Bitcoin
Learn about alternative use cases for crypto
Published
1 year agoon
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adminCryptocurrencies have many alternative use cases that don’t always get as much coverage in the press, so we’re going over six of our favorite use cases for crypto.
1. Charity
As the popularity of crypto has grown, so has the desire to donate it.
With charitable organizations starting to accept cryptocurrency, users have found donation to be a great use case for their crypto.
Famously, Ethereum founder Vitalik Buterin donated $1 billion to the India Covid Relief fund as well as $5 million in ETH to aid in Ukraine.
Donating crypto could have unique tax implications based on where you live, so consult a qualified tax or legal professional for more information on your specific reporting requirements.
According to a report from the crypto donation platform The Giving Block, there are some great reasons why nonprofits accept crypto donations:
- Diversification. Crypto opens up another donation stream for nonprofits, increasing the potential for positive fundraising outcomes.
- Increased adoption. Accepting crypto donations allows nonprofits to reach donors that may have not had a way to donate before.
- Tax efficiency. Donors may be able to reduce their tax burdens, resulting in more available funds for donation.
Crypto donations are on the rise, and you can learn more in our podcast with Save the Children about their aid efforts in Ukraine.
2. Remittances
Remittance is a word that comes up frequently in crypto discussions, and it simply means sending money from one party to another.
A remittance is usually a payment, but often when used in relation to crypto, it means people sending money internationally.
Sending money through traditional payment rails is often expensive and slow. Using crypto for international transfers is both faster and, usually, cheaper.
Using crypto is also sometimes the only option for people who can’t access financial services like a bank, or where international transfers are restricted.
Guatemala features numerous bitcoin ATMs, where users can access their non-custodial wallets and exchange BTC for local currency, and many businesses throughout the country now accept crypto as payment.
If the Guatemalan crypto economy seems interesting (and it is), learn more about it in our article, “LatAm’s Crypto Boom: Guatemala.”
3. Store of value
Crypto offers an alternative way for people to store value, especially in places where the national fiat currency may be volatile or unstable.
For people living in countries where this is common, using a tool like stablecoins makes it possible for them to hold onto monetary value, even during times of severe inflation.
Stablecoins are cryptocurrencies that are tied to another value, like the US dollar, and maintain a comparatively steady value.
This stability allows people and businesses to continue making transactions using a currency with a known value, and enables them to build wealth despite localized market conditions.
You can learn more about how this works in our article, “Stablecoins, Explained.”
4. Identity management
Using blockchain technology, you can own a public address where you manage and control your data.
This technology has extended into many areas, such as online identities in Web3, healthcare and legal records, ownership of art, and of course financial transactions.
Since the blockchain is permanent and immutable, it could serve as the most secure digital option for maintaining important records. Blockchain records can also be transferred easily, and access can be recorded without revealing the data contained within the address.
Unstoppable Domains offer a gateway to a fully controlled digital identity through decentralized domain names. These domains can be used as your universal username to access Web3 apps, websites, gaming and the metaverse.
Sandy Carter, Senior Vice President and Channel Chief at Unstoppable Domains, gives the following example:
“Using an NFT domain such as .blockchain enables you to give permissions to who can use that data, when they can use it, and how much they can use,” explained Carter.
“I may want to share my email with a certain organization, but I may not want to share my citizenship or my address.”
Hear more from Sandy and Blockchain.com co-founder Nic Cary in our podcast episode, “Your Online Identity in Web3.”
5. Enabling enterprise
Cryptocurrency and decentralized finance (DeFi) don’t require the same infrastructure as traditional finance, such as banks, creating many opportunities for entrepreneurs to use crypto in their businesses.
Using crypto and other permissionless DeFi tools that don’t require a bank or government to work means that businesses can start and grow, even if a nation’s economy or currency can’t match that growth.
In places like Africa and Latin America, business owners are using crypto to fund daily operations and perform transactions.
6. NFTs
NFTs have received a great deal of attention throughout 2020 and 2021. If you’re not familiar, NFT stands for non-fungible token, and is a digital asset stored on a blockchain that is unique and impossible to replicate.
An NFT is a digital smart contract that represents a real item of value, whether digital or physical. Each NFT has its own individual history that can be traced back to the original owner, and they offer numerous benefits:
- They help prove the authenticity of digital assets and ownership.
- Artists can sell their work directly to fans without intermediaries.
- They can be used to represent real-world assets.
- NFTs can be used to create a real digital identity.
NFTs can be used in many industries, including art, gaming, fashion, logistics and events. They can be used for collectibles, managing data, or accessing unique benefits.
Our beginner’s guide to NFTs only takes a few minutes to read, but will give you a good basic understanding of NFTs and how they can be used.
What’s next for crypto?
In the coming months and years, cryptocurrency technology will continue to progress, and there’s a wide range of possibilities for crypto, DeFi and Web3 alike.
We’d love to hear what your favorite use cases for crypto are — tweet us @blockchain
If you’d like to learn more about creating a Blockchain.com Wallet, click here to get started today.
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The Bitcoin price has experienced heightened volatility over the past week. After recovering from a low of $56,500, the largest cryptocurrency in the market surged to $65,500 within four days. However, it has since retraced some of its gains and is currently testing the $61,000 support level.
Despite this volatility and the absence of strong bullish momentum, venture capital firm Pantera Capital remains optimistic about the future of BTC’s price, citing the recent Halving event as a significant factor.
Pantera Capital Projects $117,000 Price Target By 2025
In a recent investor letter, Pantera Capital revealed its Bitcoin Halving rallies model, which predicts a bottoming out of the BTC price followed by a rise through the Halving rally.
Based on the average duration of previous rallies, the firm forecasts that BTC’s price will peak at $117,000 in August 2025. The average total duration of this cycle, encompassing pre- and post-Halving rallies, has historically been around 2.6 years, with symmetry observed across cycles.
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Pantera Capital highlights the relationship between Halving events and BTC’s price. The firm asserts that if the demand for new Bitcoin remains constant while the supply of new Bitcoin is reduced by half, it will create upward pressure on the price.
The anticipation of a price increase has also historically driven increased demand for Bitcoin leading up to Halving events. However, Pantera Capital acknowledges that the impact of each subsequent Halving on price may diminish as the reduction in the supply of new Bitcoin from previous Halvings becomes less significant.
Moreover, the firm notes that, on average, the Pantera Bitcoin Fund has nearly doubled in value for eleven years. Based on this historical performance, Pantera Capital envisions a scenario in which the price of Bitcoin reaches $117,000 by 2025.
Bullish Bitcoin Price Predictions
Renowned crypto analyst Titan of Crypto has recently taken to social media platform X (formerly Twitter) to share bullish predictions for the Bitcoin price. With forecasts ranging from $75,000 to $110,000, Titan of Crypto highlights various factors and patterns that could potentially drive BTC’s growth.
According to Titan of Crypto, a price rise to $110,000 for Bitcoin is “programmed.” While the analyst did not elaborate on the specifics of this programming, it suggests a strong conviction in BTC’s potential to reach that level.
Titan of Crypto also identifies a current head-and-shoulders pattern in the Bitcoin price chart. If this pattern holds, the analyst suggests that BTC could rise to the $75,000 mark. If confirmed, this pattern could signify a bullish trend reversal and further support the projection of Bitcoin reaching higher price levels.
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The analyst also highlighted $61,500 as a critical point to monitor due to the possibility of “panic selling.” The analyst suggests many market participants might react to this level, potentially increasing selling pressure.
Lastly, based on his analysis, the analyst suggests a conservative price prediction of $108,000. However, Titan of Crypto believes that BTC’s price may exceed this projection, indicating a more optimistic outlook.
Featured image from Shutterstock, chart from TradingView.com
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Bitcoin
Bitcoin About To ‘Blow Higher’ Despite This Week’s Pullback, According to Glassnode Co-Founders – Here’s Why
Published
1 week agoon
May 9, 2024By
adminThe founders of crypto analytics platform Glassnode are predicting that Bitcoin (BTC) will soon soar even higher after being up 7% in the last week.
In a new thread, the co-founders of Glassnode, who go by the handle Negentropic on the social media platform X, tell their 62,900 followers that key indicators suggest Bitcoin is gearing up from a massive breakout.
The analysts say Bitcoin appears to be forming a bullish pennant pattern. They also suggest that Bitcoin is correcting to a Fibonacci retracement level, in the low $60,000 range, which often predicts a continuation of an upward trend.
“BTC still looks like it is about to blow higher! Last week’s candle was a reversal candle – a hammer with a long wick. Price moved back into the pennant structure. This candle still dominates the structure. This week’s pullback, hence, seems like a healthy correction before higher. Corrections often pull back either 50% or 61.8% of the previous impulse move.”
Looking at their chart, the analysts suggest that Bitcoin has or is about to complete a three-wave ABC correction. The Elliott Wave theory states that a bullish asset often witnesses a fresh leg up after an ABC correction of three wave impulses.
The analysts believe Bitcoin could break through the $85,000 level before the start of summer, which officially begins on June 20th.
“BTC is currently in the process of breaking the trendline of pennant and the 50-day SMA (simple moving average). When the level of $65,000-$66,000 is broken, BTC will move on to first $73,500, then $76,500, and chances are that we see $85,200 before the summer.”
Bitcoin is trading for $62,016 at time of writing, down slightly in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Analyst Benjamin Cowen Warns Ethereum ‘Still Facing Headwinds,’ Says ETH Will Only Go Up if Bitcoin Does This
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1 week agoon
May 9, 2024By
adminThe widely followed analyst Benjamin Cowen is saying that Ethereum (ETH) is at risk of facing more downside over the coming months.
In a new video, Cowen tells his 801,000 YouTube subscribers that monetary policy is likely to negatively affect Ethereum.
“I think that ETH/USD is still facing some headwinds here, especially following the potential rejection of the spot exchange-traded fund (ETF)…
…I think the impact that people are going to feel is just from tighter monetary policy. They’re going to blame it on the spot ETF and they’re going to capitulate potentially into that.”
According to Cowen, the Ethereum could go up on one condition.
“If ETH goes up from here, it would only be due to Bitcoin going up a lot more.”
The widely followed analyst says that the Ethereum/Bitcoin (ETH/BTC) pair, on the other hand, is likely to keep falling under most circumstances based on history.
“So if Ethereum goes up, Ethereum/Bitcoin is probably going to keep going down. If Bitcoin goes sideways, Ethereum/Bitcoin is going to keep going down in my opinion. And if Bitcoin goes down, Ethereum/Bitcoin probably goes down because Bitcoin has been doing all s of things since 2022 began. In eight of 10 quarters, Ethereum/Bitcoin has gone down whether Bitcoin went up, down or sideways. Ethereum/Bitcoin generally went down.”
ETH is trading at $3,002 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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