Bitcoin
Why Bitcoin Is Still The Leading Cryptocurrency When It Comes To Cryptocurrency Trading
The original and most widely used cryptocurrency known as Bitcoin was designed by an unknown group of persons with the name Satoshi Nakamoto in the late 2008 and was released as an open-source in 2009. It was the first cryptocurrency and still the most important cryptocurrency to date. It was never their intention to invent a currency, Satoshi Nakamoto said it was a peer-to-peer Electronic Cash which was a reward for a process known as mining.
Bitcoin is legal in the United States and is used for the exchange of goods and service online only. The now-defunct ‘BitcoinMarket’ was the first Bitcoin exchange operation software designed by Laszlo Hanyecz which was used for the first real-world transaction in relation to Bitcoin.
As Bitcoin Grows with time, other Cryptocurrencies (such as Ethereum, Litecoin, XRP, Bitcoin Cash, Ethereum Classic, Neo etc.) also emerges. But the question is what makes Bitcoin so special. On 16 March 2019. Most of the top 10 cryptocurrencies were seen with a significant growth but the price of Bitcoin was $4,007.64 indicating a +2.24% gain followed by Bitcoin cash with $153.21 with +7.92% gain at the market visualization from Coin360 data.
From the Bitcoin price market, Bitcoin has 2.02% increased by the day, trading around $4,007.64 and ranked number one compared to other cryptocurrencies followed by Bitcoin cash, Ethereum, Bitcoin SV, Litecoin etc. Bitcoin is still trading with a huge marginal range with yesterday’s change around +34.25 USD (+0.87) with a volume of $9,394,210,605 USD on 16th March 2018.
Ethereum still remains the second largest cryptocurrency by the market cap with a 2.69% increase change for the last 24hrs which is trading $4.824.588.620. On 16th March, 2018 the top 5 cryptocurrencies in terms of market Cap gains were Bitcoin (BTC) with $71,052,019,751 gain, followed by Ethereum (ETH) with $14,910,045,963 gain, Ripple (XRP) with $13,233,722,564 gain, Litecoin (LTC) with $374737272 gain and EOS with $3,464,139,773. With Bitcoin still maintaining the leading cryptocurrency trading.
Aside bitcoin been an electronic currency, it’s a blockchain which validates the account. Its blockchain is a public hardware wallet which is used to record most of its transactions. It makes it difficult to hack because it is supported by the blockchain technology/algorithm. Bitcoin is constantly reviewed by bitcoin users which makes it difficult to hack. Unlike other cryptocurrencies like Ethereum, which is a ledger technology that companies use to build a new program, bitcoin is different and aim at a specific case. People have the mindset that Ethereum will overtake bitcoin one day as the dominant coin in the cryptocurrency industry, which might be true someday, I guess.
On like other cryptocurrencies, the value of bitcoin depends on the demand and supply intensity. Bitcoin has more value compared to other cryptocurrencies because it is used as a form of money electronically, that is to say, it uses mathematics and all that is required to hold its value is adoption and trust. In this case, bitcoin can be measured by the number of users, startups, and merchant and since it has the largest users it remains the leading cryptocurrency when it comes to cryptocurrency trading.
Bitcoin
Central African Republic Becomes First African Country To Adopt Bitcoin As Legal Tender
The new bill provides a framework for use of cryptocurrencies in smart contracts, payments systems, online trade, and all electronic transactions alongside the CFA franc currency.
Bitcoin continued to garner attention globally as a national legal tender with Central African Republic becoming the latest suitor. President Faustin-Archange Touadéra signed the bill into law on Wednesday and his chief of staff Obed Namsio hailed the move as one that could forever change the economic fabric of a country that has been embroiled in rebel violence for many years now.
Namsio said the bill was supported by the president because it would improve the citizens’ status. He added it would open up new economic opportunities for the landlocked country. The new bill provides a framework for use of cryptocurrencies in smart contracts, payments systems, online trade, and all electronic transactions alongside the CFA franc currency.
“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” he said.
Traders will also be capable of paying taxes with crypto and the finance minister Gourna Zacko who introduced the bill, believes it will ease cross-border transfers that have become increasingly difficult to do. These transfers will now become very cheap. Citizens will also be capable of undertaking legal financial transactions in the mainstream financial realms using crypto, and without necessarily going through middlemen banks. Cryptocurrency exchanges will not be taxed.
The bill has clauses that prescribe up to 20 years of imprisonment and a fine of between 100 million to 1 billion CFA francs for anyone who breaks the crypto law.
With a per capita income of only 750 USD per year, the country is one of the poorest in the region and world as a result of years of conflicts and war. This is despite having a vast amount of gold and diamond reserves.
The country would, however, have to pursue an aggressive Internet coverage agenda to make this plan effective. It currently has an Internet penetration rate of just 7.1 percent and 355,000 Internet users out of a total population of 4.97 million people.
It is not clear if and how the new move would help alleviate the country’s ailing inflation or GDP. Inflation has increased from 2.7 percent in 2019 to 3.3 in 2021. The country’s GDP also flipped to the negative last year at -0.6 from a 3.1 in 2019. Despite relying heavily on agriculture and mining, illegal gold and diamond exports undermine government revenue. The country is also embroiled in bad political and economic decisions, conflicts, and insecurity.
The bill that governs use of cryptocurrency as legal tender in the country was unanimously adopted by the parliament last week. However, the move was not approved by the Bank of Central African States (BEAC) which governs the Central African CFA franc regional currency used by the country and about 14 others. The franc is tied to the Euro and largely controlled by the West. Two ministers said the move to adopt Bitcoin as a national currency was a serious offense.
The move was also criticized by former Prime Minister Martin Ziguele who said it was not a priority for the country, and that it was undermining the CFA franc. The decision could also be challenged in court by some legislators.
Bitcoin
J.K. Rowling and Elon Musk Engage in Twitter Conversation About Bitcoin
Just recently, the CEO of SpaceX – Elon Musk took to Twitter to reveal his current holding of Bitcoin. The conversation ensued during an effort to educate British author and film producer – J.K. Rowling on the subject of cryptocurrencies. Following a tweet originally referred to CoinDesk’s senior reporter – Leigh Cuen by the Orator of the Harry Potter fiction on Saturday, for an explanation to bitcoin’s operability.
J.K. Rowling subsequently received Musk’s reply among several others from Bitcoin’s advocates and cynics alike; such as the co-founder of Ethereum and Bitcoin Magazine– Vitalik Buterin, among many others. Notably, the author’s tweet drew some attention to the tune of 2,800 replies, as at the time of writing.
Furthermore, the co-founder and CEO of Tesla, Inc., emphasized that the bulky issuance of currencies by the central banks of various economies is making the digital currency – Bitcoin, more solid in juxtaposition to fiat. Musk also went on ahead to convey his views towards digital money as being positive, even though he currently owns a quarter of a Bitcoin as stated in his tweet that reads;
“I still only own 0.25 Bitcoins btw.”
Yet, Cuen replied Rowling with a reassuring statement while providing her with guides to sample use-cases of Bitcoin. Cuen stressed this in a tweet with the message;
“Hi! My D.M.s are open if you want to chat w/out onlookers. The very short version is: Bitcoin is money fueled by a community of contributors. There is no king or central bank in charge. There are countless stories we can use to explore the ethics of a world w/global currency.”
Albeit, Rowling expressed her discontent with regards to the explanations she received, as her curiosity rapidly became debased by the myriad of responses she received. She disclosed her uneasiness towards the topic in question – with a bit of sarcasm while tweeting the following;
Another noteworthy reply is that of Vitalik Buterin, who added that;
“It is a digital currency. There’s ~ 18m units of it. It is not backed by anything, it’s just valuable because it is, like collectibles. There’s a network of computers (which anyone can join) that maintains a decentralized global excel spreadsheet of how many coins each person has.”
Although, Rowling might have admitted being woozy before publishing these tweets, however, her views on the digital currencies and Bitcoin are unlikely to change when she becomes sober or in the foreseeable future.
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