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Cryptocurrency Prices are Plunging Again and Here’s the Reason

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It has been a tough week with news of a sharp decline and a looming bear market. It seems cryptocurrency is taking a harder hit as compared to the traditional market. Bitcoin fell as far as 75% from its ATH in December. There are a few possible negative catalysts for the plunging of cryptocurrency prices as bitcoin is not the only one to take a hit. Other digital currencies have experienced their fair share of loss this past week. But what could be the reason for the bear market?

Bitcoin Hash Wars

The bitcoin cash network forked from Bitcoin (BTC) last year after a bitter fight between the developers who managed the community. This year another argument arose in the Bitcoin Cash camp that led to the network splitting into two groups. The new fork created two new cryptocurrencies, Bitcoin ABC and Bitcoin SV. What this disagreement in the BCH camp has caused is a chaos in the market. Exchanges had to go through a tough time decoding which cryptocurrency they wanted to trade while the market was hit with a panic as bitcoin dropped.

Unregulated Exchanges

Cryptocurrency exchanges often enjoy a certain freedom. There’s no watchdog watching over their neck and this has led most investors into dumping in a lot of funds. Bitfinex a crypto exchange has been called out for using Tether Coin to artificially pump up the price of bitcoin and other digital tokens. Researchers at the University of Texas published the evidence and investigation are ongoing to determine if the price manipulation is true.

Tough Regulations

The Securities and Exchange Commission is clamping down hard on companies violating the securities law with their offerings. Across the world countries like India and China are taking crypto regulations seriously and clamping down on crypto companies. Just last week, the SEC fined two companies $250,000 each for failing to follow the proper laws for registering securities. Paragon, one of the firms, is working to legalize cannabis and utilising cryptocurrencies.

We do not know how long the bear market would hold, however, some crypto analysts are sure it wouldn’t be for long. Some even think it’s the market’s way of testing those with weak hands and shaking them out.

 

 

What do you think might be the cause of the bear market? Share your opinion with us in the comment section below.
Image credit: Pixabay

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

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Crypto in Ghana: Where & How to Buy and Sell

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The rise of bitcoin has spread awareness of the vast possibilities in the digital space. Cryptocurrencies has exposed people to uncensored, cheap and ultra fast means of money transfer.

It has also shown them interesting and innovative ways to exploit their various skills to build careers for themselves in the industry.

Since 2009 the Bitcoin network came alive to the phenomenal growth experienced in 2017 that saw global attention to bitcoin and cryptocurrency, the world has not been the same again.

People are beginning to see the existing financial structures cannot adequately serve their interest and cryptocurrency most especially bitcoin seems to be that very alternative or supplement which can cover the lapse of the legacy financial systems.

Bitcoin has grown from just a means of value exchange, to a store of value and very popular seen now as a new class of asset. It can be traded just stocks and commodities.

With the growing infrastructure around bitcoin and cryptocurrencies globally, it becomes imperative we examine places where anyone who wishes to get onboard the crypto industry can very well easily access bitcoin without been defrauded.

In this article, we shall look at six (6) places where crypto can be purchased in the gold filled country of Ghana.

1. eBitcoinics

Ebitcoinics is a popular place to purchase cryptocurrency. The cryptocurrency exchange allows users to transact on the platform to a certain limit. To exceed that limit, the user has to undergo KYC process. This can be easily done with a government issued identity card.

2. eBitpoint

Buying cryptocurrency in Ghana is easier thanks to the several exchanges that operate in the country. Ebitpoint is an Accra based cryptocurrency exchange that allows users to purchase bitcoin with mobile money.

A user only needs to register an account on the exchange, deposit money then click on the Bitcoin button to purchase bitcoin.

The bitcoin immediately reflects on the wallet of the user. The exchange also features an sms alert notification service to help users in checking on their account.

3. Bushcom Financials

This exchange just like ebitpoint allows users to purchase cryptocurrency with mobile money in Ghana. Other than crypto, the platform also helps users to receive money. Registration is simple and purchase of crypto on Bushcom is simple just lik ebitcoin.

4. Remitano

Remintano is a peer-to-peer cryptocurrency exchange that allows users to purchase cryptocurrency in the country using the Mobile Money service.

As normal p2p exchange works, spot trading is not guaranteed as a user will have to go through list of possible buyers/sellers to choose who to transact with.

5. Paxful

Paxful is also a peer-to-peer cryptocurrency exchange that allows users to buy or sell cryptocurrency, transact with gift cards and convert to Bitcoin. Just like Remitano, a user will have to check through buyers or sellers to find who to buy from. Registration is free.

6. Localbitcoin

This like Remitano and Paxful is a p2p crypto exchange. Users have to register and then choose whom to transact with.

Cryptocurrency continues to open newer avenues that could be exploited for income generation. As the industry matures in Ghana and the rest of Africa, it is expected that newer products unlike what we see today will emerge giving room for more exploration and exploitation of the technology.

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It will be a mistake to evaluate Bitcoin and crypto based on what it is today – Anthony Pompliano ‘Pomp’

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The owner of Off the Chain podcast Anthony Pompliano ‘ Pomp’ has said it will be a mistake to evaluate Bitcoin and crypto based on what it is today. This he said in this week’s letter to investors.

‘According to Pomp, technology evolves and advances at an impressive rate. What feels inefficient today will be replaced by interfaces and experiences that are sleek, fast and ultra-efficient in the future.’

He compared the early internet to Bitcoin and crypto in general saying just as the internet went from ARPANET to dial up internet to broadband connections, Bitcoin and crypto will do the same.

It will be the same Bitcoin, but the experiences will feel very differently from before.

Pomp said it will be a mistake to evaluate Bitcoin and crypto based on what it is today. According to him, people are simply looking at a snapshot in time.

What it looks like today is very different from what it will look like tomorrow. And that is very different from what it will look like a decade fromnow.

Layer 2 and layer 3 solutions will be developed, we will see exchanges, wallets, data providers and other infrastructure drastically improve.

According to Pomp, we will feel like the technical aspects of the product will disappear into the background and what users will be using will feel like something magical.

However the magical elements that will be seen in crypto someday, Pomp warned that this will take time because building technologies especially with compelling UI/UX takes time.

Therefore investors today should look at the pace of innovation, at the current speed of evolution of a technology if they want to understand where they are going.

Because according to him, technology is never about where we are currently. It is always about where we are going. And what resources it will take to get there.

And that is why ‘personally, I am optimistically patient because the potential of this will be worth the wait’, Pomp ended his letter.

Image Credit: Off the Chain Podcast.

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Pomp Compares Bitcoin to the Early Internet; We Will Have Human Friendly Digital Wallet Addresses Eventually.

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Anthony Pompliano popularly known as Pomp compares Bitcoin to the early internet, says we will eventually have human friendly digital wallet addresses as seen in today’s internet and email services.

In his weekly letters sent to investors, Pomp says the internet was originally not meant for consumers and the interface proved that.

The interface was complex compared to what is seen in today’s internet. The early users of the internet weren’t the only one confused with it but, also bystanders who were either (a) confused by the new advancement and (b) those who thought it was vastly overhyped.

According to Pomp, the early internet is just like how Bitcoin. The early users of bitcoin were highly technically skilled and those who were incredibly curious as to what the technology was and could be, however, to use bitcoin, only technical persons were able to due to its unfriendly user interface just like the early internet.

And like the internet at its early days, as it grew, consumer applications and nicer interface started surfacing just as we can see in Bitcoin and crypto today. However, he said, the position today is not where Bitcoin and crypto will be in 10 to 20 years from now.

Just as to locate resources on the internet, one had to type in series of numbers (IP addresses), but now it has been changed to human readable and easily understood characters, that is what will happen to digital wallet addresses too.

He is quoted saying “today you have to send Bitcoin or other digital currency to a random string of letters and numbers………….. This can be confusing. The addresses are hard to remember. It is easy to mistype one of the characters etc.”

But eventually, Pomp continued

“we will have much more human-friendly digital wallet addresses. They won’t be these random strings of letters and numbers, they will be a word or a phrase that feels more like the internet, URLS, and email addresses feel today.”

And this will help ensure bitcoin is on its way to truly becoming a global, decentralized, digital currency. We need patience as the asset, and related infrastructure has to mature, Pomp concluded

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Pioneer of Proof of Keys Trace Mayer Urged Bitcoiners to prepare for January 3rd PoK

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The pioneer of the proof of keys event Trace Mayer, a crypto type of Bank Run that is targeted at cryptocurrency exchanges to check if there are as liquid as they claim.

The event is expected to hold on the 3rd day of January, 2020 to commemorate the day the first block of the bitcoin blockchain was made.

He wants bitcoiners to declare their financial sovereignty on that day.

The Proof of Key annual event is designed to test the solvency of cryptocurrency exchanges. It works by having users of cryptocurrency exchanges withdrawing their crypto assets from the exchanges to their personal wallets.

Exchanges that could handle the mass withdrawal are seen to be solvent and safe to use while those without the ability to manage the withdrawal request of its users is notably known to be unsafe for trading or any other crypto related businesses.

According to a tweet made on twitter, Trace Mayers, he encouraged bitcoiners to add certain characters and emojis to their names to help spread the word across the industry since according to him, there has been new entrants into the space.

https://twitter.com/TraceMayer/status/1191559821746565120

Backing his resolve to see the Proof of Keys event hold in another 60 days from now, Trace Mayer quoted several exchanges that have gone down with users funds or having issues currently owing to various factors which includes shady business practices etc he listed QuadrigaCX, Mt. Gox, Bitfinex etc.

The event will commemorate the bitcoin genesis block.

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