Bitcoin Bitcoin vs USD (crypto vs fiat) Published 5 months ago on July 7, 2018 By Coinnounce - Coin Announcements Share Tweet Comparing Fiat and Cryptocurrencies in order to assess their future Introduction There is a very thin line between a Cryptocurrency as well as a Fiat currency. It is well known that the cryptocurrencies are about to replace Fiat currencies completely, due to its innumerable dominance. Let’s understand the characteristic attributes of each one of them which differentiates them along with understanding their relative strength and weaknesses over each other. Fiat currency is nothing but the traditional currency which we use on a daily basis regulated by the Central Financial Authority of the respective country. On the other hand, the cryptocurrencies are not regulated by any Central Financial Authority but are distributed in nature. The Fiat currencies exist in physical form i.e physical denominations of the currency is available in the form of paper notes and coins. Cryptocurrencies, on the contrary, are completely digital and no physical denominations are available in any form of notes or coins. Due to this physical existence of the Fiat currencies a lot of paper (indirectly trees) along with metals (for coins) are required for its manufacturing, but the cryptocurrencies, since are available only on electronic devices need not require any such natural resources. The main characteristic feature of the cryptocurrencies is its way of creation. The cryptocurrencies are not manufactured in the way the Fiat currencies are done. Cryptocurrencies require complex computations to be done in order to obtain them, through a process called Mining. The Fiat currencies do not require that much amount of electricity. The amount of electricity needed is to print paper or mint coins. As crypto mining requires immense amounts of energy, it gives the currency generated, some intrinsic value. As a creation of Fiat currencies requires a fixed amount of energy, they do not provide that much intrinsic value to the currency as the cryptocurrencies do. Fiat currencies are regulated and distributed by the central financial authority of the respective countries and hence the amounts of Fiat currencies manufactured can be huge, which might lead to its Deflation. But as the cryptocurrencies require complex computations, the amount of cryptocurrencies mined is not under anybody’s control, it is Deflation proof. In the case of Fiat currencies, manufacturing is vested with a Centralised Authority but in the cryptocurrencies, even the creation or mining the cryptocurrencies is distributed among its participants. Nevertheless, both the currencies have similarities too. They both can be broken down into a number of denominations and can be considered as a store of value. Fiat currencies are regarded as legal tender by all the governments but the cryptocurrencies are not regarded as a legal tender in many of the countries around the world. One of the key upper hand that the cryptocurrencies hold is that they are globalized and can easily be transferred anywhere around the world. But as the Fiat currencies are regional, they are somewhat restricted towards a specific region and one is required to get it exchanged to use them in a different nation. The Governments can restrict the usage of the Fiat ( like setting the maximum withdrawal limits) for their users for a number of reasons, but there is no such restriction in case of a cryptocurrency. The market fluctuations in the case of a Fiat currency is relatively less when compared to that of cryptocurrencies since the cryptocurrency market is not mature enough yet. Both the currencies can be seen standing on the same grounds when it comes to estimating its actual asset value because no asset is used to back them up. However, earlier the Fiat currencies used to be backed up by Gold. Features of a currency like a Durability, Portability, Divisibility, and Uniformity seems to be applicable to both of them quite gracefully. But when it comes to Supply and Acceptability, they seem to be poles apart. Examples for Fiat currencies are Indian Rupee, American Dollar, European Euro, Japanese Yen, etc. Bitcoin, Ethereum, Ripple, Bitcoin Cash, Ethereum Classic, are some of the most popular examples of cryptocurrencies. Conclusive remarks It can carefully be observed that cryptocurrencies, on a generalized basis, hold an upper hand when compared to the Fiat currencies and hence seems to have a bright future in the financial sector. 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Earlier this year, the department of justice was initiating a criminal probe in the role of traders for price manipulation of Bitcoin in 2017 end when it reached an all-time high of $20000. Now the department is suspicious of the involvement of Tether and Bitfinex Exchange in the same matter. The department believes that the price of bitcoin was forcefully pushed up with the help of Tether Stablecoin. The Investigation The department is currently carrying out an investigation to determine whether Bitfinex along with Tether practiced illicit trading activities to increase the price of bitcoin. Earlier the US Commodity and Futures Trading Commission was also investigating the activities of both Bitfinex and Tether and now both the departments will together investigate into both the cryptocurrency companies. The officials have not disclosed yet whether the investigation is only on the companies or on the company executives as well. Earlier this year, a professor of Texas University examined the involvement of Tether for manipulating the price of bitcoin by using trading algorithms to increase the prices. The research disclosed that Bitfinex Exchange uses Tether Stablecoin to buy bitcoin when the price is low using algorithms. Tether Defends Tether, however, defended themselves by calling all the statements as false. Tether explained that the there is a limited supply of the USDT tokens and that every USDT is backed by 1$ which is kept by the company in their bank account. What do you think about the above statements in relation to Tether and Bitfinex? Tell us in the comments section below. Continue Reading #Bitcoin Tom Lee: Bitcoin will hit $15000 within next month Published 5 hours ago on November 21, 2018 By Layla Harding Amidst the cryptocurrency market crash, Tom Lee the founder and CEO of Fundstrat who earlier predicted bitcoin to hit $25000 this year still predicts that bitcoin will surely hit $15000 by the end of this year. Tom Lee stated his bullish prediction in an interview with CNBC. Tom Lee’s Bitcoin Predictions At the beginning of 2018, when cryptocurrency prices started to fall Tom Lee predicted that bitcoin will hit $25000 by 2018 end. In July this year, Lee restated his prediction to $22000 and again in August this year, he predicted the same $25000 price. In the interview, Tom Lee remains very confident about his statement about bitcoin reaching to at least $15000 this year. According to Lee, a regulatory clarification would surely increase the price of bitcoin this year. He said that cryptocurrencies with grow as the world will start adopting digital technology. BTCUSD 1 day chart The price of Bitcoin is currently making improvements and trading at $4674 according to CoinGecko. Bitcoin fell up to $4300 in the last 24 hours. Will Tom Lee’s prediction proves to be true and will bitcoin hit a $15000 mark this year end? What do you think? Tell us in the comments section below. Continue Reading #Bitcoin Big Whale Alert! 999992 TUSD just transferred to Binance Published 9 hours ago on November 20, 2018 By Nadja Eriksson The cryptocurrency market is experiencing huge losses from the past few days with all major cryptocurrencies dropping over 10% and bitcoin dropping down from $6400 to $4400 in just a matter of days. In such a situation where most traders and investors are panic selling, big whales are waiting just for the right moment to buy. Technical analyst predicts that the price of bitcoin is expected to see a correction in the upcoming days which would eventually lead to the correction in the prices of other altcoins as well. Just a few minutes back, one of the big whales just transferred 999,992 TUSD worth $1,023,030 to binance account from bittrex. The transaction hash of the TUSD transfer is: https://etherscan.io/tx/0x42686a6494e5831bcc694685a952b5624798d728c581ecd86382dd91b5ebcd32 In the past 24 hours, the cryptocurrency market has been experiencing huge trading volumes which predict that many traders and investors bought the coins at the current price which is a yearly low for most of the cryptocurrencies. Don’t Panic! A good trader should always think counterintuitively, that’s how winning is done. Warren Buffet the famous wall street trader has said: “be fearful when others are greedy and be greedy when others are fearful”. The current market conditions are going to make a lot of people seriously rich. 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