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Payday Loan Debt: Comparing It To Other Debt

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When we talk about debt, we usually think about the total of what we owe regardless of how it was accumulated or who we owe it to. Payday loan debt included. While some of us may define being in debt by our home mortgage or student loans, for others debt may be determined by our past financial mistakes. No matter how much we owe, how long it will take us to pay it back, or how we got there… it’s all considered debt. It’s only when we look at each type of debt individually that we can understand all of the different types of debt out there. It is then that we can respect the fact that whether we owe $1 or $1 million, to family or payday loan lender, that we are expected to payback what we borrow because it’s all considered debt.

*Mortgage Debt~ This type of debt is defined by a first mortgage on a home, a home equity line of credit, or any other type of loan that is secured by owing a piece of property or real estate. A lien will be placed on the property until the loan is paid off. This type of debt may come with an adjustable-rate mortgage (ARM) which will increase over time over a fixed-rate which stays the same for the life of the loan. With a home equity line of credit, which can also be considered a “second mortgage”, the lender is paid back only after the first mortgage is paid in full. The average repayment term on a home mortgage or line of credit is 15 or 30 years but there are 10 years ARM’s available as well.

* Auto Loan~ Incurring debt with an auto loan means borrowing a set amount for the purchase and then paying it back over a fixed amount of time with a monthly payment (usually 24-60 months). The interest rate will be fixed for the life of the loan unless the borrower decides to refinance for a lower monthly payment.

*Payday Loan~ Payday loans are short-term temporary loans meant to help people out with emergency financial issues or unexpected costs. They are unsecured with no collateral necessary in order to be approved. Most lenders don’t ask for credit history. Borrowers are expected to pay back their loan with there next paycheck but often times payday loan lenders will extend a person’s repayment period. Interest rates are higher than most loans and are fixed. The types of loans are best for people who are able to pay back their loans quickly.

*Student Loan~ Most often granted by the federal government, this type of debt is used for higher education. Interest rates are usually much lower than other forms of debt and repayment periods are usually 10 years, giving the borrower plenty of time to graduate, find gainful employment, and payback what they borrowed. These loans can carry extremely high balances depending on where the borrower went to school, how many years it took them to finish their education, and how many degrees they sought.

*Credit Card(s)~ This type of debt comes from the purchasing of good and services without having to pay up front. Creditors approve card holders for a specified amount in which they can use on a revolving basis provided they make their monthly payment on time and in at least the minimum amount required. Interest rates are based on the borrower’s credit score and can be some of the highest rates paid out of all forms of debt.

While borrowing on credit can be a good, and sometimes necessary financial means, it is important to understand how each type of debt works and what is best for your individual financial scenario.

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Avalanche (AVAX) Skyrockets To A New All-Time High

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Avalanche (AVAX) Skyrockets To A New All-Time High
  • Avalanche (AVAX) has reached its new all-time high.
  • AVAX has soared to 28.1% within a week.
  • New partnerships and a $230 million investment round might be the reason for price surge.

We all know that a huge difference can be witnessed in the crypto industry just in a few months. Significantly, the surge in price and drop in price value is usual when it is all about cryptocurrencies. Having technology as an advantage crypto market has grown exponentially with its developments in the network. Each network upgrades in advancements and adds new features to its ecosystem to get notified in the eyes of investors. 

In addition to this, blockchain technology has created an impact among investors that it produces security and high-speed transactions. Integrating blockchain into the network results in securing the platform, low fees, and high-speed transactions. For instance, Avalanche (AVAX) is also a relatively new blockchain that focuses on speed transactions and low fees. Moreover, AVAX has now touched its new all-time high in price value to $79.31 just a few hours ago.

Avalanche (AVAX) is a blockchain ecosystem built to be a safe, globally dispersed, and decentralized network. The protocol is unique in that it uses three different blockchains to offer an interoperable and trustless framework on which developers can build. The native coin of Avalanche is the AVAX token, which acts as a payment solution for users.

Current Market Status

At the time of writing, the trading price of AVAX was $73.80 with a trading volume of $2,605,430,173 in the past 24-hours. Moreover, the current price of AVAX is 7.1% lower than its all-time high at $79.31. The current circulating supply of AVAX coins is 220,286,577 and it holds 11th rank.

Trading Chart of AVAX

The chart depicts the bullish pattern for the past week. The price value of AVAX has surged to 8.3% in the last 24-hours whereas with 7-day statistics the price has soared to 28.1%. Besides, the price value of AVAX has surged from $61.65 to $79.31 within a week looks impressive.

Reasons Why AVAX Boosted

Avalanche has been the center of the market for the past couple of weeks. It has experienced a rise in popularity following its focus on DeFi token. Moreover, Avalanche soared with new partnerships, where one such partner is the popular DeFi protocol Aave. Adding to that, the firm disclosed a $230 million investment round for the improvements on decentralized finance and applications on Avalanche blockchain.

However, the surge in the price value of AVAX has given a sweet spot for the users. The ongoing developments and upgrades on features have made users expect more price hikes. Besides, AVAX has the potential to hit a new all-time high within a few days.

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September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations

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Picture of a gold liquid being poured out of a bottle, representing liquidations

After what looked to be a month of prosperity following the August bull run, Bitcoin has now entered into an era of increasingly bearish signals. The asset had seen a number of rallies that pushed it over two-month highs, successfully breaking above the $52K resistance range on a number of occasions. Throwing the entire market into a stretched-out period of positive sentiment.

September has now come with its own unique set of problems for the digital asset. Bitcoin price has been suffering since the beginning of the month, ushered in with a flash crash that rocked the market only a week into September. The market continues to suffer from the aftershock of this flash crash, which has left a trail of blood in the market, and led to massive liquidations.

Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet

Bitcoin Price Crash Leads To Sell-Offs

In only a matter of days, the price of bitcoin has fallen from $47,000 to $40,000, which triggered liquidations in the market. The long liquidations totaled up to the tune of $860 million across exchanges. The liquidations took place over two days when the price of the digital asset had inevitably fallen to $40,000 on Tuesday, September 21st. Although significant, the liquidations, which were spread across two days, still sat below the sell-offs seen following the September 7th crash.

Related Reading | Did Bitcoin Really Experience A Flash Crash Down To $5,400?

Monday marked the beginning of the liquidations as the market saw $470 million long positions liquidated. And the following Tuesday, a total of $390 million long positions were liquidated as well. At this point, the price of bitcoin had hit levels not seen since mid-August. And as market sentiment shifted into the negative, the price continued to plunge.

BTC longs liquated on Monday and Tuesday add up to $860 million | Source: Arcane Research

Current sell-off volumes have remained beneath the $1.2 billion sell-off in early September, suggesting that this current sell-off is more organic than previous ones. Also, it shows that the current market is more influenced by spot activity compared to the derivatives market.

September And Its Chokehold On The Market

September has historically come with challenges for the crypto market. So the crash that rocked bitcoin and the entire market at the beginning of the month is on-brand. Crashes with at least a 17% value loss have happened in September for the past four years and it looks like 2021 has fallen in line with this trend.

However, the end of September has always come with better forecasts for the following month. Chart analysis show crashes in the month precede recoveries that put the market on course to regain its lost value. Setting the market up for another bull run.

Bitcoin price chart from TradingView.com

BTC price trading north of $43K | Source: BTCUSD on TradingView.com

The price of BTC has now recovered above its Tuesday’s lows, which saw the digital asset plunge below $40K. Bitcoin is currently trading above $42,000 at the time of writing. While the total market cap has fallen below $800 billion.

Featured image from Bitcoin News, charts from Arcane Research and TradingView.com
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Illuvium (ILV) Listed on Binance

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Illuvium (ILV) Listed on Binance

ILV Token is now available on the world’s largest crypto exchange Binance.

Users can buy, trade, and withdraw ILV on Binance on following dates:

  • Deposit & Trading: September 22nd, 2021 at 06:00 (UTC).
  • Withdrawal : September 23rd, 2021 at 6:00 (UTC).
  • Trading Pair: ILV/BTC, ILV/BNB, ILV/BUSD, and ILV/USDT.

Illuvium (ILV)

Illuvium is an open space adventurous gaming platform built on the popular Ethereum blockchain. The Illuvials are creatures with different affinities, classes, and abilities which are to be captured and hunted in the alien world. Thus, these gaming features attracts a lot of regular gamers and hardcore DeFi fans. 

The ILV is the native token of Illuvium ecosystem which is used to reward the users for participating and hunting those creatures. Moreover the savings of these ILV tokens helps the players to become a part of Illuvium community. According to CoinMarketCap, the ILV token holds the value of $582.62 USD with a surge of 10.97% in the last 24 hours. Also, the ILV token listing in the Binance exchange is 0 BNB. 

For more information and updates, please visit:

Website: https://www.illuvium.io/  

Twitter:  https://twitter.com/illuviumio 

Telegram:  https://t.me/illuvium

Binance Overview

Binance is the world’s biggest cryptocurrency exchange attracting large users through its super secure platform. Importantly all crypto users will have one Binance account to trade their digital assets in the market. At present, Binance is expanding its trading feature by listing new tokens each day. 

In addition, Binance always strives to provide best quality coins which increases the trading volume and the transactions rate. Additionally, Binance holds its own blockchain based token, BNB. Thus, the listing fee for all new coins or tokens will be 0 BNB in Binance exchange. 

For more information and updates, please visit:

Website: https://www.binance.com/en 

Twitter:   https://twitter.com/binance 

Telegram:  https://t.me/binanceexchange 

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Twitter Thrashes on John Wall’s NFT Using Fortnite Backdrop

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Twitter Thrashes on John Wall’s NFT Using Fortnite Backdrop
  • John Wall’s NFT uses Fortnite game’s images in it. 
  • Crypto enthusiasts take to Twitter to express their anger and disappointment. 
  • Each expresses their reviews, thrashing the John Wall’s NFTs profusely.

Of course it’s obvious that the whole non-fungible tokens (NFT) market is recently full of skepticisms. The real problem arises when unknown people produce NFTs themselves , profusely the artists. The worst is that these artists use well known and established famous individuals and celebrities without their consent themselves. Thus, creating epic chaos for all, and a bad remark on the NFT industry too. 

Accordingly, a recent  NFT has been receiving thrashes like anything. Most of these are upon the Twitter platform. In spite of all this, the launch of John Wall’s NFTs, named the ‘Baby Baller’ is the one with all such negative hot news. 

The Baby Baller NFT

The NBA star John Wall needs no further introduction, as he’s well known for his epic games. With such epic stardom and fame, John Wall decided to get himself into the NFT industry. In spite of this, John Wall launched a  number of NFTs with the series title of ‘Baby Ballers’. 

In spite of this John wall terms that this NFT project is to raise funds for charity. Also he adds, it’s for the betterment of the ‘Ballers Community’. 

However, the launch of his Baby Ballers NFTs, has used the background image a picture from the ever craze warfare game, the Fortnite.

 Moreover, the image in the backdrop is said to be from season 5 of Fortnite. Apart from this the NFT features the baby baller with fingers shooting the basketball in a basketball court. 

Enthusiast’s Thrashes

Despite the first attempt into the NFT industry, everyone took to Twitter criticizing and thrashing John Wall’s NFT and the design team behind it. In addition, many people term this kind of work as an absolute showcase of lack of creativity and laziness. 

Also, one tweet shows that if John Wall has planned for a project worth 600 Ethereum (ETH), then the project’s NFTs have to be unique evidently.

Furthermore, another tweet questions commonly that if one is a celebrity they should not use their fame and status for bridging in NFTs which they ought to leave and scam in just a few months later.

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Nexo Eyes SEC Broker Dealer License While U.S. Competitors Face Regulatory Pressure

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Nexo looks to see how regulations in DeFi impact U.S. based firms.

There’s truly never a dull moment in DeFi. Reports have emerged this week that interest-yielding platform Nexo is pursuing an acquisition of an SEC licensed broker dealer with the intent to offer a “modified version” of the company’s products. How this would impact their current offering is unclear.

The move comes at a time of seemingly increased rocky roads for DeFi platforms.

Interest-Generating Products & Disruptive DeFi

Along with the company’s pursuit of a licensed broker dealer, Nexo is also in talks with nationally chartered banks. The platform is reportedly interested in finding a chartered bank partner that will sell Nexo products, likely with the intent to have better buy-in with U.S. regulators.

Additionally, reports state that the platform is looking at applying for an exemption to offer securities to non-accredited investors. Nexo is a London-based platform, which may play out to be a substantial advantage versus competitors that are stateside.

In recent weeks, U.S. state regulators have started to focus on DeFi platforms that are U.S.-based, namely Celsius and BlockFi. Regulators in a handful of states in the U.S. have begun issuing cease and desist demands for both firms. Meanwhile, major U.S.-based exchange Coinbase has been in a back-and-forth with SEC with regards to the exchange’s potential interest-yielding product, Coinbase Lend. Coinbase seems to have now placed an indefinite hold on a timetable for Lend, should the product even come to life at all.

Nexo is likely taking a close eye to see how these situations play out in the coming months, so they can position themselves accordingly when stateside regulators start eyeing non-U.S. based interest yielding firms that are operating in the states.

Native platform tokens, like $NEXO, have stayed away from U.S. integration as regulatory decisions still leave outcomes in question. | Source: NEXO-USD on TradingView.com

Related Reading | Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion

The Road Less Traveled

During the midst of the DeFi madness with regulators, Nexo has still been building on it’s capabilities and offerings. In an email this week, the firm announced the addition of top-ups, withdrawals, and borrowing and earning with DOGE. At the beginning of September, the platform crossed 2M users. And last month, the platform introduced free and instant transfers from one Nexo wallet to another, as well as unlimited free internal withdrawals.

Nonetheless, Nexo co-founder Antoni Trenchev has said that overseas exchanges will have to “cross the same bridge” that Celsius and BlockFi are currently having to cross, in due time. “We haven’t quite decided on the particular variations of the exemptions and exactly how we’re going to structure this,” added Trenchev.

Will Nexo have the advantage of seeing how things play out for U.S. based firms, or will overseas platforms be subject to increased scrutiny? Consumers are left waiting for the snail-paced regulatory movement to determine how things play out.

Related Reading | Did The SEC’s Gary Gensler Threaten Crypto And DeFi In The WaPo Interview?

Featured image from Nexo.io, Charts from TradingView.com
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Arweave (AR) Price Climbs up Over 19% In the Last 24-Hour

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Arweave (AR) Price Climbs up Over 19% In the Last 24-Hour