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Could bitcoin be adopted by Google & Facebook in the future?

Could bitcoin be adopted by Google & Facebook in the future?

Quick take

1 minute read

  • Over the course of 2020, more institutions have been looking to bitcoin in a more serious manner. 
  • Many companies are looking to invest in the coin to help up their profits following the coronavirus pandemic and the economic turmoil that has come as a result.

Over the course of 2020, more institutions have been looking to bitcoin in a more serious manner. Many companies are looking to invest in the coin to help up their profits following the coronavirus pandemic and the economic turmoil that has come as a result.

Many traditional financial technology companies are changing their companies policies in order to accommodate digital currencies and the ever-changing digital landscape. 

Whether this comes through investing or expanding, the structures of these companies are long for the inclusion of using crypto.

After PayPal was introduced into the world of crypto earlier this year through an exciting announcement, more and more companies are looking towards this industry in a more serious way. The payments that work has opened its services to millions of eligible holders in the United States recently, some people even predicting that Google and Facebook could be next to adopt such a service to their platforms.

The founder of BlockWork groups, Jason Yanowitz has said the following on Twitter and it came to these organisations enabling the use of bitcoin through a digital wallet.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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3 Ways Kenyans Use Bitcoin in 2020

3 Ways Kenyans Use Bitcoin in 2020

Bitcoin peer-to-peer (P2P) trading volume in Africa reached an all-time high in August, according to publicly accessible peer-to-peer exchange details. The introduction of the M-Pesa in Kenya has also accelerated Kenyans investing in bitcoin because of the easy bitcoin to MPESA conversion facility.

After March, when most countries started enforcing lockdowns, Bitcoin has become more resilient and has risen by more than 18 trillion over the last year, according to Paxful. This digital platform allows consumers to create deals and ask for a competitive price for Bitcoin.

There has been a significant surge in bitcoin trading volumes worldwide, fuelled primarily by coronavirus-induced lockdowns since many people operate from home.

Demand for Bitcoin has mostly been seen across significant emerging and border markets, with Sub-Saharan Africa seeing the fastest growth. On the Paxful marketplace, Nigeria and Kenya have emerged as the leading countries with the most massive volumes, followed closely by Ghana.

For example, in August, Kenyans exchanged Bitcoins worth $8,104 million on Paxful, and the number is much higher when you add data from other exchanges.

 A sense of uncertainty surrounding cryptocurrency keeps Kenyans back from engaging in the current broad distribution of capital. Ten years after its introduction in 2007, bitcoin and cryptocurrency are no doubt a fleeting fad.

More than $200 billion in value has been generated in only the beginning of a transparent alternative finance framework. Much as anybody would download a mobile app and link to the internet without waiting for permission.

You can purchase, sell, swap, keep, and store cryptocurrencies in Kenya today as long as you do not violate any current rules.

Getting acquainted with cryptocurrency

Paxful Breaks Ground On Fourth School at 100 School Project Five Years On, Bitcoin Marketplace Generating Wealth for 'Tiny Guys.'

For instance, you need a blockchain wallet, an app that lets you store, email, and receive digital assets. There are hundreds of choices to pick from online, android, and apple stores such as bitcoin, mycelium, and coinomi.

If you download and install one, the next move is to protect your wallet if you forget your password or lose your computer. Any citizens who overlooked backups as a protection measure fell victim to sophisticated hacks. Attach a solid pin and back up your 12-word password to help you bring your bitcoin back in the worst-case situations.

One way is for representatives of the Blockchain Association of Kenya to broker bitcoin and crypto-assets locally. Another choice is to head over to an anonymous peer-to-peer platform where you can trade daily cash for digital properties.

How are Kenyans utilizing Bitcoin?

Using Bitcoin as a tool for investment

Many people see bitcoin as a potential bet. With its small supply cap of 21 million coins (expected to be hit in 2140) and the current low bitcoin price, there are plenty of ways to make a fast profit from trading in bitcoin.

There are many other options to utilize bitcoin as an investing tool. Investing in bitcoin should be part of a long-term strategy, rather than an effort to create fast gains and losses. Bitcoin is only at the relatively early stage of growth, having been around for just six years. There is also a long way to teach people about bitcoin, which provides an investing potential on its own.

Using Bitcoin for educational expertise

Bitcoin's fundamental aim has always been to teach people about the value of the blockchain. And how to reclaim complete ownership of their lives, not just from a financial viewpoint, but also through the way people utilize utilities, networks, technologies, and most fundamentally, how they look at the planet.

Bitcoin's educational expertise reaches beyond finance and technology. The promise of blockchain technologies and bitcoin 2.0 is far-reaching. If you grasp the functionality of bitcoin and blockchain, dear reader, you would also learn regarding its potential in other areas of daily life.

Consider for a second, for example, if a plurality decision might be reached, perhaps without depending on the equation's human factor. Digital voting, negotiating and amending contracts, signing and saving papers, and revamping peer-to-peer transfers are only a few indicators of bitcoin's educational opportunities by unlocking the blockchain's potential.

Spending bitcoin to fulfill basic needs

Bitcoin is an automated means of payment, one of the main explanations that so many people are drawn to this virtual currency. Over the last two years, more and more locations have begun to embrace bitcoin payments as an alternate payment method due to cheaper rates, instant transfers, and little chance of theft or chargebacks.

As a result, bitcoin is becoming a feasible method of payment, both digitally and in-store, at different locations across the world. The bitcoin ecosystem is often used to transfer funds across the globe, which ensures that trading is vital in holding the ecosystem alive.

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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ETH/USD Bulls Eyeing 668.87 as Upside Target: Sally Ho's Technical Analysis 4 December 2020 ETH

ETH/USD Bulls Eyeing 668.87 as Upside Target: Sally Ho's Technical Analysis 4 December 2020 ETH

Ethereum (ETH/USD) extended its recent strong price activity as traders continue to eye the psychologically-important 650 level following the pair’s ongoing gains.  Notably, ETH/USD has appreciated approximately 77% since the beginning of October, and has appreciated approximately 64% since the beginning of November.  The pair has recently traded around its recently-established multi-year high around at the 636.53 level, an area that was reached after Stops were elected above another recent relative multi-year high around the 623.22 area.  This recent multi-year high also represented a test of the 637.79 level, an upside price objective related to buying pressure that emerged earlier this year around the 135.12 area.  Additional upside price objectives include the 668.87, 679.78, and 698.88 areas, levels that relate to buying pressure that emerged earlier this year around the 125.52, 122.15, and 116.25 areas.

Following the move to a recent multi-year high, traders are paying close attention to recent areas of upside buying pressure, including the 370.50, 423.00, 439.77, and 480.08 areas.  Some important retracement levels related to these ranges include 561.37, 534.91, 514.93, 503.52, and 472.12Below current price activity, additional areas of technical support include the 507.55, 474.77, 406.48, and 395.87 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 567.55 and the 50-bar MA (Hourly) at 596.14.

Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.

Technical Resistance is expected around 637.79/ 668.87/ 679.78 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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BTC/USD Bulls Eyeing 20311 as Upside Target: Sally Ho's Technical Analysis 4 December 2020 BTC

BTC/USD Bulls Eyeing 20311 as Upside Target:  Sally Ho's Technical Analysis 4 December 2020 BTC

Bitcoin (BTC/USD) extended its recent strong price activity as traders continue to eye the psychologically-important 20000 figure following the pair’s ongoing gains.  Notably, BTC/USD has appreciated approximately 84% since the beginning of October, and has appreciated approximately 44% since the beginning of November.  The pair has recently traded around its recently-established all-time high around the 19915.14 area, a level that was established after Stops were elected above the previous all-time high of 19891.99.  Additional upside price objectives include the 20311.36, 20534.46, and 21909.24 areas, levels that relate to buying pressure that emerged earlier this year around the 6430.00 and 6854.67 areas.

Following the move to a recent all-time high, traders are paying close attention to recent areas of upside buying pressure, including the 13215.00, 14310.00, 15708.24, 16200.00, and 17610.77 areas.  Some important retracement levels related to these ranges include 18762.96, 18154.60, 17355.69, 17112.57, 16701.07, 16304.69, and 15935.90.  Below current price activity, additional areas of technical support include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 18393.19 and the 50-bar MA (Hourly) at 19034.75.

Technical Support is expected around 16200/ 15996.17/ 15479.66 with Stops expected below.

Technical Resistance is expected around 19915.14/ 20311.36/ 21909.24 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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Why the Philippines is in a unique position for crypto adoption

Why the Philippines is in a unique position for crypto adoption

Many countries in the world are still resistant to letting their citizens legally use cryptocurrencies. However, the popularity of blockchain technology rapidly increases, and more and more countries are aware of the benefits related to the implementation of cryptosystems in their national financial markets. Today the whole world is switching to online payments and needless to say that digital currencies like cryptos are the best option to conduct payments in a quick and effective manner. However, some countries find it hard to adopt cryptocurrencies. But still, there are many countries that are believed to have amazing opportunities for developing the crypto ecosystem and one of them is the Philippines.

The landscape for crypto adoption is much more promising in the Philippines compared to many other developed countries. For years, the country has been trying hard to become crypto-friendly and this is why cryptocurrencies were legalized in the country in 2014. However, the most popular crypto, Bitcoin isn’t on the list of the digital currencies that are regulated by the Central Bank of the Philippines, and therefore, after that, the country still had to do a lot in order to fully integrate cryptos into their market. 

IMF sees huge potential in the Philippines

Now the Philippines is widely considered as a unique position for crypto adoption. Recently the International Monetary Fund (IMF) has released a report where it’s said that the crypto conditions in the Philippines are very favorable at this moment. According to the report, the Philippines should work on the way to the crypto adoption process because the country attracts more and more customers to the crypto sector. They encourage the officials to take more steps forwards in increasing the usage of blockchain technology because, considering the monetary and financial data, the Philippines has a real potential to become an effective market for these digital assets. 

Besides the fact that the customers of the country are more interested to use cryptocurrencies in daily transactions and also the number of crypto exchanges has increased, one more important reason why the Philippines has this much potential for integrating cryptocurrencies is their politically favorable atmosphere. The Philippines has really good relations with the US which is the biggest investor in the country. Specifically, the U.S. Securities and Exchange Commission (SEC) successfully performs its activities in the Philippines and the majority of SEC verified forex companies in the Philippines are US brands, meaning that there is space for further financial cooperation. Usually, the SEC ensures that investors that operate with local forex traders are protected and are responsible for maintaining fair functioning of the securities markets. 

However, it’s important to note that SEc is not the only leading investor in the Philippines, and as a result of their unique location, it’s a popular option for foreign investors from China and Japan, both very strong crypto countries. This is why the IMF believes that all it takes is just regulatory clarity for the country to thrive.

The increasing number of crypto exchanges

The increased number of crypto exchanges is another important reason why the Philippines is becoming more crypto-friendly. Recently Bangko Sentral ng Pilipinas, a central bank of the Philippines has announced that they plan to register more crypto exchanges, after already registering 13 of them. Also, the Securities and Exchange Commission has been working hard to develop crypto guidelines. These crypto projects play an important role in boosting the number of crypto exchanges. 

Besides, the country is known for its special economic zone where various crypto exchanges from overseas are officially allowed to operate as the authorities gave them a license recently. Specifically, it was revealed in June that 27 crypto exchange operators are licensed from the Cagayan Economic Zone Authority (CEZA) which has been establishing a “Crypto Valley of Asia” for firms that are operating in Cagayan Special Economic Zone. However, they are still not allowed to sell securities to Filipinos or to exchange tokens into fiat money. 

Many changes are still yet to come and this is why the Philippines is considered as one of the most optimal places for crypto adoption. However, it’s important to validate the practical need for cryptocurrencies among the local workers. Today a lot more has to be done because still, about 77% of Filipinos don’t have bank accounts because of the inaccessibility of some necessary documents and inadequate funds. But more than 10% of adult residents of the country are turning to cryptocurrency as a payment method. 

The need for the adoption of cryptocurrencies has become even more obvious after the lockdown because during this whole time people have been making digital money transactions and everybody realized the advantages of digital currencies. Now even more research is being conducted in order to identify how effective the crypto policies are in the country and what are advantages of traditional payment methods. But one thing is certain - people are already finding it practical to use cryptos despite the doubts and speculation surrounding digital currencies.

 

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