Cryptocurrency Best Bitcoin Wallets For Safe And Secure Storage Guide

The best Bitcoin wallets for safe and secure storage


The Nano S is essentially the same as its successor, the Nano X, minus a couple of features. Both support the same list of cryptos and have access to the Ledger Live software. Unlike the Nano X, Nano S lacks Bluetooth connectivity, and it only stores up to 18 wallets versus the 100 wallets that can be simultaneously stored with Nano X.



Coinbase

is one of the easiest ways to buy, sell, and hold cryptocurrencies. With Coinbase, you can connect a U.S. bank account and easily transfer dollars in or out of your Coinbase investing and trading account. You can also use a standalone Coinbase wallet for mobile.


Robinhood

Mostly used as a mobile-first platform but has a desktop version, available on the web, too. And what really sets Robinhood apart is that it’s completely free to use. There are no commissions when buying or selling Bitcoin. Robinhood customers can currently buy, sell, and hold Bitcoin, as well as six other cryptocurrencies.

Exodus



While it is great for beginners, more advanced users may find it lacking in some features. First, Exodus is a closed source wallet. This goes against the ethos of the idea of Bitcoin and blockchain and can create some security concerns as its code is not open for everyone to see. Instead, users rely on the Exodus team to ensure there are no holes in the security of its wallet.


InstantPay



With InstantPay for Bitcoin Cash, payments move faster than Visa, Mastercard, and any cryptocurrency wallet out there. Simply set your spending threshold, scan the QR code, and your payment will auto-complete in an instant.

This digital exchange and online cryptocurrency wallet provider is great for people new to Bitcoin. It makes buying and selling very similar to buying and selling stock through your brokerage account. Coinbase trading accounts can hold at least 46 different tradable cryptocurrencies, including U.S. dollars and the Coinbase USD Coin, which is pegged to the dollar. Some coins can even earn interest.

2FA


Two-factor authentication (2FA) is a way to add additional security to your wallet. The first ‘factor’ is your password for your wallet. The second ‘factor’ is a verification code retrieved via text message or from an app on a mobile device. 2FA is conceptually similar to a security token device that banks in some countries require for online banking. It likely requires relying on the availability of a third party to provide the service.

Bech32

is a special address format made possible by SegWit. This address format is also known as ‘bc1 addresses’. Some bitcoin wallets and services do not yet support sending or receiving to Bech32 addresses.

Full nodes

Some wallets fully validate transactions and blocks. Almost all full nodes help the network by accepting transactions and blocks from other full nodes, validating those transactions and blocks, and then relaying them to further full nodes.

Hardware Wallet

Some wallets can pair and connect to a hardware wallet in addition to being able to send to them.

While sending to a hardware wallet is something most all wallets can do, being able to pair with one is a unique feature. This feature enables you to be able to send and receive directly to and from a hardware wallet.

Legacy Addresses

Most wallets have the ability to send and receive with legacy bitcoin addresses. Legacy addresses start with 1 or 3 (as opposed to starting with bc1).

Without legacy address support, you may not be able to receive bitcoin from older wallets or exchanges.

Lightning network

The Lightning Network is new and somewhat experimental. It supports transferring bitcoin without having to record each transaction on the blockchain, resulting in faster transactions and lower fees.

SegWit

Some wallets support SegWit, which uses block chain space more efficiently. This helps reduce fees paid by helping the Bitcoin network scale and sets the foundation for second layer solutions such as the Lightning Network.

Reference

Best Bitcoin Wallets of 2021

Bitcoin Wallet | Store Bitcoin Cash (BCH) & Bitcoin (BTC)

Choose your wallet

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Bitcoin Is Now a Trillion-Dollar Asset: Where Do We Go From Here?

Bitcoin Is Now a Trillion-Dollar Asset: Where Do We Go From Here? 1

The milestone isn’t just psychological, and potentially opens entire new groups of investors who couldn’t participate previously.

This episode is sponsored by Nexo.io.

Bitcoin is officially a $1 trillion asset. As the price surged over $54,000, the total market cap of bitcoin reached the new all-time high.

In this episode, NLW explores the significance of the milestone, arguing:

  • There has been a slate of good news, from BlackRock rumblings to Canadian ETFs that have been driving recent price action
  • There are a variety of institutions that couldn’t allocate to the space before because it was too small but which are now in play
  • In the wake of the milestone, we’re likely to see more research house FUD
  • We’re also likely to see a number of major bitcoin positions announced in the days to come

See also: Bitcoin Market Value Tops $1T as Price Passes $53,697

Image credit: uzenzen/iStock/Getty Images Plus

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Bitcoin Lending Platform BlockFi Raises $350 Million

Crypto lending firm BlockFi has raised $350 million in Series D investment, with a valuation of $3 billion.

BlockFi Promoting Crypto Finance

Centralized lending platform BlockFi has raised $350 million from venture capitalists led by Bain Capital Ventures, partners of DST Global, Pomp Investments, and Tiger Global co-led the Series D funding round.

Founded by Zac Prince and Flori Marquez, BlockFi had raised a total of $100 million in seed and Series C funding rounds, with a valuation of $450 million in August last year. In less than six months, the company has attained a market valuation of $3 billion. Their monthly revenue is over $50 million.

PayPal founder Pieter Thiels’ venture fund Valar Ventures, Breyer Capital, Susquehanna Government Products, Jump Capital, and Paradigm were some of the early investors in BlockFi.

BlockFi has over $15 billion in assets and boasts a user base of 225,000. In comparison, on top DeFi lending platforms like MakerDAO and Compound, the total asset is $6.8 billion and $5.6 billion, respectively. 

Crypto lending and decentralized exchanges have been the major contributors to the $41 billion boom in DeFi liquidity. BlockFi’s competition in the centralized category includes Crypto.com, Celcius Network, and Hodlnaut.

BlockFi offers crypto-backed—Bitcoin, Ethereum, Litecoin, and Paxful Gold stablecoin—loans at a 4.5% annual interest rate. It also offers annual returns of up to 8.7%—similar to a savings bank account—on crypto holdings of the above cryptocurrencies adding stablecoins and LINK token.

The online platform also functions as a crypto exchange and will soon rollout BTC rewards VISA cards.

Disclosure: The author held Bitcoin at the time of press.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

 

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You Can Now Buy A Used Hyundai With Bitcoin, Not Just A Lambo

HGreg, a Quebec-based vehicle superstore with 30 North American locations, will begin accepting cryptocurrency payments for new or pre-owned vehicles this month. 

The auto dealer, which has locations in Quebec and Florida, is becoming one of the first large automotive groups to accept digital asset payments in its day-to-day operations. The company claims to have sold 500,000 vehicles over the past 25 years and maintains a warehouse in Miami that’s stocked with over 1,000 cars.

“A portion of the revenue from sales made in cryptocurrency will be kept in this format by the company,” HGreg said, indicating that it plans to hold digital assets like Bitcoin (BTC) on its balance sheet.

In terms of accepting crypto payments, the dealership said:

“We’re pleased today to be at the forefront of technology, giving our customers another payment option. We also believe it will be advantageous to keep some of our assets in cryptocurrency.”

The dealership sells a wide variety of used cars, from Hyundais to Lamborghinis. Crypto users can therefore use their funds to buy practical cars in addition to luxury vehicles. HGreg claims to have the largest inventory of vehicles in Canada.

HGreg’s decision to accept cryptocurrency payments comes on the heels of Tesla’s entry into the Bitcoin market. As Cointelegraph reported last month, the electric vehicle maker allocated 7.7% of its gross cash position to Bitcoin. In the process, the company announced it will begin accepting BTC for payment.

While cryptocurrencies remain largely within the domain of investments, payment infrastructure is increasingly integrating digital assets. OLB Group recently enabled crypto payments for thousands of U.S. merchants, allowing businesses to accept BTC, Ethereum (ETH), USDC and Dai.

A car enthusiast who spent 37 BTC on two used Hondas in 2017 might wish he had waited…

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Best Crypto Wallets: Choosing The Best Wallet For Crypto

 

If you are new to trading and investing in cryptocurrency, a hardware wallet can be a bit redundant – it is generally believed that you should buy a hardware wallet when you have a large amount of cryptocurrency and want to maintain its security. Being an active trader can further prevent this problem in business, software and online wallets are much more convenient.

 

Best bitcoin wallet

 

Electrum can be downloaded for operating systems Windows, Mac OS, and Linux. It is a popular wallet for desktop software, but it is also the most technical wallet. If you are a beginner in Bitcoin and cryptocurrency, this program may not be the right choice for you.

Like Electrum, mycelium is one of the earliest wallets in space. As with Electrum, you can set custom transaction fees to choose how long you are willing to wait for the transaction to complete.

When it comes to Coinbase, most cryptocurrencies refer to it as an exchange. Yes, it also has its own software wallet, which can be considered as an online or web wallet.

 

Best Crypto Wallets: Choosing The Best Wallet For Crypto 2

 

In addition, the cryptocurrency wallet is decentralized and does not collect any personal information about you. It integrates several card payment processors into your wallet so you can buy cryptocurrency without leaving the mobile app.

Jaxx Liberty also charges fees for your transactions. Although it is worth mentioning that these fees are not charged to the wallet, they are sent to the miners in the network.

 

 

How Cryptojacking Hackers use Phishing and Software Vulnerabilities To Mine Crypto On Your Machines

 

A bitcoin wallet is a place to store digital bitcoins and verify transactions when you use them. The wallet contains secret information, called a private key or seed, which is used to verify the transaction and “sign” so that your Bitcoin can be used to buy or exchange another asset. This prevents others from using your Bitcoin or third parties to change the transaction.

 

 

 

 

 

 

Cryptocurrency Beta Earn Bitcoin By Watching Videos

 

Yes, this really works. It’s not that hard either. It’s actually a lot of fun, to be honest, I started using the trading bot a few weeks ago and I’m already profiting. I’m surprised more people aren’t doing this.

 

Earn Bitcoin Watching Videos - Bittube

 

I’d just like to add my story, I think others would like to hear it. I got involved in crypto a few years back. This was when bitcoin was only a few bucks. I ended up selling all my bitcoin when it was only $75. Easily the worst financial decision I’ve ever made in my life. Because of a few different reasons, I didn’t get back into crypto until recently. I just started trading bitcoin with this beta testing group and I’m going to keep all my bitcoin this time.

Cryptocurrency will be the biggest wealth transfer of our generation. Bitcoin is turning into our generation’s version of digital gold, and YES it has it’s ups and downs. But it’s trending upwards. I know it might be hard for some to believe, but in the near future, bitcoin could be worth 100k to a million dollars easily. Trust me, get in now while you still can.

 

Cryptocurrency earn Bitcoin by watching videos

 

For example, you can register as a participant for research studies on the University of Cambridge’s website. Although they are asking for volunteers, they offer “modest monetary compensation” to people who take part.

As with the other recommended sites on this list that pay you to watch videos, the more you branch out on SuccessBux, the more you earn. So, as well as watching videos, it’s also worth trying out the other money making tasks on there, like answering surveys and referring friends. Most people are aware of Bitcoin, but a little known fact is that there are literally thousands of alternative cryptocurrencies out there. These alternative cryptocurrencies are commonly called “altcoins”, short for alternative coins.

Some of the most popular are Ethreum, Litecoin, and Dash. Though Bitcoin has enjoyed a large amount of media attention over it’s huge price gains, many of these lesser-known cryptocurrencies have had just as much if not more of a price increase in the last couple of years. Another aspect that all these cryptocurrencies share is volatility, which to a typical investor may seem like a deterrent, However, to a day trader, it’s a big plus. Trading Bitcoin and altcoins allow the trader an amazing opportunity to take advantage of outrageous price fluctuations that just aren’t seen in the traditional marketplace. For these reasons, day traders are currently flocking to trade cryptocurrencies.

Reference

9 ways to make money from watching videos 

Cryptocurrency Bat Earn Bitcoin By Watching Videos

 

This Man Owns $321M In Bitcoin – But He Can’t Access It Because He Lost His Password

Stefan Thomas, the founder and CEO of micropayment streaming service Coil, has $321 million worth of bitcoins he can’t access. (Submitted by Stefan Thomas) As It Happens 6:59 Stefan Thomas is a bitcoin millionaire. Or, he would be if only he could remember his password. The San Francisco software developer […]

As Biden preps $3T stimulus, Bitcoin could be set to erupt

 

The incoming Biden administration’s plan to flood the U.S. economy with trillions of dollars could ignite the next leg of the Bitcoin (BTC) bull market, as more investors seek refuge from a crumbling United States dollar.

Axios, an Arlington-based news outlet, reported Thursday that Joe Biden has asked Congress to provide Americans with $2,000 in stimulus payments to help offset the economic devastation of Covid-19. The incoming president has also proposed a $3 trillion tax and infrastructure package as part of his “Build Back Better” program.

Biden doubled down on his call for more direct relief to Americans following Friday’s disappointing jobs report showing a loss of 140,000 positions in December.

He said:

“Economic research confirms that with conditions like the crisis today, especially with such low interest rates, taking immediate action – even with deficit financing – is going to help the economy”

If 2020 is anything to go by, the new tidal wave of stimulus could be another catalyst for Bitcoin as more money floods the market and makes its way into asset prices.

Even Donald Trump, a Republican, was no stranger to stimulus. Under his leadership, the United States passed a historic $2 trillion stimulus bill in March. Trump also signed a $900 billion relief package last month that would pave the wave for $600 stimulus checks.

The federal government’s inflation-boosting policies have coincided with record intervention from the Federal Reserve, which deployed trillions of dollars in 2020 to combat a liquidity crisis and keep overnight rates under control.

As Biden preps $3T stimulus, Bitcoin could be set to erupt 3
The Federal Reserve’s balance sheet has exploded this year. 

Although these policies provided a strong backstop for risk-on assets – a category that has included Bitcoin in the past – the emerging narrative surrounding BTC is that it’s a hedge against inflation.

This is not only corroborated by Bitcoin’s historic outperformance over the past 11 years but also by the fresh wave of institutional money entering the market. Institutions are buying Bitcoin with a clear purpose, and may one day become the industry’s “mega HODLers.”

Bitcoin’s digital gold narrative has been one of the biggest catalysts behind the institutional shift towards BTC. This narrative helped fuel Bitcoin’s 300% rally in 2020 and its more than doubling in price over the past three weeks. This trend could intensify in 2021 as the dollar’s purchasing power continues to erode.

Even JPMorgan Chase has acknowledged that Bitcoin is taking market share from gold, the traditional haven asset. On Friday, one Bitcoin was worth more than 22 ounces of gold, which represents a new all-time high.

As Biden preps $3T stimulus, Bitcoin could be set to erupt 4
Gold vs. BTC

 

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What Does The Future Hold For Cryptocurrency?

This time, the news of Bitcoin’s recovery has weakened out of context, and only those who are deeply involved in cryptocurrency and truly believe in the future of blockchain technology and its widespread adoption can discuss it. Maybe there is no frenzy this time because some people are worried that they will fall again. Maybe because this bull market can be a real deal.

Not only do they let others buy it to support it but they buy it themselves. Large companies such as Square and Galaxy Digital Holdings actually store millions of dollars in Bitcoin. This may be good news, as it means that Bitcoin holders at the demonstration may be reluctant to sell shares because they do not usually buy institutional investments for quick profits.

future of cryptocurrency

According to Deutsche Bank, the current monetary system is fragile. Deutsche Bank believes that the number of users of digital currency will exceed 200 million by 2030. In the report “Imagine 2030”, Deutsche Bank stated that the demand for anonymity and more decentralized payment methods will grow, digital currencies will eventually replace cash one day. Ilias Louis Hatzis is the founder of Mercato Blockchain Corporation AG and a weekly columnist for DailyFintech.com. Usually, at this time of year, we start reading predictions that the price of Bitcoin will reach one million dollars. I’ve never been a big fan of price predictions. Some do them right, while most do them wrong.

Price forecasts are about short-term gains and are usually variable. Recently, I saw an interesting prediction in the news. Deutsche Bank made a very bold statement. The German bank released a research report called “Imagination 2030”. The bank stated that cryptocurrency is currently only a complement to the current cash payment system. But over the next ten years, they may be replaced. Deutsche Bank predicts that the number of cryptocurrency users will increase fourfold over the next ten years to 200 million. For the first 20 years, this growth was almost the same as the Internet.

Although many regions in Africa have not yet adopted any drone-related laws, promising innovations are gaining ground. Medical drones have saved lives in Rwanda and delivered deliveries in just 15 minutes.

Professor Joseph A. Grundfest (Joseph A. As a former SEC and financial systems expert, Stanford University Law School Professor Grundfest has a unique position when it comes to commenting on the future of cryptocurrencies.

 

 

 

 

 

 

Reference

Cryptocurrency: Redefining the Future of Finance 

Laurent Leloup / Fintech & Blocktech Daily News 1970, Is Cryptocurrency the Future of Money?

What Does the Future Hold for Cryptocurrency?

What Is the Future of Cryptocurrency?

Why Mexico’s Second Richest Man Invested In Bitcoin

Video transcription

I bought Bitcoins around 500 dollar and then l saw it start going up, so I thought I’m a genius at investment.

His name is Ricardo, Salinas, Plego, the founder and chairman of grupo Salinas with a fortune estimated at 12.6 billion dollars.

He is the second richest man in Mexico. Not long ago, Salinas revealed that 10 of his liquid assets are in Bitcoin. That may look a little irresponsible in Latin American conservative business circles. It’s a joke, it’s made of air. It has nothing tangible to back it up.

You know you heard all the arguments, so what is the rationale behind Salinas massive Bitcoin allocation, and why is Latin America a promising market for digital gold? to find out join us in our latest coin telegraph interview.

What’s up everyone, l’m giovanni! Welcome back to another coin! Telegraph show today I have the pleasure to be joined by Ricardo Salinas founder and chairman at grupo Salinas. How are you doing today? Ricardo, I am doing very well.

Hello from Mexico to everybody, so Ricardo. I would like to know what was the first time you heard about Bitcoin well, it was, I was invited to a conference in New York city. I think it was organized by sap. You know the guys that do enterprise software and there were different sessions and one of the sessions.

This guy from grayscale showed up and he gave us the whole talk about Bitcoin and how he’s going to take over, and l thought man this is really interesting. It immediately attracted my attention, l said: well, let’s try it out and see what happens and l put in a small amount. It was trading at the 200 per Bitcoin, it was 2013, I didn’t understand this thing about the wallet and buying it in the exchange and so forth.

...

It was very complicated. So what I liked about great scale, was they simplified it. Basically you’d put your money in a trust. Then this trust would do the investment they would take care of the whole thing they would take care of the custody they sent you, you know a monthly  statement.

Oh, that was a very good arrangement and eventually that that trust turned into gbtc, which is now an exchange-traded product. So I was very happy about it, but I’ll tell you the next part, which is very interesting. This was on the 1st of november. It was 200 and then l looked at it again on the 20th of november and it was already 550.

...

So I thought I’m a genius at investment,  I said I want to add some more so added a lot more and stayed in there for all the way until 2017. We made a very nice trading, profit cool.  What is the property of Bitcoin that attracted your attention back then a digital asset that can be traded freely across the world.

I think that’s the most powerful thing you know um, because we have digital assets like fiat, currency, digital money, it’s very difficult to make that digital money or fiat money travel across the world. So if I have some pesos right now – and i wanted to send you – don’t know – a thousand dollars – we’d have to first sell those pesos buy the dollars, get the dollars, buy some euros figure out how to send their euros to Europe, and then you could collect your money over there very difficult, so I’m because we’re in the payment business here in Mexico, we’re really big in that it attracted my attention as a payment vehicle, but then I figured out that no, it was not the payment issue. It’s the store of value that really makes it valuable. So that’s where we are today, I’m a big believer in the store value function.

...

Why do you think that Bitcoin is more valuable as a store of value than as a means of payment?

Because I think the the the payment application across borders is a fantastic application. I think it still has a lot of merit, but the thing is the volume of that for small payments is not important. I mean cross-border payments with big money is very important, but big money players are not into Bitcoin, so we have to focus on small players, small amounts and – and that’s not a big volume.

Payments is mostly inside the current the country inside the currency system. So, in that respect, the application is, is the application for Bitcoin in that environment is useless?

It doesn’t matter because there’s a very good way for me to transfer pesos from one individual to another inside my country right still, a lot of Bitcoin proponents say that Bitcoin has a great potential in the field of remittances, for example in the US. There are a lot of Mexicans working and sending money every month back to Mexico.

Don’t you think that that’s a great use case for Bitcoin, I think so, and it’s just a question of time. You know make people to adopt it. I mean the people who send money from the US to Mexico are not sophisticated customers. They are mostly manual workers trying to make a living in the United States, and they it takes a lot of effort for them to to win their dollars, and then they don’t have the means, I think,  to participate in a Bitcoin transfer scheme, but I mean it’s obviously doable and to the degree that that Bitcoin is easily available and accessible in the US to these people.

They could do that easily and we want to have in our banking system. We want to have a brokerage system attached to the bank, where we can accept and Bitcoins and trade them into pesos and also sell them, we’re working on all that. I just don’t see a big volume of it right now, but I think it’s it’s definitely going to grow so in between 2013 the year where you first bought Bitcoin and today Bitcoin experienced a lot of ups and downs.

...

Did you ever lose faith in the asset?

Well, let me tell you that’s a very good and interesting story because, obviously, when I bought the coins around 500 and then I started saw it start going up, I mean I was going crazy because I thought that I had to sell them. I mean it was obviously ridiculous right. It so happened that this trust that greyscale had it was impossible to get out of it until a certain date. So through no merit through no merit of mine, I had to sit around until that date came, which was in february of 2017, and then I could take possession of the of the asset and and sell it.

It’s not because I’m a genius, it just happened that I was not able to sell it. I was not able to short it. I was not able to hedge it, so just sat around and I think it’s been a great investment lesson.

Okay, so you said that you gained back control of your Bitcoin investment in february 2017. That year later, we had the Bitcoin price skyrocketing and then it crashed, and then we had the bear market in 2018..

How did your attitude towards Bitcoin change during that bear market?

It was fantastic timing again and also through no merit of mine, but I think the peak was in December around 20 000 and then in fair in in January, when I got hold of the asset, it was 17000. I sold it at 17 000. and got out of it completely. I had a big party, I’m very happy.

It was all my best investments ever, but you know we always return to the scene of the crime right. So when it went down to ten thousand, I thought well now it’s more reasonable and I bought some of the at that time, and then it went down more to six thousand.

I bought some more and and that’s where I am where our average right now is around 9 000 and I’m not selling it. I think I’m going to sit around for another 5 or 10 years, so you recently revealed that 10 of your liquid portfolio is in Bitcoin. That’s a pretty massive position for an asset that is still considered by many investors to be highly risky and volatile.

Can you explain the rationale behind your portfolio construction?

Well, I always view my holdings as core holdings comprised of stocks in my companies equity in my company. This is my main position and that’s not for sale. It’s not for trade, it’s forever, so other than that stock portfolio. In my own equity, I have a good size trading portfolio that I call my liquid acids and I’ve always had those liquid acids mostly invested in in hard acids like gold, silver and precious metal miners.

That’s sort of been my my destination. I don’t trade in the high-tech stocks, the Nasdaq stocks, all the high flyers, the fangs, never touch them. I’m much more of a value investor, and so that’s why i have my liquid assets in the let’s call it hard money portfolio. So, for me, to take 10 of that and put it into Bitcoin is not a big deal. It’s just the position and hopefully it will turn out okay.

...

Do you plan to increase your Bitcoin position in the near future when it drops?

I will certainly increase my position if it drops so, as reported by bloomberg your bigger listed assets, which is conglomerate group Electra Sab and TV Azteca slumped by 10 and 60 respectively this year.

Did your Bitcoin investments help to make up for some of those losses?

No, no, no, not even close, but you know again, those are my my main uh equity investments.

They happen to be quoted, listed, but they’re not for sale and at any price. So l’m not worried about the valuation of my my companies, I’m not in the stock selling business. I am in the money making business and as long as the companies continue to make money, we’re very happy okay, so my next question would be.

Why do you think that Bitcoin is so popular in Latin America?

I’m not so sure if it’s so popular in Latin America, but I mean obviously, what’s happened in Venezuela and Argentina where fiat money is collapsing and it’s become a scandal.

The way you see those wheelbarrows of of uh Venezuelan cash being thrown in the dumpsters, I mean it really opens your eyes to the problem of fiat cash. You know and most of our countries – I would say every country in Latin America has gone through some horrific inflation periods and it’s hard to forget that l mean there’s a lot of young people out there.

I’m 65 and remember what happened in the 80s. I remember very well and the the destruction of wealth and the transfer of value from the people to the government was was horrible and I think that creates a fertile ground for someone who who’s worried about preserving their capital.

Obviously this is a problem also in other countries, in Africa, for example, and in Lebanon. You know we have Zimbabwe, which is a basket case, and now Lebanese is a terrible thing, but this is what happens to fiat money.

You have been talking about Latin American currencies and also occurrences from developing countries, but what about the dollar?

A lot of our guests say that the dollar might face the same kind of debasement soon. What do you think about these predictions?

Well, the thing with the dollar is that, because it’s a reserve currency, a worldwide reserve currency, it has different kinds of rules, I mean, but the way they manage their central bank is like a third world banana republic. You know when internal credit of the federal reserve. More than doubles year over year I mean this is outrageous, it’s only because they’re Americans and they can get away with it any other country would have a massive depreciation.

...

However, having said that, what is the competition?

Europe is doing the same thing and I’m not sure about Japan, I’m not sure about the numbers, but Japan has also increased the central bank balance sheet in a horrific amount.

So what we’re seeing is that all the fiat, the major fiat currencies, are being debased as we speak so having the dollar collapse against the other currencies doesn’t make any sense. What’s going to happen is happening.

Is that asset prices go up in terms of dollars and that’s why we see the booming stock market in the United  States?

I’m pretty curious to know what is the most common perception of Bitcoin among Latin American entrepreneurs. I think there’s not really a perception very, very few people know about this and you know it’s the usual. If you get into a discussion about it, people say well, it’s it’s a it’s a joke! There’s nothing behind it! It’s made of air! It has nothing tangible to back it up. You know, you heard all the arguments. People are the same across the world, they all say the same thing right. So in this kind of conversation with your peers, you are always the outsider right. Oh, yes, I’m very much used to being an outsider okay.

I’m curious to know what is your counter argument that you usually use in these conversations with your peers to defend Bitcoin?

I think the main confusion is people come up with this idea that, oh it’s not money so well, we have to go to definitions of what is money. You know money as a unit of account as a means of exchange as a store of value, and but anybody who studies monetary history knows that money has been evolving across time.

I mean that’s why I mentioned the book of the Bitcoin standard by this Lebanese gentleman cefedine and he has a really excellent chapter on monetary history and he takes us through how people used to have. You know big rocks as as proof of wealth, and then these rocks were traded and then how you go to copper and iron. People need to exchange stuff right and what they use to exchange is the most tradeable commodity, that’s within their reach, and that’s why gold and silver became very good instruments for trade they’re commodities.

They have some use and they’re highly desirable and they’re easy to exchange. So I mean, if you just consider that logic and the way that most of the world has now gone to an all digital money, bits and bytes in the ether i mean, what’s so bad about Bitcoin, it’s bits and bytes in the ether, but the big thing is it cannot be debased and it cannot be confiscated that easily it can be confiscated, but not so easily right.

So there’s got a lot of things going for it as a means of exchange. It’s actually a pretty good commodity to be used as a means of exchange. If you want to call it money or not, it’s totally personal doesn’t matter all right now, switching topic. According to a report published by intelligence, firm insights, the majority of the world’s illicit crypto funds ends up on Latin American crypto exchanges, and that is because, apparently, Latin American exchanges have very lacks kyc and aml procedures.

...

Don’t you think that this trend could prevent crypto from establishing itself as a legit asset in Latin America?

That has nothing to do with know your customer in in anti-money laundering much less with terrorism financing. If this is just you know, the established governments don’t like Bitcoin, because it’s a competition to their fiat currency and they don’t like it and they want to get get them down. So that’s what’s happening and I think in terms of Latin America, I don’t think that there’s a lot of Bitcoin volume.

As far as I know, in Mexico, or in Venezuela or Argentina, I mean there’s got to be much less than what is traded in the us and europe. If you talk about volumes, so no I’m not worried about that. I just think that there’s a lot of hypocrisy by the establishment about this new currency being used for nefarious purposes, that’s just propaganda to try and derail the product.

Okay, so you don’t think that this illicit crypto activity could prevent Bitcoin to become a legit asset?

To become accepted by large investors and institutions in Latin America, I think there’s a big difference between being legal and being legitimate. I mean the asset is legitimate period. End of story, there’s no question about it. It’s an asset that you can buy. You can sell with the willing third party there’s no question about being legitimate.

Now any government waiving their magic wand of legislation can turn it into an illegal asset. And America again is a good example. I mean gold was a very legal asset until 1931, when it became illegal and criminal to hold goal. Judge the stroke of a pen.

Roosevelt did that so will it be? Will it be legal? I don’t know, will some governments try to make it illegal? Probably are we so concerned about that?

No, it’s just the way things are awesome, thanks a lot Ricardo that was a great conversation. Well, thank you Giovanni and hopefully, we’ll have a very nice Bitcoin year now that it goes over 20 000 any day. Now that was Ricardo, Salinas, founder and chairman at Group Salinas, I’m Giovanni your host, if you enjoyed the interview, don’t forget to like the video and subscribe to our channel.

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