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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Bitcoin [BTC] to fiat trading is dominated by US Dollar as JP yen loses prominence, claims report

Bitcoin [BTC], the most dominant cryptocurrency in the market, and the US dollar, together, is the most popular crypto-fiat pair in the market. The turn of the year saw the Dollar step-up its fight against the Japanese yen [JPY], following the latter’s December 2018 dominance.
CryptoCompare, the virtual currency analysis firm, released its exchange review for March 2019 which looked at the trading volume of Bitcoin to Fiat. Studying the exchange volumes in seven prominent crypto-fiat trading pairs for the first quarter of the year, some telling signs were observed.
Although USD holds over 46 percent of all BTC trading into fiat for February and March, all signs are not positive. The BTC to USD volume was in continuous decline, dropping from over 1.4 million BTC in January to under 1.24 million BTC in February. Further, March saw a significant 26.2 percent decline to 0.92 million BTC.
Source: CryptoCompare
The Japanese Yen, trailing the USD as the most dominant fiat currency in the market, held less than one-fourth of the total Bitcoin-to-fiat volume in the month of March, despite the growing cryptocurrency market in the country. From January to February, the JPY held its share of the market, which was soon wiped clean in the following month.
Absolute volume of the yen saw a drop from 0.9 million BTC to 0.48 million BTC in March. Given the yen’s decline, the Korean won [KRW] rose by 41 percent in March, cruising to 0.21 million BTC from a February low of 0.15 million.
Other dominant fiat currencies in the list were the Euro [EUR], the Polish Złoty [PLN], the British Pound [GBP], and the Russian Ruble [RUB]. However, CryptoCompare clarified that 95 percent of the total trading from BTC to fiat were made in four sovereign currencies, namely, the USD, JPY, EUR, and the KRW.
Source: CryptoCompare
The US Dollar’s overtake of the Japanese yen in 2019 is an indication of the larger community’s fiat trading preference change and the performance of the respective fiat currencies. In December 2018, Coinhills reported that the JPY surged ahead of the US Dollar in the Bitcoin to fiat market.
Based on the aforementioned analysis, the JPY took 48.34 percent of the market while the US dollar took 43.77 percent. Corresponding to the current fiat preference, the Euro and the Korean won took the third and fourth spots, respectively.
A slew of regulatory changes by Japan’s Financial Services Agency [FSA,] coupled with the reinforcement of security measures by the country’s exchanges, saw their native currency rise in the BTC-fiat chart, albeit briefly, in December 2018. The country’s concern towards the digital assets industry, coupled with the USD slump towards the close of the year, resulted in the JPY taking the top spot.
However, since the re-opening of the US government, the Dollar has seen two cycles of upward movements. The initial few days of February and March saw the US Dollar rising, which allowed it to overtake the Japanese yen and take back its spot on the BTC-fiat ladder.
The post Bitcoin [BTC] to fiat trading is dominated by US Dollar as JP yen loses prominence, claims report appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] Trading: Japanese Yen overtakes US Dollar in terms of 24 hour volume

The Japanese Yen today overtook the US Dollar, the world’s premier reserve currency in terms of Bitcoin trading volume over the past 24 hours. This data, compiled by Coinhills, only stands to strengthen Japan’s standing in the global cryptocurrency market.
The report compiled by Coinhills suggests that over the past 24 hours, 490,925.30 BTC were traded against the Japanese Yen [JPY]. This accounted for 49.1 percent of all trades against the cryptocurrency. On the other hand, the US Dollar accounted for a lower 45.8 percent of all Bitcoin trades. This is the second time JPY has overshadowed the US Dollar in terms of Bitcoin trading volume over the past year. Together, the JPY and USD contribute towards a massive 94.9 percent of all fiat currencies that are traded against the world’s largest cryptocurrency. The world’s other leading currencies such as the Euro, the Korean Won and the British Pound lag far behind.
This development only stands to contribute to the argument that Japan is at the forefront of the cryptocurrency revolution that is slowly transforming the global economy. Japan’s present position has been achieved by the country being consistently friendly towards innovations and technologies. The country has allowed the free use and free trade of cryptocurrencies, allowing the industry to flourish on the islands.
Japan’s influence in the cryptocurrency industry is such that according to a new study, Asian markets led by Japan, South Korea and China have impacted the pricing in the industry by a significant 18.61% percent.
When compared to the Japanese Yen however, the US Dollar has seen a more turbulent time of late. Even the value of Bitcoin has fallen more dramatically against the US Dollar, as against its trade against the Japanese Yen. Further, when compared to the East, Western markets have been more cautious with respect to pushing forward regulations for the cryptocurrency market. In the United States for instance, cryptocurrencies such as Bitcoin are yet to achieve wider and mainstream acceptance which is why despite some efforts at the State and county level, a national framework for the industry is left wanting.
The rise of the Japanese Yen and the gradual fall of the US Dollar against Bitcoin trading could thus indicate the ascent of a major regional superpower in the cryptosphere.
The post Bitcoin [BTC] Trading: Japanese Yen overtakes US Dollar in terms of 24 hour volume appeared first on AMBCrypto.
Source: AMB Crypto

Venezuela Drops US Dollar for International Transactions while Posting Record Bitcoin Trading Volume

Venezuela is abandoning the US dollar for international payments while the floating exchange rate system of the country will be operating in euro, yuan, and other convertible currency. Meanwhile, P2P Bitcoin trading volume is making records by registering the highest volume.
No more US Dollar for Venezuela
Venezuela is dropping the US dollar for all the future transactions on the Venezuelan exchange market.
The US recently introduced sanctions against Caracas, Venezuela’s capital,
“block the possibility of continuing to trade using the US dollar on the Venezuelan exchange market,” that according to Tareck El Aissami, the country’s Vice President for Economy are “illegal and against international law.”
It has been posted on Twitter stating (rough translation),
“All transactions in the national market, including auctions of @ dicomve, will be referenced with euro, yuan or any other convertible currency.”

#ANUNCIO || Vicepresidente Sectorial de Economía @TareckPSUV: Todas las transacciones del mercado nacional, incluyendo las subastas de @dicomve, van a estar referenciadas con euro, yuanes o cualquier otra moneda convertible. #RegionesEstratégicasProductivas pic.twitter.com/jVYeoM4Aj3
— Vicepresidencia Vzla (@ViceVenezuela) October 16, 2018

The vice president further shares the “financial blackdae” by the US affects the country’s public as well as private sector including agriculture and pharmacy. He also said the floating exchange rate system, Dicom of Venezuela,
“will be operating in euro, yuan or any other convertible currency and will allow the foreign exchange market to use any other convertible currency.”
The sanctions imposed by the US has put a pressure on the country contributing to its social and economic crisis resulting in a shortage of basic necessities, hyperinflation, and devaluation of a national currency. This led to over 2.3 million people to leave the country this summer, according to the UN.
Meanwhile, P2P Bitcoin trading volume reaches heights
It is no surprise that Venezuelans are moving towards Bitcoin and cryptocurrencies as the country goes through a severe economic condition. According to the Coindance, the P2P bitcoin trading volume is making records at over 903 million bolivars in October.
Source: Coin.dance
With country’s hyperinflation reaching record heights and its own currency devaluing, cryptocurrencies are becoming a popular alternative method. Recently, Coincola, a crypto exchange partnered up with Dash, a cryptocurrency actively in use in the country, to target the Venezuela market.
Cryptos are gaining traction amidst the government’s attempts to float the petro cryptocurrency which doesn’t have much presence in the country. Recently, the government mandated the use of petro for passport payments.
The post Venezuela Drops US Dollar for International Transactions while Posting Record Bitcoin Trading Volume appeared first on Coingape.
Source: CoinGape

Bitpay adds Newly Launched Gemini Dollar and Circle Centre Coin to its Settlement Service

Leading blockchain and bitcoin payment provider Bitpay has announced that it would be providing its merchant’s option to receive settlement in recently launched stablecoins of Circle Financials, Centre USD and Gemini Exchange’s Gemini Dollar. This move by Bitpay comes in anticipation of the rise in demand of stablecoins.
Merchants and businesses can now receive settlement in a stablecoin
The Atlanta-based BitPay made the announcement on October 15, 2018, explaining that it will allow merchants in 190 countries to accept international payments without relying on costly, time-consuming wire transfers.
With this newly added feature, merchants and businesses who use Bitpay services and currently accept bitcoin and bitcoin cash will now have the additional option to receive their settlement in a US dollar-equivalent cryptocurrency. This new service will now give these businesses a non-volatile settlement solution that does not rely on traditional bank wires.
Bitpay users will have the option to take their settlement proceeds in bitcoin, bitcoin cash, a bank transfer, or now a stable coin (USDC or GUSD). Settlement by bank transfer is initiated the next business day and cryptocurrency is settled the next day, 365 days a year.
BitPay was founded to make payments faster, more secure, and less expensive using Bitcoin for organizations around the world,” said Stephen Pair, the company’s co-founder, and CEO.
“The introduction of the USDC and GUSD stable coin offers BitPay customers a new alternative to holding Bitcoin and Bitcoin Cash by offering a stable coin option.”
The ability to settle in stablecoins is ideal for businesses in the Asia Pacific, South America, and Africa regions according to BitPay
Notably absent from the list of supported stablecoins is tether (USDT), the dominant token in this market niche and the eighth-largest cryptocurrency overall. Also absent is Paxos Standard (PAX), another major NYDFS-regulated stablecoin launched by New York cryptocurrency firm Paxos.
BitPay as a payment service allows merchants and businesses to receive international payments faster and more economically than traditional bank wires. It gives customers the option to skip costly, complicated cross-border wire transfers and receive or send international payments with BitPay with accuracy, reduced fraud risk, and quick bank settlement. Bitcoin payments dramatically reduce the friction, cost, and time of cross-border business to business payments.
With Bitpay, these new stablecoins will have the unparalleled reach to every Bitpay user spread across 190 countries. If this plan goes successful, USDC and GUSD will have the popularity which the only Tether has been able to garner.
Will Circle’s USDC and Gemini’s Geminis Dollar, with Bitpay, gain the same popularity that Tether has been able to garner? Do let us know your views on the same.
The post Bitpay adds Newly Launched Gemini Dollar and Circle Centre Coin to its Settlement Service appeared first on Coingape.
Source: CoinGape