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Visa Invests Large Sum into Crypto Custodian Startup, Anchorage

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Visa shows its interest in cryptocurrencies by investing in Anchorage, a digital asset of modern security engineering, for safe crypto custody. So far, Visa had made its investment in Chain, which was its first progress towards cryptocurrency. Both the companies are the founding members of Facebook’s crypto-asset Libra and are working on the planning of the technical underpinnings of Libra. 

Anchorage is a startup that was founded to solve technical issues through cryptocurrency. To help financial institutions invest securely in digital assets, the firm has built the first crypto-native custodian.

It is estimated that Visa has invested $40 million worth funds for further fintech solutions. However, the precise value has not been revealed yet. With the funding received by Visa, Anchorage is ready to proceed further in Libra’s mission as a Founding Member of the Libra Association by drawing together the brightest minds in security, finance, and distributed systems.

Co-founders Diogo Mónica and Nathan McCauley have been working as the head of security engineering for more than ten years. They built software that now secures more than 80 billion dollars yearly and ensures the core infrastructure used in top banks, governments, and the world’s three largest cloud providers.

Diogo Mónica says;

“As a custodian, our work is focused on building financial plumbing that other companies depend on for their operations to run smoothly. In this regard, we have always looked at Visa as a model.” 

Further, he adds;

“Visa was ‘fintech’ before the term existed, and has always been on the vanguard of financial infrastructure. Visa’s investment in Anchorage is helpful not only to our company but to our industry, as a validation of the entire ecosystem and recognition that crypto will play a key role in the future of global finance.”

Terry Angelos, who leads fintech at Visa and also co-founder of TrialPay, noted that Visa is interested in supporting companies like Anchorage who are working to provide secure infrastructure to the growing ecosystem of digital assets. He said that Anchorage is building the foundation to support an array of new financial services.

Being a global payments technology corporation working to empower consumers, businesses, banks, and governments to use digital currency, Visa has helped to improve the lives and economies around the world. It has united customers in more than 200 countries and territories worldwide.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple price analysis and prediction: Bulls take a breath as XRP pulls back

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The crypto market is currently taking various directions with bitcoin mainly heading upwards. The giant crypto has maintained its price well above $12,500, and in fact, stans above the $13,000 price mark as we write this. On the other hand, Ripple’s XRP started moving bearishly merely after enjoying a rise above $0.40.

Ripple Coin Statistics

Yesterday, Ripple’s native cryptocurrency, XRP, started trading at around $0.4015 and maintained above $0.40 price mark for some hours after which it began to oscillate back to $0.39.

Interestingly, the Ripple coin took a slight nosedive of about 2.08% in merely 25 minutes to stop at $0.3945. In fact, yesterday it hit a low price at $0.3911 and then realized a slight upward correction to above $0.39.

Comparing the price to what it was about 20 days ago, Ripple’s XRP has seen a 5.89% nosedive and is currently in the selling zone, too.

XRP is testing a support level above $0.39 and may see further turbulence if it doesn’t correct above $0.40.

XRP Technical Indicators

XRP’s RSI is 50 at the moment, which indicates a stable price trend momentum. MACD seems less volatile in the bearish zone. Ripple coin expects further resistance at several levels going forward at $0.4020, $0.4075, and $0.41.

Ripple XRP technical price analysis today
Source: CoinMartketCap.com

The primary support levels are expected at $0.3900, $0.3840, and $0.3740.

Therefore, for a fresh recovery, a strong clove over $0.3900 as well as $0.40 levels is required. But the problem is it’s been stuck right there.

Ripple Price Prediction

It is right to say that XRP has been underperforming quite throughout this year since trading at around $0.35. To the contrary, Ripple has all it takes and the potential in the world to push its cryptocurrency to start trading beyond the $0.50 price mark for good.

However, currently, it may yet further go down in the coming days unless some strategic moves are made. For instance, technically, a strong pull is indeed required to get the coin surging above $0.40 again and then above $0.45.

Nevertheless, for investors, the time right to make high moves is when the price of a quality cryptocurrency is down. Because Ripple boasts robust fundamentals and a lot of potentials, the long-term returns should be the bigger picture as XRP could be highly lucrative going forward. Is this the best time to invest in Ripple? You can probably say that, but don’t get thrown away with the emotions, take your time.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Tether Treasury mints 100 Million USDT: Another Bitcoin pump may have started

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According to recent data, yet another massive amount of Tether (USDT) got minted at Tether Treasury. The amount includes 100 million USDT, which is around $100,221,270. The transaction occurred yesterday, on Tuesday, July 9th, at 21:59:46 UTC.

Bitcoin pump is coming

Considering Tether’s past, all the incidents, scandals and alike, it is more than likely that the project is once again trying to manipulate and pump the price of Bitcoin (BTC). Many believe it to be the case, at the very least, and the entire crypto community is speculating what this might mean for the short term future of the crypto space.

New USDT coins are supposed to be issued when the demand starts affecting the coin’s price. Newly minted USDT then enters the market and ensures that the stablecoin remains stable. However, Tether has had more than a few attempts at impacting the market through Bitcoin manipulation.

Not to mention its suspicious activities with Bitfinex. Another amount, just as significant as this one, was minted only a week ago, on July 3th, and while Bitfinex CTO, Paolo Ardoino, stated that it was a part of a swap — many still don’t know what to make of it. Ardoino said that Tether is issued on multiple different chains, such as Omni, ETH, and alike.

While this is a perfectly logical and understandable explanation, Tether Treasury minted USDT quite a few times in the past few weeks. Ardoino stated that requests to swap USDT from Omni to ERC20 are getting larger, which is why Tether needs to get minted, and why they keep doing it. Of course, excess tokens will be burned as soon as the swap flow stabilizes.

Interestingly enough, Tether Treasury tends to start minting more USDT whenever Bitcoin‘s price starts falling in the market. As soon as the price drop exceeds 1-5%, an alert of Tether being minted arrives. The real question right now is whether they will pump Tether immediately, or will they wait until later into the week.

Whatever the case may be, it would seem that BTC is about to be manipulated once more, and traders and investors are advised to be careful when making their decisions. For now, BTC happens to be the only coin trading in the green, with a 5.46% increase in price over the past 24 hours. In other words, it could be that the pump has already started. Bitcoin price currently sits at $13,035, and it will be rather interesting to see how far it will go this time.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Tron and BTT tumble, Cardano too in red even after scoring an alliance

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Following the launch of Cardano (ADA) in 2017, the crypto market turned abuzz with high hopes towards the new crypto’s ability to unlock the mass-market through its scientific philosophy and its research-driven approach that is favorable to institutional investors.

Two years later, Cardano (ADA) is yet to separate itself from the problems of the general crypto market despite retaining a top tier rank in the crypto market. At present, Cardano ADA is the 11th most significant cryptocurrency by market capitalization and exchanges hands at around 0.081 USD with a large market cap of about 2.2 billion USD.

Since its inception, Cardano’s market price has appreciated by a decent 87 percent. Despite its impressive performance, the number 11 cryptocurrency is performing poorly in comparison to Bitcoin’s 194 percent gain and Ethereum’s 113 percent gain recorded at the same time.

Cardano Foundation Partners with Algoz to Provide Liquidity Solutions

Last month, the crypto community was met with news of Cardano partnering with cryptocurrency liquidity provider Algoz. The strategic partnership between the two entities seeks to provide liquidity and trading solutions for the digital asset.

According to an official statement by Algoz through their LinkedIn account,

“Through our partnership with this inspiring crypto project in the virtual currency scene, Cardano, is expected to increase the coin’s liquidity and trading solutions.”

Created by Fingenon Group, Algoz is a market maker solutions provider that deals with unlocking of liquidity for crypto assets.  By taking advantage of Fingleton’s existing superior infrastructure, algorithms, combined knowledgebase, and trading strategies, Algoz is quickly developing into a solution provider that is bridging the gap between traditional assets and emerging virtual assets. Currently, Algoz is being utilized by crypto projects, exchanges, and other stakeholders globally.

Since its inception, Cardano’s trading volume has seen an impressive upsurge from 17.25 million USD to about 117 million USD marking a 595 percent increase in trade volumes in just six months. Many crypto pundits view the deal with Algoz as a good move that will see Cardano’s ADA move upwards into the big crypto league. With increased liquidity, Cardano ADA will be in a better position to attract institutional investors as it will be in a better position to counter manipulation by whales. Algoz solutions have the potential to increase Cardano ADA’s liquidity and accessibility to crypto traders and investors.

Algoz Solutions to Reduce Errors Caused by ADA Market Inefficiencies

Similarly, following the partnership, the ADA market is expected to experience fewer errors that are usually caused by market inefficiencies. For instance, situations of traders being forced to buy or sell ADA coins at a special price due to the lack of liquidity on the order book are set to go down. When this and many other errors are resolved, Cardano (ADA) could potentially move towards becoming one of the most significant cryptocurrencies in the market.

The Struggle of Tron (TRX) Continues

From the look of things, the crypto market seems to have opened the day on a wrong footing. Intraday investors should not expect any good news today as a majority of virtual assets are recording adverse price movements in the market. At the time of writing, the crypto market cap currently stands at about 35 billion USD.

Like many cryptos, Tron (TRX) is facing the same price drop following Bitcoins dismal performance – the crypto king is still in the green now though. At the time of writing, Bitcoin is trading at about 13,000 USD, an upsurge from yesterday’s 11,000 USD market price.

Even though at present, the mother and father of all digital assets is dominating big time, Bitcoin’s upward movement is expected to have a positive effect on Tron’s TRX and other digital assets. At the press time, Tron stands at $0.033705 after losing its value by 2.58% over the 24 hours.

During the massive fall, Tron was stable at 0.032 USD proving to the market that it’s just a matter of time until the crypto assets start recovering and appreciating. A section of analysts believes Tron will bypass the 0.04 USD mark before the weekend.

BitTorrent (BTT)

Yesterday, Tron-owned and powered BitTorrent launched BitTorrent Speed, its download optimization software that supports the functionalities of BTT.

Despite the launch, the number 36th ranked cryptocurrency is yet to show any positive signs in the market. As we write this post, BTT trades at $0.001258 as the Tron-backed digital asset went down by 3.13% in the last 24 hours.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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XRP is useless to Ripple, a bitcoin maximalist and ex-VP at JP Morgan Chase

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The crypto industry is slowly but steadily gaining momentum. Mass adoption has not yet been achieved, but everything is surely pointing towards that direction. And Ripple’s XRP has played a vital role in the mission so far. But one notable personality thinks differently on this.

So, there are several cryptos with most of them currently doing well in the market. One of them and the most tongue lashed crypto is Ripple’s XRP.

XRP has recently been under severe scrutiny from a contributor on Forbes, who condemned the asset as a scam without a good use case. As if that’s not enough, now XRP has been branded as a ‘totally useless’ digital asset by him.

A Typical Maximalist Leaves No Stone Unturned

Not too long ago, Derivatives trader, YouTube personality, analyst, and crypto contrarian, Tone Vays referred to Ripple’s XRP as a ‘useless penny stock,’ and now he has gone a step further saying that XRP is just useless to Ripple (the firm behind the digital currency).

Apparently, he should be having his reasons for such comments. But first, Vays is a typical bitcoin maximalist; therefore, from that perspective, we may understand his remarks. Maybe he’s feeling the pressure behind the back that XRP is pushing over bitcoin.

According to him, XRP is useless to the parent firm Ripple, and that it can be swayed anyhow – and that the latest partnership of Ripple with MoneyGram doesn’t intimate the fact that XRP isn’t a security.

But let’s face it

First, Vays says that XRP should not have existed in the first place. Many think those allegations are the truth but look at xRapid for a moment. Take a few folks who send money across the border in an efficient way and tell them Ripple is useless.

Your guess is as good as mine; Ripple is their small paradise with reduced costs and quick transactions. That is one area it’s overtaking bitcoin, and perhaps Vays isn’t pleased about it.

Also, saying that XRP should be compared to PayPal is a big joke given that PayPal manages only to perform 193 transactions per second while XRP handles over 1,500 transactions per second. Therefore, it’s indeed unclear why he would refer to Ripple’s XRP useless or even not faster than PayPal.

Nevertheless, Tone Vays is an early bitcoin supporter, and we may not expect him to comment positively on Ripple’s XRP which is breathing on bitcoin’s neck. That said, he doesn’t need to do that, Ripple and its cryptocurrency are a completely different elephant than BTC. Bitcoin and XRP can keep growing together.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Dogecoin Falls: DOGE price continues to maintain rising channel pattern

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Dogecoin (DOGE) Price Analysis – July 9

During last week trading, the price of Dogecoin sharply went up by 30% after a few hours of its listing on Binance Exchange, causing the market to spike to $0.004622 mark from a monthly low of $0.002788. However, the market has significantly rolled back to a trading price of $0.003509 as of the time of writing (after going down by 2.65% in the last 24 hours). By CoinMarketCap ranking, DOGE is currently positioned as the 29th cryptocurrency with a market cap of $428.5 million.

Dogecoin Daily Price Analysis – Bearish

Key resistance levels: $0.003866, $0.0042, $0.0045

Key support levels: $0.003203, $0.003008, $0.002807

Following the announcement of Dogecoin listing on the most traded Exchange, Binance, last week, the cryptocurrency saw an insane price gain of about 30% which took trading to as high as $0.004622 before closing at $0.003827 on HITBTC Exchange.

While trading in a rising channel pattern, yesterday, the price found support on the daily 50 moving average, marked orange on the chart which has now seen a bounce to around 0.0034 levels.

DOGE/USD Daily Price Chart - July 9
DOGE/USD Daily Price Chart – July 9

If the bulls can power the market, we can expect a gear up to the $0.003866, $0.0042 and $0.0045 levels to play out, retesting the channel resistance. A break above the channel could fuel a bull-run.

We can see that the last four days trading volume is becoming low on the daily chart. If we continue to see a lower trading volume, the price of Dogecoin will drop to close-by supports at $0.003203, $0.003008, and $0.002807 to test the channel support before rebounding. A break down could lead to a severe bearish scenario.

Price sharply dropped after testing the RSI 70 level – a severe resistance level for the market. Similarly, the daily 100 moving average (marked in pink color) has acted as reliable support for the market.

Dogecoin 4-Hour Price Analysis – Bearish

As we can see on the 4-hour chart, the price action is still maintaining a rising channel formation as selling pressure currently bolster on the crucial 50-day moving average, supported alongside with the medium-term 100-day moving average.

DOGE/USD 4H Price Chart - July 9, 2019
DOGE/USD 4H Price Chart – July 9

In fact, the volume of the price chart is now dropping. If the moving averages fail to hold the selling pressure, we can expect immediate support at the $0.0032 – $0.0031 zone. While the market is in the middle of consolidation at the break level, a bullish play could send DOGE price to $0.0037, $0.0039, $0.0041, and $0.0043 resistance.

The RSI for Dogecoin is now trending sideways with an indecisive market, now testing the 50 level. For now, the channel formation will remain diagonal support and resistance for the market until a surge in volatility occurs.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Electroneum (ETN) hits an epic partnership with Paycent Appycent App

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Yesterday, on July 08, 2019, the Reddit thread of Electroneum cryptocurrency revealed that ETN crypto has been added to Paycent app upon the completion of integration.

Paycent Adds Electroneum

It was first revealed when the media (bedcredit.org) shared a post of Paycent’s new update, entitling “Paycent Allows Users to Convert Digital Assets to Local Currencies, Transfer Funds, and Withdraw Cash From ATMs.”

As per the reports, Paycent is a financial platform, powered by Texcent, which is a Singapore fintech company. With Paycent service, users can connect their debit cards to the crypto wallet and start using digital cost almost anywhere fiat currency is accepted. It comes in the form of hybrid app, wallet, and crypt fiat cards.

In a detailed post where Paycent explained how its app and wallet work together, it mentioned that; “Paycent, a mobile wallet enables users to exchange among multiple digital assets seamlessly,” – it holds multiple digital assets including Bitcoin, Litecoin, Ethereum, Dash, Binance Coin, and CHE Token.

Nevertheless, the announcement states that ‘Paycent is partnering with Electroneum later this summer.’ According to the company’s director of card program and partnership, Alex Agarwaal;

“They (Electroneum) have a massive community of 3 million people globally, and they are aligned with what we do because they served the unbanked.”

On a continuous note, he wrote; “We’re seeing a lot of positive movement,”

“It’s definitely going to catch on. Irrespective of the prices — it doesn’t matter if crypto goes up or down — it’s all about the adoption of the system itself.”

Paycent’s connection with Electorneum is a big hit for Electroneum – and it seems that the ETN has already been added to the PayCent app according to company’s Reddit post and a twitter post:

It is worth adding that the Electroneum cryptocurrency is currently standing at the 111th spot on the graph of coinmarketcap. As of writing this post, the partnership has no positive impact on the price of the cryptocurrency yet. The coin is currently sided down by 1.02 percent over the past 24 hours and trading at the value $0.006199 against the US Dollar. Notably, the market cap of ETN coin counts at $60,301,407.

ETN

Ahead of partnership with Electroneum, the firm had earlier joined hands with privacy-focused cryptocurrency, Verge which streamlined the process of booking flights and hotels using Verge coins. Moreover, the company further adds;

“With Paycent, we are helping to push the unbanked to the forefront of currency freedom with the ease of exchanging fiat money into digital assets with a singular app and vice versa to spend it on daily essentials,”

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Exodus Mobile Wallet Officially Adds TRON (TRX) Support

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According to yesterday’s announcement by a well-known cryptocurrency wallet Exodus, TRON (TRX) will now be available in its mobile version. Exodus Mobile offers an app for Android and iOS alike, allowing traders and investors to manage their cryptocurrencies on the go. By adding official support for TRON, the wallet will let users secure, manage, and exchange TRON in seconds, no matter where they are.

TRON and Exodus

TRON and Exodus already have a history together, and they maintained a strong relationship ever since Exodus first added support for TRX coins back in October 2018. Back then, Exodus listed TRON on its desktop wallet, allowing users to manage the coin, as well as trade it against 50 different assets, including the top cryptos such as Bitcoin, Ether, XRP, and others.

This was a significant move for TRON, as Exodus wallet became quite popular, and listing the coin allowed it greater exposure. Not that TRON was suffering from the lack of exposure, but every new move that allowed its ecosystem to grow and expand was welcomed by Justin Sun and the TRON Foundation with open arms.

Now, TRON also joined Exodus’ online wallet, thus making it instantly available to those who prefer to do their trading via smartphones.

Exodus Mobile itself is quite a newly-developed app, being launched only a little over a week ago, on July 1st. Already, the wallet is hard at work when it comes to adding supports for many different coins, with TRX being among the first ones.

With the launch of the mobile version of its wallet, Exodus now even allows users to sync it with the desktop version. Those who decide to do so should keep in mind that connecting Exodus Desktop and Exodus Mobile will overwrite the mobile wallet. Those who have any funds in their mobile version of Exodus should transfer them to Exodus desktop before syncing the two.

TRON ecosystem continues to grow

As for TRON itself, the coin has been performing preferably well in 2019, although it did have ups and downs throughout the first half of the year. It was even pushed out of the list of the top ten largest cryptocurrencies by market cap, although it managed to return in the past few weeks.

The coin’s price managed to double in size since the start of the year, with its highest point in 2019 being at $0.040, reached on June 1st. Since then, the coin saw a drop to $0.032, only to surge again to just below $0.040, and then drop again in early July. For the moment, the coin appears to be struggling with breaching this level, although it has kept escaping from falling by strong support at $0.032.

At the time of writing, however, the coin is once again experiencing a small decline, after an attempt at growth, which led it to $0.035. This level started acting as a resistance as well and prevented it from surging further up. In other words, while the addition of TRON on Exodus’ mobile version will undoubtedly be beneficial for the users, it does not appear to be doing much for the coin’s price as we write this. Still, keep an eye on it, TRX could surprise many soon.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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South Korea becoming a Hotbed for Crypto Activities

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Only a few indeed saw it coming. The crypto ‘virus’ is spreading and fast.

When cryptocurrency came to existence, almost a decade ago, only a few had an interest. It would be right to say that nearly 99% stayed far from the blockchain technology.

But, what’s the current state?

The story has changed dramatically; what a difference ten years can make. The ”virus’ of adopting and investing in cryptocurrency is rapidly growing, and nowhere that’s happening better than South Korea.

The Richest are Investing

Everyone will want to place their money where their mouth is, and that’s not different from what the richest in South Korea are doing.

The country is now considered the hotbed for the cryptocurrency activity. The reason is simple; the number of companies and individuals alike investing in cryptocurrencies is rapidly growing with no signs of stopping.

A while ago, we already witnessed significant companies in the country, getting into the cryptocurrency industry. Some of them include internet giant Kakao, Samsung, Hyundai, and many more.

And now, another billionaire follows suit. Chey Tae-won, chairman SK Corporation, and the country’s seventh-biggest billionaire entrepreneur has now shown interest in blockchain technology and token economy.

As a result, according to a local news outlet Chosun, the interest from Chey has led to a decision for a subsidiary of SK Group to invest in a crypto fund that is created by ConsenSys.

Chey’s net worth is approximately evaluated to be around $2.6 billion as we write this post. He was formerly also responsible for securing funds for building Ulsan Grand Park, which is the largest urban park in the country.

It’s yet not clear on the amount of capital that SK will throw into ConsenSys. However, rumor has it that a total of $90 million is in the ranks.

Confidence Skyrocketing

Chey might have expressed his interest back when he attended the recent SparkLabs Demo Day 2019, and also during his reported meeting with Lubin, CEO of ConsenSys, the issued might have been the center of discussion.

The increasing number of major companies as well as the wealthiest folks dipping into cryptocurrency will only raise the confidence of the local investors to get into the business. It comes after a plethora of them were heartbroken from the bitcoin plunge to $3,150 from the all-time high of $20,000 in 2017.

Nevertheless, South Korea is rapidly growing alongside the crypto industry, with several getting into cryptocurrency every day. Busan, the country’s second-largest city, is even planning on creating a local cryptocurrency in collaboration with the BNK Busan Bank.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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How Venezuelans are Using Bitcoin to Battle Hyperinflation

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The Bolivar, the national currency of Venezuela, is taking more and more hits every day. The newest wave of hyperinflation is one of the countries biggest struggles with regards to containment, and there seems to be no stopping to the current currency troubles.

This has lead people to turn to alternative means to save their incomes from becoming useless the day they receive them – and to protect what little savings they have managed to scrounge together. When hyperinflation hit earlier, gold and other valuables were traded and kept as sources of wealth – but in these modern times, the people have turned to cryptocurrencies to safeguard their wealth.

Zeros are just a number to the central bank and Maduro

The central bank tried making the payment system more efficient by undergoing a financial overhaul with the highest value being a 500 bolivar banknote. However, after reaching a peak of 1.7 million percent inflation, the government had to add a few more zeroes (yet again) and now has 10 thousand, 20 thousand and 50 thousand bolivar notes.

The IMF itself estimates that hyperinflation will reach 10 million percent this year, even though official figures from the National Assembly of Venezuela report the figure to currently sitting at 1.7 million percent only. There are numerous cries from opposition leaders that say the numbers from the government are actually cooked and that the actual situation is far, far worse.

The situation used to be very different. Venezuela had a democratically elected government and was a massive exporter of crude oil. The people lived well, but these days those are all pipe-dreams. Bitcoin has replaced democracy and oil as the most stable asset to which they have instant access. To many, it is a sad indication of the times when a cryptocurrency is much more stable than your own national currency.

Stability is the least important thing about cryptocurrencies

While no one would ever say that cryptocurrencies are stable, them being more stable than the bolivar helps people better plan their futures. The most significant advantage of using a cryptocurrency is that a central authority does not control it. This is important as it was the control by a central authority that led to the mess in Venezuela.

The forex restrictions in place in Venezuela, where people are only allowed to process a transaction that is $50 or lower means that cryptocurrencies have another crucial reason for being used. They can be spent under the radar and without the knowledge of anyone in power trying to wrest away earning or savings.

Venezuelans are abandoning the country in droves — almost 3 million people since the trouble started in the country. These millions of people are all sending money back to family, and the best way they can do it is using cryptocurrencies, most notably Bitcoin. It is due to the lack of transaction fees and the immediate transfer of wealth to people anywhere in the world.

Cryptocurrency is best known for speed and price – pay nothing, use instant. That is precisely what people who send money to Venezuela need, and they are making excellent use of the benefits of digital currency.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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