Tag Archives: Dash

Real-Life Use of Cryptos Increasing

colombia uses Dash LTC Ether bitcoins every day

With Elon Musk’s infamous comments of his company stopping to accept bitcoins for Teslas, the impression seems to be that Crypto acceptance for every-day purchases is not increasing, maybe even dwindling.

Nothing could be further from the truth though, and here’s why.

Buying a Tesla is not an every-day matter, apart from the fact that there are far-better-quality cars (and even EVs) available than shoddy and crash-unsafe Teslas). But even if someone is mis-informed enough to fall for a Tesla and wants to buy one, that would not be an every-day transaction.

The result of Elon Musk’s comments though was that Bitcoin fell sharply when he announced to halt Bitcoin sales of Teslas, despite the fact that Musk pointed out he only did not accept any new Bitcoin for his product (which turned out to be a lie soon afterwards). Not only did Musk make the EV manufacturer not accept new bitcoins, he also later started unloading the ones they had accepted for earlier sales.

Both occurrences sent Bitcoin prices sharlpy lower, also shattering most other Crypto prices across the board.

These headlines seem to suggest that “Crypto is over” (once again, for the umpteenth time) and that nobody wants to take Bitcoin or Altcoins as a payment.

However, the truth is that mainstream acceptance is not dependent on one company’s overpriced plastic vehicle being sold for bitcoins, but that much larger volumes and turnarounds are generated on a daily basis by totally different types of transactions.

A major example for this is Latin America.

Crypto ATM Dash LTC Etherium BTC

There are a number of markets in which Crypto currencies are already used for every-day purchases. These markets include not only crisis-ridden ones like Venezuela or Argentina but also Colombia or Brazil.

In Colombia, Dash is very popular for PoS payments as well as remitting money from Colombia to Venezuela by migrant workers. In Brazil, Smartcash (a fork from Peercoin and Dash using smartnode technology) is used widely in local shops for groceries, stationery or similar every-day goods or services. Dash use is also relatively widespread in Brazil on top. While in Colombia’s case, at least the portion of migrant workers remitting money is still somewhat crisis-related, the Smartcash and Dash use in Brazil is not. Rather, the latter is a true example for decentralized cryptos to gain traction in the market.

Mexico has been known to be a stronghold and very active place for Dash use for many years too.

Also noteworthy is that Litecoin is equally gaining traction in some of these markets. Colombian crypto ATMs are equally enabled for Dash and Bitcoin as they are for Litcoin and Ethereum, with all four being optional cryptos to be selected in these machines.

The overall trading volume for the above countries alone is multiples of what any amount of Bitcoin-for-Tesla sales by one controversial (and highly disturbed) business owner — or his recent desisting it — can ever amount to. The fact that populations in Comombia, Brazil, Argentina and other places around the world are increasingly getting used to paying with established cryptos is of much more significance and is good news for all of decentralized peer-to-peer Crypto.

Solidly Past $50K Now

Bitcoin Crypto currency above $50,000, all-time-highs trading around $52K, Litecoin, Dash also up

Bitcoin has posted strong gains — again. Other coins have followed suit and are correspondingly doing very well, with Litecoin currently above $230 and Dash at $292 as of writing this.

Bitcoin-the-coin is hitting High after High after High — now sitting comfortably just under $52,000, possibly simply consolidating. BTC broke $52,000 to the upside earlier today.

Litecoin is correspondingly also doing very well, with daily high-percentage gains throughout all of this year so far.

BTC Price Defies ETF Turn-Down by Chicago Board of Exchange

The Chicago Board of Exchange has withdrawn its applications for Bitcoin ETFs. Bitcoin and other Crypto prices held steady despite the fact that the mainstream news and financial talking-heads might see a move like that ‘catastrophic’ for near-term prices. Rather than following conventional ‘wisdom’, prices of Crypto coins continued their overall friendly moves seen to be back in the markets since mid-December, with most of them trading steady to higher compared to US dollars or other national currencies.

The fact that BTC prices did not at all drop on this particular bit of news should be seen as yet another proof of no significant portions of dumb money slushing around in the overall Crypto markets anymore — an overall positive fact when it comes to near-term to medium-term outlooks for Crypto prices.

Just over a year ago, and with the Crypto price mania in full swing, expectations of the introduction of Bitcoin Futures may have been a large contributing factor to the explosive price movements at the time.

Sure enough, this resulted in very short-lived hyperbolic growth followed by a blow-off top and serious breakdown in price, from which Bitcoin and the other Cryptos have, so far, spent roughly a year trying to recover.

It is very nice to see that the CBOE’s turn-down did not deliver another blow to the price of Bitcoin against the US dollar for many reasons: apart from the obvious preference for advancing prices, it’s got to do with a deeper analysis of the audience or market participants in the overall Crypto coin sphere. It is a well-known fact that ETFs attract usually the very dumb money of particularly unqualified speculators. Buying an ETF on anything does not require any sophistication whatsoever — but understanding why this is more often than not a bad idea anyway would take at least some, and that’s why so many people buy them and ETF managers are laughing all the way to the bank.

When it comes to ETFs on the BTC price, the audience is even dumber than for, say, stock index ETFs or market segment ETFs that may (or may not) make sense to someone wanting a quick fix and some price exposure to, e, g, the S&P500 which (after listening to his “financial advisor” or watching hundreds of hours of CNBC or Bloomberg) he may believe a “non-tradeable” instrument. (Do note though that the S&P500 can be traded, in fact, even if buying or selling S&P futures require very high margins and is beyond the means of many small investors; still, price exposure can equally be had by buying and offsetting S&P options, starting at $25 per pop, or options on the S&P mini from $5.) When it comes to buying an ETF on the Bitcoin price, doing so shows an even more severe lack of information. Dodging the hassle of even looking into how a simple Bitcoin wallet can be set up and the resulting willingness to go for a Bitcoin ETF instead only proves that this speculator is not even able or willing to do a few clicks on his computer but turns to his “trusted providers” of consolation and perceived safety instead. A retail investor or speculator of this type will, of course, pay significant mark-ups (as in extra-high prices plus fees charged) on something he could have had for zero fees!

Demonstrating price moves indicating that the overall Crypto segment is not overly dependent on that kind of money is a very good thing.