73% of Argentines Say Cryptocurrency Best for Saving in Economic Crisis: Survey
A survey of Argentina’s citizens shows that 73% believe cryptocurrency is the most effective saving method in the current economic crisis, such as to hedge against high inflation.
Global peer-to-peer (P2P) bitcoin marketplace Paxful released the results of a cryptocurrency survey in Argentina on Friday. “Argentina’s sentiment on cryptocurrency remains strong with citizens turning to digital assets as a way to hedge against inflation,” Paxful described. “Argentines are willing to venture into new forms of investment due to the need to protect the value of their financial savings. This comes as a result of the economic crisis going on in the country.” Citing the survey results, the company says:
It revealed that 73.4% of participants considered that, in the current economic scenario, cryptocurrencies are the most effective way to save and protect their funds.
The survey was conducted by Cripto 247 on behalf of Paxful in June. A total of 1,113 Argentine citizens between the ages of 18 and over 55 participated, 85.6% of whom were male, Paxful told news.Bitcoin.com.
Out of all respondents, 69.5% said they had invested at least once in cryptocurrency, with the main reason being its ability “to provide an economic shelter from the depreciation of the local currency due to inflation (42.7%).” Furthermore, 67.8% of those surveyed believe that “cryptocurrency investments are extremely safe” compared to their local currency.
In addition, respondents were specifically questioned about bitcoin. Of those who had invested in BTC, 53.9% said the cryptocurrency’s global potential was the reason. Meanwhile, 50.6% said decentralization was the main factor and 49.1% said they invested because of bitcoin’s “overall ability to provide security within an otherwise tumultuous banking system.” While the BTC trading volume in the Argentine peso (ARS) on Paxful is still small, Magdiela Rivas, Paxful’s Latin America Manager, detailed:
During this year we have observed a major increase in the operations carried out by Argentine users on our platform, especially since the pandemic started, registering an increase of 37.5% in the volume compared to the previous periods.
According to Coin.dance, only 2 BTC were traded in the Argentine peso on Paxful in the week ending Aug. 22, whereas 48 BTC were traded on Localbitcoins, a competing P2P bitcoin marketplace. Argentine crypto traders also have access to other popular trading platforms that support ARS, such as Binance, Okex, and Bitso.
The Paxful Argentina survey shows that “there is still a learning curve to cryptocurrency usage within the country,” the company added. Out of the 30.5% of respondents who said they had not invested in cryptocurrency, 24.2% said it was due to “a lack of understanding of its operation and applicability.” In addition, 12.8% said they did not possess the funds to invest while 7.7% cited fear of the “unknown new currency” as the primary reason.
What do you think about crypto adoption in Argentina? Let us know in the comments section below.
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Author: By TeamMMG
Gold Price on 28 August 2020
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Bad crypto news of the week
Bitcoin was down a bit this week, stopping just above $11,000. That increase in volatility is only to be expected, say some experts, as we approach the end of some BTC futures and options contracts. Other contributors to increased volatility include Bitcoin’s long period of consolidation and a key resistance level.
But what happens next? World leaders have been discussing the role of cryptocurrencies during The Great Reset, the time that will follow the end of the pandemic and the reopening of world economies. As some leaders look for a new kind of capitalism, the cryptocurrency industry is hoping for more decentralization and greater personal control.
That will require a greater uptake of cryptocurrencies. Investment firm Bitcoin Capital is trying to do its bit. The company is rolling out an exchange-traded product that can allocate funds to up to fifteen digital coins. altFins is trying to help too. The cloud-based platform is releasing an app to enable investing across multiple exchanges. The move should make trading more mature.
And even the SEC is trying to help, at least indirectly. The commission has changed its definition of an “accredited investor” to include “professional certifications, designations or credentials, or other credentials issued by an accredited educational institution.” Previously, the designation requires a million dollars in net worth or a stable income of at least $200,000 a year. The new designation might help crypto traders.
It’s possible, though, that lots of Americans have already used cryptocurrencies. The new IRS forms should make that clear. The income tax forms for 2020 will ask Americans whether they received, sold, sent, exchanged, or acquired “any financial interest in any virtual currency?” When the IRS takes crypto seriously, you know it’s arrived.
The moves to broaden the use of cryptocurrencies might be too late though. Chris Larsen, co-founder and chairman at Ripple, has warned that US regulation is causing it to lose the technological Cold War. China’s digital currency, he says, could replace the US dollar as the world’s reserve currency.
Meanwhile, other countries are already moving forward. Canadian restaurant chain Tahini’s has decided to convert all of its cash reserves into Bitcoin. And in India, the crypto peer-to-peer market has tripled since the beginning of the year. No wonder Binance has launched a new hackathon in the country and is setting up an accelerator for the country’s decentralized finance ecosystem.
It’s not all good news, though. Inner Mongolian miners are going to have to do without cheap electricity.
In better news, Deepak Chopra has been talking about using the blockchain to help fight mental health problems caused by Covid-19. And an interesting simulation has found the Satoshi Nakamoto used a single PC to mine 1.1 million Bitcoins. That was a different era.
Check out the audio version here:
Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. That’s a fancy way of saying he writes words, says things and loves to play with cryptos.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
‘Sex sells’ – sex.crypto sells for 230 ETH By Cointelegraph
Earlier today, the domain ‘sex.crypto’ sold for 230 ETH, or approximately $90,000 at press time. The domain extension .crypto is generated by Unstoppable Domains and is censorship-resistant. The transaction, which occurred on OpenSea’s token marketplace, was completed by a user named Maxstealth. Currently, he owns 196 .crypto domains in total.
This individual or entity appears to be an (ETH) whale, as the Ethereum address from which the payment was sent has received over 10,000 ETH. Currently, the account has only 1.75 ETH left, according to data from CrystalBlockchain. The buyer most likely believes in the future of decentralized domains and is betting big on the price appreciation. This may pay serious dividends if its traditional DNS counterpart is anything to go by — sex.com is worth over $12 million according to some estimates.
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Movers of the Day 29-August
Top mover of the day is Ampleforth which has soared 48.79% since morning. Lambda has increased by 7.60% while CONUN has decreased by 7.24%.
During the day, the crypto markets recorded a slight decline, but soon bounced back and ended the day much higher. Today’s crypto market movement is illustrated by an adjacent chart that shows the movement of the NWSBCT Index (Blue Chips) over the last 24 hours. 2100NEWS DA Indexes which measure the performance of different groups of tokens and coins ended between +0.73% and +4.60%. The large caps measured by 2100NEWS Digital Assets 100 Large Cap Index (NWSL100) ended +3.58%. Our main 2100NEWS Digital Assets Total Index (NWST1100) ended +1.78%. Ether ended +2.64% while Bitcoin ended only +0.26%.
To find out based on which criteria have been selected, please read the notes.
Ampleforth describes itself as smart commodity money. It is chain-agnostic and reportedly less-correlated to Bitcoin and other digital assets.
Top mover of the day is CONUN which has soared 115.27% since midnight. Jarvis Reward Token has surged 28.20% and Lambda 27.22%.
The crypto markets started out higher this morning. Since midnight the tokens built on Ethereum measured by 2100NEWS DA Ethereum Based Index (NWSET100) have increased by 1.53%. The coins represented by 2100NEWS DA Coin Index (NWSCo100) are 0.90% higher. 2100NEWS Digital Assets Total Index (NWST1100) which measures the performance of the 1100 major crypto assets by market capitalization has increased by 0.68%. Bitcoin and Ether also started out higher: BTC +0.27%, ETH +0.63%.
CONUN is a distributed supercomputing platform based on Blockchain. A service platform that enables high-performance computing resources to be handled by sharing idle resources between participants’ personal computers and smartphones.
Jarvis Network (JRT)
Jarvis Network is a set of protocols on Ethereum allowing anyone to become a broker by funding and maintaining liquidity pools, against which users can gain exposure to the price of any traditional or digital assets.
Lambda is a safe, reliable and infinitely scalable decentralized storage network, which achieves the decentralized storage of data, the integrity and security verification of data, and the operation of market-oriented storage transactions based on the Lambda Chain consensus network, so as to provide infinitely scalable data storage capacity for the next-generation Internet of Value.