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How the inefficiencies of the current payment system will drive bitcoin adoption according to Jay Clayton of the SEC

How the inefficiencies of the current payment system will drive bitcoin adoption according to Jay Clayton of the SEC

Quick take

1 minute read

  • It was announced earlier this week that the chairman of the securities and exchange commission in the United States, Jay Clayton he’s getting ready to step down from his position in 2021. 
  • During his time as chair, Clayton looked over the rejection of nine exchange-traded funds for bitcoin (ETF). 

It was announced earlier this week that the chairman of the securities and exchange commission in the United States, Jay Clayton is getting ready to step down from his position in 2021. During his time as chair, Clayton looked over the rejection of nine exchange-traded funds for bitcoin (ETF). More recently, he said that the “inefficiencies“ of the current payment system is driving the adoption and acceptance of cryptocurrency such as bitcoin.

Recently taking part in an interview with CNBC, Clayton confirmed that the SEC and their general assessment was that bitcoin was not a security but a mechanism for payments as well as a store of value. A clip was posted to Twitter which you can see below:

Over the years, the bitcoin community has significantly criticised Clayton and his approach to the industry of crypto. That being said, he was never a direct opponent of what the currency stood for but has been very vocal about his worries about what retail investors could be exposed to in the numerous risks that come from bitcoin investment. This is why it is so important to do your own research when investing in an asset such as bitcoin.

The securities commission is of the mind that due to the unregulated nature of many platforms within the industry, it can make the price of bitcoin too easy to be manipulated. As Clayton is now stepping down from his role as chairman of the SEC, many people within the industry predicted that it can only go up from here when it comes to a bitcoin ETF being approved by the regulator.

But as regulations grow and evolve, so will bitcoin according to Clayton.

He has said:

What we are seeing is that our current payment mechanisms, domestically and internationally, have inefficiencies. Those inefficiencies are the things that are driving the rise of Bitcoin... And we’re gonna see more of that. We’re gonna see this mature and we’re gonna see more regulation around the digital payment space.

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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Nigel Farage turns to crypto buff - believes bitcoin is the best anti-lockdown investment

Nigel Farage turns to crypto buff - believes bitcoin is the best anti-lockdown investment

Quick take

1 minute read

  • Nigel Farage may be a controversial figure in the world of politics from the United Kingdom but has recently said that he has gone “full crypto“.
  • Farage discussed all things related to the world of cryptocurrency with Sam Volkering, an editor at Southbank investment research.

Nigel Farage may be a controversial figure in the world of politics from the United Kingdom but has recently said that he has gone “full crypto“.

At the end of last week, Farage took part in a video interview where he discussed all things related to the world of cryptocurrency with Sam Volkering, an editor at Southbank investment research.

Speaking in an interview, Nigel said that the Government's “funny money“ is being printed in the UK at a rapid pace in order to keep up with the economic crisis that has occurred throughout the world due to coronavirus. 

Furthermore, the two talked about the basics of cryptocurrency and answered numerous questions on the basics of crypto-assets such as bitcoin such as how to buy bitcoin and where the money goes when you invest.

He concluded that because Fiat currency is failing throughout the world, including the United States, this is important to understand what crypto is and how to use it as payment.

Interestingly, he referred to bitcoin as the best “anti-lockdown investment“.

Farage recently launched his Reform UK party in the country to oppose the other major political parties including the Conservatives and Labour.

For a long time now, journalists and experts have predicted that Farage would be 12 turn to crypto one way or another.

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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