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Future of bitcoin and cryptocurrency divides Australia

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In the modern world of political polarization and increasing divisions in our society, the old adage that politics and religion should never be discussed in polite society sounds as true as it was in its day.

But in the 21st century, there is another highly divisive topic of conversation that is sometimes best avoided – bitcoin, cryptocurrency, and their future in general.

As Bitcoin and cryptocurrency continue to grow in our collective consciousness, the debate has sometimes reached an almost crusade-like level of religious fervor as the two sides argue over the future of cryptocurrencies.

In the debate about the future of crypto, the temperature is certainly high at times, but who will be right in the long run?

Government regulations and prohibitions

In the past few years, crypto and crypto exchanges have been no stranger to bans from governments and regulators around the world. In the past few weeks, various Chinese provincial government agencies have banned Bitcoin mining.

According to the state-run Global Times news agency, 90 percent of China’s bitcoin mining capacity has been shut down, resulting in a loss of around a third of the computing power of the global global crypto network.

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As crypto gains mainstream recognition and is increasingly viewed as an alternative to transactions, more governments can enact further bans to maintain their millennia-old monopoly on issuing currencies.

Leverage the underlying technology

Despite the rapid pace of technological progress in recent years, transaction costs and currency transfers are at times just as expensive in percentage terms as they were well over a century ago.

Decentralized funding backed by a crypto infrastructure has the potential to lower these costs and significantly speed up transactions.

It is this utility that is arguably crypto’s greatest strength.

A compelling argument can be made that some form of crypto-based technology will underpin elements of the financial system in the years and decades to come.

Perceived lack of intrinsic worth

For many investors and market commentators, Bitcoin and cryptocurrencies are generally viewed as having no intrinsic value.

Black Swan and Antifragile author Nassin Taleb devastated the value of Bitcoin, recently discovering that it was an open Ponzi scheme and a failed currency.

Legendary investor Warren Buffett was just as keen in his views on Bitcoin. Buffet called Bitcoin “madness” and “rat poison” and vowed never to own cryptocurrencies. Buffet further argued that crypto attracts charlatans and “has basically no value”.

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Despite their increasing acceptance by elements of the mainstream financial world, these views remain relatively common. Especially given that much of the meteoric rise in the price of crypto occurred at a time marked by widespread market volatility that has been dubbed “The Everything Bubble” by some.

Potential for mainstream adoption of crypto

As crypto prices began to soar rapidly after crashing in the first few months of the pandemic, crypto quickly appeared on the radar of intuitive investors and mainstream commentators looking for a high risk, high return trade.

But as some of these new crypto converts explored the possibilities of the technology and got a better understanding of its potential, many began to realize the value that crypto could have.

Whether it’s making a big capital gain or making a strategic bet on the long-term future of crypto technology, much of the crypto community feels that greater mainstream adoption is so good in the long run how inevitable is.

Probability of Government Supported Crypto Alternatives

As a result of the recent pandemic-induced economic crisis, central banks around the world have stepped up their efforts to create their own digital currencies that can be used quickly in a crisis.

Although there are a number of key differences between cryptocurrencies like Ethereum and Bitcoin and central bank digital currencies (CBDC), they are viewed by some analysts as rivals to the more traditional crypto-based competitors.

There is also speculation that central banks and regulators may ban or restrict cryptocurrencies in the future to ensure that government-backed currencies predominantly remain the method of choice for transactions.

State regulation

While government regulation is a major risk to the crypto space, it can also represent an important opportunity. If regulation can end the current “Wild West” atmosphere and crypto holders enjoy the same protection as holders of other financial assets, crypto is likely to become a far more attractive asset class.

By protecting regulation and removing many of the current risks, crypto may be able to better leverage the potential of the underlying technology and gain wider adoption.

Where to go for crypto from here

Where crypto is going in the long run remains a topic of conversation that sometimes you can hear those who disagree with you sharpen their pitchforks in the background.

But despite the sometimes problematic nature of elements of the crypto community, there are certainly advantages in the underlying technology and opportunities that decentralized finance offers for the future.

It is possible that the current crop of cryptocurrencies will be embraced by the mainstream or replaced by something new that has greater utility and more tangible underlying value in the eyes of the public.

On the flip side, crypto can remain a gold-like store of value rather than becoming a real competitor for current currencies and future central bank-backed digital alternatives.

Or we could see crypto being regulated and banned by governments, central banks and regulators, in relative oblivion.

All of these scenarios and more are opportunities on the table as crypto is at an important crossroads in its rollout and development. Where it will ultimately land is currently, at least for the time being, in the eye of the beholder.

Tarric Brooker is a freelance journalist and social commentator | @AvidCommentator

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Cryptocurrency

Amid warnings by authorities, Mexicans are not shy about cryptocurrency

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Cryptocurrencies are not legal tender in Mexico, but many Mexicans have acquired them anyway: According to a recent survey, just over 12% of adults own a digital currency such as Bitcoin or Ethereum.

The comparison website Finder surveyed internet users from 22 countries and found that Mexicans own the ninth most popular cryptocurrency.

Of more than 2,400 respondents in Mexico, 12.1% own crypto, Finder found. Bitcoin was the most popular among Mexicans, followed by Ethereum, Binance Coin, Cardano, and Dogecoin.

Finder also found that Mexican women are more likely than men to own cryptocurrencies. Of the identified crypto owners, 53.7% were female and 46.3% were male.

Poll results from Finder.com. Click the little arrow above for the full list. Courtesy Finder.com

The percentage of Mexican respondents who own a cryptocurrency was just above the 22-country poll average of 11.4%.

Mexicans who own cryptocurrencies can use them in about 100 companies across the country, according to the Coinmap website.

One such store is the Bitcoin Embassy Bar in the trendy Roma neighborhood of Mexico City, where customers who pay with Bitcoin can get discounts. A single bitcoin is currently worth more than $ 62,000.

The company, owned by 31-year-old entrepreneur Lorena Ortiz, is “something of a mecca for cryptocurrency enthusiasts,” according to El País newspaper. In addition to its function as a bar and restaurant, it offers seminars on cryptocurrencies and hosts debates on related topics.

Ortiz rejects claims that cryptocurrencies like Bitcoin cannot be considered real currencies because they were not issued by central banks

“That’s not true. History has taught us that money shouldn’t be spent by an institution. [The concept of money] is a consensus among the population, ”she told El País.

Lorena Ortiz’s Bitcoin Embassy Bar in Mexico City is one of around 100 companies in Mexico that accept payments in cryptocurrency. Twitter

“The bankers who criticize [cryptocurrencies] are like taxi drivers complaining about Uber, “said Gustavo Grillasca, a 42-year-old digital artist and customer of the Bitcoin Embassy Bar.” There’s no way to stop Bitcoin now, “he said.

Their views, and those of the vast majority of cryptocurrency supporters, are in sharp contrast to the views of most governments and central banks, including those of Mexico. Shortly after El Salvador introduced Bitcoin as legal tender earlier this year, the Federal Treasury, Bank of México, and National Banking and Securities Commission issued a joint statement reiterating that cryptocurrencies cannot be legally accepted in the Mexican financial system.

Ignacio Flores, a Bitcoin user and director of a company that provides protection for digital currency transactions, told El País that her stance was not surprising.

“It’s like the 90s when the internet came along. There was radio and television, and suddenly there was an alternative channel that carries audio and video. Technology is always ahead of the law, ”he said.

Another opponent of cryptocurrencies is Gabriela Siller, director of economic analysis at Banco BASE.

Although cryptocurrencies are becoming increasingly popular and mainstream, she described them as “a fad” and complained that their primary purpose will eventually be to conduct illegal transactions. She also said that companies that accept cryptocurrencies are taking a risk because of the volatility of their value. “[Businesses] Set prices in official currencies, but value [of a cryptocurrency] can easily change 15% in a day. For a company, the risk is greater than the benefit, ”she said.

BBVA Mexico chief economist Carlos SerranoBBVA México’s chief economist, Carlos Serrano, fears that cryptocurrencies could become a vehicle for tax evasion. BBVA

Carlos Serrano, chief economist at BBVA México, also raised concerns about the use of cryptocurrencies.

“In a country like ours, before you think about it [getting] more companies to accept [cryptocurrency] Payments we have to ensure that … [their use] does not become a vehicle for tax evasion. You can’t pay your taxes with cryptocurrencies right now, ”he said.

However, Mexican companies that accept them are complying with their tax obligations, El País reported. Ortiz, for example, calculates their Bitcoin earnings in pesos and reports them to the tax authorities.

The vast majority of Mexican companies that accept crypto are small and medium-sized businesses far removed from the “image of a virtual pirate” trying to commit a mega-scam, El País said. In fact, some Mexican companies that accept cryptocurrency payments have not yet found a single customer. This is the case with a dental clinic in Mexico City, which announced three years ago that it would accept certain payments in cryptocurrency.

Although her patients have not yet taken advantage of the option to pay their dental bills with Bitcoin or Ethereum, 28-year-old dentist Carmen Salgado is convinced that one day they will. “I think … [cryptocurrencies are] the future, ”she told El País.

Despite admitting that there are risks associated with using cryptocurrencies, Serrano believes central banks should stop dragging their heels and use blockchain technology to develop their own.

“The central banks urgently need to discuss alternatives. The benefit of getting rid of physical money is undeniable, ”he said.

With reports from El Economista and El País

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U.S. regulators exploring how banks could hold crypto assets – FDIC chairman

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LAS VEGAS, Oct. 26 (Reuters) – A leading U.S. banking regulator said U.S. officials want to provide a clearer way for banks and their customers who wish to hold cryptocurrencies to maintain control over the fast-moving asset.

Jelena McWilliams, chairwoman of the Federal Deposit Insurance Corporation, told Reuters on Monday in an interview that a team of U.S. banking regulators were trying to provide banks with a roadmap for dealing with crypto assets.

This could include clearer rules for cryptocurrency custody to facilitate customer trading, use them as collateral for loans, or even keep them on their balance sheets like more traditional assets.

“I think we have to allow banks in this area and at the same time manage and mitigate risks appropriately,” she said in an interview on the sidelines of a fintech conference.

“If we don’t get this activity into the banks, it will develop outside of the banks. … Federal regulators will not be able to regulate it.”

McWilliams’ comments provide the most complete picture yet of what regulators are investigating as part of a cryptocurrency “sprint” team first announced in May. The team’s goal was to ensure the coordination of cryptocurrency policy between the three major US banking regulators – FDIC, Federal Reserve and Office of the Comptroller of the Currency.

The rapid emergence of cryptocurrency has created a bleak regulatory picture in the United States. Under previous leadership, the OCC has taken an aggressive approach to introducing cryptocurrency into banks, including blessing bank custodial services for cryptocurrency, while other agencies have been slower to respond.

These decisions are currently under review, said Acting Auditor Michael Hsu.

Some banks have already begun to try their hand at these areas without regulatory clarity. Earlier this month, US Bancorp (USB.N) announced that it was launching a cryptocurrency custody service for institutional investment managers.

However, comments from McWilliams, a Republican holdover from the Trump administration, suggest regulators are still looking for a way to incorporate cryptocurrency into traditional banking supervision.

“My goal in this multi-agency group is basically to provide banks with a way to act as custodians of those assets, using crypto and digital assets as some form of collateral,” McWilliams said at a conference panel.

“At some point we will tackle how and under what circumstances banks can keep them on their balance sheets.”

McWilliams recognized the challenges.

The simplest problem would be getting regulators to create a roadmap for crypto-asset safekeeping, she said. However, it is difficult to figure out how to admit the volatile asset as collateral and put it on bank balance sheets, she added.

“The problem there is … the valuation of these assets and the fluctuations in their value that can occur on an almost daily basis,” said McWilliams. “You have to decide what kind of capital and liquidity treatment you want to assign to such balance sheets.”

Reporting by Echo Wang; Letter from Pete Schroeder; Editing by Megan Davies and Richard Chang

Our Standards: The Thomson Reuters Trust Principles.

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Cryptocurrency

Next-generation Cryptocurrency Bitcoin Latinum (LTNM) Announces the 7th Exchange to List LTNM – HitBTC #5 Ranked Exchange by Volume

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Bitcoin Latinum continues its momentum with world class global stock market listings

/ EIN News / – PALO ALTO, Calif., Oct.26, 2021 (GLOBE NEWSWIRE) – Bitcoin Latinum (LTNM), the next-generation insured asset-backed cryptocurrency, continues to gain momentum and expand its global adoption as announced its scheduled listing on HitBTC Exchange, a top crypto exchange in terms of 24-hour volume, today. LTNM will be available for trading in BTC and USDT pairs, and official trading is expected to begin in late December 2021. HitBTC will be the seventh exchange to list LTNM.

Bitcoin Latinum is an insured asset-backed cryptocurrency based on the Bitcoin ecosystem. Developed by Monsoon Blockchain Corporation on behalf of the Bitcoin Latinum Foundation, LTNM is a greener, faster, and more secure version of Bitcoin that is capable of managing massive crypto transactions while being highly efficient in terms of cost and scalability. Its listing on HitBTC shows how quickly LTNM is gaining reputation in the global crypto community as one of the revolutionary blockchain-based tokens of Bitcoin that will empower industries like media, gaming, telecommunications and cloud computing in the near future. The listing on HitBTC underscores the commitment of the Bitcoin Latinum community to support the growth of a sustainable decentralized crypto ecosystem, provide wider access to the network, and further support the distributed ledger that underlies Bitcoin Latinum.

The HitBTC team commented: “We are very excited to see how Bitcoin Latinum will further strengthen their vision and further reach our large and diverse community.”

According to Coinmarketcap’s stock market ranking, HitBTC ranks in the top 5 (around $ 5.1 billion) for 24-hour volume on over 300 crypto exchanges. Listing on HitBTC will further enhance LTNM’s ability to reach a wider audience seeking exposure to cryptocurrencies and decentralized funding (DeFi). The partnership comes after Bitcoin Latinum secured its listing on six other exchanges, including DigiFinex, FMFW.io (formerly known as Bitcoin.com Exchange), XT.com, BitMart, Changelly, and Changelly Pro. By adding renowned exchanges to its portfolio, the Bitcoin Latinum team continues to demonstrate its strong intention to make the crypto space better, more diverse and more efficient.

Dr. Donald Basile, Founder of Bitcoin Latinum and CEO of Monsoon Blockchain Corporation, expressed excitement about the upcoming listing on LTNM on the HitBTC exchange and said, “We are very excited to have HitBTC as our next exchange in our plan to be listed on many from to select the most important stock exchanges worldwide. This marks a milestone in the history of Bitcoin Latinum and the continuation of an exciting journey to revolutionize digital transactions. In the next few months we will be announcing more exchanges to reach a wider audience and improve adoption of digital assets around the world. “

About Bitcoin Latinum

Bitcoin Latinum is the next generation of insured asset-backed cryptocurrency. Based on the Bitcoin ecosystem, Bitcoin Latinum is greener, faster, more secure and ready to revolutionize digital transactions. Using an energy-efficient proof-of-stake consensus algorithm, Bitcoin Latinum plans to bring higher transaction speeds, lower fees, and more security to high-growth markets such as media, gaming, telecommunications, and cloud computing.

Further information can be found at https://bitcoinlatinum.com

Twitter: https://twitter.com/bitcoinlatinum

About HitBTC:

HitBTC is a crypto exchange with over 800 trading pairs. The platform was created in 2013 and offers exchange, custody and other related services. Despite its long history in the crypto space, HitBTC has remained one of the few exchanges whose security has never been compromised. HitBTC offers a number of APIs such as REST, WebSocket and FIX API. The exchange’s user interface is designed to meet the needs of the most demanding and demanding traders.

Further information can be found at https://hitbtc.com/

FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY; NO INVESTMENT ADVICE. All information provided is for educational and informational purposes only and should NOT be construed as securities-related offers or requests or used as personalized investment advice. Bitcoin Latinum strongly recommends that you consult a licensed or registered professional before making any investment decision.

Media contact

Company: Bitcoin Latinum

Contact: Kai Okada, Director of Communication

Email: kai.okada@bitcoinlatinum.com

Website: https://bitcoinlatinum.com/

Address: 2100 Geng Road, Palo Alto, California 94303, USA

Phone: +1 800-528-0985

SOURCE: Bitcoin Latinum


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October 26, 2021, 4:52 pm GMT


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