Connect with us

#Bitcoin

Yellen says cryptocurrencies such as bitcoin lack stability and are not efficient for payments

Published

on

Janet Yellen rued the fact that cryptos such as Bitcoins could not yet be used for everyday transactions as they lacked stable source value.

Janet Yellen, as the former head of the United States central bank, the Federal Reserve, rued the fact that cryptos such as Bitcoins could not yet be used for everyday transactions as they lacked stable source value and were largely inefficient in processing payments.

Additionally, she overruled the poor stock market performance in October and instead forecast that the present conditions were “excellently, excellent” quoting the 3.7% unemployment rate in 50 years as the cause for such confidence in the current market forces.

 

In an interview with a Canadian fin tech event, the former Fed Reserve head stated,

“I think strong growth in the United States is supporting the global economy, although perhaps the global economy, the emerging markets, is beginning to feel some pressures.” 

 

Strong fundamentals in US markets

The underlying facts which Yellen appeared to communicate regarding US market performance were all positive – highlighting strong labor market of 2%, 3% gross domestic products.

Madam Yellen was referring to the latest gross domestic product which beat market expectation and also posted a resounding and unexpected growth of 3.5%.

Though inherent risks were part of the outlook, she reiterated that there were sharp elements of balance as well.

The ex-financial regulator concluded that the results coming in on the economic indicators are a fact of 2019 as a strong year.

 

Concerned about Monetary Policy

The reason to worry, if ever about US market conditions is the latest monetary policy – on a rate above 2%, a strong labor market, and 3% growth in the gross domestic product.

“I think strong growth in the United States is supporting the global economy, although perhaps the global economy, the emerging markets, is beginning to feel some pressures,” 

Fed Reserve policies are a far cry from the no-change days with Yellen at the helm. In less than a year after her exit, the Fed has apparently tweaked prices by over three times, including a fourth hike likely to be announced in December, Yellen proposed.

 

The former Fed chairperson added that,

Nothing should ever be locked in stone, and things can happen. My presumption going into December is that a rate increase is appropriate, but I would watch very carefully and maintain an open mind.”

 

However, the risks that Yellen has identified are – deflating current economic expansion – financial imbalances, errors in federal policies stating that,

“Economic expansions don’t die of old age, and there are two things that tend to kill them off: one is the Fed, and the second is financial imbalances.” 

 

Future is well scoped

If there was one point which Yellen did not tire from reiterating was the tariffs by President Trump on China. Yellen categorically dismissed the move by the businessman-President, dismissing the move as short of foresight and will not be sufficient to recreate or bring back jobs which may of the local citizens failed to hold down.

The former fiat-currency custodian did indicate disappointment that cryptocurrencies such as bitcoin are yet to stabilize.

#Bitcoin

Bitcoin is Halal? Will crypto rise with mass Muslim adoption?

Published

on

Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a 'HARAM' while others calling it a 'HALAL'.

Erol Yarar, the chairman of the international business forum has suggested all Islamic nations to adopt the cryptocurrency system for transactions with each other rather than adopting the US Dollar as according to him the US Dollar is used as a weapon by the United States to wreak economic havoc.

 

Calling US Dollar a ‘Punishing Tool’

Yarar expressed his concerns by stating that the US dollar is used by the United States Government to punish a specific country that the United States is not willing to be in peace with. He also stated that the United States Government uses the US Dollar to lower down the money transactions, for imposing sanctions and for making nations bowing down in front of the United States.

 

Yarar said that the US Dollar is not just a common currency but also a sanctioning tool. Also saying that at the International Business Forum this year, they will discuss the term monetary pluralism for implementing a democratic trading environment and the top features to be discussed at the next International Business Forum meeting would be the usage of Blockchain Technology and Cryptocurrency for the financial sector in the Muslim countries especially the middle east.

 

Yarar said:

“We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue.”

 

Bitcoin Halal?

Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a ‘HARAM SYSTEM’ or ‘ILLEGAL SYSTEM’ while others calling it a ‘HALAL SYSTEM’ or ‘LEGAL SYSTEM’ according to the Islamic principals with some Mosques such as the Shacklewell Lane Mosque in London have also started to accept cryptocurrencies as donations.

 

What do you think about bitcoin and other cryptocurrencies being termed as Halal? Tell us in the comments section below.

Continue Reading

#Bitcoin

Bitcoin ETF: Worlds first Cryptocurrency ETF approved

Published

on

ETF: The world's first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, 4th largest exchange in whole Europe.

The world’s first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, the 4th largest exchange in whole Europe which has a market capitalization of over $1.6 trillion.

 

ETF offered by Amun AG

Amun AG, a cryptocurrency startup is offering the fund that will allow the institutional investors to invest in the major cryptocurrencies such as bitcoin, ethereum, ripple, litecoin, and bitcoin cash.

Hany Rashwan, the CEO and Co-founder of the company said that the following ETP will provide an opportunity to the institutional investors that are restricted to investing in just securities and also give the same opportunity to retail investors that are unable to access cryptocurrency exchanges to due regulatory pressure. The CEO also said that before choosing Switzerland, the company had explored 23 other destinations around the world but found Swiss the most suitable.

 

The ETF will allow investors in buying the market and investing in crypto market as a whole. When investors will be investing in a fund, an amount equal to their purchase value will be held on their behalf by the custodian.

Continue Reading

#Bitcoin

Bitcoin Cash BCH Hash Wars: Who is winning?

Published

on

The Bitcoin Cash hash war is still on with close to 300 blocks mined on the BCHABC side using the new ruleset, which has also given the BCH network the most accumulated proof of work. Cryptocompare has given the BCH ticker to BCHABC chain followed by Bittrex also appointing the ABC chain with the BCH ticker. The ABC chain has gained more support and also mined more blocks since the split of the BCH chain into BCHABC and BCHSV. The SV chain has performed less work till now.

 

Faketoshi “Satoshi’s Shotgun”

Craig Wright had earlier threatened that he will destroy the BCH ABC chain by mining empty blocks using his huge hash power, which is being called “Satoshi’s Shotgun”. BCH ABC has apparently survived the Shotgun. Peter Rizun from Bitcoin Unlimited said:

“The difference in network effect stark: BSV has few users, no OSX or Windows clients, no block explorer, perhaps one mobile wallet, and a shotgun that doesn’t shoot so straight,”

According to cash.coin.dance, BCH ABC is currently 51.9% ahead on proof of work and is 15 blocks ahead, meaning miners will to secure the BCH ABC side and that exchanges ca resume deposits and get everything back to normal. Many supports believe that the ABC side has already won the battle.
Bittrex has listed the ABC chain as BCH and the SV chain as BSV.

While many BCH supports are claiming that the war is over and the ABC side is close to winning it, SV supporters still believe that the hash war will continue for weeks and Craig Wright continues to claim that he will destroy the ABC chain by mining empty blocks.

What do you think about the hash war? Comment below

Continue Reading
Advertisement blockonix.com

Live Crypto Prices

  • BTC
  • USD
  • AUD
  • CAD
  • EUR
  • BTC
    Bitcoin(BTC) 5618.64057528
  • ETH
    Ethereum(ETH) 176.719845493
  • BCH
    Bitcoin Cash(BCH) 385.565147491
  • EOS
    EOS(EOS) 4.582590061
  • LTC
    Litecoin(LTC) 42.2816432465
  • ADA
    Cardano(ADA) 0.0618485057
  • TRX
    TRON(TRX) 0.0188366883
  • DASH
    Dash(DASH) 132.584153504
  • XEM
    NEM(XEM) 0.0932694026

Trending