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10 reasons why the fall of USDT is beneficial for Bitcoin and Altcoins

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The Tether company has never given an opportunity for an external audit to check their Reserves. Reasons why the fall of USDT is good for the Crypto market.

Comprehending various conjectures leading to the downfall of USDT and betterment in case of other altcoins subsequently.

 

What role does volatility play in the Crypto sphere?

The cryptocurrency market is densely stuffed with volatility, any kind of prediction undertaken with respect to the future price analysis is really probable to match with the expected result. This is one of the precise reasons that most of the native investors are away from the cryptocurrency space until now. But there are a few cryptocurrencies which are trying to bring in some kind of balance in this particular financial domain, in order to reach a greater market. Most of the cryptocurrencies follow the Bitcoin trend, in simple words, if Bitcoin is gaining momentum, all the other altcoins seems to be rising, and vice versa.

 

But recently, the experts have even realized that there are other few prominent currencies which may affect the prices of other Altcoins.

 

Below are some of the reasons why the fall of USDT is good for the Crypto market.

 

1. It is to be noted down the Tether cryptocurrency, is backed by, exactly equal amount of the US dollar, but the company has never given an opportunity for an external audit to check their Reserves. Therefore, the community members are always speculative about it. In this particular manner, the fall of USDT would invariably result in more number of investors joining the Crypto bandwagon.  

 

2. It has also been noted down that when the company generates a new set of Tether tokens, the cryptocurrency experts have noted that the Bitcoin price starts falling respectively. This might be due to the generation of Tether coins, without backing it up by respective amount of reserves. Therefore, contradictorily when the incorporation of USDT would lower down, the prices of Bitcoin and all the other altcoins, as a result, would increase.

 

3. With the incorporation of USDT, various investors across the world were saved from the price slippages and volatility of the cryptocurrencies. Now, if they suddenly stop utilizing USDT and embrace other stable coins or altcoins, the usage of such coins would be increased automatically, by the community members.

 

4. This is also between practically evident, as recently, the price of USDT fell drastically and reached almost 73 cents. On the other hand, various altcoins like Ethereum and Ripple along with Bitcoin has also been showing a bullish trend, precisely resonating with the fall of USDT. Therefore, the fall of USDT would invariably result in the incorporation of other altcoins by the members in the Crypto sphere.

 

5. It is also been speculated that USDT is being incorporated, in order to instigate price fluctuations in the cryptocurrency market. Therefore, the fall of USDT would result in some kind of stability of the other cryptocurrencies, including Bitcoin.

 

6. It has been estimated that Tether Limited, the company behind the production and maintenance of USDT as produced over four times the actual amount of stable coin without actually displaying information regarding the backing up of the coins by a reliable auditing agency. Hence various banks and Crypto exchanges have stopped using USDT. This might create a negative fear, uncertainty, and doubt with respect to USDT and people might stop using it, which would indirectly accelerate the prices of other altcoins.

 

7. Other cryptocurrencies are developed based on a strict set of rules and regulations but this is not the case when it comes to USDT. Therefore, the downfall of USDT would invariably be helpful for the entire cryptocurrency market in general.

 

8. USDT is somewhere closely related to Bitfinex as the Crypto exchange stopped accepting Fiat currencies such as US dollars, Japanese Yen, or Euros. Before The Fall of USDT only seems to be happening as the number of Crypto entities join the bandwagon.

 

9. It has been a constant speculation regarding the transparency of USDT, as the organization has consistently been denying of an external audit. If the coin is really a scam, then the downfall of USDT would invariably be the best option for the development of various other altcoins.

 

10. It is also been rumored that Tether was actually being incorporated in order to mitigate the price fluctuations of other altcoins in a very unethical way. Therefore, such crypto coins have no space in the crypto economy, and the downfall of such cryptocurrencies would only be for the benefit of the community.  

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#Bitcoin

Elon Musk: Cryptocurrency is the future, Paper Currency going to end.

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CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).

 

In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.

 

When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.

 

He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.

 

Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.

 

A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.

 

Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.

 

Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.

 

Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

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Tim Draper: Bitcoin Mass Adoption till 2021

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Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.

 

By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.

 

Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.

 

Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

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#Bitcoin

Crypto News: Bitmain $500 million loss, Bitcoin Mining Scam, RippleNet

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Let's discuss three recent big crypto news. Bitmain losing $500 million within 3 months, bitcoin mining scam in Thailand and RippleNet adoption.

Bitmain Posts $500 million loss amidst crypto winters:

We all are aware of the bear run that has been impacting the crypto market for the last year. From the hardware elements to the software elements, every element of the crypto space has been affected by this bear run. Recently Bitmain, a mining hardware giant company indirectly posted that it lost $500 million loss in the third quarter of 2018.

Let us analyze the post posted by the Bitmain. It has earlier stated that it gained a profit of $1 billion in the first half of 2018. Further, it posted that total benefits it had by the third quarter of 2018 were $500 million. This means that if we subtract the benefits it had by the third quarter 2018 from the benefits it has by the June 2018, it clarifies that Bitmain undergoes the loss of $500 million within 3 months. This is really a big loss that the company faced from July to September 2018. Also if we talk about the revenue, it has a total revenue of $2.8 billion in the first half of 2018 and $3 billion by the third quarter of 2018. This means that the total increase in revenue of $200 million in three months.

The bear run has affected almost every organizations. The price of bitcoin went down to $2600 from almighty $19783. However, it is expected that the next bull run of the crypto space is on the way and could hit at any nearby time.

 

Bitcoin Mining Scam:

Where is a market, there is a  risk of fraud and scams. Recently, news came into light for a major scam in bitcoin mining. Victims of this big bitcoin mining scam have filed a case in Thailand. As per the sources, around 30 victims were frauded by a scam involving a bitcoin mining company named ‘CryptoMining.Farm’. The firm made fool of the 142 victims and cost them a scam of a total of $1.34 million.

Initially, the company promised to give 70% as annual return and the facility to withdraw at any time but later on, they started avoiding the facility of instant withdraw and said that they would pay in 84 installments. The installments would take 7 years to get the amount and also, the company promised to pay in form of foreign currencies which is completely against the norms of Thailand. This has costed all the victims to lose around $1.34 million. However, the technology crime branch of Thailand has filed the case and the investigation has been started.

One must require to get all the details of the crypto company in which they are investing. One should always read all the terms and conditions mentioned in the paper. And even after that if a company do these kinds of fraud, one must inform the technology crime bureau of the country.

 

RippleNet:

Recently, the second largest bank of Oman, BankDhofar has announced that it has started using the RippleNet technology for performing cross-border payments to countries like India. For the first time in the history of Oman, any bank has accepted the RippleNet for performing transactions. With this feature, the customers will be able to transfer cross-border funds using a mobile application within 2 minutes. This feature would be a great help to the Indians living in this country to transfer payments.

BankDhofar, which started in 1990, in Oman’s second largest bank. It had an amazing revenue of $28.2 million out of which the revenue itself in the year 2017 was around $2.4 million. On the other hand, RippleNet, based on blockchain technology, is an international payment provider for cross-border payment. It is a product of the third largest firm in the crypto space, Ripple XRP. RippleNet has expanded its service all across the globe and is one of the leading service providers for institutional payment.

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