Why Should I Buy Cryptocurrency?

Cryptocurrency allows you to move away from big banks
Decentralisation has a lot of major benefits

As soon as you tell somebody you’re a cryptocurrency investor, or that you use Bitcoin, the first thing you’ll be asked is no doubt something along the lines of ‘why should I buy cryptocurrency’ or even more annoyingly… ‘tell me why I should by cryptocurrency’ as if you’re some sort of Bitcoin salesperson. 
When this happens, there are of course a million reasons for and against buying cryptocurrency, such as freedom, decentralisation, profit, technology and the future. Downsides include debt, bad investments, literally running out of money and other factors including harm to the environment (through Bitcoin mining). So, what do we tell these people, why should they buy cryptocurrency?

The first key reason to me is decentralisation and the idea of being able to move away from central banks and governments.

Crypto allows us to control our own money and therefore, it’s got a huge advantage over FIAT currency which isn’t really owned by us. Decentralisation however does incite fear to many, and often follows with connotations of money laundering and crime, as a result of many silk road scandals and the likes, so, if you start talking about decentralisation, make sure you explain it from a technical perspective. This is where ‘blockchain technology’ comes in. This is a key selling point for cryptocurrency, because the blockchain is more than just a crypto product, the blockchain is a product of an automated and more efficient future. So, if you want to be a part of that, buy cryptocurrency, it’s as simple as that.

If you’re a successful investor and somebody asks you this question, you’ll no doubt want to let them know that your investments have been good. So yes, tell them that they can make some money out of it, though don’t be smug. Always remember to let your peers know that cryptocurrency investment is risky, no matter how much money you’ve made, your pals might not be driving away in a Porsche anytime soon as a result of it. 
Lastly and quite importantly, choice. Everyone has the choice to buy cryptocurrency and ultimately, if you want to be a part of this industry, you will. When you get asked this question, why not offer the person your help in doing some research. Tell them the reasons you buy, and then let them go off and research it a little bit more. The more we help each other, the more our own investments will benefit in the future!
Source: Crypto Daily

What’s Next For Bitcoin (BTC) Before 2020?

The UK election is finally over with the Conservative Party taking the lead. With Boris Johnson back in the office, we can be sure that he will “get Brexit done” and the markets will see continuity. The uncertainty that we have seen around Brexit that stalled some major market developments will likely unfold now. The recent move in EUR/USD saw the pair soaring high yesterday. It went on to make the long anticipated triple top. However, the cryptocurrency market did not follow as Bitcoin (BTC) and other coins kept on trading sideways while the Euro and the British Pound made big strides against the US Dollar.

Bitcoin (BTC) could move up to rally towards the $7,442 level but it not likely to break past that. Even if it does manage to do that, the upside is quite limited compared to the downside. The price could rally towards $8,000 in the best-case bullish scenario but it could fall much lower in the bearish scenario which at this point is more probable. The 4H chart for BTC/USD shows the price ready to decline any time now. The conditions are prime for such a decline and if we see some sort of weakness in the S&P 500 (SPX) or the EUR/USD forex pair, then this decline would be hastened with altcoins like Ethereum (ETH) losing much more compared to Bitcoin (BTC). This is why it is not a good time to be long on ETH/USD simply because the risk reward is not worth it.

There is a strong probability of the cryptocurrency market losing much more ground in the weeks ahead. The 4H chart for ETH/BTC shows that Ethereum (ETH) has failed to gain ground against Bitcoin (BTC). Meanwhile, XRP/USD has entered another moon phase and now risks further downside. The preceding phase comprised mostly of sideways movement which means that the current phase could see a big move which we expect to be to the downside. Even though investors are fearful at the moment and the Fear and Greed Index is at “extreme fear” which is often a time to expect some sort of a near term reversal, it is important to realize that most technical indicators do not support a reversal just yet. The price of Bitcoin (BTC) is more likely to plunge below the 100 Week EMA down to the 200 Week EMA in the weeks ahead. We could see some sort of short-lived upside follow from there but until then there is no reason to be bullish on the market. In fact, any near-term bullish move before 2020 might be an opportunity to sell or short sell and not buy until conditions change.
Source: Crypto Daily

Cryptocurrencies And Blockchain Gaining A Foothold In These Central Asian Countries

As the cryptocurrencies are increasingly getting more and more popular, the world starts to take differing positions with regard to their legality and mass adoption. Some countries have outright banned the new digital currencies and their parent system blockchain, while others have taken a more liberal approach, letting the market do its job.
And while the latter ones are probably doing a favor to their economies, even the former ones cannot be judged for their decisions. Just look at it this way: the original idea for creating Bitcoin was to take away governments’ monopoly over fiat currencies that were causing various problems like rapid inflation, increased surveillance, etc. Blockchain didn’t allow any centralized authority to monitor anyone’s financial transactions, let alone to control and terminate them.
China, Bolivia, Columbia, Ecuador – these are some of the countries with the most stringent crypto regulations in the world right now. However, there are some other countries that don’t really share the same enthusiasm or, to put it more clearly, skepticism. And if one particular region can be brought as an example here, it’s definitely Central Asia. 
These so-called seven “-stan” countries – Kazakhstan, Uzbekistan, Turkmenistan, Kyrgyzstan, Tajikistan, Pakistan, and Afghanistan – have taken a more or less crypto-friendly approach and allowed the new technologies to change their industries. In this article, we’ll take a look at some of the most prominent examples of crypto and blockchain usage in those countries.
Afghanistan’s blockchain-powered health sector
Afghanistan is one of the few countries to try a new blockchain system in its healthcare industry. Just recently, in November this year, the country’s Ministry of Public Health signed an agreement with one of the most popular blockchain startups in the country that aims to bring new opportunities to Afghanistan’s health sector.
As the agreement implies, blockchain will be used to terminate the spread of counterfeit drugs, as well as making patient and hospital records inscribed in a digital system. By doing so, these records will forever be stored on the blockchain and no one will be able to change or delete them.
Pakistan’s double-sided crypto policy
Pakistan is a peculiar case in a sense, and here’s why: Generally, the country has the cryptocurrencies banned altogether. No entity is allowed to exchange them or buy stuff using Bitcoin, Ether, or any other digital currency. And many civic activists, as well as private entrepreneurs, have voiced their criticism towards this oppressive digital regime. Things have even gotten to a point where the Sindh High Court has to decide the legality of the Pakistani central bank’s decision.
But, this ban notwithstanding, the government has been looking for various blockchain applications itself. Earlier this year, government officials started to search for ways to digitize some of the most crucial government operations. The government even created a special unit under the name Digital Pakistan. And to top it all off, it even wants to issue Pakistan’s own cryptocurrency by the year 2025.

Kazakhstan taking the most radical approach
In this somewhat mild approach towards cryptocurrencies in the region, Kazakhstan has decided to take a completely liberal direction and make some concessions to the crypto miners.
As the lawmakers in the country are moving forward with their draft bill about cryptocurrencies, Kazakhstan is set to become one of few countries that willingly gives tax exemptions to its citizens. In fact, crypto mining is going to be considered as a “purely technological progress” and generally, no one wants to impede the dynamo of progress.
But there’s a catch: as long as the mining and exchange process stays within the cryptocurrency confines and doesn’t spill over to fiat currencies, they won’t be subject to taxation. However, if the users exchange Bitcoin or any other digital currency into “real money”, then it’ll be considered a full-fledged financial operation that can and should be taxed.
As this proposed bill suggests, Kazakhstan sees the value of modernization in cryptocurrencies. And while they’re going to enjoy tax exemptions, the crypto mining farms will still be subject to taxes since they’re treated as data centers in the country.
Kyrgyzstan on the offensive
While Kazakhstan is testing out various methods to free its crypto miners from heavy tax burdens, Kyrgyzstan is taking a different route here: the government banned cryptocurrencies in 2014 and has been on the offensive for quite a while now.
However, crypto miners still managed to take a foothold in the country, mainly due to its cheap electricity. And that’s where the Kyrgyzstan government decided to hit them: in September 2019, almost 50 crypto mining establishments were cut off from the electricity. As the government authorities put it, they were using an enormously high amount of electricity for mining.
Beyond that, the government is still looking for ways to further tax the miners. The Ministry of Economy has already begun the process of changing the tax code in favor of crypto taxation. And since the industry is already pretty large there, taxation can bring some cash in the state budget as well.
Uzbekistan’s overly positive attitude
Uzbekistan has taken more or less the same route here: the government increased power tariffs for miners four times. The power consumption is the same problem for Uzbekistan as it is for Kyrgyzstan and the government is set to distribute the electricity more “fairly”. 
Other than that, cryptocurrencies, including mining and trading, remain completely legal in the country. Some entities even enjoy tax exemptions. This indicates that the Uzbekistan government remains overly positive towards cryptocurrencies and blockchain. Just like in Afghanistan, Uzbekistan has also made efforts to digitize some government projects in 2018.
Source: Crypto Daily

Ethereum (ETH) Bulls Keep Ceding Ground, Price Remains Highly Vulnerable

Ethereum (ETH) bulls keep ceding ground. Now that the price has declined below the $150 mark, it seems unlikely that it will break past it anytime soon. The price keeps on losing ground printing lower highs and lower lows. The rising wedge on the 4H chart for ETH/USD has now been broken to the downside and the price has faced a rejection at the trend line resistance. Even if we see a near term move to the upside, Ethereum (ETH) will face rejection at the $147.65 level which is a very strong resistance. So, ETH/USD is expected to keep on declining further. If history repeats itself, we can expect it to decline again to the November, 2019 lows.

Despite any short-term bullishness, the price of Ethereum (ETH) faces some serious risks. There is a strong probability of a crash over the weekend that traders need to take into account. The price could easily decline down to the 61.8% which is not likely to hold. The area that has seen the most trading over the last 30 days and more is the $147-148 zone. That level will be extremely hard to breach now which is why we are more bearish than bullish on ETH/USD at the moment both short-term and long term. The market is on the verge of another downtrend and any bullish move to the upside should be considered as an opportunity to sell or short-sell unless we have a game changing breakout past the $147.65 level.

Ethereum (ETH) is on the verge of a sharp decline against Bitcoin (BTC) as it has now faced multiple rejections at the 38.2% fib extension level. The VPVR indicator shows that the 38.2% also coincides with a frequent trading zone that has now become a strong resistance zone. Even if ETH/BTC ends up breaking higher, we are still likely to see it face rejection at the 200 EMA and then the 21,459 satoshi level.
The cryptocurrency market remains more vulnerable than ever. With the S&P 500 (SPX) keeping on making new all-time highs, the probability of some sort of a correction in the stock market has now increased. Even though the cryptocurrency market did not rally along with the stock market in the recent weeks, it is very likely to decline with the stock market if we see a correction towards the end of the year. We have seen sell-offs in the cryptocurrency market leading to Christmas and New Year which is why traders and investors might want to be very cautious being bullish on the market for now.
Source: Crypto Daily

Vitalik Buterin & Crypto Commentators Can’t Agree on the Success of Zcash 

 

Vitalik Buterin has come to help Zcash this week following one commentator dubbed the project a “failure.”

The commentator in question said that the failure by Zcash to increase its market cap of over $250 million.

The crypto influencer also refers to the contentious Zcash founder’s reward.

 
Vitalik Buterin has come to help the privacy coin, Zcash this week following one big crypto commentator dubbed the project as a “failure.”
Digging into Zcash
@WhalePanda was the Twitter crypto commentator in question who said that the failure by Zcash to increase its market cap of over $250 million and deliver a return to investors render is why the project hasn’t worked. The crypto influencer also refers to the contentious Zcash founder’s reward. With this in mind, the projects creator Zooko Wilcox-O’Hearn would receive more than 2,000 ZEC tokens on a monthly basis.

“When do you consider your project a failure? Is it when after a funding round, 3 years of founder’s rewards & a request for an extension of these rewards the marketcap of your coin is still smaller than DOGE? A silly meme project that hasn’t gotten an update in 5 years.”

The co-founder of Ethereum and an advisor to Zcash, Vitalik Buterin made comments on WhalePanda’s assessment of Zcash.

He said:

“Zcash has been doing cutting-edge research and deployment of privacy tech and at the same time exploring uncharted terrain in blockchain governance, and the platform keeps getting better. No idea how one can consider it a failure.”

The crypto commentator is confident that investors in the privacy coin have been ‘footing the bill’ for a continuous experiment over the past few years, as he went onto add: 

“How much value has all that “cutting-edge research and deployment” given to the actual investors in the coins? Or well instead of “investors” lets call them “duped idiots that got dumped on for 3 years.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
Source: Crypto Daily

Weibo Kick Justin Sun off Platform for Violating Community Provisions

 

Justin Sun has just had is account on Weibo deleted this week.

The co-founder of Binance, Yi He also lost his account.

The Chinese social network believed it was right to delete both of the businessman’s accounts on the platform.

 
Justin Sun, the founder and CEO of TRON has just had is account on Weibo deleted this week. Sun wasn’t the only one who has his profile deleted thought as the co-founder of Binance, Yi He also lost his account.
Why did this happen?
According to CCN, the Chinese social network believed it was right to delete both of the businessman’s accounts on the platform. This was because the two allegedly violated community provisions. 

If you’ve ever had you’re account deleted on Weibo then you’ll likely be familiar with the following message but if you were to go on Sun or Yi He’s account, you would be greeted with this:

“The account has been blocked due to violations of laws and regulations and the relevant provisions of the Weibo Community Convention.”

Following this, the TRON community was worried that the deletion of their CEO’s account was going to have an impact on the price or in one way or another on the TRON network. In an attempt to calm everyone down, Sun took to Twitter saying he would fix the issues quick and efficiently.

“TRON is super safu! Just follow me on @justinsuntron. We have a direct channel to Weibo and will get this resolved asap.”

Scams
As previously reported by CryptoDaily, according to the DigiByte (DGB) founder Jared Tate, TRON is actually just a government scam. On top of this, he adds that the token’s listing on the Binance.US platform threatens to undermine faith in American regulatory bodies. Tate reacted this way to recent news that Binance.US would be giving TRON a listing.
Tate was very clear saying, “If American regulators allow @BinanceAmerica to continue operating let alone list the biggest scam in crypto history fronted by the Chinese government to dupe unknowing American citizens there will be an unprecedented loss of faith in our lawmakers.”
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
Source: Crypto Daily

EUR/USD Triple Top Hints At Steady Decline In Bitcoin (BTC)

The EUR/USD forex pair rallied aggressively yesterday amid the uncertainty surrounding the UK election. We have Boris Johnson back in the office which is good for business and certainty in financial markets. Most markets will therefore go back to doing what they were supposed to do. This rally in EUR/USD is likely to be reversed now that it has formed a triple top. We have been discussing the probability of this triple top weeks before it happened. Although it did not have much of an impact on Bitcoin (BTC) recently when it rallied, it is still likely to have an impact on the cryptocurrency markets when it declines.

We can see on the 4H chart for EUR/USD that the pair does not have much room for further upside. At most, we could see a move towards the red fib Bollinger band on the chart. That is what happened the last time when the pair topped out. The Euro is unlikely to project further strength against the US Dollar. The recent move seems to have been mostly the result of speculation around the outcome of Brexit. With the Tory leader back in office, we can now expect the government to “get Brexit done” which will restore certainty to the market and thus we can expect a definitive direction in the markets in the near future. This means that EUR/USD could decline in the near future and the cryptocurrency market is likely to decline with it.

Bitcoin (BTC) has temporarily climbed above the $7,200 mark and is now struggling hard to remain above it. If it succeeds in doing that, we could be looking at a potential rally towards the $7,407 level and potentially much higher to the trend line support turned resistance. However, it is not worth the risk reward to be chasing any such move because it is likely to be short-lived.
The price is now at a major risk of a decline to the bottom of the falling wedge. This could happen before the end of the month. If BTC/USD declines again, it could easily take out the previous lows of November. This move in Bitcoin (BTC) will set the ground for a crash down to the 200 Week EMA. So far, the price is holding strongly above the 100 Week EMA but a decline below it would easily pull it down to the $5,500 level. The risk/reward is simply not worth chasing the price for any short-term bullishness.
Source: Crypto Daily