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Bitcoin as an alternative to fiat currencies against inflation

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Bitcoin as an alternative to fiat currencies against inflation

  • 8. Dezember 2020
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According to a recent Arcane Research report commissioned by Luno, Bitcoin could be seen as an emerging alternative to the current financial system.

The report is based on an extensive international survey conducted by Luno in 2019, and repeated in 2020, and focuses on the effects of the pandemic and financial instability on the global financial system.

It also analyses investors‘ attitudes towards governments, central banks and money, with particular attention to the perception of trust and uncertainty.

Despite growing confidence in governments and central banks, the current „chaotic economic climate“ and a gloomy and unique macro-level environment are highlighted, where widespread and aggressive fiscal and monetary stimulus packages are added to possible negative interest rates, which generate assumptions of loss of purchasing power for fiat currencies.

Precisely in this perspective Bitcoin would emerge as a possible alternative.

In fact the report writes:

„In these uncertain times, it makes sense to widen the field and look for other alternatives“.

Bitcoin as an alternative to traditional assets

Under these conditions some assets, such as gold and shares, should flourish, but in the last 10 years a new form of money, bitcoin, has emerged that combines the properties of modern money and gold into a new type of asset.

It is both scarce, like gold, and easily transferable, like fiat currencies. It is in fact accessible to everyone, and with new technologies (such as Lightning Network) it can also be used for micropayments.

It is independent from politics, states and central banks, programmable and autonomous, with a predictable and unchangeable inflation rate: from now on the supply can grow at a maximum of 13.5%, making its supply known and certain.

With these assumptions, the report concludes that

„This makes bitcoin attractive as a store of value for the future“.

The fact that, in the meantime, the fiat currencies are in doubt about the exact opposite, i.e. a loss of value due to rising inflation, is allowing Bitcoin Blueprint to gain attention even from renowned investors in traditional finance, so much so that in the future BTC could become the preferred savings tool for many people.

Indeed, the report says:

„Its absolute scarcity and decentralized nature may make it the only viable option to move away from the big monetary experiment.

Beitrags-Navigation

« Bitcoin sube por encima de los 18.000 dólares, y también sube el precio de las monedas.
3 scams in one day, rip-off per AI – how dangerous is DeFi on Ethereum? Jannis Grunewald 13.12.2020 3 scams, rip-off per AI – how dangerous is DeFi? advertisement The last few days have been like a renaissance in Altcoin trading: previously unknown projects on Uniswap, the leading decentralised Ethereum exchange, have increased by thousands of per cent. Even some bigger names have gained hundreds of percent and somehow benefited from the fact that Bitcoin and Ethereum have started to weaken. Some of these rallies are based on real innovations: SnowSwap started a partnership with BadgerDAO and then gained 500 per cent, while Dynamic Set Dollar, a competitor of Empty Set Dollar, entered its bootstrapping phase and as a result has also grown enormously (by 1,000 per cent). But it has reached a point where there are some traders who buy absolutely anything they come across and look even remotely interesting. This brings fraudsters onto the scene who are trying to make quick money. So fast that last Friday three so-called „rug pulls“ took place within one day. A „rug pull“ is a term that became popular in the DeFi sector last summer to describe hacks or scams. The two „rebase“ rug pulls In recent days, „rebase Coins“ have been one of the biggest trends for DeFi speculators. Rebasing is a crypto term popularised by Ampleforth. The basic idea is that the supply of a crypto currency can contract or expand based on demand, or certain price thresholds that traders must meet. For some reason, in recent days, investors have entered into every rebasing coin in a FOMO fashion. Including questionable presales from new developers. One coin, DeFiB, promised to be an Ethereum-based rebasing coin that would automatically increase to the value of all DeFi tokens in circulation. Unfortunately it did not. The project’s developers had suddenly disappeared and deleted their telegram and Twitter, while users noticed that around 600 ETH (~$300,000) worth of liquidity had been drained from the DeFiB pool. Strangely enough, some of the lost funds were apparently distributed back to the people affected. A little later then iBase, yet another rebasing coin. Many were sure that it would work because it was allegedly founded by a developer of a long-standing „yF“ project, yFFS Finance. Some 300 ETH (~$130,000) were collected in a private advance sale that was reportedly completed in less than a minute. The developer aimed to invest part of the ETH from the pre-sale in uniswap to allow speculators to bet on the coin. But when it came time to use these funds, the telegram channel for iBase was deleted. Decentralised fund manager platform steals almost $1,000,000 The biggest „rug pull“ yesterday was the theft of about 1,450 Ethereum, or about $800,000. DeTrade Fund, which allegedly would allow any Ethereum user to participate in arbitrage (a trading method often reserved for advanced funds), collected 1,450 ETH in a pre-sale. It attracted attention in some segments of the Ethereum community because the company was registered in the UK and audited by a respected Ethereum auditor. But yesterday, the team deleted its social media profiles and made off with the money. There is an ongoing debate on Twitter about whether the team used a freelancer or even a deepfake of artificial intelligence to create a character to promote their product. Proponents of the Deepfake theory refer to the video below, which shows the project’s CEO apparently discussing the DeTrade Fund »

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