How Far Are We From Mass Crypto Adoption?

No government can stop or control Bitcoin transactions. This has been one of the main selling points of cryptos since the first day they appeared. In today’s world, cryptocurrencies have established a strong user base among tech geeks and users who highly value the privacy of financial information. This is true all over the world, even in countries like Russia, where independent politicians and activists are currently using crypto markets to raise funds and fund activists.

But, while crypto advocates and freedom fighters may sing praises for Bitcoin all they want, the reality is that cryptos won’t be able to replace centralized legacy systems until the masses switch to them. So, how far are we from mass crypto adoption? Continue reading to learn.

Too Difficult for Average Users 

Just like any new quality invention and technology, cryptocurrencies have garnered strong support from tech-savvy users. But, what’s halting them to become more widespread is mass adoption from average users. The crypto market is confusing, difficult to understand, and comes with a lot of information. The trading platforms are unintuitive and unlike anything else found in the real world of finances. For the ordinary user, who wants a convenient and straightforward payment method, this is just too much to handle and combines for an unpleasant experience.

various cryptos

With this in mind, when there is a lack of understanding, there’s also a lack of trust. Newbies who are looking to get into the market are overwhelmed with confusing information on financial forums. So much so, that they build up a distrust towards all of it, up to the point that they view all information as spam and scam attempts. On top of this, there’s the prevalent issue of real scammers. Skilled cryptocurrency users with technical skills often know how to take advantage of uninformed users who are just venturing into the market.

Fiat Currency Still Much More Practical

Aside from the technical standpoints we talked about above, there’s one more issue hindering the mass popularization of cryptos. This issue is present with every cryptocurrency, even Bitcoin, and it’s that it tends to specialize only in a narrow niche. For example, Bitcoin is a great way to store and safeguard your savings. Still, it’s a relatively unsupported payment option in the real world, despite being on the market for eleven years.

For this reason, fiat currencies still maintain a strong position over cryptocurrencies. A big part of this problem is that the most significant part of the general public still relies heavily on legacy institutions. They feel that they get everything from legacy finance and don’t think that switching to cryptos will bring them any significant benefits.

With all of this said, the deteriorating economic conditions all across the globe might open the door for more mass popularization and convince people to adopt crypto in the future. One thing is sure. The cryptocurrency industry still faces a lot of challenges. The way they address these adoption issues will play a deciding role in user adoption in the next years.

Celebrity Profiles Used for a Large-Scale Bitcoin Twitter Scam

Twitter was never regarded as an unbreakable social media service, but on Wednesday, July 15th, its security platform suffered a meltdown that affected dozens of influential accounts. The primary motivation behind the attack was to promote a wide-reaching Bitcoin scam. Here’s everything we know so far about this large-scale meltdown.

What do We Know about the Bitcoin Scam

A mass takeover of Twitter accounts began at 19:00 UTC, infiltrating the accounts of some of the most prominent crypto advocates among celebrities and politicians. About an hour after this, the hack went mainstream, starting with Elon Musk’s Twitter account.

bitcoin celebrity scam

Soon later, people like Bill Gates, Kanye West, and Michael Bloomberg also joined the party. Jeff Bezos showed up and an hour later and promised $50 million in his tweet. Even Joe Biden and Barrack Obama couldn’t resist promoting this event from their official accounts. All these accounts posted the same message in a span of only a few minutes apart. By 21:00 UTC, the attack moved from to tech companies, causing the most damage to Uber and Apple.

After the attack stopped soon after, most of these tweets were promptly deleted, as the platform’s staff began restoring accounts to their users. Twitter support stated in response to this incident, claiming that this was a “coordinated social engineering attack.”

One of the biggest reasons why this breach happened is the centralized nature of this platform. In addition to this, many security experts are claiming that Twitter employees have “god mode” access to any account on the platform, and can tweet from any user profile. If they’re right, it could explain why hackers could infiltrate so many Twitter accounts without much trouble, even those that have two-factor authentication set up for their profiles.

Soon after all of this happened, analysts determined that the hacked accounts collectively had at least 140 million followers. As news of this meltdown spread across the Internet, this social media platform also experienced a significant plunge in value. Twitter’s stock value dropped 4% in the immediate after-hours of this incident.

Once Bitcoin is Gone, It’s Gone

As an electronic currency, Bitcoin operates exclusively online. You can send it from any device you wish, from anywhere in the world. But, there’s one catch to it that makes problems like this Twitter scam very troublesome. Once this cryptocurrency is off of your account, you can’t get it back. Since there is no intermediary in Bitcoin transactions, once the money is in someone else’s pocket, that’s it.

How Can Bitcoin be Traced?

This scam opened up another discussion on tracking and tracing Bitcoin transactions. With that in mind, although such transactions aren’t confiscable by any middlemen, they can still be tracked and traced. With a little know-how, we can see the ins-and-outs of cryptocurrency transactions, with the details of this one likely to appear in the following days.

If anything, this latest scam has taught us a valuable lesson in financial responsibility. Regardless if you use fiat or cryptocurrencies, it’s paramount to stay safe and be wary of any promises, no matter which direction they’re coming from.

Why India Is Poised For Explosive Bitcoin Growth

In March, India’s Supreme Court overturned the banking restrictions for crypto exchanges. This significant shift in tides opened the door for an explosion of growth on the Indian crypto exchange market. With banking being bank on track, exchanges are slowly reviving, and the crypto market is steadily ramping up again. In this short but detailed article, we’ll talk about why all Bitcoin bulls are predicting explosive growth in India.

BTC and ETH Leading the Ramp Up

With the Coronavirus-caused global lockdown which has affected India as well, many Indians who are staying inside are using this time to invest in new streams of revenue. The two most popular avenues among Indian investors are gold and cryptocurrencies. When speaking of the latter, many exchanges operating in India have recorded spikes in new registrations. Tech-savvy users who closely follow the crypto market have found that now is the right time to diversify income and increase crypto holdings.

Moreover, two of the most popular cryptocurrencies, Bitcoin and Ethereum, have experienced solid growth over the past few months. Ethereum, in particular, has been looking promising since the start of the year. With 2020 being only halfway through, this year could be especially significant for this cryptocoin.

The Revival of Cryptocurrencies in India

Bangalore has been dubbed as “India’s Silicon Valley,” and for a good reason. With more tech workers in the city than in entire populations of some countries, Bangalore is a tech hub with no shortage of technically skilled people. The city leads the way in crypto-related job postings. This trend will only continue to rise now that the significant legal battles have been decided in favor of cryptocurrencies. One of India’s leading crypto exchanges, Unocoin, is already serving thousands of active users, with around 400,000 users that have already gone through the know-your-customer process on this exchange.

Why Every No-coiner Should Listen to the Latest Bill Bert Podcast

Anthony Pompliano is a well-known and trusted Bitcoin bull. Bill Burr and Bert Kreischer are two comedy legends who run a podcast for fun. So, what do Bill and Bert have in common with Pompliano? Not much, aside from their capability to shift the tide of the crypto market just by one video call podcast.

Episode 20 of the Bill Bert Podcast, in which the duo hosted Pompliano, has garnered substantial interest and captivated many listeners with an entertaining and educational approach to the topic of cryptocurrencies and Bitcoin. If you want to get into the crypto market, but are wary of the financial danger, you should read this article.

Interesting Takeaways from the Pompliano Episode

It’s no secret that the fiat system is relatively unstable and fragile. The leading proponents of Bitcoin and cryptocurrencies in general often talk about this when comparing the benefits of using cryptocurrencies over fiat currencies.

While discussing with the two comedians about this topic, Anthony Pompliano briefly mentioned the currently on-going crisis in Lebanon. In short, the Lebanese pound experienced a dramatic downturn, crashing nearly 50 percent against the dollar in just ten days. While drastic currency fluctuations have happened in many unstable countries over the years, over the past decades, Lebanon has had a reputation of being a very politically stable government.

To be completely objective, such problems have been on the horizon for the country. Being a net importer relying on debt management and printing money, Lebanon has been going in this direction for a few years. But, when the crisis began in October 2019, few could predict that this Middle Eastern gem could find itself in such a frightening situation.

Another high point that Pompliano touched on was that no one could print more Bitcoin or control its value. As long as both parties in the transaction believe that the crypto coin has value, then it has value. As a conspiracy theory extraordinaire, Bill was sold by the fact that no country can control or manipulate the value of Bitcoin.

As the hour and a half long episode went on, Bill and Bert seemed to switch from being no-coiners to enthusiastic potential Bitcoin investors. Bill, in particular, looked like he was soaking in the info. And, in his classic over the top trademark comedic style, convinced all of us listeners like he’s intent on breaking the bank and becoming the newest Bitcoin bull.

Shifting the Tides

Even though cryptocurrencies have been present for quite some time now, they have had a reputation of being unreliable and unpredictable. Due to their complex nature, crypto coins still haven’t managed to grab the interest of the broader population. This is the biggest reason why the crypto market hasn’t yet garnered widespread acceptance.

During the conversation, Pompliano highlighted how Bitcoin has only gone up in the overall scheme of things. From its initial value of less than a penny to today’s worth of $9k, the leading cryptocurrency has only grown as its market demand increased over the years.

That said, no matter that the Bill Bert Podcast is one of mostly entertainment value, the great comedic duo could make an impact in changing the tide in the minds of a lot of their listeners who are no-coiners. A lot of credit also goes to Pompliano, who showed his extensive knowledge, while presenting the most crucial concepts of cryptocurrencies concisely and straightforwardly.

Episode 20 of the Bill Bert podcast was not only very entertaining to watch, but might have kicked off a substantial tidal shift and motivated a lot of people to get into the world of cryptocurrency trading. If you liked this article, we recommend you to watch the entire episode of the podcast and get even more detailed information.

Can Bitcoin Make a Big Rally Around Thanksgiving?

For the first time since October 25, Bitcoin has broken below the $7500 mark. The currency is very unstable at the moment and is constantly hovering around the $7000 zone, with no major indication of getting back to the previous value. However, a wide consensus of cryptocurrency experts predicts that the leading crypto can make a comeback in the following days. But, can Bitcoin stop its drastic fall and stabilize itself in the upcoming period? Continue reading to find out.

Recent Bitcoin Trends

Earlier this week, Bitcoin pulled a rather unpleasant surprise for the faint of heart. Dropping below $7000 in more than a year, it stopped at $6550 before stabilizing again. The following few days after the big price dump, the crypto was averaging sideways around the $7000 mark, unable to hit above $7200. Analyzing this price drop trend through three different metrics, we can say the following:

  • 50 Moving Average – After the initial drop, the following 50 hours didn’t see any dramatic value rises or drops.
  • 200 Day Moving Average – Observing the value through a 200 day moving average lense, it appeared that the coin has leveled out in overall value. This means that in the weeks after this, it could continue to go south.
  • 50 Week Moving Average – Unfortunately, the 50-week average doesn’t look much better than the 200 days one. It reads that this cryptocurrency might drop to $5 if nothing changes.

Learning from Past Trends

Of course, no matter how bleak these predictions might seem, it’s still fairly early to say anything. The current trend line needs to hold the coin’s value above $7000 if any gains and improvements, in the long run, can be measured and calculated. Also, it should be mentioned that long term calculations usually have bullish tendencies, while shorter one tends to be bearish.

Since this article has so far been pessimistic to some extent, let’s take a look at the situation from the other side. The reality of the current situation is that Bitcoin is still ready to resume its stable long-term growth, despite occasional drops in value. The current trend line looks much like it did before the big boom in 2015. To be more specific, the coin remains on the edge of falling out of a secular bull market while the relative strength index is above 50, just like it was back then.

The Crypto Market in General

The overall situation of the crypto market hasn’t changed drastically over the past couple of weeks. The remainder of the altcoins are still pretty much at the same distance from Bitcoin as before. With that said, the crypto market has managed to make a slight recovery in the previous period and is now hovering around $197 billion. This is good news, although the market likely needs to face further consolidation before any major spike can be expected.

With the current Bitcoin value being as it is now, and if we were to trust the wide consensus, now might actually be a great time for Bitcoin owners to add more coins to their wallets before the coin returns to its previous value. Coincidentally, the timing of this drop could also play a big factor in Bitcoin’s value increase, as many online users might decide to treat themselves by buying this crypto when shopping fever hits on Black Friday. While there’s no telling for sure how the situation will unfold, there’s no reason for panic, as the leading cryptocurrency will most likely return to its recent high, the only thing remains to be seen is when.

Omni Shutting Down after Four Years

Despite having a very promising start, the Ripple-backed startup recently announced that it will be shutting down its business by the end of the year. The company announced that it will be completely going out of business, with Coinbase hiring at least 10 of their current employees. According to trustworthy reports, this decision came as a result of a dwindling 2019, a year that saw staff layouts, physical store sales and many other efforts put into keeping the business afloat. 

A Brief Overview of Omni’s History

As a reminder, Omni has originally launched a little over four years ago, in 2015. It started as a unique service for personal storage, collecting items from their customers and storing them in a warehouse until they need them again.

 Two years later, in 2017, Omni introduced a new feature of its service by letting users rent out what they were storing to provide them with extra money-making opportunities. It also moved into helping retail stores run their programs. Unfortunately, as this change required from both users and merchants to make a drastic shift without significant rewards, this attempt didn’t fare well on the market.

It 2018, it seemed that the company finally managed to gain some ground and that it will finally be able to establish itself as a significant player, as it raised $25 million from the crypto company Ripple. One of the biggest reasons why Omni went out of business were the ballooning storage prices and invaluable storage prices, especially because users could get a much more efficient delivery system from Amazon.

During its relatively short existence, the service has managed to make a dent in the industry. However, despite its performance on the market, we are still left with a question of whether the investors and ex-partners will get any of their cashback.

More info: https://www.theblockcrypto.com/linked/48512/ripple-backed-omni-is-reportedly-shutting-down-sells-engineering-team-to-coinbase