Cryptocurrency Myths Debunked: The Myth that Cryptocurrencies Are Used Mostly by Criminals

Leonardo Perez
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Cryptocurrency Myths Debunked: The Myth that Cryptocurrencies Are Used Mostly by Criminals

Since blockchain is still a relatively new technology, there are many falsehoods and misconceptions surrounding cryptocurrencies. Let us review some of the most common crypto FUD (Fear, Uncertainty, and Doubt) and separate fact from fiction. The first issue discusses the myth that cryptocurrencies are used primarily by criminals.

Amidst a backdrop of global economic change, the cryptocurrency industry continues to thrive and prove resilient, with 11.5 million people in 70 countries, including Kenya, making payments with Binance Payback.

However, the lack of understanding of this technology has given rise to several false beliefs and misconceptions, causing many people to approach digital assets with unwarranted suspicion and uncertainty. To combat this, we have made it our mission to provide World Wide Web3 education accessible to all and to work to improve understanding of cryptocurrency.

Through these efforts, we aim to debunk common misconceptions and promote greater crypto literacy among Kenyans. Our goal is to clear up the confusion and help improve the general public’s understanding of cryptocurrencies. Having a thorough understanding of the basics and thinking critically is essential, as this will help people better understand and ultimately use cryptocurrencies. Let us bust some crypto myths!

Myth: Cryptocurrencies Are Only Used by Criminals

The use of cryptocurrencies for illegal activities has been a matter of concern since the early days of this new form of digital currency. The public’s perception that cryptocurrencies are inherently linked to criminal activities (such as money laundering, drug trafficking, and cybercrime) can be traced largely to the initial media coverage of cryptocurrencies, specifically the infamous Ruta market. of the silk

Silk Street was an online black market that operated on the dark internet from 2011 to 2013, offering a platform for the anonymous buying and selling of illegal goods and services using cryptocurrency. The market was known for its involvement in drug trafficking, and the association between cryptocurrency and Silk Road’s illicit activities contributed to cryptocurrency’s negative reputation in the mainstream media.

The perceived anonymity and decentralization of cryptocurrencies have raised concerns that they facilitate criminal activity. Many news outlets often choose to focus on high-profile cases of cryptocurrency-related crime, furthering the notion that digital assets are primarily used by those seeking to engage in illegal activities while avoiding detection.

Data Shows that Cryptocurrencies Are Used Mainly by Ordinary People

The reality is that cryptocurrencies are mainly used by ordinary people and exist as a legitimate tool for a variety of everyday transactions. Binance alone has more than 140 million registered users. As with any emerging (or existing) technology, criminals will always use it for nefarious purposes. That being said, illicit activity accounted for just 0.15 percent of crypto transactions in 2021, up from 0.62 percent in 2020, despite the industry’s exponential growth. Money laundering represented 0.05 percent.

And do not just take our word for it. This is data from Chainalysis, an independent blockchain analytics company. Chainalysis data is often used by high-level government agencies to investigate and combat cryptocurrency-related crime.

In the traditional fiat space, between $800 billion and $2 trillion are laundered every year (representing between 2 and 5 percent of global GDP), reports the United Nations Office on Drugs and Crime. (UNODC). Compare that to cryptocurrencies, and the amount is a minuscule .03 percent of that. Criminals do not like cryptocurrencies because the fact that transactions are publicly and permanently recorded allows researchers. The transparent nature of cryptocurrencies makes it easier to identify bad actors.

By Leonardo Pérez

Bitcoin Perfectly Announces Closing on $1.4 Million without Brokerage

Audy Castañeda
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Bitcoin Perfectly Announces Closing on $1.4 Million without Brokerage

EDMONTON, Alberta, September 1, 2023 (Globe NEWSWIRE) – Bitcoin Well Inc., the non-custodial financial technology company that prepares money for the future by making Bitcoin useful to everyday people, is pleased to announce that it has closed a non-brokered private placement offering (the “Offering”) of 23,291,985 units of Bitcoin Very well (the “Units”) to a price of $.06 per unit for total gross receipts of $1,397,519.24. Each Unit is comprised of one common share of the Company (each, a “Common Share” and collectively “Common Shares”) and one common share purchase warrant (each, an “Order” and collectively “Orders”) exercisable in one Common Share at a price of $.18 per share for a period of three years from closing.

The Offer has been made pursuant to the issuer financing exemption listed under Part 5A of National Instrument 45-106 – Prospectus Exemptions (the “VIDA Exemption”). Any security issued under the Everyday Living exemption is not subject to a holding period under applicable Canadian securities laws. Proceeds from the Offering will be used to improve cash flow, pay certain outstanding liabilities, and for general working capital fines. No search fee will be paid in connection with the Offer.

If, during a period of 10 consecutive business days between the applicable closing date and the expiration of the Warrants, the volume-weighted average daily trading price of the Common Shares on the TSX Enterprise Exchange (or any other stock exchange where most shares occur trading volume) exceeds $.36 for each of those 10 consecutive days, the Company may, within 30 days of such occurrence, notify holders in writing, after which holders of the Warrants will have 30 days to exercise their Warrants.

Common Shares

Pursuant to the Offer, Adam O’Brien acquired management of 2,880,000 Units. Prior to the Offer, Mr. O’Brien managed 81,204,904 Common Shares, representing 46.3% of the issued and outstanding Common Shares on an undiluted basis (47.1% on a partially diluted basis). Following the Offer, Mr. O’Brien exercises control over 84,084,904 Common Shares, representing 42.3% of the issued and outstanding Common Shares on an undiluted basis (43.9% on a partially diluted foundation). Currently, Mr. O’Brien does not have any strategy to acquire or dispose of additional securities of the Company. However, Mr. O’Brien may acquire additional securities of the Company, dispose of some or all of the existing or additional securities that he owns or will own, or may continue to hold his actual position, depending on market conditions, redrafting of plans, or other relevant factors.

Pursuant to the Offer, Terry Rhode acquired the regulation of 9,356,887 Units. Prior to the Offer, Mr. Rhode held and managed over 5,178,000 Common Shares, representing 2.9% of the issued and outstanding Common Shares on an undiluted basis (3.5% on a partially diluted basis).

By Audy Castañeda

Bitcoin Miners Go on a Selloff: Liquidate $100 Million Worth of BTC in 7 Days

Leonardo Perez
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Bitcoin Miners Go on a Selloff: Liquidate $100 Million Worth of BTC in 7 Days

A major on-chain piece of data has revealed that BTC miners went on a selloff once the price of Bitcoin fell below $26,000. Can bullish Bitcoin traders hold firm at the $25,000 support level?

The Bitcoin price has continued to fluctuate over the past week, briefly breaking above $28,000 on August 29, but miners have continued to sell despite it. Is the price of Bitcoin in danger of falling below $25,000?

Miners Have Sold 4,000 BTC in the Last 7 Days

Bitcoin miners have been seen selling millions of dollars worth of BTC from their accumulated reserves over the past week. According to on-chain data compiled by Glassnode, miners began to exhibit an unusually bearish buying and selling pattern around August 26, when the price of BTC dipped below the $26,000 support territory.

As shown below, miners had an overall 1.831 million BTC in their accumulated balances as of August 25. But as of the close on August 31, the miners’ reserves had dwindled to just 1.827 million. This indicates that Bitcoin miners have sold more than 4,000 BTC in the last seven trading days.

Data from the Miners Reserves metric tracks real-time changes in the balances of recognized miners’ wallets and mining pools. When it cuts down, it means that miners are currently on a selloff. As they move more block rewards to exchanges, it could create additional selling pressure.

Notably, Bitcoin miners currently control around 9.4% of the full BTC in circulation. This underscores why strategic investors pay close attention to their investing patterns.

Bitcoin is trading around $25,850 at press time, which means miners have sold $103 million worth of BTC over the past week. Without sufficient demand to counter the selling pressure from miners, the price of Bitcoin could fall below $25,000.

BTC Price Prediction

According to exchange order books, many strategic traders have built a considerably high sell wall to mitigate the danger of BTC losing $25,000.

As seen below, BTC traders have placed active orders to buy 5.6 million BTC at a price within 5% of the current price of $25,850. Meanwhile, on the resistance side, bear traders have only put 3.7 million BTC up for sale.

By Leonardo Pérez

Oprah and the Rock Raise Crypto Donations for Maui Wildfire Victims

Audy Castañeda
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Oprah and the Rock Raise Crypto Donations for Maui Wildfire Victims

The crypto community unites to support the Maui community as a relief fund championed by A-list celebrities Oprah Winfrey and Dwayne “The Rock” Johnson accepts cryptocurrency donations to make a difference.

At the beginning of August 2023, the Hawaiian island of Maui suffered massive property and personal loss as more than 2,500 acres were burned by the intensive and extensive wildfires. The Rock and Oprah launched the Maui Well-known Fund to provide direct financial support to the victims.

“We’re honored to announce the People’s Fund of Maui, a fund putting money directly in the pockets of those who were affected by the recent wildfires.

As @Oprah and I have seen firsthand, the impacts of these wildfires have been devastating, and we’re here to ensure with 100% guarantee that your donations will go directly into the hands of Lahaina residents. —Dwayne Johnson (@TheRock) August 31, 2023”

The Rock assured all donations will go to the victims:

“Every adult resident living in the affected area who was displaced by the Lahaina and Kula wildfires is eligible to receive $1,200 per month to help them through this recovery period.”

The Maui Common Fund accepts donations in the form of many fiat and cryptocurrencies. In addition to accepting fiat donations from around the world, the fund will also accept donations in Bitcoin (BTC), Ether (ETH), and Doge (DOGE), among a host of other alternatives.

As Oprah explained, the intent behind giving donations directly to survivors is to allow them to make decisions for their path to normalcy. “That people can have their own agency, be able to make decisions for themselves, about what they need and what their family needs, that is our goal,” she added.

Related: Ukrainian Children of Heroes Need Your Help – Donate with Cryptocurrency

Parallel to the support efforts of A-list celebrities, many relief efforts are striving to help the victims of the wildfires.

We’re participating in @TheGivingBlockMaui Emergency Response Fund to support the survivors of the wildfires in Hawaii.

Completed All Palms and Hearts with cryptocurrency and help strengthen our relief efforts: https://t.co/iG4AnSbNDl https://t.co/aQisZxLspE

— All Hands and Hearts (@AllHandsHearts) August 15, 2023

Disaster relief organization All Palms and Hearts has also been collecting cryptocurrency and fiat donations to help local Maui residents in the aftermath of the fires.

“Cryptocurrency donations, like any other type of donation, are helping to provide essential support in the aftermath of the devastating wildfires,” said Olga Ruggiero, head of organizational integration and events at All Fingers and Hearts. “The crypto industry continues to join communities in need around the world.”

By Audy Castañeda

Impact of the Growing Federal Reserve Wars on Bitcoin and Cryptocurrencies

Leonardo Perez
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Impact of the Growing Federal Reserve Wars on Bitcoin and Cryptocurrencies

In a recent report by Charles Edwards, by Capriole Investments, the growing Federal Reserve War Fund and its possible implications for the Bitcoin market and cryptocurrencies were explored. While Bitcoin prepares for its reduction in half in April 2024, a Basic event that will make it more scarce than gold, understanding the macroeconomic environment becomes essential.

Why the Macro is Important for Bitcoin and Cryptocurrencies

Edwards underlines the inherent interconnection of global markets and states: “The largest markets drive smaller markets.” This symbiotic relationship is evident in the scope of cryptocurrencies, where the performance of the Altcoins is closely linked to Bitcoin’s movements. Drawing a parallel with traditional markets, Edwards clarifies: “Bonds drive actions, actions drive Bitcoin and Bitcoin drives the Altcoins.”

Contrary to the predominant feeling of an imminent recession in 2023, the stock market challenged expectations with a strong rebound. This increase was not arbitrary but was driven by the innovative integration of the usable, which has the potential to significantly increase GDP. Edwards directs attention to the Naaim exhibition index, a barometer of exposure to the actions of Naaim administrators. The current readings of this index remind those of June and October 2022, which indicated local minimums for the S&P 500.

In addition, the results of the AAII feeling survey, which are currently moderate, could provide a more convincing purchase signal if they are aligned with the Naaim exhibition index. Another metric that Edwards has in high esteem is the SET/Connect with relationship. This relationship offers information on the relative bullish or bassist character of options in the options market. A recent increase in this proportion suggests that the traditional financial market could be on the cusp of a short-term bullish movement, which Bitcoin and cryptocurrencies could follow.

However, Edwards moderates this optimism with a cautious note. To obtain a more definitive bullish signal, the S&P 500 would need to break and stay above the monthly level of resistance elementary in 4600. A consistent performance above this threshold would dissipate any notion of a transitory dead cat rebound. “

Macroeconomic Foundations: A Mixture of Things

The broader macroeconomic panorama presents a mosaic of different nuances. The markets are still assimilating the aggressive adjustment cycle, a distinctive seal of the recent monetary policy of the Federal Reserve. Now that the accumulated household savings reserve during the crown stimulus years is being exhausted, a consequent contraction of consumer spending is glimpsed on the horizon.

Edwards highlights a particularly disconcerting pair of metrics: a marked fall in manufacturing, a sector whose falls have historically been omens of recessions and consumer expense, which has not only fallen below its average growth rate of 20 years, It has done it at an alarming speed.

Other alert signals in the US economic scene include a relative increase in the cost of living as income growth, a 1% annual lean, goes behind inflation a mountain of debt of unprecedented credit cards of 1 billion increasing delinquency rates, and a contraction of net assets as housing prices decrease due to the decrease in demand.

However, despite these ominous signs, solid employment rates make any immediate proclamation of a recession premature. Edwards emphasizes the importance of the metric of “initial requests” as an indicator of unemployment trends.

However, the integration of AI in the workforce is not only a technological wonder but a potential economic change. Edwards, based on your private experience, observes a 50% increase in productivity with the help of AI. It refers to a statement by Sam Altman, executive director of OpenAI, who projects that in the near future, a single programmer, with tools such as Chatgpt and Co -Co -Noring, could rival the productivity of 20 to 30 of the current programmers.

The Federal Reserve War Fund

Aware of the economic uncertainties that are coming, the Federal Reserve has been reinforcing its defenses. The unprecedented rate increases, which catapulted the interest rates of 5% in just one year, along with a contraction in the money supply rate, have generated the most strict economic conditions ever registered and have been weighing a lot about the Commerce, bitcoin, and cryptocurrencies.

The dual strategy of the Federal Reserve of High-Interest Rates, which provides a margin to cut the rates during crises, and their recent success in reducing their stability to 1 billion dollars a whopping, are fundamental for their defensive posture. Edwards speculates on the moment of the next round of QE and suggests that, given the imminent electoral year, the Federal Reserve could be forced to deploy its liquidity arsenal before planned.

Given the required macroeconomic picture and 90% of rate increases already included in the market according to the Fedwatch of CME, Edwards postulates that the Federal Reserve could be forced to instill liquidity in the imminent future, especially if indicators such as the increase are manifested of unemployment or falling consumer spending. What will happen then should be clear to all: risk assets such as bitcoin and cryptocurrencies will recover, aligning perfectly with the reduction to half BTC.

At the time of this publication, BTC quoted at $ 26,015.

By Leonardo Pérez

After a Brief Rebound Thanks to the News of Grayscale, the Price of Bitcoin Falls 4.5% in 24 Hours

Audy Castañeda
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After a Brief Rebound Thanks to the News of Grayscale, the Price of Bitcoin Falls 4.5% in 24 Hours

Bitcoin investors are waiting for a roller coaster. Although the story shows that September is usually an agitated month for Bitcoin, two ETF analysts have suggested investors who are attentive in mid-October as the next “important days to monitor”.

According to historical data, Bitcoin monthly yields have closed in red numbers at the end of September nine times during the last 13 years.

The well-known cryptocurrency Analyst Will Clemente informed its 689,000 X followers that September has had the “lower number of months with positive yields” and that has a six-year run with negative yields.

Will Clemente

@WCLEMIII

“Bitcoin’s returns broken down by months

September has had the least number of positive-returning months at just two and is on a 6-year negative-returning streak.”

There are a number of other factors that point to September also would be full of potholes the material monitoring resource Material Indicators warned that a “complete recoil” of the profits made following the victory of Grayscale over SEC was positive for the largest cryptocurrency facing the future.

Material Indicators

@Mi_algos

TLDR: Trend Precognition signals on the D Chart

Prepare to round trip the range

BTC> $ 27,760 invalidates the signal

BTC <$ 24,750 paves the road to #Beradise

“To expand on what @TradingParrot shared earlier, on the #Bitcoin D candle Close/Open, Trend Precognition presented a new signal. This signal lends support my theory that #BTC could retrace the entire move from Tuesday’s @Grayscale ETF news, but it does not mean that the rally is dead…yet, however, each of the key MA’s are layering in technical resistance, so if we see a bounce from support, a rebound to a HH isn’t going to come without a resurgence in bullish sentiment. #NFA Economic Reports, Monthly Candle Close, ETF approval deadlines and Weekly Candle Close will all impact PA in that chronology.”

Nevertheless, facing the future, Bloomberg’s ETF analyst James Seyffart has urged investors to be attentive in mid -October, which is the second Decision deadline of the SEC for seven ETF of Bitcoin to the cash, specifically those of Blackrock, Bitwise, Valkyrie, Wisdomtree, Vaneck, Ishares and Invesco.

James Seyffart

@Jseyff

“NEXT DATES TO WATCH: Middle of October are the next major days to watch. Namely October 16th. (& @GlobalXETFs’ Oct 7)

Also, reminder that we fully expected delays on this round of spot #Bitcoin ETF filings. Would have been a shock if they were approved this week.”

On August 30, Seyffart and his colleague Eric Balchunas, an ETF analyst at Bloomberg, estimated that there would be 75% possibility of approving a Bitcoin ETF in cash by the end of this year. The dates of mid-October would be the last term for the SEC, at least in 2023.

In addition, Seyffart pointed out that delays in the most recent round of Bitcoin ETF presentations in cash were widely expected and would have been surprising if they had been approved in the first round of deadlines last week.

After a brief rebound thanks to the news of Grayscale, the price of Bitcoin has fallen 4.5% in 24 hours and, at the time of writing this article, changed from hands to USD 26,066, according to CoinGecko data.

By Audy Castañeda

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