By Neenah Payne
Bitcoin’s Sudden Acceptance As Global Finance Changes shows that MicroStrategy invested $425 million in bitcoin this summer. PayPal, MasterCard, and Visa are pouring into bitcoin. The Office of the Comptroller of the Currency now allows bank cryptocurrency accounts. Millennials are choosing bitcoin over gold. The International Monetary Fund has called for Bretton Woods 2 to discuss a new global financial system to replace the dollar as the world’s reserve currency with Central Bank Digital Currency (CBDC).
Acceptance of bitcoin may be unexpected for people who have not been paying attention to its insistent rise since its introduction in 2009. However, the 2018 book Beyond Blockchain: The Death of the Dollar and the Rise of Digital Currency foresaw two years ago what now seems inevitable. It explains how a state-sponsored digital currency system could steal the title of global reserve currency from the U.S. dollar and change the balance of world power.
With the trillions of dollars poured into the economy after the 2008 housing crash, the dollar began to slide badly. Now, with the COVID stimulus, there is no place for the Fed to go but into negative interest rates. The Zero Interest Trap warned in 2019 of the dangers of not just zero interest, but negative interest. The danger is much greater now after the multi-trillion dollar COVID stimulus.
Hedge Fund Bullish On Bitcoin Now
American billionaire hedge fund manager Paul Tudor Jones has recently become more bullish on bitcoin. He declared the cryptocurrency the best hedge against inflation and compares investing in bitcoin now to investing in early tech stocks, like Apple and Google. “I think we are in the first inning of bitcoin and it’s got a long way to go,” he said.
The article adds:
Paul Tudor Jones explained why he is more bullish on bitcoin now in an interview with CNBC Squawk Box on Thursday. Jones founded Tudor Investment Corp., an asset management firm headquartered in Stamford, Connecticut. He became famous after predicting and profiting from the 1987 stock market crash.
The billionaire investor caught the attention of the crypto community back in May when he revealed on the show that he had invested about 2% of his assets in bitcoin. Now, four months later, bitcoin’s price has rallied more than 46% and there has been a string of bullish news, such as the recent announcement by Paypal to support cryptocurrencies, including bitcoin, on its platform.
Jones was asked if these developments have changed his BTC investment decisions, particularly whether he was buying more BTC or selling some. He clarified by reiterating his reason for liking bitcoin and recommending to his clients early this year. “Back in March and April, it became really apparent, given the monetary policy that was being pursued by the Fed, the incredible quantitative easing they were doing and other central banks were doing, that we were in an unprecedented time,” he explained. Noting additional problems brought about by the Covid-19 pandemic, he said, “one had to begin to think about how you defend yourself against inflation.” The Federal Reserve has also announced a major policy shift to push up inflation…. He then outlined why bitcoin is better than other assets for hedging against inflation.
Kraken: First Crypto Bank
The First Massive Change To Banking in 100 Years | What You Must Do Now addresses the concern many people have that the US may ban bitcoin. It explains that in September 2020, Kraken became the first crypto exchange to become a US bank. Kraken is the first digital asset company to receive a US bank charter. As stated in its announcement, “Kraken’s vision is to become the world’s trusted bridge between the crypto economy of the future and today’s existing financial ecosystem.”
As a state-chartered bank, Kraken now has a regulatory passport into other states without having to deal with a patchwork state-by-state compliance plan. The video explains why Kraken is a better option than traditional banks or cryptocurrency exchanges for both individuals and businesses.
Coinbase Introducing Digital Credit Card
Coinbase says: “You can spend crypto everywhere Visa® debit cards are accepted.” Coinbase Card has no annual fee or sign-up fee. As an optional offer, you can earn up to 4% back in crypto rewards every time you make a purchase. Coinbase Card waitlist is currently available in all US states except Hawaii.
Coinivore: Bitcoin Credit Cards
Payments Platform Wirex Launches Waitlist For Revolutionary Multicurrency Mastercard Card reported on October 21, 2020:
Leading payments company Wirex have launched the waitlist for their highly-anticipated Wirex multicurrency card, taking them one step closer to becoming the ultimate cryptocurrency platform. The move comes following the announcement of a product overhaul, with the launch of a Mastercard-enabled card heralding a number of game-changing product updates that will change the alternative payments space forever.
Just days after Wirex’s record-breaking crowdfunding campaign came to a close, raising £3.7 million in 2 weeks, Wirex have launched the waitlist for a new multicurrency Mastercard debit card. This comes after being announced as financial services giant Mastercard’s first ‘crypto-native’ principal member in July, and will be available to customers in the EEA region. The new product endeavours to achieve Wirex’s core aim of bringing cryptocurrency to the mainstream, by making it even easier for its 3.1 million customers to utilise multiple cryptocurrencies in everyday life.
The article adds:
Due to launch in November, the new card is linked to 19 secure currency accounts in the Wirex app, allowing Wirex cardholders to seamlessly spend multiple fiat and cryptocurrencies, anywhere that accepts Mastercard, without exchanging or offboarding. The company believes that game-changing features like this, combined with exclusive interbank and OTC exchange rates, high limits and next-to-no fees, gives the new Wirex multicurrency card a significant advantage over its competitors – with some going so far as to suggest that it could set a new standard in the FinTech and crypto payments space…
Wirex has already proven their innovation in the field prior to this, by not only debuting the world’s first crypto-compatible Visa debit card, but also the first crypto rewards scheme, Cryptoback™, enabling users to automatically earn free cryptocurrency by spending in-stores with their Wirex cards. To complete the product overhaul, Wirex has announced a significant upgrade of this rewards system, including up to 2% Cryptoback™ rewards for all Wirex card spending (online and in-store) and up to 6% APR on customer’s Wirex token (WXT) balance*.
Pavel Matveev, co-founder and CEO of Wirex, said. “It’s always been our aim to bridge the gap between the traditional and digital economy, and the benefits that the new product brings will realise this even further.”
Crypto Visa Cards
Buy, Sell and Pay with Crypto explains that you can use the service to pay and be paid in crypto for free. When you deposit crypto, you can get instant loans. The app allows you to Buy 80+ Coins at True Cost with No fees, No markups. Note: The essence of true cryptocurrency is that it is “trustless.” So, while this card is better than one from bank using fiat funds, a better option would be a card that is a standalone crypto wallet rather than a third-party service that holds the funds which could be subject to freezes, seizures, hacks, etc.
The site warns:
Cardholders cannot load cryptocurrency onto their MCO Visa Card. All cryptocurrency will be converted to US Dollars and the US Dollars can be loaded onto the MCO Visa Card for use in purchase and ATM withdrawals.
The MCO Visa Card is a prepaid card that features a range of high-end metal cards with no annual or monthly fees, up to 5% back on all spending, unlimited airport lounge access, and subscription rebates for popular streaming services based on the number of CRO staked. Reservations for the MCO Visa Card are made using the Crypto.com App which includes a three-minute customer onboarding process including ID verification.
Using the App, customers are able to manage their card usage, move funds between crypto and fiat, and freeze or unfreeze their card with a single tap. The App also allows users to securely buy, sell, store, send, and track cryptocurrencies. The Card is issued by Wirecard Card Solutions Ltd (“WDCS”) pursuant to licence from Visa. WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051).
The site includes a video and shows the following options.
Origin and Purpose of Blockchain and Bitcoin
As the mainstream economy increasingly adopts bitcoin, other cryptocurrencies, and the blockchain on which they run, it is important to remember the origin, purpose, and principles of bitcoin.
Banking on Bitcoin provides a comprehensive understanding of the origins of bitcoin. It says that bitcoin is beyond a currency. It is a monetary revolution! The cypherpunks who inspired the creation of bitcoin did not do it to make money, but to create a financial system and a better world. One of the cypherpunks was Julian Assange who later founded WikiLeaks which transformed the world of journalism. These are true pioneers, visionaries, and revolutionaries who have disrupted the global system in an attempt to make it fairer and more accountable. They are freedom fighters, fighting for freedom of information, truth, and accountability. They are fighting for humanity.
In the 1990s, cypherpunks were exploring ideas about cryptography that laid the foundation for the blockchain and bitcoin. However, those ideas weren’t fully developed until after the 2008 financial meltdown. While Satoshi Nakamoto’s name was on the white paper that introduced bitcoin and the blockchain in 2008, no one knows who he is. The name may even be a pseudonym for a group.
The blockchain/bitcoin revolution sprang out of a desire to rescue the world from the banking catastrophe that brought down the world economy. It is a catastrophe for which no American banks or bankers have been held accountable. In fact, they were rewarded with trillions of bailout dollars. “Bail-ins” stole billions more dollars from the accounts of bank customers in Cyprus. It was a world in which financial irresponsibility was not only not punished – but was vastly rewarded.
The goal of “DeFi” – decentralized finance – is to create a decentralized system for money. The blockchain on which cryptocurrencies run is designed to cut out banks and other middlemen to ensure freedom and privacy as well as a currency that cannot be inflated. So, it is ironic to see banks and other mainstream institutions now embrace this revolution! The blockchain and bitcoin have so redefined the rules that everyone must play by their standards to stay in the game!
Bitcoin Films on Amazon Prime
The Amazon Prime videos below are free for members and are an easy, fun way to learn a lot quickly.
The Rise and Rise of Bitcoin compares the blockchain and bitcoin to the rise of the internet. It is a must-see film which shows that the technology behind bitcoin can revolutionize much more than money. The 2019 Cryptocurrency Explained is one of the quickest introductions.
Cryptopia: Bitcoin, Blockchains, and The Future of the Internet is a 2020 film which says the blockchain on which bitcoin is built is bigger than the Internet, the Iron Age, the Renaissance, and the Industrial Revolution! It describes bitcoin as one of the most exciting inventions in history. It says, “If you don’t think bitcoin is already changing the world’s concept of money, you haven’t been paying attention.” The film discusses some of the problems with “alt coins” – cryptocurrency other than bitcoin.
Bitcoin Beyond The Bubble says that the blockchain and bitcoin are going to change everything including voting. It says the technology is really going to revolutionize Latin America, Africa, South East Asia, etc.
The Bitcoin Story discusses the clash of ideals as bitcoin goes mainstream. Bitcoin Gospel asks: “Is bitcoin the blueprint for a bankless currency? It exists, and some people consider it to be the digital version of gold: bitcoin.”
Mastering Bitcoin For Beginners is a free 2018 series with 10 Episodes in Season 1 on Amazon Prime.
Easy Ways To Buy and Store Bitcoin
The number of Americans invested in cryptocurrencies almost doubled from 7.95% in 2018 to 14.4% in 2019, an increase of 81% in one year. The easiest way to get started is to ask someone who has invested in bitcoin for help. It’s remarkable how easy it is then. Finder’s Guide to Cryptocurrencies provides key terms. The free 7-day online Bitcoin Crash Course continues to provide information after the first week.
You need a “wallet” to buy, store, and sell your bitcoins and there are several kinds of wallets. Coinbase is a recommended exchange from Activist Post that provides an easy wallet to start with. However, your funds will not be as secure online as in a hardware wallet. In 2019, a record-breaking $4 billion was stolen from cryptocurrency exchanges, underscoring just how critical it is for you control your own assets.
BEST Crypto Wallets 2020: Top 5 Picks explains the importance of choosing the right wallet for your goals. Its top recommendation is the Ledger Nano X hardware wallet. It is the most secure wallet and allows you to trade on the go. See How To Use A Bitcoin Hardware Wallet: Ledger Nano X and the unboxing tutorials. A back-up pack provides extra security. The videos stress the importance of buying from Ledger. However, Amazon has several helpful videos about the Ledger Nano X. It also sells a case for the Nano S which may be good for storing the Nano X.
After you get a wallet, you can buy cryptocurrencies. It is not necessary to buy a whole bitcoin – which costs about $13,000 now. See the current price at CoinMarketCap. The satoshi is the smallest unit of the bitcoin recorded on the blockchain. It is a one hundred millionth of a bitcoin (0.00000001 BTC). So, one bitcoin is 100,000,000 satoshis. The unit was named for Satoshi Nakamoto who is credited with creating the blockchain and introducing bitcoin in 2009.
If you use a private online wallet like Jaxx.io, secure your 12-word Back Up Phrase! If you lose it, you will lose all your cryptocurrencies in that wallet! There will be no way to recover your password or your money! So, keep a printed copy in your safe or another secure place you will remember. Jaxx Wallet Beginner’s Guide. DeFi vs CeFi: How DeFi Measures Up discusses some of the risks.
The purse.io site offers a minimum 5% discount for purchases of Amazon products made with bitcoin (BTC) or bitcoin cash (BCH) from the Purse.io site.
How To Invest in a Bitcoin IRA: The 5 Best Crypto IRAs says you can shelter up to $7,000 tax-free in a bitcoin IRA each year. You can use Coin Stats to track your portfolio.
Join the Counter Markets Newsletter to keep up-to-date with the crypto world. You save 40% if you pay with a cryptocurrency.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex, and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision. The author may have holdings in the cryptocurrencies discussed.
Top image: King Crypto/YouTube
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