Binance Jersey Launches Their Own GBP-Backed Stablecoin

Popular cryptocurrency exchange, Binance’s CEO, Changpeng Zhao has shown his “false disapproval” for stablecoins on Friday, while he called them “the worst nominal in crypto”.
Changpeng Zhao, who’s Binance exchange alternate between the top and second-largest cryptocurrency exchange by both daily trading volume and adjusted volumes took to his Twitter handle on Friday evening to made a jest of the set of assets, whose price were tagged to more stable currencies like the U.S. Dollars, declaring that they were the worst nominal in the cryptocurrency space.
However, as one may have noticed, no one better has access to the statistics relating to the individual and or collective performances of assets traded on an exchange better than the CEO himself, which would have been his major source of reference.
As the crypto billionaire made his comparisons, he compared on the grounds of asset performances against bitcoin over a period of six months. According to him, BTC price vacillated between a period of six months while the so-called stable coins had fallen against bitcoin by around 3 times within the same period, thereby concluding that nothing was stable about them.
In Zhao’s words…,
“Stable coin is the worst misnomers in crypto. There is nothing stable about it.
While 1 BTC still = 1 BTC “stablecoins” have dropped by 3x in value against BTC in the last 6 months.”
By definition, a stablecoin is one of a set of cryptocurrencies which has a fiat reserve. They are designed for a greatly reduced volatility. Sometimes, these reserves can be in the form of a bond or tradable physical assets like gold. In many cases, fiat-backed stablecoins are usually pegged to their backing fiat currency in the ratio one-to-one (1:1). In this kind of relationship, then, a single unit of the stablecoin coin has exactly the same value has a single unit of its corresponding fiat currency backing. For example, Tether(USDT) is backed by the U.S. dollar and currently trades at $1.00078 with a -0.71% 24-hour change in price.
In the meanwhile, stablecoins appeared not to be the only topic of discussion at the time. Changpeng Zhao had other important issues to discuss. He concluded that the exchange had just launched its Binance Great Britain Pounds (BGBP) on Binance Jersey. In this new system, Brits are enabled to deposit Great Britain Pounds directly on the exchange form their Jersey subsidiary.
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Source: CoinGape

Bitcoin Becomes “Money,” One Satoshi Now More Valuable Than Some National Currencies

Bitcoin has been dubbed a lot of things by many different people. It’s digital gold; a store of value; a cryptocurrency; it’s rat poison; it’s freedom from inflation; it’s borderless. But at its core, the one thing it aims to become the most, is money.
Many argue that Bitcoin has many years to go before it can be considered “money” in the traditional sense, however, the first ever cryptocurrency has taken a major leap from being “magic internet money” toward becoming “just money.”
One Satoshi Is Now Worth More Than These National Currencies
Satoshi Nakamoto, Bitcoin’s mysterious and pseudonymous creator, designed Bitcoin to be deflationary, giving it a core advantage over fiat currencies, and coded the cryptocurrency to be divisible by up to eight decimal spaces, or 0.00000001 BTC.
The lowest possible denomination of Bitcoin is worth a mere $0.000080 – a far ways off from even being valued at a penny, the lowest physical coin offered in the United States as fiat currency.
Related Reading | Bitcoin Sets New All-Time High In Addresses Holding at Least 0.1 BTC 
However, according to Bitcoin analyst Rhythmtrader, the lowest denomination of “magic internet money” – the satoshi, named after the cryptocurrency’s creator – is now worth more than the Iranian Rial, Vietnamese Dong, and Indonesian Rupiah – all national fiat currencies of third-world countries.

The smallest denomination of Bitcoin, a single satoshi, is now worth more than some national currencies.
0.00000001 BTC is worth more than the:
– Iranian Rial– Vietnamese Dong– Indonesian Rupiah
"Magic internet money" is now just "money".
— Rhythm (@Rhythmtrader) June 9, 2019

Just one satoshi or 0.00000001 BTC is worth over 3.3 Iranian Rial, 1.8 Vietnamese Dong, and 1.1 Indonesian Rupiah. For one satoshi to ever reach the equivalent value of one United States Dollar, each BTC would be valued at $100 million each.
Bitcoin is Even More Valuable To Countries Where One Satoshi Compares to Fiat
It’s interesting that third-world countries with struggling economies that have national fiat currencies valued on parity with one satoshi, are also the countries that would benefit the most and find the most value in using Bitcoin over their native currencies.
It’s in these countries where trust in fiat currency is low, inflation is high, and each country’s respective government regularly oversteps their boundaries when it comes to their citizen’s money.
Bitcoin and other cryptocurrencies were designed to be decentralized and void of any central controlling party. This puts the power and control over an individual’s money back into the hands of the individual.
Related Reading | Crypto Assets Compared to Dot Com Domains Shows Unrivaled Growth Performance 
This is a huge shift in thinking, as paper, fiat currency has long dominated the globe, replacing gold as the main transfer of wealth and value. Such an evolution doesn’t happen overnight, and until now, nothing else had the potential to replace fiat currency.
If Bitcoin does indeed become the global currency and is used widely as the main form of “money,” fiat currencies that are currently the “face” of money will fall out of favor, and eventually become a distant memory as the entire world goes digital.
Featured image from Shutterstock
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Source: New

Bitcoin Vs FIAT Currency, Which is more Volatile?

Bitcoin, more often then not, has been criticized because of the volatility in its price. However, a statistic that has come to light suggests a different story.
The President and CEO of the Federal Reserve Bank of New York, John C. Williams noted in April 2018 that:
“…volatility makes them [Bitcoin and cryptocurrencies] an unstable store of value and hampers their ability to be used as reliable payments for goods and services.”
The statistic shows that over the last year the stability in Bitcoin has been impressive. The digital cryptocurrency is even performing better than most FIAT currencies of the world in terms of volatility in price.
Analysis of Bitcoin Volatility Index over 30-Day and 60-Day Period
The 30-Day and 60-day Volatility Index of Bitcoin against the US Dollar are 2.6% and 2.41% respectively. Furthermore, the volatility in FIAT currencies of other developed countries against the US Dollar is higher than Bitcoin’s Volatility Index.
Volatility Index of FIAT against USD (
The British Pound, Euro, Canadian Dollar, Indian Rupee and the Japanese Yen are the currencies of the top economies of the world. Surprisingly, the 30-Day volatility in the currencies as mentioned above is more significant than Bitcoin by a mean of 2.86%. Therefore, not only has Bitcoin become more stable but it is performing better than most other FIAT currencies of the world as well.
Mar’18 – Mar’19 Bitcoin Volatility Index
The volatility in Bitcoin over the last year has also been very low. In the graph, the 30-Day volatility index on the yearly chart of Bitcoin is below 6% for more than 95% of the time during last year.
Calm Before The Storm?

#BTC enters sixth day of stability. The next move? High volatility. #Bitcoin #crypto
— Weiss Ratings (@WeissRatings) March 11, 2019

Nevertheless, the stability in Bitcoin over the last few weeks has been far too low. Hence, it could be entering a region of high volatile price action in the coming weeks; still, the long-term volatility is expected to become lower and lower with time. ‘Get Rich Quick’ mentality will soon fade with Bitcoin as its adoption grows globally.
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Source: CoinGape

Tim Draper: Cryptocurrencies Will Consume Half the Fiat Currency Market

Bitcoin is having a rough time lately, having been lost more than 80% of its total market cap this year. But the decline has not discouraged Tim Draper from putting his confidence in the crypto technology.
The renowned venture capital investor predicted that half of the fiat money holders would eventually shift to cryptocurrencies in the future. Speaking on the sidelines of the World Crypto Con conference in Las Vegas, Draper said that bitcoin will lead the new currency market which would enable people to easily spend, invest or do whatever they want with cryptocurrencies.
The cryptocurrency market currently amounts to circa $130 billion while the fiat one is worth about $86 trillion. Bitcoin and similar assets, according to Draper, are cheaper to operate and are more frictionless than fiat, which would allow at least $43 trillion worth of investment move into the crypto space.
“I mean, just by that alone, just that they cost you less, it’s going to be better for people,” he added. “And so they’re going to move to crypto, and they’re going to go away from the political currency—they call it fiat.”
Hype vs Use Case
Technologists have praised Bitcoin for bringing a new and innovative transaction settlement protocol to the financial market. The digital currency, nevertheless, has also faced criticism for being unstable and for its slow transaction time. Over recent years, a majority of traders purchased Bitcoin during its speculative bull run, which saw price hitting an all-time high at over $19,000. But as the hype cycle ended, the bitcoin market posted a massive yearly decline, which is still in play and has brought the value to as low as $3,400.
Nouriel Roubini, a renowned American economist, called Bitcoin “a mother of all scams,” stating that its value would eventually crash down to nothing. Warren Buffet, a Nobel-winning economist, also called bitcoin “an asset that creates nothing.”
But for Draper, the decline only reflects a near-term shock and Bitcoin would eventually be an answer to all the problems a fiat-based economy possess. The crypto bull said that developing countries would find digital currencies more attractive than countries with their high GDPs tied to fiat money.
“That’s the way it’s going to move,” he explained. “And so the countries that are forward thinking are saying, this is the way it’s going to be. So we’re going to make a huge mistake by trying to cling to our old currency. And that’s why you’re seeing the smaller countries all say, ‘yeah, we want bitcoin, we want initial coin offerings (ICOs) here, we want blockchain. We want all of these things in our country.’”
$250,000 in 2022
Draper reaffirmed his stance that Bitcoin value will rise as much as $250,000 by 2022. People, according to him, would be least likely to tie their investments with assets whose price actions are driven by political forces. “I would much rather have a global currency than one that is sort of tied to a political force,” Draper added.
The venture capitalist is believed to hold more than 30,000 Bitcoins in his investment portfolio.
Image from Shutterstock
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Source: New

Vitalik: Relationship between Crypto and Fiat is that of Co-existence and not Competition

Since the time cryptocurrencies have come into existence, it has been universally assumed that they would one day replace Fiat currencies issued by central banks. But there also lies a possibility of fiat and cryptos coexisting. Well according to Vitalik Buterin, the current relationship between cryptocurrencies and fiat is that of co-existence and not competition.
Is it possible for Fiats and Cryptos to co-exist?
As per the news published Nikkei news, Vitalik Buterin said in an interview that the relationship between cryptocurrency and legal currency is not competition, but coexistence. According to him blockchain technology has produced practical value and expressed his confidence in blockchain’s effectiveness.
When talking about the bear market in the crypto industry, Vitalik said that there has been an existence of a bubble in the industry but has contracted. Vitalik also mentioned that excessive excitement or panic is human nature and that’s has led to the speculative fever which took the prices up in the latter half of last year and the decline in the price since entering this year.
Vitalik, being a founder of Ethereum, has been a big propagator of cryptocurrencies but has been pretty vocal on the changing dynamics of the industry and economies. Vitalik usually is not a big fan of centralized organization and has always been found criticizing them.
In July this year, Vitalik, while speaking at the TechCrunch Sessions Blockchain event in Zug, Switzerland had said that he does not see any future for centralized crypto exchanges and believes they should “burn in hell”.
Last year in October, Vitalik had said that he isn’t worried about coming competition from the central banks of the world as then he had downplayed the possibility of countries creating digital versions of their currencies that could rival or displace bitcoin or Ethereum.
A change in Vitalik’s stance towards Fiat leads to an interesting debate as this is not the first time someone had spoken about the co-existence of cryptos and fiats.
Earlier in 2017, the South Korean central bank had also echoed the same idea of co-existence of cryptocurrencies and Fiats. Since then a lot of experts, regulators, and analyst have bought up the same idea. How much of that would come true is yet be seen but surely this could be a situation if things don’t move quickly on either side.
Do you think this model of crypto- fiat co-existence possible? Do let us know your views on the same
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Source: CoinGape

Bitfinex Announces the Resumption of Fiat Deposits

After discontinuing its fiat deposits for nearly a week, owing to its troubles with finding a reliable banking partner, Bitfinex finally has stuck to its words and has announced the resumption of fiat deposit through its new fiat deposit system.
Bitfinex still hunts for a reliable banking partner
Bitfinex announced the resumption of Fiat deposits using its twitter hand where it said that the exchange expected its new fiat deposit system in place with the next few hours.

We expect to have our new fiat deposit system in place within the next few hours. Please stay tuned for further updates.
— Bitfinex (@bitfinex) October 16, 2018

Bitcoin’s biggest exchange, Bitfinex, had suspended all fiat deposits and stopped accepting bank transfers, just days after the exchange had denied rumors that its operations were on the brink of insolvency. The latest suspension was linked to recent reports which had held that the exchange’s Puerto Rico-based bank, Noble Bank International, was facing insolvency.
The crypto industry outlet The Block, which first broke the news, said Bitfinex was banking with HSBC through a private account of Global Trading Solutions. However, it’s not clear if the lender has blocked the crypto venue or what alternative channels will be considered to solve these transmission delays. In all cases, the complexity and scale involved mean that it is taking some time to return to normal payment cycles, though Bitfinex “expects the situation to normalize within a week.”
Bitfinex’s banking arrangements have been unclear since it lost access to Wells Fargo as its correspondent bank in April 2017. The British Virgin Islands-based company, which currently handles around half a billion in bitcoin trading volumes, opened a Polish bank account in November 2017 to begin trading euro pairs.
Bitfinex is currently the 4th largest exchange globally by daily traded volume, seeing a 154 percent increase over the 24-hour period to see almost $633.4 million in trades on the day.
While clearing rumors of, late last week, on October 7th, Bitfinex published a blog post entitled “A Response To Recent Online Rumours”, in which the company denied it was having problems processing fiat:
“Both fiat and cryptocurrency withdrawals are functioning as normal. Verified Bitfinex users can freely withdraw Euros, Japanese Yen, Pounds Sterling, and U.S. Dollars. Complications continue to exist for us in the domain of fiat transactions, as they do for most cryptocurrency-related organizations.”
The blog post also said that any news about “an entity called Noble Bank,” had no impact on the exchange’s operations.
With Bitfinex resuming its fiat deposits does come as a relief to a lot of users. Does bring in some credibility to Bitfinex statements. Hopefully, the exchange would resolve other matters soon as well.
Will Bitfinex be able to establish the credibility and become a prominent global exchange? Do let us know your views on the same.   
The post Bitfinex Announces the Resumption of Fiat Deposits appeared first on Coingape.
Source: CoinGape

World’s Oldest Fiat Lost 99.5% Value while Currencies & Bitcoin Inv. of Emerging Markets’ Surging

While the world’s oldest fiat currency British Pound has lost over 99% of its value, the currencies of emerging markets are on an ascend along with interest and investment in Bitcoin and cryptocurrencies.
British pound, the oldest getting dumped
If we take a look at the world’s oldest fiat currency, it is British pound. This currency has lost not just a majority of its value but almost all of its value as put by the co-founder of InterchangeHQ and former Global Data/Rider Growth at Uber, Dan Hedl on Twitter:

The British pound is the oldest fiat currency in existence at 317 years. The pound was originally defined as 12 oz. of silver. It’s now worth less than 0.5% of its original value. In other words, the most successful long standing currency in existence has lost 99.5% of its value
— Dan Hedl (@danheld) September 8, 2018

As shown in the chart below, the situation over the years for this currency has been depreciating:

Meanwhile US Dollar:

On the other side, starting in 2009, Bitcoin, the leading cryptocurrency is currently down 67% from its all-time high (ATH) of December, 2017 at about $20,000. However, the tech market always works at a rapid pace and crypto market even more so.
The gains are quick to come and quick to lose but the market lacks any regulatory and worldwide recognition per se along with being in a nascent stage, so it has a really long way to go.

Also, read: Bitcoin all Bottomed Out? Signs Indicating Price Could Head Higher
Emerging markets’ currencies on rise
Meanwhile, if we take a look at the emerging markets’ currencies that are also increasingly getting interested in the crypto market, the situation is a lot different.
Russian Ruble:

Mexican Peso:

Turkish Lira:

Indian Rupee:

Chinese Yuan:

As shared by Fundstrat Global Advisors’ Thomas Lee last month, there is an important correlation between bitcoin and emerging markets.
These emerging markets are slowly but surely moving towards Bitcoin and cryptocurrencies.  Directly or indirectly, Bitcoin has captured the interest of the investors, especially the millennials. Moreover, countries like Argentina, Iran, and Turkey where inflation is rising at a rapid pace, digital assets hold even more appeal.
According to the data provided by Coin.Dance, a few of the these countries’ Bitcoin investment can be seen on a rise:



Bitcoin hasn’t reached the level where it can potentially affect the world at large. However, this nascent industry is gradually creating its presence in the market where the people, investors, institutions, and governments are still trying to understand, learn and make their move accordingly. But only time will time how exactly the crypto space going to develop in terms of technology, user and investor interest, and price.
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Source: CoinGape

Bitcoin vs the World This Week: Major Crisis Escalation Looms Globally, Who’s Gonna Win the War?  

Bitcoin and crypto market are slowly making recovery after three days of the street running red while constantly making progress in development and adoption. Meanwhile, at global level trade war escalation is looming, markets are experiencing dip while some fiat currencies are gaining & others are plunging hard with Brexit situation worsening and painting a bullish picture for Bitcoin.
Crypto market struggling to recover from bad days
It’s been three days since the crypto market has been constantly on a downward slope. Prices took a dump in double-digits as much as 20 percent. Bitcoin alone fell down 14% in these three days. Cryptocurrencies are down 70 to 90 percent from their all-time highs (ATH).
However, after days of red, the crypto market today saw a relief as the market turned green though by a small percentage only.
Meanwhile, Bitcoin and crypto adoption are only rising. Recently, Bitcoin even revived the Ocean Falls, a ghost town in Canada that has about 100 residents. One resident shared his enthusiasm with Bloomberg,
“There’s been a lot of years where we’ve been waiting for someone to come along. The day we fired up, the miners started going, there was the humming, and I said to Kevin, ‘It’s a good feeling seeing that extra power being used.”
Crypto is a fast-moving market that is quick to fall and as quick to rise and that holds true to the developments as well. It might be having a few bad days but if we take a look around the globe, the situation is more or less the same.
Also, read: Bitcoin ETF Exclusive: Trump Appoints Pro-Crypto SEC Commissioner While Coinbase Planning a Bitcoin ETF
Meanwhile the world at a glance:
The world at large is feeling rather gloomy as crisis keeps on popping right, left and center but that is the way of the world, right!

Trade war escalation looms

The US and China trade war has been going on for quite some time now, that has even spilled over to other countries as well. This is causing poor global trading relations and has left dealers with no appetite for relatively risky assets.
FTSE 100, representing the 100 highest market cap companies listed by the London Stock Exchange has been constantly falling for a month as shown below:

The US stock futures also fell along with Treasuries as the wage gains shown by the latest jobs data topped the estimates. The contracts on the S&P 500 Index also slipped. Equities rose in China while those in Japan and Australia fell down. Amidst the concerns of the durability fo chip demand, the technology shares have been lagging behind.
Apparently, things are going to get worse as Trump reportedly told WSJ that he was “still bothered by the terms of US trade with Japan.”

Inflation and fiat currency crisis

When it comes to fiat currencies, rupiah leads the gains while yen rose as well. However, others are doing really worse.
Argentina’s peso has lost over 50% of its value against the dollar since this year started. The inflation in the country is due to exceed 30% by year’s end. A local resident, Imelda Rodriguez has been quoted by a mainstream media channel, “Another crisis. Things get harder every day.”
As for Philippine peso, it fell down to a 12-year low, the day before yesterday as the inflation of the country went to a nine-year high at 6.4%.
Michael Ricafort, an economist at Rizal Commercial Banking Corp., stated:
“Higher inflation fundamentally reduces the purchasing power of the peso, thereby increasing the appeal of the US dollar, assuming all other factors are the same.”
He further added:
“Other than inflation, the US dollar has been higher vs. major global currencies and weaker EM (emerging market) currencies.”
The Australian dollar also weakened against its counterparts as trade war escalation possibility rises. Against the greenback, its hit weakest since February 2016 to 0.7137.

Brexit survival essentials

Brexit is continuously raising concerns as now pointed out by Britain’s former ambassador to the European Union. Quoted by The Guardian, he warned Brexit crisis will have a higher risk, as saying:
“There is now, in my view, a higher risk than the markets are currently pricing of a disorderly breakdown in Brexit negotiations, and of our sleepwalking into a major crisis.”
As we previously shared and also notified by crypto expert Max Keiser, Brexit situation can prove to be bullish for Bitcoin.
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Source: CoinGape

Binance CEO Comments on the Instability of Fiat as Currencies Plunge all over the World

Binance CZ using his Twitter handle is warning that Fiats are no safer as they were considered. Fiat currencies have been considered stable across the globe. At least that’s what governments and financial regulators say. But the recent economic crises in Turkey and some Latin American countries such as Venezuela, Argentina, and Brazil their respective fiat currencies have taken a nosedive. 
The Turkish turmoil
Turkish economy suffered an adverse reaction to Trump’s tariffs on Turkish steel and aluminum, the Lira crashed by over 20 percent within a few hours. This drove investors not into the traditional safe-haven asset of gold, but into bitcoin instead.
Koinim, Turkey’s largest exchange, reported a 63 percent increase in Bitcoin trading volume, and the BTCTurk and Paribu exchanges have seen volume increases of 35 percent and 100 percent respectively. This pushed the price of bitcoin in Turkey up to  $7000—over $500 higher than the Brave New Coin Bitcoin Liquid Index, which is based on the majority of global trading activity.
Although bitcoin might not be acting as an everyday medium of exchange, Turkish citizens are flocking to it as a safe haven asset—a way of escaping the swings of the Turkish Lira against the Dollar, which make even the fluctuations of bitcoin look calm.
Also, read: Binance CEO Says Bear Market is Receding as Future is Bright for Crypto Market
South American mess- Venezuela, Argentina and maybe Brazil
The economic prospects for Latin America in 2018 is grim. With political instability in some of the region’s largest economies, as well as a general slump in prices in oil and other commodities, businesses and consumers are facing a depression and, in the case of Venezuela, economic collapse.
The crisis facing Latin American economies did not begin in 2018 it all tracks back to 2015. Argentina, Venezuela, and Brazil ended 2015 with serious economic problems, including huge inflation rates — as high as 275 percent for Venezuela (63 percent for 2014), ~30 percent for Argentina (36.4 percent for 2014) and 10.4 percent for Brazil (6.3 percent for 2014).
For Argentina, the country’s currency, the peso, was pummelled significantly in the last 3 years it was down 15% against the dollar in 2017. The 2017 drop was on the back of the 34% loss in 2015 and an 18% decline in 2016. 2018 too did not change the fortunes for the country as Argentina’s peso tumbled to a record low. The same has been the case with Brazilian Real but the central bank has intervened
Venezuela has problems of his own, Its inflation is at 82766.0% as reported on Trading Economics because of which the Venezuelan bolivar has approached absurd levels. The Venezuelan government’s response to the rising inflation rate has been the creation of their own “cryptocurrency”, dubbed the Petro, which is supposed to be backed by the country’s oil supply. However, given the mismanagement of the current bolivar by the very same government, in addition to concerns over how a fully centralized cryptocurrency would function (the reality is the currency is more digital fiat than crypto), has led to Venezuelans abandoning the project in droves before it was even able to take off.
Prominent voices say fiats not completely stable
Today using his twitter hand CZ of Binance said: “fiat does not imply stable”. Along with this, he posted charts of Turkish Lira and Argentine Peso being under the solid pressure of countries crumbling economic condition.

fiat does not imply stable
— CZ Binance (@cz_binance) August 30, 2018

CZ is not the first one to say this. Earlier Coinbase CEO Brian Armstrong had stated that economic crises taking place around the world over the next 3-5 years could be the catalyst to the organic adoption of cryptocurrencies.
“Countries going through economic crisis and pockets of people in those areas are getting interested [in crypto]. There is interest among those people with the highest pain point in having stable currency […] In the next three-five years countries going through economic crisis could see people organically adopting crypto as an alternative”.
While these countries continue their turmoil and their currencies take a nosedive, people continue to move to the safe haven asset of gold and now to more liquid protector bitcoin. Some commentators also suggest that bitcoin is chipping away at gold’s dominance.
Will Cryptocurrencies take away Dominance of Fiats as well? Do let us know your views on the same.
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Source: CoinGape

Cobinhood Surges 58% After Announcing Margin Trading Beta and Fiat Trading Pairs

The token price of COBINHOOD (COB), the first zero-fee cryptocurrency exchange, has surged over 50% this week on the back of two major announcements, including the launch of the exchange’s beta for margin trading and the unveiling of fiat trading pairs. Interested to try Margin Trading on COBINHOOD before everyone else? Join our beta testing program and […]
Source: Sludge Feed