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5 Advantages of Cryptocurrency: All You Need to Know

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If you are looking for a good alternative to cash and credit cards, you can try out cryptocurrency. Today, this currency is quite popular across the globe. A lot of companies now accept payments through cryptocurrency just like a regular currency. Bitcoin is one of the most popular cryptocurrencies, which is why a large number of people have been putting money in Bitcoins. Powered by Blockchain, you can make transactions without any security risks. In this article, we are going to discuss some of the most prominent advantages of cryptocurrency.

Easy Transactions

If you often deal with legal representatives and brokers, you know that they charge heavy transaction fees against each transaction. Apart from this, you have to pay for a lot of paperwork, commissions, and brokerage services.

On the other hand, if you use cryptocurrency, you can eliminate all of the middlemen. You will use a secure network to perform all of your transactions. Each transaction is transparent and won’t involve heavy transaction fees.

Asset Transfers

It is easy to transfer the ownership of cryptocurrency from one person to another. Blockchain is behind all of the ecosystems. Therefore, you can perform all of your transactions in a safe and secure environment.

The good thing about cryptocurrency is that it allows you to add third-party approval for future payments. If you have this currency, you can easily make asset transfer without any problem.

Confidential Transactions

In the case of cash or credit, there is a record of every transaction. And these records are also stored with the bank that you have your account with. Whenever you make a transaction, your bank maintains a record of it. Even if you are a business owner, your bank knows how much money you have in your bank account. This is not good from the point of view of privacy.

The beauty of cryptocurrencies is that every transaction is unique. Every deal involves terms of negotiation. There is a push concept that provides the basis for information exchange. Nothing will be disclosed to the recipient except what you allow. So, you will have complete privacy and identity protection.

Low Transaction Fee

If you check your bank statement, you will be amazed to see that the bank has charged you a transaction fee for every single transaction that you have conducted so far. If you perform a lot of transactions every day, the total amount of bank fees will be quite high.

On the other hand, transaction fees in the case of cryptocurrency are very low. However, if you hire the services of a third party for the maintenance of your crypto wallet, you may have to pay for this service. However, these fees are far less compared to the fee charged by conventional banks.

Peace of Mind

You can use the internet to transfer cryptocurrency with complete peace of mind. As a matter of fact, anyone can use this service as long as they have access to the internet. All you need to do is have a basic understanding of the cryptocurrency network. In short, these are just some of the primary advantages of using cryptocurrency.

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TA: Bitcoin Turns Bearish, Bears In Control Below $40K

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Bitcoin started a strong decline below the $40,000 support against the US Dollar. BTC might recover, but upsides might be limited above $38,000.

  • Bitcoin started a major decline below the $40,000 and $38,000 support levels.
  • The price is now trading below $38,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line with resistance near $36,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down if there is a break below the $34,000 support.

Bitcoin Price Extends Losses

Bitcoin price started a major decline below the $42,000 and $40,000 support levels. BTC gained pace below the $38,000 level to move further into a bearish zone.

It traded as low as $34,007 and is currently consolidating losses. It is now trading below $38,000 and the 100 hourly simple moving average.

On the upside, an initial resistance is near the $36,200 level. There is also a key bearish trend line with resistance near $36,500 on the hourly chart of the BTC/USD pair. The trend line is near the 23.6% Fib retracement level of the recent decline from the $43,500 swing high to $34,007 low.

The first major resistance is near the $36,800 level. An upside break above the $36,800 resistance could start a steady recovery wave towards $38,000. The next key resistance is near the $40,000 level, above which the bulls might aim a test of $41,200.

Source: BTCUSD on TradingView.com

An intermediate resistance is near the 50% Fib retracement level of the recent decline from the $43,500 swing high to $34,007 low. Any more gains may perhaps call for a move towards the $42,500 resistance zone.

More Losses in BTC?

If bitcoin fails to start a fresh increase above $36,500, it could start another decline. An immediate support on the downside is near the $34,500 zone.

The first major support is seen near the $34,000 zone. A downside break below the $34,000 support zone may perhaps spark another major decline. The next major support is near $32,500, below which the price could even decline below the $32,000 zone.

Technical indicators:

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

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

Major Support Levels – $34,500, followed by $34,000.

Major Resistance Levels – $36,250, $36,500 and $38,000.

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Top 3 Coins By LunarCRUSH Galaxy Score: USDT, BUSD and MKR

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Top 3 Play to Earn Coins in the Past 30 days as per CryptoDiffer