Category Archives: Bitcoin
The Price Average Is the Line in the Sand for Bitcoin Bulls, Analyst Says – CoinDesk – CoinDesk
While bitcoin can suffer deeper drawdowns because of traditional market instability, its broader bullish trend would remain valid as long as historically strong chart support is held intact.
The 21-week SMA (Simple Moving Average) is the level to defend for the bulls, trader and technical analyst Michal van de Poppe told CoinDesk. The bias remains bullish as long as the SMA support is intact.
An SMA is an arithmetic moving average calculated by adding recent prices and dividing the tally by the number of periods. SMAs are trend-following, lagging indicators and often act as support and resistance levels.
The 21-week SMA acted as a price floor during the previous bull market, as seen below.
The cryptocurrency repeatedly found dip demand (marked by arrows) around the 21-week SMA throughout the rally from $300 to $19,783 seen in the October 2015-December 2017 period.
If history is a guide, deeper pullbacks, if any, could run out of steam around the 21-week SMA this year. The technical line is now located at $32,240, while bitcoin is changing hands near $46,500.
A continued rise in the U.S. Treasury yields could push the dollar higher, sending bitcoin toward the SMA support.
One cannot rule out that possibility as Federal Reserve Chairman Jerome Powell defied expectations on Thursday by expressing little concern regarding the recent spike in yields. That has left the doors open for a further rally in yields and an extension of last weeks risk aversion trades.
The dollar strengthened, while bitcoin and stocks fell in the seven days to Feb. 28, as the U.S. 10-year Treasury yield surged to a 12-month high of 1.6% and investors priced in higher odds of an early unwinding of the Federal Reserves stimulus.
The yield remains elevated near 1.6% at press time, and the dollar index is hovering at a three-month high of 92.00. Also, European stocks and the U.S. stock futures are flashing red.
Both bitcoin and stocks may find some relief later Friday if the U.S. nonfarm payrolls data due at 13:30 UTC paints a gloomy picture of the labor market and sends yields lower.
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The Price Average Is the Line in the Sand for Bitcoin Bulls, Analyst Says - CoinDesk - CoinDesk
Massive morph to the mainstream: Citi call fires bitcoin price – The Australian Financial Review
Further, as US tech giants such as PayPal under its peer-to-peer Venmo business and Square enable bitcoin transactions, it was arguably moving closer to fulfilling one of the key roles of money in exchanging labour for future purchasing power in a single unit of account.
Bitcoins supporters argue its clearer role in the future of money means the price which topped $US50,400 on Monday is less relevant to its emerging use cases over the medium term.
Citi also made headlines by claiming bitcoin could uproot the US dollar as the primary means of payment between global importers and exporters: A focus on global reach and neutrality could see bitcoin become an international trade currency, Citi says.
This would take advantage of bitcoins decentralised and borderless design, its lack of foreign exchange exposure, its speed and cost advantage in moving money, the security of its payments, and its traceability.
If Citi is right about bitcoins ascent it may flatten banks lucrative foreign exchange fees and could do even more damage to pure-play discount rivals or middlemen such as Western Union, OFX Group, Transferwise and Travelex.
Blue-chip tech giant Facebook has already cottoned on to the possibility of creating its own blockchain-based digital currency named Diem as an exchange mechanism to eliminate overseas transfer fees and the spreads charged on currency exchanges to send money internationally.
In theory, a person in the US could transmit savings to Asia if the sender and receiver both had free Diem wallets via Facebook accounts. The recipients Diem could be exchanged into local currency with lower fees as the middleman in the process was cut out, alongside the ability to charge a mark-up on spot FX rates.
The idea is also applicable to tourists who could use a decentralised cryptocurrency or one backed by a basket of currencies (as in Facebooks Diem) to pay for goods or services abroad without paying a mark-up to middlemen often dealing in cash over-the-counter at airports, for example.
If central banks launch digital currencies of their own and allow citizens to hold accounts directly, this could accelerate a future where travel between Australia and New Zealand no longer required exchanging one fiat currency for another.
Central bank fiat-backed digital currencies and direct-to-consumer bank accounts could also disintermediate retail banks fee streams in other ways and would meet fierce resistance from the banking establishment.
Citi says bitcoin could especially appeal to the public and private sector in emerging nations where currencies were vulnerable to extreme devaluation if governments were considered uncreditworthy. It cited Africas largest economy, Nigeria, as an example where importers were forced to pay far more for US dollars in 2020 after its economy was rocked by low oil prices and COVID-19.
Other petrodollar economies across Africa, Latin America, and the Middle East can still only trade oil in US dollars as a result of deals done in exchange for US security and largesse after President Richard Nixon unpegged the dollar from gold in 1971.
Citi concluded there were obstacles ahead in the crypto space around regulation, custody, environmental concerns, insurance and cybersecurity, but the opportunities outweighed the risks to mean crypto was near a tipping point into joining the mainstream.
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Massive morph to the mainstream: Citi call fires bitcoin price - The Australian Financial Review
Bitcoin (BTC USD) Cryptocurrency Price Rebounds After SEC Confirmation Hearing – Bloomberg
- Bitcoin (BTC USD) Cryptocurrency Price Rebounds After SEC Confirmation Hearing Bloomberg
- What Is Bitcoin? Forbes
- More Institutional Investors Jumping Into Bitcoin Leaves Less to Go Around, Data Shows Yahoo Finance
- Bitcoin Heading Northbound as BTC ETF Holdings Surge FX Empire
- After the rout: Bitcoin rallies back above $50,000 Aljazeera.com
- View Full Coverage on Google News
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Bitcoin (BTC USD) Cryptocurrency Price Rebounds After SEC Confirmation Hearing - Bloomberg
Institutions Are Making Bullish Bets on Bitcoin Rallying to $75K by May Or Even Higher – Yahoo Finance
Institutional traders look to be positioning for a bitcoin price rally to $75,000 and beyond in coming months, according to options market data.
On Monday, some block traders took bull call spreads at $75,000 and $100,000 strike call options expiring on May 28 via over-the-counter (OTC) trading and settlement desk Paradigm, Swiss-based options analytics platform Laevitas told CoinDesk. These could be institutions betting that bitcoin will hit at least $75,000 by summer.
A call option gives the holder the right but not the obligation to buy the underlying asset at a predetermined price on or before a specific date. A bull call spread involves buying call options at/below or above the spot market price and selling an equal number of calls with the same expiry at a higher strike price.
Related: Are Negative Interest Rates Globally Driving Growing Interest in Crypto?
For instance, at 20:23 UTC (5:23 p.m. ET) on Monday, a trading entity bought 100 contracts of the May 28 expiry call option at $75,000 strike and sold 100 contracts of the May 28 expiry call option at $100,000 strike. Bitcoin was trading at $48,721 when the call spread was bought.
Institutions tend to trade through OTC desks to avoid influencing spot market prices. Trades facilitated by Paradigm are automatically executed, margined and cleared at Deribit, the worlds largest crypto options exchange by trading volume.
The trade cost 4.75 BTC, which is the maximum loss the institution would suffer if bitcoin ends at or below $75,000 on May 28.
The initial cost would have been much higher if the trader had only bought $75,000 calls. The purpose of the call spread is to have a bullish direction but offset the costs of merely buying calls, Laevitas said.
Related: Bitcoin Treasure Hunt Combines Art and Prize of $10,000 in BTC
While selling $100,000 calls has bought down the cost, it also limits maximum return possible to 20.25 BTC. The strategy will earn a maximum profit if bitcoin settles at or above $100,000 on May 28. Several other call spreads were bought on Monday at strikes ranging from $52,000 to $100,000.
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The data shows institutions remain undeterred by the recent price pullback and foresee a continued rally over the next three months.
At press time, bitcoin is changing hands near $48,730, representing a 1.8% gain over 24 hours. The cryptocurrency was rejected above $50,000 during Asian hours, according to CoinDesk 20 data.
While the cryptocurrency has bounced up from lows near $43,000 observed over the weekend, some analysts believe the pullback may not be over yet.
Also read: Bitcoin Briefly Climbs Back Above $50K for First Time in Six Days
At the moment, we think the biggest risk to bitcoin is the short-term risk associated with a downturn in the U.S. and global equities, said Joel Kruger, currency strategist at LMAX Digital. We think theres still room for more weakness ahead and would caution against expectations that the bottom is in.
Futures tied to the S&P 500 are currently down 0.23% on the day. Losses may deepen, adding to bearish pressures around bitcoin if U.S. Treasury yields resume their rally.
The Bitcoin Boom And The Quantum Threat – Forbes
Could Bitcoin become the worlds new reserve currency? As Bitcoin increasingly goes mainstreamwith PayPal PYPL , for example, adopting the high-flying cryptocurrency as a method of payment and Twitters TWTR Jack Dorsey endorsing its usesome commentators certainly think so.St. Louis Federal Reserve president Jim Bullard even issued a statement that Bitcoin poses no threat to the U.S. dollar in the global economya case of trying to lock the barn door before the horse has even gotten inside.
The appeals of Bitcoin to investors and financial institutions are many. Unlike government-issued currencies, the Bitcoin supply is carefully limited, which points to a monetary stability reminiscent for some of the palmy days of the gold standard. In addition, Bitcoin uses an encryption system that protects every transaction inside a ledger shared by all participants, forming whats known as a blockhence the term blockchain. Some have dubbed blockchain the biggest innovation in banking since electronic markets were first introduced.According to tech guru George Gilder, blockchain encryption is even going to be the safeguard of the future digital economy, promising user flexibility as well as protecting privacy and security.
Or will it? Almost two and a half years ago I ran a column here on the dangers a large-scale quantum computer would pose to blockchain.I wrote:
Quantum technology will be poised to decrypt the complex algorithms that asymmetric encryption systems use to secure almost all electronic data, including blockchain. More specifically, blockchains rely on ECC Elliptic Curve Cryptography for authentication which can be broken by future quantum computers. So instead of the answer to all our cybersecurity vulnerabilities, blockchains could become just as vulnerable as web browsers, VPNs, and other systems.
Now, as the Bitcoin boom grows, others are starting to ask the same question.Some harken back to 2017, and a study done by Divesh Aggarwal of the National University of Singapore when Bitcoin was last on the way to a record high.Aggarwal was forced to conclude the threat of future quantum computers to Bitcoin was real, and the danger could not be ignored.
Others still insist that the quantum computer threat is hype.A December 2020 column at forbes.com by Roger Huang confidently titled, Heres Why Quantum Computing Will Not Break Cryptocurrencies, asserted that quantum computers being added to the mix wont suddenly render classical modes of encryption useless or mining trivial quantum supremacy now doesnt mean that your encryption or the security of bitcoin is at risk right at this moment. (My emphasis).
Most of the commentary on Bitcoin and quantum computers, however, runs the other way. One month later an article in Cointelegraph pointed out, just as I did, that powerful quantum computers might become a threat to all blockchains that rely on the ECDSA (Elliptic Curve Digital Signature Algorithm), including Bitcoin and Ethereum.
A recent Deloitte report takes a deeper dive into the technical weeds, and points out there are two types of transactions going on with Bitcoin.The first stores its operations using a pay to public key (p2pk) which was the dominant address in Bitcoin in its early days.In fact, the report points out, many of the original coins mined by founder Satoshi Nakamoto himself are still stored in these addresses.
The problem is, since all transactions in Bitcoin are public, anyone can obtain the public key from any p2pk address. A quantum computer running Shors algorithm could then use that key to crack the private keythat is, unless proper quantum-resistant defenses are in place. More on this later.
In the second type of Bitcoin transaction, the address of the recipient is composed of a hash of the public key, i.e. a one-way cryptographic function called pay to public key hash (p2pkh). That means the public key is not directly revealed by the address.At first glance, that should mean that transactions using these addresses should be far safer and more secure.
Unfortunately, as the Deloitte report explains, thanks to future quantum computers decrypting prowess, all coins in p2pk addresses and p2pkh addresses used more than once, are going to be just as vulnerable to quantum attack. Even if quantum computers do not evolve faster than experts currently predict, the report concludes, Quantum computers are posing a serious challenge to the security of the Bitcoin blockchain.
Faced by these facts, even Roger Huang is forced to admit, The real threat is when quantum computers become many scales larger than they currently are.He adds, Its conceivable that these avenues of attack and perhaps other more unpredictable ones might emerge. Fortunately, cryptocurrencies can be updated to use post-quantum encryption standards and defend against these weaknessesa point I made in my original column in 2018.
Everything depends, then, on two factors.The first is how fast large-scale quantum computers evolvethe question being not if they are coming, but when.The second is, how much risk are Bitcoin investors willing to assume, and how long are the companys foundersor even governments whose citizens are exposed to the quantum computer riskwilling to wait until they take the necessary steps to protect against quantum computer break-ins by using post-quantum cryptography; adopting post-quantum secure blockchains from companies like Quantum Resistant Ledger; and eventually turning to distributed ledger technology whose nodes actually rely on quantum computers.
Before the Bitcoin boom becomes a Bitcoin bubble, lets ask whats really needed to make sure the cryptocurrency future is as bright as its advocates like to assume.
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The Bitcoin Boom And The Quantum Threat - Forbes
Bitcoin Tumbles to $43K, Lowest in Three Weeks – Yahoo Finance
Bloomberg
(Bloomberg) -- The main fund from Cathie Woods Ark Investment Management slipped in pre-market trading on Thursday, looking set to extend its 20% drop from a February peak.The $22.9 billion Ark Innovation ETF (ARKK) was down 2.5% as of 5:30 a.m. New York time. The ETF tumbled 6.3% on Wednesday alone as growth stocks such as Pinterest Inc. and Zillow Group Inc. took a beating, highlighting a swift turnaround for the formerly high-flying fund.Futures on the Nasdaq 100 Index were pointing to a red open after the underlying gauge lost almost 3% on Wednesday, with traders turning away from tech in favor of so-called value stocks that had underperformed during the pandemic. The rotation, along with higher bond yields that dim the allure of equities, is taking the shine off what had been one of the hottest investments on Wall Street.Since peaking on Feb. 12, ARKKs price has now dropped by a fifth, the level that commonly defines a bear market.People are worried the crowded trades will lose their momentum like they did last September when some of the biggest tech names suffered a bout of selling, said Matt Maley, chief market strategist at Miller Tabak + Co.Yields on benchmark 10-year Treasury notes have jumped more than 50 basis points in 2021, on track for the largest quarterly increase since 2016. Consequently, its growing more difficult to justify sky-high valuations for highly speculative, expensive areas of the stock market.ARKKs three largest holdings, Tesla Inc., Square Inc. and Roku Inc., have about tripled over the past year. Tesla is up close to 350%, while Square has surged about 200% and Roku is up more than 240%. They were all down in pre-market trading after slumping on Wednesday.In fact, all but three stocks held by ARKK fell and three suffered losses exceeding 10%, including Stratasys Ltd., a maker of 3D printers, and Veracyte Inc., which develops molecular tests for oncology.The funds tilt toward long-term growth means short-term profitability isnt a key consideration when stocks are picked. In fact, two-thirds of its current holdings didnt make a profit in the past year. And even after the recent losses, ARKK is still slightly up for the year.Inflows to the fund have faltered in the past week, but theres yet to be a mass exodus. ARKK took in more than $600 million combined the past two days, after losing more than $690 million last week in its worst five-day period on record.There is growing unease in the markets and whether higher-risk asset classes can continue to climb, said Michael Purves, chief executive officer at Tallbacken Capital Advisors. If sentiment turns, you can see substantial outflows.(Updates for Thursdays pre-market moves)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2021 Bloomberg L.P.
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Bitcoin Tumbles to $43K, Lowest in Three Weeks - Yahoo Finance
A major Chinese bitcoin mining hub is shutting down its cryptocurrency operations – CNBC
A visual representation of the cryptocurrency bitcoin.
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GUANGZHOU, China China's Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on energy-consumption.
Bitcoin is based on a decentralized network, which means it's not issued by a single entity like a central bank. Transactions, recorded on a public ledger called the blockchain, need to be "verified" by miners.
These miners run purpose-built computers to solve complex mathematical puzzles that effectively allow a bitcoin transaction to happen. The miners receive bitcoin as a reward and that is the incentive.
But because the computers are high-powered, they consume a lot of energy.
Bitcoin mining consumes an estimated 128.84 terrawatt-hour per year of energy more than entire countries such as Ukraine and Argentina, according to the Cambridge Bitcoin Electricity Consumption Index, a project of the University of Cambridge.
China accounts for around 65% of all bitcoin mining globally Inner Mongolia alone accounts for about 8%, due to its cheap energy. In comparison, the United States accounts for 7.2% of global bitcoin mining.
Not all cryptocurrencies work like bitcoin, however.
Inner Mongolia, located in northern China, failed to meet central government assessment targets regarding energy use in 2019 and was scolded by Beijing. In response, the region's development and reform commission laid out plans to reduce energy consumption.
Part of those plans involve shutting down existing cryptocurrency mining projects by April 2021 and not approving any new ones. They also involve reassessing other energy-intensive industries like steel and coal.
While the Chinese government has backed the development of bitcoin's underlying blockchain technology, it has looked to crack down on digital currencies themselves. In 2017, Beijing banned initial coin offerings, a way to issue digital tokens and raise money. The government has also cracked down on businesses involved in cryptocurrency operations, such as exchanges.
China is also pushing to become more environmentally friendly.President Xi Jinping said last year that the country is targeting peakcarbon dioxide emissions by 2030 and carbon neutrality by the year 2060.
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A major Chinese bitcoin mining hub is shutting down its cryptocurrency operations - CNBC
Why is Bitcoin better? Let her count the ways. – Marketplace
Bitcoin has surged over the last several months, thanks to Tesla adding $1.5 billion worth of bitcoin to its balance sheet and interest from asset managers like BlackRock. But last week, Treasury Secretary Janet Yellen issued a warning about the volatile cryptocurrency, saying it is an extremely inefficient way of conducting transactions.
Marketplace host Kai Ryssdal called Laura Shin, host of the video/audio series Unchained and one of the first reporters to cover crypto assets full time. She spoke with Ryssdal about what its like to cover Bitcoin right now, and why shes so interested in the cryptocurrency. The following is an edited transcript of their conversation.
Kai Ryssdal: Is the theory behind Bitcoin then not ever that its going to be a usable currency? That Im going to be able to walk down the street and buy a six pack of beer with it?
Laura Shin: Well, so there are different people with different theories. Famously, the first person to make a transaction that then put a value on a bitcoin spent 10,000 bitcoins on a couple pizzas, which is like hundreds of millions of dollars that he spent on those two pizzas if you use the price today. So, you know, at the moment where bitcoiners would say that were in an adoption phase, probably people arent going to be spending it in that way. However, they do envision a world where people are on a sort of Bitcoin standard, or its a world of what they call hyper-bitcoinization, and people transact in bitcoin and they think in bitcoin rather than thinking in dollars, and so instead of saying bitcoins trading at $44,000, or whatever it was, its just like one bitcoin is one bitcoin.
Ryssdal: Wow, Im not sure how I can wrap my brain around that. Should we just stop paying attention to Bitcoin for a little while?
Shin: Well, when you say that, I dont know what you mean or why you would ask that. Because to my mind, as a journalist covering this, this is the most interesting thing Ive ever covered. I cant imagine stopping. Paying attention to this is definitely the most fascinating thing Ive ever watched.
Ryssdal: Say more about that. Because look, your enthusiasm is infectious and I get it, but it seems detached from everyday life in this economy.
Shin: So when you really understand the technology of Bitcoin, or any cryptocurrency, well, not any but, you know, some of the more legitimate ones, you realize, Wow, this truly is a far superior form of money than any other money weve ever had purely on the technological level.
Ryssdal: Why? Why is it better?
Shin: Its more fungible, its more divisible, its more portable. Its just more transparent. But certainly, when I learned about this technology, I just realized this is going to change everything. And I really think were going to look at huge disruptions in finance over the coming decade, which were starting to see the glimmers of.
Ryssdal: What is the good that comes from Bitcoin for the nonfinancial types for whom this is still a holy cow, what is Bitcoin thing? Whats the good that comes from this for a regular person in this economy right now, if any?
Shin: Well, I mean, literally, this moment, Im not quite sure. But over time, these technologies would enable a lot more financial transactions to happen more cheaply. Theres a lot of remittance companies right now that charge something like 30% of a transaction, depending on which countries youre sending the money to and from. You know, if theyre obscure enough countries, they will take a huge chunk. But if youre going to send bitcoin from one obscure country to another, its the same fee for everybody. Its not charging you, you know, separately for that. And theres an opportunity for it to bank the unbanked. Because all you need is an ability to hold these digital coins. And clearly, obviously, theres going to be a lot of education that will need to happen, because the one thing that unfortunately a lot of people have learned the hard way is that digital assets do not function like digital objects that were used to dealing with. And they do not function the way that the normal financial system does, where you can call the bank or credit card and ask them to reverse the transaction.
Ryssdal: Right. Thats the key part. Thats the point, right? And thats the thing thats gonna take some time for people to wrap their brains around. Its just different, right?
Shin: Yes. Its like cash. But digital.
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Why is Bitcoin better? Let her count the ways. - Marketplace
BTC Branded ‘the Most Portable Asset’ as 420k Bitcoins Used as Collateral in Q4 of 2020 Finance Bitcoin News – Bitcoin News
According to the findings of a joint Arcane Research and Bitstamp study, bitcoins unique characteristics, which include it being the most portable asset, are the likely contributing factors behind the increasing use of the crypto as a collateral asset.
This is evidenced by the studys data which shows that approximately 420,000 bitcoins were used as collateral in various loans in the lending markets in Q4 of 2020. This figure is nearly double the 213,000 bitcoins that were used as collateral in Q4 of 2019.
In another boost to the case as the best collateral asset, the study findings suggest when compared to traditional assets like government bonds and cash-based securities, the leading crypto asset is unrivaled. For instance, the findings assert that only bitcoin (BTC) is an asset without both counterparty risk and credit risk. Additionally, BTC is available for trading 24/7, 365 days a year, all over the world.
In touting the superiority of some of these characteristics, the Arcane Research and Bitstamp study states:
Bitcoin can be transferred around the world, instantly, at almost no cost, any time of the day, and any day of the year, and with full finality. No other assets can match these properties today, making bitcoin the perfect collateral asset for the future.
Meanwhile, despite the crypto assets immense potential, the study findings suggest that BTC only accounts for a minuscule of the $20 trillion collateral market today. To illustrate this fact, the researchers from Arcane Research estimates that around 625,000 BTC are used as collateral in the crypto market today, or approximately $30 billion.
According to the researchers, this number is based on estimations of collateral held in the derivatives market, in relation to bitcoin collateralized lending and tokenized BTC in decentralized finance (defi). When compared to the total collateral market, this number suggests that bitcoin collateral only accounts for 0.15% of the total collateral market today.
Nevertheless, the study still asserts that BTCs share of this market is growing rapidly and that the potential for a trillion-dollar market remains.
What is your view concerning BTCs share of the total collateral market? Tell us what you think in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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BTC Branded 'the Most Portable Asset' as 420k Bitcoins Used as Collateral in Q4 of 2020 Finance Bitcoin News - Bitcoin News
FDCTech Accepts Payment in Bitcoin (BTC) as Market Acceptance of Digital Currency as a Medium of Exchange Grows Rapidly – Yahoo Finance
Irvine, CA, March 03, 2021 (GLOBE NEWSWIRE) -- FDCTech, Inc. ("FDC" or the "Company," OTCQB: FDCT), a fintech company with a full suite of FX technology and business solutions, today announced that it is accepting Bitcoin (BTC) as a customer payment option. This initiative will allow non-US customers to seamlessly pay technology and software development fees while avoiding the financial intermediaries and transaction fees associated with payment using local currencies. To those customers choosing to pay in Bitcoin, FDC will offer discounts for any invoice over ten thousand ($10,000). The ease of cross-border payments via BTC also reduces the set-up time for non-US customers.
The Company sees several benefits to adopting BTC as a payment method faster payment, decreased chargebacks and reduced transaction fees. The overall transaction fees can rise to 4% of the invoice amount if paid through bank cards via a third-party. Further, the Company may avoid the costs associated with managing multiple currency accounts for non-US customers. As more and more clients adopt and accept cryptocurrency, the Company expects cash flow to benefit from faster settlement and significantly reduced credit risks since bitcoin payments require funds to be present in digital wallets at the time of the payment.
The Company expects to expand its services in developing economies where the uncertainty of Covid brings the potential for currency volatility. For businesses operating in these countries, the use of bitcoin, a digital currency with a universal settlement, offers an attractive alternative to holding currency balances that may be subject to adverse movements in local currencies.
FDCTech is a business based in the United States, and as such, holds most of its liquid assets in US-dollars at an FDIC-insured institution.
FDCTech, Inc.
FDCTech, Inc. ("FDC"), formerly known as Forex Development Corporation, is a US-based, fully integrated financial technology company. FDC delivers trading technology solutions to forex market participants looking to access the retail and institutional spot forex markets.
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Press Release Disclaimer
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third-party. Therefore, in no case whatsoever will Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.
Contact Media RelationsFDCTech, Inc.info@fdctech.comwww.fdctech.com+1 877-445-6047200 Spectrum Drive, Suite 300, Irvine, CA, 92618
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FDCTech Accepts Payment in Bitcoin (BTC) as Market Acceptance of Digital Currency as a Medium of Exchange Grows Rapidly - Yahoo Finance