• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Trade

China’s Cryptocurrency Currently the First, but Fears Remain

Guest Author by Guest Author
11 months ago
in Trade
Reading Time: 4min read
china
Advertisement

There was a biggie last week with the leaking of China’s much anticipated Central Bank Digital Currency (CBDC). The leak revealed extensive details of how the accompanying app works, a look at the visuals of the wallet, and a preview of what the currency would look like for the general public.

A digital coin from China has been much talked about, so this tease is exciting news as central banks launching digital currencies would help increase the widespread adoption of crypto assets, which in turn would show people the benefits that crypto assets can bring to the real world.

Clearly China is on the hunt for supremacy in crypto assets, as well as looking to usurp the US dollar as the world’s dominant currency. Tie China’s digital currency with its intention to launch the Blockchain-based Service Network, which will help companies deploy blockchain technology in a smarter and more efficient manner, and there is no doubt the country with the world’s second-biggest economy is looking to take the blockchain bull by the horns.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

However, for those of us who appreciate the decentralised nature of crypto assets, there is a fear that having the world’s most authoritarian superpower launching its own highly centralised digital currency could actually lead to more surveillance of its population. Blockchain technology enables you to track transactions and for this reason, it will be harder for people to maintain privacy. Some people are unbanked for exactly this reason.

Facebook’s new approach could go well with the regulator – but not with the community

Mark Zuckerberg’s social media mastodon outlined the new direction of its heavily debated Libra project. The paper published by the Libra Association makes three key changes: Libra will be permissioned at first, it will only be stablecoins, and it will use regulated nodes (VASPS). The crypto community could in fact fully disregard the Libra project, highlighting these three changes as the foundation ditching its decentralised ethos.

I think these are positive changes though, as it is important for projects from companies as large as Facebook to take a regulated approach, a view eToro CEO Yoni Assia discussed in eToro’s position paper on the matter, published last November. Overall, it is important that firms looking to launch these sorts of cryptoasset ecosystems take their first step by supporting multiple currencies on-chain. Only then, once they have the trust of both the regulator and of the consumer, should they look to launch novel crypto tokens.

Bitcoin halving sparks search interest – and winners could span the whole sector

Ahead of the bitcoin halving we have seen a massive increase in interest in the event. Google Trends, which tracks increases in the frequency and popularity of specific search phrases, shows that ‘bitcoin halving’ is currently at 100% interest, which means it is at the peak of its popularity, garnering 28% more interest for the search term compared to the 2016 halving.

I’ve already talked about where I think the price of bitcoin is heading following May’s halving, and it is well-documented that other crypto assets follow the performance of bitcoin, to a greater or lesser degree. However, there are some crypto assets that could even outperform the original crypto. One of these is Ethereum. Given that there are various DeFi applications being built on Ethereum that use bitcoin as collateral or as a means of bringing liquidity to decentralised exchanges, the overall Ethereum network would grow and develop, if bitcoin prices increase following the halving and we see greater bitcoin inflows into these applications.

Other winners from the halving could be application-specific integrated circuits (ASICs) manufacturers, such as NYSE-listed Canaan. With the mining reward being cut in half, miners will have to operate more efficiently, placing an emphasis on having the most up to date ASICs.

UBI-based cryptos could be the vaccine for wealth inequality

Many countries are beginning to release data showing some positive signs with regards to controlling the coronavirus’ impact., Some of the world is also beginning to discuss how we solve some of the ills that the coronavirus has laid bare when it comes to wealth inequality.

With central banks now adopting helicopter money policies to directly put wealth into citizens’ pockets, the use of blockchain technology could help solve some of the logistical issues that come with such a grand scheme. This becomes increasingly important when we think about the vast number of people across the globe that do not have  a bank account to receive such capital. By giving everyone a crypto wallet central banks could directly deposit this money into them. It also removes the need for people to jump through the regular bureaucratic hoops of opening a bank account.

GoodDollar itself is a research hub, funded by eToro, exploring how UBI principles could be deployed through crypto assets to address global wealth inequality. Theoretically, everyone can receive a GoodDollar token into a crypto wallet.

This is just one of the ways that blockchain and cryptocurrencies can help to build a better future if we choose to use them. And we should.

Top crypto assets traded on eToro last week (UK clients only)

  1.   BTC       41.6%
  2.   XRP       16.3%
  3.   ETH       12.3%
  4.   BCH      4.4%
  5.   XTZ       4.0%
  6.   LTC       3.6%

Top crypto assets traded on eToro last week (all clients – global)

  1.   BTC       44.2%
  2.   ETH       14.7%
  3.   XRP       9.9%
  4.   BCH      4.9%
  5.   XTZ       4.6%
  6. LTC       3.1%

 

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as a reliable indicator of future results.

All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading crypto assets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

Photo by Nick Fewings on Unsplash

TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Guest Author

Guest Author

Related Posts

crypto traders

Discover How Crypto Traders Are Benefitting by Holding Crypto

2 weeks ago
Crypto Roundup: February 1st, 2021

Crypto Roundup: February 1st, 2021

1 month ago
market analysis

Crypto Market Analysis: 1st February 2021

1 month ago
Crypto Market Analysis: 25th January 2021

Crypto Market Analysis: 25th January 2021

1 month ago
Crypto Roundup: January 25th, 2021

Crypto Roundup: January 25th, 2021

1 month ago
Crypto Roundup: January 4th, 2021

Crypto Roundup: January 4th, 2021

2 months ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

EcoCelium is Now Live – Ready to Mark the Next Step in DeFi

March 5, 2021

MXC Exchange Commits to Integrating USDC-SPL on Solana

March 5, 2021

Gambling Exhibition Ukrainian Gaming Week 2021: A Range of Products From Exhibiting Companies, an up-to-Date Program and a Special Offer

March 5, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.