against the US Dollar. ETH price must stay above $3,150 to avoid more losses in the near term.

  • Ethereum started a fresh decline from the $3,500 and $3,550 resistance levels.
  • The price is now trading below $3,300 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could a steady increase as long as it is above the $3,150 support zone.

Ethereum Price is Eyeing Decent Recovery

Ethereum failed to clear the main $3,500 resistance zone. ETH started a major decline below the $3,400 support zone and the 100 hourly simple moving average, similar to bitcoin.

The price traded below the $3,320 and $3,250 support levels. Finally, ether spiked below $3,200, but the bulls were active near the key $3,150 support zone. A low is formed near $3,156 and the price is now consolidating losses.

An immediate resistance on the upside is near the $3,230 level. It is close to the 23.6% Fib retracement level of the recent drop from the $3,456 high to $3,156 low. The first major resistance is now forming near the $3,320 level (the last key support).

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent drop from the $3,456 high to $3,156 low is also near $3,320. Besides, there is a major bearish trend line forming with resistance near $3,360 on the hourly chart of ETH/USD. A clear break and close above the $3,400 level could start another increase. The next major resistance sits near $3,500.

More Losses in ETH?

If ethereum fails to correct higher above the $3,250 and $3,320 resistance levels, it could start another decline. An initial support on the downside is near the $3,180 level.

The next major support seems to be forming near the $3,150 level. A downside break below the $3,150 support zone could spark a sharp decline. The next major support is near the $3,000 level, below which ether price might decline towards the $2,880 support zone in the near term.

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is now well below the 50 level.

Major Support Level – $3,150

Major Resistance Level – $3,320

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TA: Bitcoin Close Below $46K Could Spark Larger Degree Decline

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Bitcoin price failed once again to clear the $48,500 resistance zone against the US Dollar. BTC is declining and it could even decline below the $46,200 support zone.

  • Bitcoin started a fresh decline after it failed to surpass the $48,500 resistance zone.
  • The price is still trading below $47,500 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $48,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue lower if it fails to stay above the $46,800 support zone.

Bitcoin Price Is Facing Hurdles

Bitcoin price made another attempt to clear the $48,500 resistance level. BTC spiked above the $48,500 resistance, but it failed to continue higher. A high was formed near $48,750 and the price started a fresh decline.

There was a clear break below the $48,000 level and the 100 hourly simple moving average. The price broke a connecting bullish trend line with support near $48,000 on the hourly chart. The last swing high was formed near $48,323 before the price declined below $47,500.

The bulls are now protecting the $46,800 support zone. A low is formed near $46,827 and bitcoin is now consolidating losses. An immediate resistance on the upside is near the $47,200 level. The 23.6% Fib retracement level of the recent decline from the $48,323 high to $46,827 low is also near the $47,200 level.

Source: BTCUSD on TradingView.com

The first major resistance sits near the $47,550 level. It is near the 50% Fib retracement level of the recent decline from the $48,323 high to $46,827 low. There is also a key bearish trend line forming with resistance near $48,100 on the hourly chart of the BTC/USD pair.

To start another increase, the price must clear the $48,000 resistance. The next major resistance is near the $48,500 zone, above which the price could easily rise towards the key $50,000 resistance.

More Losses In BTC?

If bitcoin fails to clear the $48,000 resistance zone, it could extend its decline. An immediate support on the downside is near the $46,800 level.

The next major support is near the $46,280 zone. A downside break below the $46,200 zone could trigger a nasty decline towards the $45,000 level or even $43,800.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

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

Major Support Levels – $46,800, followed by $46,280.

Major Resistance Levels – $47,550, $48,000 and $48,500.

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Cardano (ADA) Trembles, Fall Back to $2 Expected?

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Cardano (ADA) Trembles, Fall Back to $2 Expected?
  • A loss of this defence would reduce ADA to $2.
  • Bitcoin rises and altcoins like Cardano (ADA) fall.

Cardano (ADA) has had a fantastic year in crypto. Relating to performance, the ADA has crossed a significant milestone on its way to become one of the top 10 cryptos by market valuation. Every week, the third-largest crypto falls 5.8%.

The crypto underwent a wave, with a big dip on September 7th, followed by a rapid rebound to its current high range. Cardano (ADA) was trading at $2.70, with $2.60, $2.47, and $2.30 providing support. The bears’ last stumbling hurdle is the latter support mark.

A loss of this defence would reduce ADA to $2, according to Analyst Bennet. Cardano (ADA) may potentially rise if the bulls regain higher levels. It continues to trade below a recent trend line. Moreover, Cardano (ADA) seems to be heading down.

Bitcoin (BTC) is the crypto parent. Twelve years later, Bitcoin remains unaffected by newer currencies. Many see Bitcoin as digital gold. Some see Bitcoin as a safe haven for future cryptocurrencies.

Analyst Justin Bennet said:

“As such, Bitcoin’s (BTC) price action could be a determining factor for other altcoins in the crucial days for the entire crypto market.”

Monitor Bitcoin Dominance

ADA may continue its upward trajectory if the bulls regain higher levels. However, as seen, Cardano has been sliding below a recent trend line, increasing the possibility of a weekend drop.

However, there are situations when Bitcoin rises and altcoins like Cardano (ADA) fall. Thus, to minimize risk, the expert-recommended investors monitor Bitcoin (BTC) dominance. Investors seem to be uncertain about the crypto market’s trajectory.

According to CoinMarketCap, Cardano price today is $2.35 USD with a 24-hour trading volume of $1,734,126,865 USD.

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CVault.finance (CORE) DeFi Token Price Upswings Over 50% in a Week

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CVault.finance (CORE) DeFi Token Price Upswings Over 50% in a Week

With a deflationary governance token, CORE, CVault.finance is a decentralized finance system. Also planned are “Automated Strategy Vaults,” which would automate profit-generating methods for staked tokens.

cVault.finance claims their governance approach is “the strongest and most involved in DeFi.” CORE token holders vote collectively to modify the protocol, including adding new liquidity pools or removing old ones.

The platform went live on Ethereum mainnet in September 2020, and CORE followed seven days later.

In October 2020, cVault.finance added “0xdec4f” as head of operations. 0xdec4f was a community member and moderator of cVault.finance’s Telegram channel before joining the team.

cVault.finance wants to differentiate itself from other DeFi protocols by concentrating on deflationary yield farming. The initiative argues that minting additional tokens to compensate liquidity providers is unsustainable since it devalues the token. It has called this kind of incentive “flawed and short-minded.”

Its called “deflationary farming” by CVault.finance. Instead, a 1% fee is levied on token transfers, which goes to liquidity providers. The protocol also prohibits liquidity withdrawal from Uniswap, ensuring a stable market. These built-in safeguards, it claims, will guarantee platform longevity.

CORE Can Never Go Below a Set Price

The cVault.finance development team gets 7% of token transfer fees, while the rest goes to liquidity providers.

Tokens can’t be redeemed for assets like Uniswap pairs, thereby locking liquidity within the system. As a result, users may exchange LP tokens for other assets. The cVault.finance development team claims this results in a “price floor,” meaning CORE can never go below a set price.

cVault.finance reports that the development team receives no CORE tokens from LGEs. According to CoinMarketCap, cVault.finance price currently is $14,208.92 USD with $71,128.24 USD trading volume and had a fantastic week. It gained more than 50 percent last week.

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California Ranks Highest as Crypto-Ready Index of US State

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California Ranks Highest as Crypto-Ready Index of US State
  • California ranked to be the most crypto-ready US State
  • Unique Crypto related measures has been implemented
  • Installation of BTC and Cryptocurrency ATM’s in the state

California is one of the top states of the United States of America which is on recent trend for its fast crypto adoption services. The state ranks top as the most crypto-ready index of the US for its unique crypto measures.

As cryptocurrency adoption is growing at a fast pace, many countries are better understanding the value of the digital market. Crypto market in California has grabbed the interest of its state’s population. As a result, at present it ranks highest for its crypto-friendly services for its people. 

In a crypto ready index scoring within the US state, California ranks top with a score of 5.72 out of 10. And other states like New Jersey with 5.44, Texas with 5.28, Florida with 5.03 and New York with 4.29. It clearly displays that California is leading the scoring table with 2.54 points higher than other states. 

Moreover, there are some unique crypto related plans being implemented in the state based on the population’s digital interest. California took the initiative to offer its state people to explore the cryptocurrency space. So it integrates many smart metrics focusing on the crypto industry and its services. 

Further, the interest of California crypto users were found by recording the search volume of cryptocurrency in Google engine. The scoring index was listed with a calculation upon these factors. High Bitcoin (BTC) related google searches, cryptocurrency ATM’s and the number of blockchain related payments within the country. 

More so, as per the record California ranks higher for crypto related google searches  per 100K and in the number of crypto ATMs. These two top metrics were the pillars for California to be named as a most crypto-ready jurisdiction in the US state. In comparison with other US states California pops up as the primary state for crypto usages. 

Thus, California becomes the crypto spotlight ranking first for the remarkable crypto ready index. With smart strategies California encourages its people to traverse and utilize the digital world with digital currencies. So, California can continue to support and develop crypto adoption in its state resulting in a massive growth in the market. 

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Ethereum Currently Leads the TVL (Total Value Locked) in DeFi

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Ethereum Currently Leads the TVL (Total Value Locked) in DeFi
  • Uniswap commanded $9,620,102,739 in swaps last week.
  • There are 270,783 bitcoin in TVL.

The total value locked (TVL) in decentralized finance (DeFi) has grown significantly to $171 billion in mid-September.

There are 270,783 bitcoin in TVL valued at over $13 billion on the Ethereum network, and $15 billion has been traded across 14 Ethereum-based decentralized exchange platforms. According to a recent DeFi weekly report, $23.8 billion has been exchanged across blockchain protocols.

While bitcoin (BTC) and ethereum (ETH) have risen in value over the past month, Solana (SOL) and avalanche (AVAX) have dominated the previous 30 days. Uniswap commanded $9,620,102,739 in swaps last week, accounting for almost 62% of the $15 billion worldwide trade volume.

Ethereum currently leads the TVL

Uniswap has a lot of volumes, while the Binance Smart Chain Dex PancakeSwap has a TVL of approximately $5.55 billion. $5.4 billion Sushiswap has more connections than the BSC network. According to Coin98 Analytics, the total weekly Dex trading volume is $23.8 billion.

Metrics indicate $171 billion in TVL spread over several blockchains. While Ethereum currently leads the TVL, other chains have seen increased activity in the past month. According to Coin98 Analytics’ latest DeFi report, there are now 68.3 million Polygon wallets worldwide.

For example, Dune Analytics’ “Bridge Away (L1 Ethereum)” data indicate that Harmony Bridges have $7.71 billion TVL on them; similarly, Rainbow Bridges have $7.71 billion TVL, and Solana Wormhole has $7.71 billion TVL. Wormhole announced on Friday that their ETH-SOL token bridge is now operational.

Coin98 Analytics found last week that the total lending value locked on Ethereum is about $44 billion. Also, out of seven different Ethereum-based bitcoin projects, TVL has 270,783 bitcoin worth almost $13 billion.

WBTC, TBTC, SBTC, IMBTC, PBTC, HBTC, and RENBTC, included in the measurement. The Wrapped Bitcoin (BTC) project and its participants utilize 76% of the 270K bitcoin ($13 billion) worth of wrapped or synthetic BTC.

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Millions of Dollars Raised Through Solana’s DeFi Projects

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Millions of Dollars Raised Through Solana's DeFi Projects
  • PAI, an algorithmic stablecoin, backs Parrot Protocol.
  • Grape Protocol was the primary source of the downtime.

Solana has been up nearly 3200% since August. Investors’ interest in Ethereum rival systems featuring DeFi, NFT, and smart contract services has risen dramatically.

The software applications that simulate legal contracts are smart contracts. Once housed on a blockchain network, the software application will run automatically without human intervention.

This month, Solana’s DeFi initiatives raised millions of dollars. This is another proof of Solana’s potential to compete with Ethereum. Currently, Ethereum has the most DeFi and NFT projects.

Bots raced to invest in a token sale for Grape Protocol over flooded the blockchain, causing Solana to collapse for 17 hours on Tuesday. Let us take a look at the few IDO that helped raise millions.

Grape Protocol

Grape Protocol, the primary source of the downtime, managed to raise just $600,000 on Raydium’s “Acceleraytor.”

Tokenized communities may use Grape Network to connect to platforms like Discord, Telegram, and soon twitter to collaborate over Solana and reward members with crypto.

Parrot Protocol

Parrot Protocol is based on Solana. Investors in the Initial DEX offering included Sino Global Capital, Alameda Research, and QTUM VC. Moreover, to put it simply, Parrot is a non-custodial lending platform and decentralized exchange.

PAI, an algorithmic stablecoin, backs Parrot. Furthermore, Parrot offered a governance token called PRT in its IDO. Thus, allowing investors to vote on the protocol’s operation and farm yields on Solana without affecting other Layer 1 blockchains.

Solana’s failure impacted Parrot’s IDO, but it was resolved by Sept. 16. Moreover, the team said it would start working on PRT staking, NFTs, and adjustable interest rates in “Letter from the Parrot.”

Several Solana initiatives will be launched in the next day’s/weeks. Examples include Solanium, Boca Chica, and Solstarter. On Solanium, whitelisted users may buy MatrixETF.

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Skybridge Capital Applies For Cryptocurrency ETF And Accumulates $100 Million For ALGO Fund

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Skybridge Capital Applies For Cryptocurrency ETF And Accumulates $100 Million For ALGO Fund

A statement from Anthony Scaramucci has revealed the total crypto worth of an Alternative investment firm in Australia’s SkyBridge Capital. He stated that SkyBridge holds crypto worth $700 million presently.

The alternative investment firm has filed for a cryptocurrency company ETF which simply means a crypto-based exchange-traded fund.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

They did this on Tuesday, aiming to increase their digital currency offerings. SkyBridge Capital also revealed its plans for the Algorand fund during the SALT conference held within the week in New York.

SkyBridge Crypto Assets Worth

SkyBridge founder Anthony Scaramucci while addressing CNBC, stated that the firm raised over $100 million for the new Algorand fund. Anthony was also the former Director of White House Communications. It was Scaramucci who valued the company’s crypto-assets to be about $700 million.

The CEO reaffirmed that crypto has come to stay. However, he added that if regulations plan to fan the increasing adoption of digital asset technology, they should take quick action.

Anthony explained the crypto adoption as similar to Uber, which the regulators planned to knock out of the system. But the people later won because they accepted its use. He predicts that the United States will start recording up to 200 million crypto users in no distant time.

The SkyBridge CEO made these comments when spectators were concerned about having a regulatory crackdown maned by SEC.

Gary Gensler, the head of SEC, had characterized the crypto sector as rife associated with abuse and fraud. But Anthony Scaramucci, despite his disagreement, appreciated Gary for his stake in crypto.

He explained that Gary had many people that are yet to understand crypto in Congress fully. As a result, they have a lot of negativity, and he will call on elites like Elizabeth Warren to attend such a conference.

However, sitting with members of the industry will make her understand the protocols better. Anthony suggests that the need to carry everyone alone by educating them.

Other Finance Magnates Opinion

Other finance lords in their speech didn’t share Anthony’s optimism. Instead, they doubted the possibility of crypto adoption outrunning the grip of strong-handed regulations.

Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin

Ray Dalio predicted that as the digital assets popularity increases, it would attract the attention of lawmakers.

ALGO is currently down by 4% at the time of writing | Source: ALGOUSD on TradingView.com

However, while speaking to CNBC, he said that even if the crypto adoption successfully increases, the lawmakers will kill it. He believed that lawmakers would succeed in killing it as they have their ways of doing so.

Dalio explained that every monetary asset that offers a cash alternative is worth considering, including Bitcoin.

Featured image from Finance Magnates, chart from TradingView.com
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Cosmos (ATOM) Lead Market-Wide Rally

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Cosmos (ATOM) Lead Market-Wide Rally
  • Cosmos’ creators call it an “internet of blockchains.”
  • ATOM also launched a bridge to Ethereum at the end of August.

Cosmos (ATOM) blew up 10.74 percent overnight to establish a new price of $39.58, according to CoinMarketCap. It surpassed $40 yesterday, reaching $40.76. Despite today’s minor decline, Cosmos’ price was still ten dollars more than seven days ago, and twenty dollars higher than this time last month.

Its creators call it an “internet of blockchains.” It’s an interoperability network that allows various blockchains to connect, exchange data, and interact with one another.

In short, Cosmos claims to address some of the “hardest problems” in the blockchain sector. It seeks to provide an alternative to “slow, costly, unscalable, and ecologically harmful” proof-of-work protocols like Bitcoin by connecting blockchains. On August 18, Cosmos rose 25% from $15 to $20 after the introduction of Emeris, a cross-chain DeFi interface.

It also launched a bridge to Ethereum at the end of August. The inter-blockchain communication protocol (IBC) allowed trade across the Cosmos and Ethereum networks for the first time, along with the integration of Sifchain.

Cosmos Might Soon Over Take FTX Token

Cosmos is “Blockchain 3.0” — thus, as previously said, ease of usage is a significant objective. To this aim, the Cosmos SDK emphasizes modularity. This enables a network to be created quickly using existing code. Long term, it is anticipated that sophisticated applications would be simple to build.

Cosmos now has the twenty-first largest market value, but at this pace, it would only take $0.8 billion to flip FTX Token and make a bold entry into the top twenty.

Some in the crypto sector, much worried about the amount of fragmentation in blockchain networks. There are hundreds, yet few can converse. Cosmos wants to change this by making it feasible.

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Recent Analysis Compares Waste From One Bitcoin Transaction To Throwing Out Two iPhones

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Bitcoin waste

There have been many studies that have highlighted the carbon footprint and electricity usage problems of Bitcoin transactions. Founder of Digiconomist Alex de Vries and researcher at MIT’s Center for Energy and Environmental Policy Research, Christian Stoll, released a new study that shines a light on the electronic waste that Bitcoin generates.

Related Reading | How Elon Musk Is The Answer To Bitcoin Energy FUD

This study, “titled Bitcoin’s growing e-waste problem”, provides new insights into another major component of Bitcoin’s wasteful design.

The Electronic Waste Problem Of Bitcoin

Most studies have ignored the fact that Bitcoin miners go through a large amount of short-lived hardware that could increase global electronic waste growth.

“E-waste represents a growing threat to our environment, from toxic chemicals and heavy metals leaching into soils, to air and water pollutions caused by improper recycling.”
According to the study, a single transaction generates 272 grams of e-waste, the same amount of electronic waste as throwing two iPhone 12 minis in the bin. In 2020 the bitcoin network processed 112.5m transactions (compared with 539bn processed by traditional payment service providers in 2019).

“Bitcoin’s annual e-waste generation adds up to 30.7 metric kilotons as of May 2021,” they claim. “This number is comparable to the amount of small IT and telecommunication equipment waste produced by a country like the Netherlands.” This figure could increase to more than 64.4 metric kilotons of waste.
They also point out that the demand for mining hardware already today disrupts the global semiconductor supply chain, which is currently suffering a global shortage due to increased need in the coronavirus pandemic, as well as a US-China trade war and drought in Taiwan.

BTCUSD Chart on TradingView.com

BTC trading at $47.6K | Source: BTCUSD on TradingView.com

Additionally, Bitcoin mining has evolved from a simple activity done on a laptop to a complex and very expensive game done through powerful ASICs (application-specific integrated circuits). These ASICs are specifically designed to mine crypto transactions. And as technology changes, miners have to constantly replace their ASICs with newer, more powerful ones to stay competitive. Therefore, these single-purpose ASIC chips quickly become waste. According to the researchers, “The lifespan of bitcoin mining devices remains limited to just 1.29 years,”

Researchers in Europe and the U.S. also claim that miners have been dumping tens of thousands of tonnes every year of ASIC rigs and contributing to the ever-growing environmental challenge.

Alex and Stoll also warn that the e-waste problem will probably grow further if the price of the cryptocurrency continues to rise since it will incentivize further investment in and replacement of ASIC hardware.

Related Reading | Why Bitcoin Could Rise To $53K, Here Are The Risks Bulls Must Overcome

If the community were to try to reduce its e-waste problem, the paper concludes, it would need to replace the bitcoin mining process in “its entirety with a more sustainable alternative,” One of those alternatives is “proof of stake” instead of “proof of work”, as an experimental replacement. “The first miner who finds a PoW [proof of work] that satisfies predetermined conditions broadcasts the block to all nodes in the network. The receiving nodes express their acceptance of the new block by building on top of it”, the paper explains.

Featured image from Interesting Engineering, Chart from TradingView.com
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