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Crypto Price Analysis & Overview June 12th: Bitcoin, Ethereum, Ripple, VeChain & Kyber Network

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Bitcoin

Bitcoin saw a 3% decrease over the last week of trading as it drops into the $9,445 level. The coin started the week battling the $9,815 level as it proceeded higher to reach $10,000. Unfortunately, BTC was unable to capitalize above $10,000 and dropped by a steep 7% yesterday.

Luckily, it found support at a rising trend line, which has kept the bullish trend intact for now.

Looking ahead, if the buyers push higher, resistance lies at $9,815 and $10,000. Above this, added resistance is expected at $10,226 and $10,430.

On the other side, if the sellers break beneath the rising trend line, support is located at $9,150, $9,000, and $8,700 (.382 Fib Retracement).

btcusd-jun12

BTC/USD. Source: TradingView

Ethereum

Ethereum decreased by 2.5% over the past week. ETH was trading at $240 at the start of the week as it made a push higher toward $250. It failed to break above $250, which caused ETH to roll over and fall into the $225 support yesterday.

Looking ahead, if the buyers push higher, resistance lies at $245 and $250. Above $250, added resistance lies at $265 (bearish .886 Fib Retracement).

Alternatively, if the sellers push lower, the first level of support is expected at $225. Beneath this, support is found at $215 and $200.

ethusd-jun12

ETH/USD. Source: TradingView

Against Bitcoin, ETH struggles to break the 0.0253 BTC resistance level. The coin slipped lower from here as it now trades at 0.025 BTC.

Moving forward, the first level of resistance is located at 0.0253 BTC. Above this, added resistance lies at 0.026 BTC (bearish .786 Fib Retracement) and 0.0263 BTC.

Alternatively, if the sellers push beneath 0.025 BTC, support can be found at 0.0243 BTC (.236 Fib Retracement), 0.0239 BTC, and 0.0235 BTC (.382 Fib Retracement).

ethbtc-jun12

ETH/BTC. Source: TradingView

Ripple

XRP fell by a total of 4% this week as the cryptocurrency drops beneath the descending triangle pattern after beaking beneath the $0.192 support. It had been struggling to break above the 100-days EMA and the upper boundary of the triangle for the entire period of June, which caused it to break beneath the triangle yesterday.

XRP did manage to find strong support at $0.187 and has re-entered the triangle.

Looking ahead, if the sellers push back beneath $0.192, support is located at $0.187. Beneath this, support is found at $0.0175 (.5 Fib Retracement) and $0.0171.

Alternatively, if the buyers push higher, the first level of resistance lies at $0.2. Above this, resistance lies at $0.206 (100-day EMA) and $0.215.

xrpusd-jun12

XRP/USD. Source: TradingView

Against Bitcoin, XRP created a new 2-year low price at 2022 SAT yesterday. The coin had been battling to remain above 2071 SAT since mid-May. However, it failed to hold the support this week as XRP set fresh lows.

If the sellers continue beneath 2022 SAT, support can be expected at 2000 SAT, 1950 SAT, and 1890 SAT.

On the other side, resistance lies at 2071 SAT, 2100 SAT, and 2200 SAT.

xrpbtc-jun12

XRP/BTC. Source: TradingView

VeChain

VET saw a very impressive 40% price surge over the last week of trading as the coin trades at a price of around $0.0096. The cryptocurrency started the week as low as $0.007 and started to climb higher. It quickly went on to create a fresh 2020 high above $0.0089 and went on to reach as high as $0.0107, where it ran into resistance at a 1.272 FIb Extension level.

Looking ahead, if the buyers push higher, resistance can be found at $0.0099 (bearish .786 Fib Retracement), $0.0107, and $0.0115 (1.414 Fib Extension level).

On the other side, if the sellers push lower, the first level of strong support lies at $0.0091 (.236 Fib Retracement). Added support then lies at $0.0085 and $0.008 (.382 Fib Retracement).

vetusd-jun12

VET/USD. Source: TradingView

VET has also been on a rampage against Bitcoin as it surges to the 100 SAT level to create a fresh 2020 high as well. The coin had started the week at around 70 SAT before it began to surge higher to create a new 2020 high.

If the buyers continue above 102 SAT, resistance is expected at 111 SAT (bearish .618 Fib Retracement), 119 SAT (1.414 Fib Extension), and 131 SAT (bearish .786 Fib Retracement).

On the other side, the first level of support lies at 93 SAT. Beneath this, support can be found at 83 SAT, 80 SAT, and 76 SAT.

vetbtc-jun12

VET/BTC. Source: TradingView

Kyber Network

KNC saw a sizeable 69% price explosion this week as it reaches the $1.25 trading level. The cryptocurrency started the week by trading beneath $0.77 before starting its climb higher. During the push, KNC quickly broke above the 2020 high at $0.90 and went higher to reach as high as $1.30 before falling to $1.25.

Moving forward, if the buyers break above $1.30 again, resistance can be found at $1.35, $1.41 (bearish .382 Fib Retracement), and $146 (1.272 Fib Extension).

On the other side, if the sellers push lower, support is located at $1.20, $1.12, and $0.98 (.382 Fib Retracement).

kncusd-jun12

KNC/USD. Source: TradingView

Against Bitcoin, KNC also exploded higher this week as it reaches the 13,570 SAT level. The coin was previously trading within a symmetrical triangle and went on to break this pattern at the start of the week. It went on to break the 2020 high at 11,000 SAT and reached the 13,570 SAT resistance.

Looking ahead, if the buyers push above 14,000 SAT, resistance can be found at 14,820 SAT (1.414 Fib Extension), 15,400 SAT (bearish .382 Fib Retracement), and 16,610 SAT (1.618 Fib Extension).

Alternatively, if the sellers push lower, the first level of support lies at 11,900 SAT (.236 Fib Retracement). Beneath this, support lies at 10,880 SAT (.382 Fib Retracement) and 10,000 SAT.

kncbtc-jun12

KNC/BTC. Source: TradingView

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Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-price-analysis-overview-june-12th-bitcoin-ethereum-ripple-vechain-kyber-network/

Blockchain

Digital Assets AG Launching Stock Tokens on Solana

Digital Assets AG is launching tokenized stocks on the Solana Blockchain, which will be exclusively available though crypto exchange FTX.

The post Digital Assets AG Launching Stock Tokens on Solana appeared first on BeInCrypto.

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Digital Assets AG is launching tokenized stocks on the Solana Blockchain, which will be exclusively available though crypto exchange FTX.

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Digital Assets AG (DAAG) is based in Switzerland and specializes in designing and issuing tokenized financial instruments. It is now bringing its tokenized stock infrastructure to the Solana blockchain. During this initial debut, DAAG will also launch the free-floating security tokens exclusively on crypto exchange FTX. This will allow for the risk-free, compliant transfer of tokenized stocks.

According to Brandon Williams, Corporate Development Lead at DAAG, “operating on Solana will offer a much more efficient, and cost-effective environment for the trading and utilization of tokenized stocks.”

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Secondary-market stock token trading

In April, Binance became the first major exchange to offer stock tokens, in partnership with DAAG. Binance inaugurated its stock token offerings with Tesla, but later added MicroStrategy, Microsoft and Apple to its portfolio. However, these stock tokens are limited to being traded on Binance exclusively, with users only able to open or close positions. This restricts their ability to make withdrawals, or transfer cross-chain or to an external party. 

But now, DAAG has also launched free-floating tokenized stocks on Solana. This means that users can now trade these tokens between different centralized and decentralized exchanges built on the Solana blockchain. Sam Bankman-Fried, founder and CEO of FTX said that this could set a new standard and “help facilitate a paradigm shift in the underlying market structure.” 

Regulatory approval

Initially, these stock tokens will be exclusively available on crypto exchange FTX to KYC’d buyers and sellers in permitted jurisdictions. Users will be able to buy, sell and withdraw the 55 free-floating stocks in a 24/7/365 trading cycle. These will include stock tokens for Facebook, Google, Netflix, Nvidia, PayPal, Square and Tesla. Users will also be able to make transfers to secondary markets without restriction, with near-instantaneous settlement and no counterparty risk.

These free-floating tokens are regulatory-approved security tokens that can be used for tokenized stock trading. Each stock token is worth one share of stock, backed by a corresponding share in a portfolio of underlying securities. Previously, there had been some issue with Binance’s stock tokens, about whether they required a securities’ prospectus. However, in this instance the Financial Market Authority (FMA) of Liechtenstein endorsed a securities’ prospectus, making DAAG Tokenized Stocks valid in the European Economic Area (EEA).

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Source: https://beincrypto.com/digital-assets-ag-launching-stock-tokens-on-solana/

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CryptoPunt Announces World’s First Effort at Truly Decentralized Gambling

The concept of gambling has undergone multiple iterations over the years. What started out as an illegal practice is now considered legal physical and online entertainment in numerous regions. The role of cryptocurrencies in this segment cannot be underestimated, as decentralized gambling is the next step in the evolution to a truly fair ecosystem.

The post CryptoPunt Announces World’s First Effort at Truly Decentralized Gambling appeared first on BeInCrypto.

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The concept of gambling has undergone multiple iterations over the years. What started out as an illegal practice is now considered legal physical and online entertainment in numerous regions.

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Sponsored

The role of cryptocurrencies in this segment cannot be underestimated, as decentralized gambling is the next step in the evolution to a truly fair ecosystem.

Crypto gambling is on the rise

Over the past few years, there have been numerous initiatives to combine the best of online gambling and cryptocurrencies. Digital assets provide pseudonymity, improve accessibility, and are widely accepted among casino and gambling providers. It is a payment method that protects both users and providers alike, operating outside the control of banks and governments. 

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Whereas the initial push was focused on centralized platforms accepting cryptocurrency payments, that is no longer the case today. Decentralization is the new norm, although it is not always straightforward to achieve. Decentralized gambling applications have gained some momentum over the years, although they mainly cater to existing cryptocurrency enthusiasts. That approach is successful, but it will do very little to convince the mainstream of this option.

That is a bit strange, as crypto gambling also introduces the concept of provable fairness. Allowing all users to verify the outcome of a wager independently creates an unprecedented sense of empowerment. Removing the need to rely on the service provider to confirm whether an outcome is both fair and crucial. The gambling industry has always had a transparency issue, but that can be resolved by innovative projects such as CryptoPunt.

The potential of CryptoPunt

As a platform focusing on gambling and gaming, CryptoPunt goes well beyond traditional crypto casinos. It will support initial games such as Blackjack, Jackpot, and CoinFlip, whilst continuously adding many more entertaining options whose outcomes are always recorded on-chain, staying true to the crypto ethos of decentralization. All bets are recorded on the Polygon Matic ecosystem, a layer-two solution for the Ethereum blockchain. 

Onboarding new users is essential in the decentralized gambling industry. Making this process as straightforward as possible is crucial, and CryptoPunt checks the right boxes. It requires no traditional registration but rather a connection through a Web3 wallet like MetaMask or Coinbase Wallet, forgoing manual deposits/withdrawals, KYC procedures, and other cumbersome aspects. On that count, this solution is far more approachable than most other gambling options on the market today.

Another crucial benefit of dealing with cryptocurrencies is how it leads to faster deposits and withdrawals. For CryptoPunt users, those transactions are instant. The platform is not responsible for the payments, as it maintains a non-custodial solution. User winnings appear directly in one’s wallet, speeding up the transactions and enhancing the control users can experience.

All of this sounds good on paper, but it wouldn’t be worth much without a convenient user experience. CryptoPunt offers a sleek gaming interface to minimize navigational delays and increase the overall gaming enjoyment. The interface looks very intuitive in its current beta version, yet more touch-ups will be introduced prior to the full release.

The PUN token’s purpose

As is courtesy in the cryptocurrency industry, new platforms will usually have a native token. For CryptoPunt, that token is $PUN, rewarding affiliate marketers with a revenue share from referrals. It also grants access to exclusive promotions and better platform rates. In the future, PUN will be useful for accessing prizes and plenty of other incentives. 

On the referral front, markets earn 0.1% of every bet made by referrals. That offer applies to games against house only. Additionally, there is a reduced house edge for PUN holders, allowing for bigger profits to be pocketed when winning. Community members will be able to increase their holdings through various community-oriented campaigns running on Telegram, social media, and so forth. There is also an in-game chat where holders must hold $PUN to deter scammers approaching them in-chat.

Given the backing by renowned VCs, including VYSYN Ventures, DutchCryptoInvestors, CryptoMarvels, ChinaPolk, BMW Capital, and others, there is a lot of attention on CryptoPunt and its PUN token, with the launch leading up to be a success. Unlike other tokens, $PUN supports both the ERC-20 and BEP-20 token standards, an industry first. With trading to go live on PancakeSwap and Uniswap, there will be broad access to the token and overall liquidity, whilst also allowing inter-chain bridging.

Closing thoughts

It is evident there are numerous ways to decentralize the gambling industry further. Rather than just focusing on the decentralized aspect of the games, CryptoPunt goes one step further by creating a sleek and massively entertaining experience, fit for the current state of the online gambling market. Its non-custodial solution for deposits and withdrawals creates a direct line of communication between players and CryptoPunt, whereas its modular features and focus on user-friendliness can make a big difference when catering to millions of players globally.

Provably fair gambling and gaming will become more commonplace over the coming years. Users need the ability to verify the outcome of wagers without relying on the service provider to share details that may or may not be accurate. The dual-pronged approach through gambling and gaming is a breath of fresh air in the decentralized gambling world, as the model caters to the needs of millions of people rather than just cryptocurrency enthusiasts.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/cryptopunt-to-offer-truly-decentralized-gambling/

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President Nayib Bukele Explains El Salvador’s Bitcoin Law

We at Bitcoinist already analyzed the controversial Article 7 from El Salvador’s Bitcoin Law from every angle. But, did we? The President himself, Nayib Bukele, defends and explains it in a way that leaves little doubt. They really thought this through. This is an elegant law that keeps everyone in mind. To say that Peter […]

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We at Bitcoinist already analyzed the controversial Article 7 from El Salvador’s Bitcoin Law from every angle. But, did we? The President himself, Nayib Bukele, defends and explains it in a way that leaves little doubt. They really thought this through. This is an elegant law that keeps everyone in mind.

To say that Peter McCormack was at the right place at the right time would be an understatement. The host of the What Bitcoin Did podcast scores a major victory with the President’s first interview after declaring Bitcoin as legal tender in the Center American nation. For his part, Nayib Bukele passes the test with flying colors. He really knows his Bitcoin.

Related Reading | President Bukele Teases El Salvador’s Volcano-Powered Bitcoin Mining Preview

His opening phrase says it all, “In the case of Bitcoin, the system is just beautiful.” No argument there. However, we’ll have to get into Bukele’s views at another time. First, we have to go to the heart of the matter and talk about the controversial article that got the world talking. “Article 7 is very important. But you cannot look into Article 7, without looking into Article 8 and Article 12, because they work together.” He thinks that would be, “Getting Article 7 out of context.” 

And we wouldn’t want to do that. So, let’s see what Bukele thinks about all three.

The Controversial Article 7 Of The Bitcoin Law

Art. 7. Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service.

Article 7 actually protects the people,” Bukele says. It’s for the 70% of people that’s outside of the financial system, those who don’t have bank accounts, or credit and debit cards. How?

Imagine these people in El Zonte or some other places working in an ecosystem with Bitcoin. And then having their sats and going into a pharmacy to buy medicine.” Without Article 7, the pharmacy could refuse because it’s a private agent. And that, “Would be a discrimination against the 70% of the people that you want to benefit.” They don’t have another method of payment. They have to be able to go to buy medicine or food, “and have them receive their sats.

Ok, that makes sense. But, who protects the pharmacy?

Article 8, Nayib Bukele’s Protection To Merchants

Art. 8. Without prejudice to the actions of the private sector, the State shall provide alternatives that allow the user to carry out transactions in bitcoin and have automatic and instant convertibility from bitcoin to USD if they wish. Furthermore, the State will promote the necessary training and mechanisms so that the population can access bitcoin transactions.

President Bukele expresses clarity, “Bitcoin is something that promotes freedom. So, you need the freedom to either accept or not accept Bitcoin.” They want to protect the pharmacy from Bitcoin’s volatility, and from the fear of the new. “Article 8 gives you the power to immediately and automatically exchange the Bitcoin they’re giving to you into Dollars.” It’s as simple as that, “If they don’t want to receive Bitcoin, they just press the button and they’ll receive US Dollars.”

To summarize, “We need Article 7 to protect 70% of the people, and Article 8 to protect 30% of the people. Now, we have Article 12” 

BTCUSD price chart for 06/24/2021 - TradingView

BTC price chart on Bitbay | Source: BTC/USD on TradingView.com

At Their Own Pace, Article 12

Art. 12. Those who, by evident and notorious fact, do not have access to the technologies that allow them to carry out transactions in bitcoin are excluded from the obligation expressed in Art. 7 of this law. The State will promote the necessary training and mechanisms so that the population can access bitcoin transactions.

This one is for those who don’t have the technology, don’t have Internet, don’t have a smartphone, or don’t know how to use the app. “He doesn’t have to use it if he can’t use it. And if course, we’ll promote the use of it because we don’t want them to be left behind from the benefits of Bitcoin.” They’ll be able to learn at their own pace. If it takes five years, so be it, but the government will provide training and tools to speed up the process.

Bukele’s Three Articles Together

According to Nayib Bukele, El Salvador’s Bitcoin law is, “very clean. Simple, short, easy to read. Easy to understand. Nothing hidden.” And even though some people thought Article 7 was problematic, after the explanation it’s hard not to agree with him. “Article 7 is not there just to enforce the legal tenderness. It’s there to protect the people that’s going to work in the Bitcoin ecosystem.”

Related Reading | How El Salvador Embracing Bitcoin Signifies “The Separation Of Money And State”

A notable characteristic of the law is that ”you can actually opt-out. You have to accept the sats, but you don’t have to receive them. You can actually receive US Dollars. So, how can you complain? I mean, you’re receiving what you ask for.” El Salvador will have a trust fund dedicated to these currency exchanges. They’ll buy the Bitcoin from those who choose to receive Dollars, and they’ll protect their earnings from possible volatility in Bitcoin’s price. If the vendor does a transaction for $5, that’s exactly what he or she’s going to get.

According to President Bukele, El Salvador’s Bitcoin law “gives full freedom to the seller, but also gives full freedom to the buyer.” 

Do you buy his explanation?

Featured Image by David Peterson from Pixabay - Charts by TradingView

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/president-nayib-bukele-explains-el-salvadors-bitcoin-law/?utm_source=rss&utm_medium=rss&utm_campaign=president-nayib-bukele-explains-el-salvadors-bitcoin-law

Continue Reading

Blockchain

President Nayib Bukele Explains El Salvador’s Bitcoin Law

We at Bitcoinist already analyzed the controversial Article 7 from El Salvador’s Bitcoin Law from every angle. But, did we? The President himself, Nayib Bukele, defends and explains it in a way that leaves little doubt. They really thought this through. This is an elegant law that keeps everyone in mind. To say that Peter […]

Published

on

We at Bitcoinist already analyzed the controversial Article 7 from El Salvador’s Bitcoin Law from every angle. But, did we? The President himself, Nayib Bukele, defends and explains it in a way that leaves little doubt. They really thought this through. This is an elegant law that keeps everyone in mind.

To say that Peter McCormack was at the right place at the right time would be an understatement. The host of the What Bitcoin Did podcast scores a major victory with the President’s first interview after declaring Bitcoin as legal tender in the Center American nation. For his part, Nayib Bukele passes the test with flying colors. He really knows his Bitcoin.

Related Reading | President Bukele Teases El Salvador’s Volcano-Powered Bitcoin Mining Preview

His opening phrase says it all, “In the case of Bitcoin, the system is just beautiful.” No argument there. However, we’ll have to get into Bukele’s views at another time. First, we have to go to the heart of the matter and talk about the controversial article that got the world talking. “Article 7 is very important. But you cannot look into Article 7, without looking into Article 8 and Article 12, because they work together.” He thinks that would be, “Getting Article 7 out of context.” 

And we wouldn’t want to do that. So, let’s see what Bukele thinks about all three.

The Controversial Article 7 Of The Bitcoin Law

Art. 7. Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service.

Article 7 actually protects the people,” Bukele says. It’s for the 70% of people that’s outside of the financial system, those who don’t have bank accounts, or credit and debit cards. How?

Imagine these people in El Zonte or some other places working in an ecosystem with Bitcoin. And then having their sats and going into a pharmacy to buy medicine.” Without Article 7, the pharmacy could refuse because it’s a private agent. And that, “Would be a discrimination against the 70% of the people that you want to benefit.” They don’t have another method of payment. They have to be able to go to buy medicine or food, “and have them receive their sats.

Ok, that makes sense. But, who protects the pharmacy?

Article 8, Nayib Bukele’s Protection To Merchants

Art. 8. Without prejudice to the actions of the private sector, the State shall provide alternatives that allow the user to carry out transactions in bitcoin and have automatic and instant convertibility from bitcoin to USD if they wish. Furthermore, the State will promote the necessary training and mechanisms so that the population can access bitcoin transactions.

President Bukele expresses clarity, “Bitcoin is something that promotes freedom. So, you need the freedom to either accept or not accept Bitcoin.” They want to protect the pharmacy from Bitcoin’s volatility, and from the fear of the new. “Article 8 gives you the power to immediately and automatically exchange the Bitcoin they’re giving to you into Dollars.” It’s as simple as that, “If they don’t want to receive Bitcoin, they just press the button and they’ll receive US Dollars.”

To summarize, “We need Article 7 to protect 70% of the people, and Article 8 to protect 30% of the people. Now, we have Article 12” 

BTCUSD price chart for 06/24/2021 - TradingView

BTC price chart on Bitbay | Source: BTC/USD on TradingView.com

At Their Own Pace, Article 12

Art. 12. Those who, by evident and notorious fact, do not have access to the technologies that allow them to carry out transactions in bitcoin are excluded from the obligation expressed in Art. 7 of this law. The State will promote the necessary training and mechanisms so that the population can access bitcoin transactions.

This one is for those who don’t have the technology, don’t have Internet, don’t have a smartphone, or don’t know how to use the app. “He doesn’t have to use it if he can’t use it. And if course, we’ll promote the use of it because we don’t want them to be left behind from the benefits of Bitcoin.” They’ll be able to learn at their own pace. If it takes five years, so be it, but the government will provide training and tools to speed up the process.

Bukele’s Three Articles Together

According to Nayib Bukele, El Salvador’s Bitcoin law is, “very clean. Simple, short, easy to read. Easy to understand. Nothing hidden.” And even though some people thought Article 7 was problematic, after the explanation it’s hard not to agree with him. “Article 7 is not there just to enforce the legal tenderness. It’s there to protect the people that’s going to work in the Bitcoin ecosystem.”

Related Reading | How El Salvador Embracing Bitcoin Signifies “The Separation Of Money And State”

A notable characteristic of the law is that ”you can actually opt-out. You have to accept the sats, but you don’t have to receive them. You can actually receive US Dollars. So, how can you complain? I mean, you’re receiving what you ask for.” El Salvador will have a trust fund dedicated to these currency exchanges. They’ll buy the Bitcoin from those who choose to receive Dollars, and they’ll protect their earnings from possible volatility in Bitcoin’s price. If the vendor does a transaction for $5, that’s exactly what he or she’s going to get.

According to President Bukele, El Salvador’s Bitcoin law “gives full freedom to the seller, but also gives full freedom to the buyer.” 

Do you buy his explanation?

Featured Image by David Peterson from Pixabay - Charts by TradingView

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/president-nayib-bukele-explains-el-salvadors-bitcoin-law/?utm_source=rss&utm_medium=rss&utm_campaign=president-nayib-bukele-explains-el-salvadors-bitcoin-law

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