Cryptocurrencies seem to fit into the USA perfectly – yet the country appears to be reluctant to the idea of decentralized money.
The topic of cryptocurrency utilization in the United States is constantly recurring on many occasions. Despite being the leader in new technologies and the birthplace of many high tech companies, decentralized money is still a debatable matter in this country. Last year was exceptionally hard for crypto in that matter, because of the ongoing legal fight with Facebook’s stablecoin, Libra. We got used to the situation when the American market is an inhospitable ground for cryptocurrencies. But what exactly has caused this situation?
The cradle of crypto
The American aversion to cryptocurrencies seems especially bizarre in the country, which is an origin place of the blockchain technology itself. Although the identity of Satoshi Nakamoto still remains unknown, many other crypto developers began their work in the United States – for instance, a blockchain technology pioneer, Hal Finney, who was largely involved in the development of the first cryptocurrency.
With the first projects and developers, the first crypto community appeared. Although the overall idea of Bitcoin was transnational, the initial group of its enthusiasts originate mostly from the USA. Cryptocurrencies appeared to be a natural enhancement for the American economic system, which is strongly attached to values such as freedom and independence. The recent history, however, proved that this match works only in theory.
At first, the United States government didn’t really care about the cryptocurrencies. The problems started when the idea of decentralized money became more popular, and some of its realizations appeared to be in conflict with the law. It was the moment when the authorities started to be more interested in this topic, paying attention to two particular cases.
The first one applies to cryptocurrency utilization in money laundering, tax evasion, and any other financial crimes. Because of the high anonymity of decentralized assets, they can easily slip just under the radar of law enforcers. It eventually led to a tightening anti-money laundering policy, which resulted in popularization of Know Your Customer (KYC) procedures
High privacy of cryptocurrencies was also the reason for the second problem which the authorities have with Bitcoin: the potential for illegal trade. Cryptocurrencies quickly found their place on darknet marketplace such as Silk Road, offering people a chance to buy various illicit goods anonymously. Although the best days of such dealings are already behind us, they still cast a shadow over the good name of the crypto industry.
Afraid of corporations
However, the real war between the government and cryptocurrencies began with the announcement of Facebook’s attempt to create its own cryptocurrency, Libra. It met with a strong objection from the side of the American authorities, which caused the ongoing regulatory discussion about the decentralized assets.
Although the main subject of the conflict was the government’s fear of big corporations gaining power to issue their own money, in most cases it concerned common cryptocurrency fans. For example, it forced American crypto exchange Poloniex to move outside the USA borders, making its users unable to trade there.
But that’s all the authority’s perception of the decentralized money. What about the voice of people? According to the research carried out by Finder at the beginning of 2018 (still before the major downfall, which occurred at the end of the year), only 8% of Americans have invested in cryptocurrencies. The reason for this, according to the survey, was the high risk and lack of a real need to use the decentralized money
Is this research worrying? Not necessarily. The next part of the survey showed that the popularity of decentralized money is growing with every generation. Millennials are far more eager to trust cryptocurrencies than their predecessors. Maybe bitcoins will be even more popular among the generation Z (or zoomers, as the Internet has recently started to call them).
Faith in younger generations isn’t the only hope which the cryptocurrency industry has. Among American authorities, various politicians support the idea of decentralized money. One such person is Ian Calderon, the Majority Leader of the California State Assembly, who is trying to popularize it in his state. Other states are also proposing various ideas for blockchain or cryptocurrency utilization. However, all those actions are still only a drop in the bucket. Without proper regulation on a national scale, the cryptocurrencies will always be only a margin of the American economy.
Artykuł Cryptocurrencies In The United States pochodzi z serwisu Blockchain24.co | portal with cryptocurrency bitcoin & blockchain news.
Avanti Financial Joins Kraken as a Wyoming-Approved Crypto Bank
Blockchain pioneer Caitlin Long is now the CEO of her own special purpose depository institution (SPDI) in Wyoming.
Avanti Financial’s banking charter was approved unanimously by the Wyoming State Banking Board on Wednesday, becoming the second newly chartered bank in the state in 2020 after Kraken Financial earned approval last month.
Avanti, like Kraken, now has to jump through a few hoops – like raising more capital – before it can be granted a certificate of authority to operate.
“Kraken definitely captured attention, but now that there’s a second one chartered it’s no longer a one-off situation and a trend is in motion,” Long told CoinDesk in an email.
Along with the charter approval, the banking board approved Avanti’s future issuance of Avit, a programmable electronic currency that’s redeemable at par with a U.S. dollar. The Avit is not a security token, meaning it is not a digital representation of an investment that’s expected to generate returns.
The Avit will be issued initially on Bitcoin sidechain Liquid and then on Ethereum, Long said.
Kucoin and Revain Announce Partnership
Before deciding to buy or apply for any service, consumers are primarily interested in doing their homework via the ability review via 3rd Party Objectivity based on what other people are thinking.
In order not to get lost in multiple offers of wallets, exchanges, and cryptocurrencies, Internet users are starting to look for reviews to guide their decision-making process.
The revain.org project began to use blockchain to keep all reviews unchanged. This gives trust to the community and allows users to learn with the ability to interact with both projects that interest them and the communities they represent.
Trust can play an extremely important role for serious companies. The KuCoin and Revain projects have started cooperation for the common benefit of both communities. The Revain Widget implemented on the main page of one of the leading exchanges allows visitors to read and write reviews directly on the platform.
Companies that have already achieved success should understand that the review widget increases a conversion rate and provides additional traffic.
And there are other pluses as well
For example, why would you buy products on a mystery shopping service if you can simply read a ready-made review on the Revain website?
And it will be fair, fast and, most importantly, it’s free.
It’s not a surprise when blockchain technologies are used in the crypto community. But the Revain Project doesn’t intend to stop there and has serious plans to expand the topic on which the writers will write reviews.
It’s important for people that the review includes pros and cons.
This could stem from concerns about fake reviews, and an underlying assumption that balanced reviews feel more authentic than reviews that are overly or exclusively positive.
Consumers want retailers to have better technology, offer more services, and establish better personal connections. Consumers think about what good shopping experience looks like in the first place. Therefore, when people read or write a review, they pay attention not only to the facts but also to the feelings that appeared after the purchase from the company to which the review was then written.
When there are feelings, it is important to preserve a zone of trust and comfort
The usual advertising channels carry information about the product and the brand. But they do not contain the emotions of other buyers. The buyer chooses where he will share his buying experience.
And it is especially important that the credibility of the review that is written on the seller’s website does not reach heaven. It is very important to have an independent platform, the need for which has been ripening for a long time in the Internet community.
Therefore, reviews are written on the Revainplatform. You can display these reviews on your website using a simple widget. Thus, customers will see the independence of the review and at the same time, they can read it without leaving your site.
Of course, there were sites for reviews, they exist now and will continue to appear. But a project like Revain meets the expectations of ordinary people and businesses as much as possible. After all, reviews cannot be deleted or falsified because of blockchain. The hash of each review is kept for centuries.
Because of this, some reviews may seem funny as their authors decided to add some new facts or correct mistakes later. I recommend visiting and reading such reviews. A very interesting experience.
Source: Rinat Arslanov has been the Co-Founder and CEO of Revain since its inception. He describes his passion for Revain as a life project for him. He is currently doing his Ph.D. at Plekhanov Russian University of Economics and is expected to complete his doctorate in 2022.
EOS, Stellar Lumens, Synthetix Price Analysis: 28 October
Bitcoin Dominance rose to 63 and Bitcoin was trading at $13,676 at press time. The altcoin market was registering some losses for the day, but a pullback on Bitcoin could see the red for other assets in the crypto space in the coming days. EOS exhibited a bearish divergence, and Stellar Lumens appeared to be forming a bearish pattern that was yet unconfirmed. Synthetix closed beneath a bearish triangle and could post losses in the coming days.
The bearish divergence (white) showed the price registered higher highs while the bullish momentum waned. The white trendline on the price chart also formed the upper side of an ascending broadening wedge whose base was at $2.62.
This is a pattern that generally breaks out to the downside, and the bearish divergence suggested that a drop in value for EOS might be in store.
A break below $2.62 and $2.59 would take EOS to the next level of support at $2.44.
Stellar Lumens [XLM]
Stellar Lumens appeared to be forming an inverted cup. A break below the rim of the cup, at level $0.079 which is also a support, could see XLM move as low as $0.072.
The Directional Movement Index was also inching toward 20 and moving above would indicate a strong trend. The -DI (pink) showed the bearish nature of the trend.
Synthetix Network [SNX]
Synthetix Network was forming a descending triangle, characterized by successive smaller bounces off the same level of support at $3.48. The OBV was also trending lower in the past weeks.
Recently, the price closed beneath the base of the triangle. Alongside, the OBV also dropped beneath the floor it has maintained above for a month (orange), indicating that buying volume was quickly dwindling as bears took control of the market.
A break beneath support at $3.36 was likely for SNX, with the next region of support at $3.
Blockchain1 month ago
Bitcoin price volatility expected as 47% of BTC options expire next Friday
Blockchain2 months ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain1 month ago
Bitcoin Bouncing From Bull Market Support Points To 2021 As The Year Of Crypto
Blockchain2 months ago
Blockchain Bites: Is DeFi an Inside Deal?
Blockchain1 month ago
Ethereum: Is the HODLing in yet?
Blockchain1 month ago
Hackers Have Been Trying To Crack Bitcoin Wallet Worth $750 Million But Here’s The Catch
Blockchain1 month ago
YFI Founder Puts Himself Forward for Uniswap (UNI) Delegation Duties
Blockchain3 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics