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India must not miss the cryptocurrency bus

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When India’s Covid-19 pandemic peaked in mid-May, Vitalik Buterin, the 27-year-old founder of Ethereum, donated $ 1 billion in cryptocurrency to aid pandemic relief in India. Our astonished media didn’t know what to do with it: some reported it was the greatest philanthropic contribution to support the Covid-affected Indians, while others thought it was a joke, especially since the donated cryptocurrency was Shiba Inu. one of more and more “digital meme currencies”.

Many Indians are understandably skeptical of the idea of ​​cryptocurrency. How can there be a currency that is not supported by a sovereign state and a public institution such as a central bank? But there is and it is valuable enough to shake up the financial markets. The pioneering cryptocurrency Bitcoin, which traded at just $ 0.0008 in 2010, reached a market price of just under $ 65,000 in April. Many newer coins have been introduced since Bitcoin’s inception, and their cumulative market value reached $ 2.5 trillion in May. In just over a decade, their value has surpassed the size of the economies of most modern nations.

China’s recent crackdown on cryptocurrency has had far-reaching consequences. Within 24 hours, a staggering trillion US dollars were wiped out from the global crypto market. Notably, this is a reversal of a fraction of the gains this sector has made since the onset of Covid-19 in January 2020. The “crypto market” grew by over 500 percent, although the pandemic triggered a global economic slaughter that has been going on since the Great Depression. Within two days of the crash provoked by China, the value of the crypto market recovered again by over 10 percent.

This type of extreme volatility has always been a problem for both regulators and investors. When Satoshi Nakamoto developed the most popular cryptocurrency, Bitcoin, in 2008 as a fully decentralized peer-to-peer e-cash system for which no third-party financial institution was responsible, he was reacting to the lack of trust in the existing banking system that is found in the global Financial crisis reflected this year. Initially, governments didn’t know how to react, but as with the growth of the internet, the advent of cryptocurrency has been one of the extraordinary stories of modern economic history, and no country can be left untouched.

In India, the reflex action, as always, is to block what you cannot understand, forbid what you cannot control. Law enforcement and tax authorities have called for a ban and expressed concern about their being used as tools for illegal activities, including money laundering and terrorist financing. In 2018, the Reserve Bank stopped our financial institutions from supporting crypto transactions – but the Supreme Court overturned it in 2020. Still, Indian banks are still blocking these transactions, and the government has passed a bill banning all cryptocurrency activities that have been under discussion since 2019.

Regulation is definitely needed to avoid serious problems, to ensure that cryptocurrencies are not abused, and to protect unsuspecting investors from excessive market volatility and possible scams. But like any effective regulation, it needs to be clear, transparent, coherent and enlivened by a vision of what it is trying to achieve. Nobody in India has been able to tick those boxes and we run the risk of missing out on the global race as a whole.

Although there is no announced policy, the reserve bank has announced the introduction of a private, blockchain-backed official digital currency, similar to the digital yuan. India is increasingly mimicking China’s paradoxical attempt to centralize a decentralized ecosystem. Our government is trying to decouple cryptocurrencies from their underlying blockchain technology and still gain benefits. Unfortunately, this is impractical and shows a lack of understanding for this disruptive innovation.

The basic architecture of the blockchain is a network where users share the extra storage space and processing power of their computers to create a global supercomputer that anyone can access. This network performs functions such as checking transactions and contracts as well as updating and maintaining these records in the form of tamper-evident ledgers. These roles are usually carried out by large intermediary organizations such as banks, law firms, and public institutions. Participants in a network are known as validators and are rewarded for their efforts with transaction fees in the form of tokens or coins.

Currently, intermediaries (including banks, credit cards, and payment gateways) receive nearly 3 percent of the total global economic output of over $ 100 trillion as fees for their services. Integrating blockchain into these sectors could result in savings of hundreds of billions of dollars. Blockchain could make every aspect of e-governance, judicial and electoral processes more efficient and transparent.

Tech companies, including titans like Google and Facebook, get most of their value from their large number of users. Blockchain could enable these internet customers to receive micropayments for any original data they share in digital space, including reviews, ratings and images. This would make our digital space more redistributive and fairer. Thousands of companies around the world are working on projects that could bring about such paradigm shifts. As early as the first quarter of 2021, blockchain startups worldwide received risk financing amounting to 2.6 billion US dollars, more than in all four quarters of 2020.

Meanwhile, the funds that have flowed into Indian blockchain startups account for less than 0.2 percent of the amount raised by the sector worldwide. The current approach of central government makes it nearly impossible for entrepreneurs and investors to get much economic benefit.

Any new regulation in this sector should prevent misuse of these digital assets without hampering innovation and investment. Precautions must be taken to transparently feed the value extracted from these networks into our financial system. Indian investors are said to already hold around 10,000 rupees in digital currency. With growing investor concerns over the regulatory uncertainties surrounding India’s position on cryptocurrency on the financial side, the need for clear policy making has never been greater.

India has been a late adopter in all previous phases of the digital revolution – as semiconductors, the internet and smartphones made their mark, we had to catch up, as we still do with 4G and 5G. We are currently facing the next phase, which will be led by technologies like blockchain. We have the potential to bring our human capital, expertise and resources to this revolution and emerge as one of the winners of this wave. All we have to do is get our policies right.

This column first appeared in print on May 31, 2021 under the title “Catch the New Tech Wave”. Tharoor is a MP for Thiruvananthapuram and an author. Antony is a public policy commentator and an expert on digital technology

Cryptocurrency

bitcoin price: Top Cryptocurrency Prices Today: Bitcoin, Ethereum tank; Dogecoin gains 10%

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NEW DELHI: The major cryptocurrencies traded mixed on Thursday after this week’s volatility. The mood in the digital token markets remained subdued. Six of the top 10 digital tokens were trading with cuts at 9.30 a.m. IST, while the remaining four, led by Dogecoin, rose between 4 and 10 percent.

After restricting payment channels for trading cryptocurrencies, China is moving towards digital currencies, and its e-CNY could be phased out as early as the 2022 Beijing Winter Olympics. The move is likely to be another dent in crypto trader sentiment.

Bitcoin has been one of the most powerful assets in the world over the past few years. However, even the highest-yielding asset has halved its value after the crackdown on China. Despite its worldwide popularity, the Numero Uno crypto token has been a laggard lately.

For the first time since the market restarted in early May 2021, Bitcoin slipped below the $ 30,000 mark and Ethereum broke the $ 2,000 mark. Since then, both cryptos have shown some recovery that could not be sustained.

“The crypto market in general has dropped from $ 1.7 trillion to $ 1.35 trillion in one week, a decrease of about 20 percent. While many attribute the market collapse to negative news about China’s extension of the Bitcoin mining ban, many analysts and traders believe it will only have a short-term impact on the market, “Zebpay Trade Desk said.

“Sentiment remains pessimistic, but we believe that the expiration date of the Q2 options last week of June, valued at $ 2.3 billion, should allow price consolidation as soon as it comes through. We say this because we believe most expectations are already factored in and therefore we see a relatively quiet period in the next few days, “she added.

Charles Hoskinson, the co-founder of Ethereum, has said that Dogecoin is a reasonable target for someone to fix it and make it an interesting cryptocurrency.

Tech View of Giottus Cryptocurrency Exchange

Speckle

Polkadot (DOT) is currently one of the stronger altcoins. Over the past six months, the price, market capitalization, and general reputation of both the coin and the polkadot chain have outperformed other coins during and after slumps. The support levels have shown exceptionally high buying volumes and low selling volumes.

DOT exactly follows the price action of Bitcoin (BTC). Assuming BTC is trading sideways, DOT is expected to follow technical analysis and trend lines. Currently, the DOT is in a descending wedge, which is a short-term bearish and a long-term bullish pattern. Breaking the triangle can be very bullish and in a few weeks it could even test its ATH resistance if market sentiment holds up.

ETMarkets.com

Main stages

Support: $ 15.4, $ 13.1, $ 10.4

Resistance: $ 17.5, $ 19.6, $ 23.4, $ 26.8

Ripple

Ripple (XRP) has been in the spotlight since its SEC lawsuit and has lost nearly 70 percent of its value since December 2020. Every hearing affects its price history and has been in a declining wedge lately with the potential to drop as low as $ 0.3. However, support will be seen at multiple levels within this wedge – specifically at $ 0.583 and $ 0.455.

However, given the descending wedge, there is a high chance that XRP could break out and recover soon. This also depends on the SEC lawsuit failing in Ripple’s favor.

RippleETMarkets.com

Main stages

Support: $ 0.583, $ 0.455, $ 0.424

Resistance: $ 0.787, $ 0.925, $ 1.063

The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM UTC

(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)

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Lloyds Auctions Australia Sells a Pricey Caravan for Cryptocurrency – Bitcoin News

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Australia’s Lloyds Auctions now accepts major cryptocurrencies for all items offered on its marketplace. Within hours of the announcement, the auction house managed to sell an expensive mobile home (camper / trailer) to a bidder who was happy to pay full price with digital coins.

Australian auction house Lloyds Auctions accepts crypto from bidders

Against the backdrop of volatile crypto markets in the past few days and weeks, investors have been looking for ways to cash out profits or transfer some of their assets elsewhere. Lloyds Auctions, a leading auction house in Australia, has discovered an opportunity to attract some of this funds and offer bidders the ability to pay with cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

Lloyds Auctions Australia is selling an expensive caravan for cryptocurrency

Just hours after opening the alternative payment option, Lloyds Auctions was able to sell a custom built trailer valued at $ 75,000 for crypto. “As a longtime sponsor of Lloyds, I didn’t hesitate and couldn’t believe how easy it was for me to pay with cryptocurrency,” the zealous buyer from Zdnet is quoted as saying. “The seller would have received it in cash and never knew the difference!”

Crypto owners want to buy vintage cars and bulldozers

Since the caravan was sold, the auction house has registered growing interest from other crypto owners, especially in its classic car and earthmoving machine auctions. Inquiries have been received, said Lee Hames, chief operations officer of Lloyds Auctions, who also commented:

We have seen people use this to segregate cryptocurrencies and reinvest in real assets. When prices go down, people take some profits off the table and transfer them to something like a vintage car or bulldozer and put them to use.

Lloyds Auctions has also decided that blockchain is the best way to prove possession of a series of negatives that capture moments in Australian history. At the beginning of June, the auction house announced that it would mint a non-fungible token (NFT) for a collection of original glass plate negatives from over 140 years of operation by the Rose Stereograph Company. The highest bidder in the auction also receives the NFT.

Have you bought auction items with cryptocurrency? Let us know in the comment section below.

Tags in this story

Auction house, Australia, Australians, bidders, bids, Bitcoin, BTC, buyers, caravans, cars, crypto, crypto owners, crypto investors, crypto payments, crypto prices, cryptocurrency, ETH, Ethereum, investors, Lloyds Auctions, purchase , Sale, seller

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation to make an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Albino BEP-20 Cryptocurrency Launch Revolutionizes Humanitarian Missions Around the World

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The latest addition to the decentralized crypto token market offers users and investors exceptional returns

HONGKONG, HONGKONG, June 23, 2021 /EINPresswire.com/ – On July 1, 2021, Peter Samuel will present the 10-decimal BEP-20 token from Albino (ABO) to the world of cryptocurrencies on PancakeSwap DEX. The mission of the decentralized token is to offer investors and users high returns while contributing to the welfare of society.

Albino Token’s strong vision of delivering unprecedented returns to its investors and users while supporting the disadvantaged and protecting the environment sets it apart from the majority of new tokens that flourish and fail in the competitive crypto world due to lack of purpose. The ABO cryptocurrency team strives to bring together a community that believes in positive change to increase the standard of living of people around the world. The project invests in the provision of basic human needs such as education, food, clean water, clothing, shelter and medical aid for the needy and works against the destruction of nature by humans. 2% of all purchases and sales are deposited in a special charity exchange to fund ABO’s philanthropic missions.

ABO’s Tokenomics balances it out with the world’s most sought-after smart contract cryptocurrencies. The clearly defined roadmap, token distribution and token burn programs of Albino BEP-20 tokens ensure that the position of the coin is steadfast and robust at all times, and offers investors solid security. Like most modern decentralized cryptocurrencies, ABO follows a burndown program that eliminates 10% of the currencies circulating in the market until the total volume of tokens is reduced to 5 trillion in order to protect the stability and demand of the currency in the market. The 3% tax levied on all transactions will then be redistributed among the holders, giving them an attractive incentive to invest in the token. The 2% liquidity allows it to maintain its volatility while delivering long-term returns to the community. Joining the Pro-Change ABO community gives community members the opportunity to enjoy steady passive income and ROI while influencing the world to change for the better.

The easy-to-use three-step token purchase process includes signing up for the PancakeSwap DEX, selecting a wallet and starting trading. In addition, amazing NFTs like concert tickets and artist memorabilia associated with the token make the albino smart contract cryptocurrency even more attractive to users.

Further information on the albino cryptocurrency can be found at www.thealbinos.com.

Peter Samuel
albino
admin@thealbinos.com

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June 23, 2021 at 1:22 PM GMT


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