Actionists reinventando a arte: como sempre foi, assim será (mesmo em criptografia)

A tokenização da arte poderia tornar as pinturas um veículo mais líquido para investimento, envolvendo pessoas que não têm acesso ao mercado de arte de ponta.

A arte supera o dinheiro. Sempre. É importante lembrar isso em meio ao atual hype da arte criptográfica. Os tokens não fungíveis deram à arte digital o benefício de propriedade comprovada, escassez e programabilidade, permitindo que os criadores digitais promovam e vendam seu trabalho de maneiras nunca antes possíveis.

Com a indústria de blockchain crescendo e os mercados se tornando mais líquidos, a cryptoarte viu uma enxurrada de vendas no mercado primário incrível. O medo de perder o jogo inspirou colecionadores e artistas a perseguir a escassez e até mesmo destruir a arte no processo, como foi o caso com a criação e o leilão da impressão de Banksy NFT .

Ainda assim, o que pode parecer uma jogada de marketing pode ser uma das maiores performances de actionista que o mundo da arte já viu até hoje.

Perseguindo a escassez

Quanto mais raro algo é, mais cobiçado. Esse parece ser o princípio básico de qualquer item colecionável e se aplica à criptoarte também. Uma rápida olhada nas vendas de edições únicas e múltiplas mostra que o mercado favorece a exclusividade.

Essa busca pela escassez assumiu muitas formas, desde limitar o número de edições de uma obra de arte em particular até encontrar “primeiros” em um mar de coisas – como foi o caso do tweet de Jack Dorsey.

Grandes estrelas do mundo da arte e da indústria da música começaram a fazer experiências com NFTs, tornando as quedas de seis dígitos uma ocorrência aparentemente comum. Desde a foto de um gato de US $ 17.000 por Paris Hilton até Death of the Old por US $ 389.000 da Grime e o marco do leilão da Christie’s de Beeple , as vendas e a conscientização estão aumentando.

O fascínio das mega vendas

Apesar das incríveis vendas no mercado primário, o mercado secundário, em sua maior parte, tem estado relativamente quieto. Olhando os dados do SuperRare, podemos ver que as contagens de vendas no mercado secundário são uma fração do número de itens primários vendidos.

Bitcoin course: what’s next? The 1.9 trillion. $ US economic stimulus program, like the ETH supply is getting scarcer and the 520,000,000 XRP transaction

Three cryptocurrencies in comparison: Bitcoin, Ethereum and Ripple. On the picture you can see the respective coins ETH, BTC and XRp.

Welcome to our CryptoMonday weekly review of KW 02. As usual there was a lot to report this week and so it is not surprising that we can come up with a whole range of interesting news again.

Our topics this week range from the US $ 1.9 trillion economic stimulus program and its effects on the Bitcoin course, the increasingly scarce supply from ETH and what that means for the future Ethereum course, further background information on the SEC lawsuit against Ripple to a 520,000,000 XRP transaction that caused a stir this week.

Current Bybit promotion for new depositors

And of course that was far from all! But that’s enough of the preface. Have fun with our CryptoMonday weekly review!

Afterwards, let us know what the most exciting or significant events were for you this week and discuss them with our community on Telegram .

Bitcoin price slipped below $ 35,000 after Biden introduced a 1.9 trillion stimulus package
Illustration of the US dollar burning down, cryptocurrency

Positive reactions to a $ 1.9 trillion stimulus package caused the Bitcoin price to slide again this Thursday

The Bitcoin price fell on January 15, just below the $ 35,000 mark after a seemingly erstarkter US dollar pressure on the largest cryptocurrency the world exercised. However, the price of BTC found a level of support at $ 34,300 that cushioned the sudden fall somewhat.

This again leaves open where the journey for the Bitcoin course will go next. In this article we take up the current developments and point out a possible bullish as well as a potential bearish scenario for the Bitcoin price. Read more .

La BTC può continuare l’Enorme corsa, o la Correzione Imminente?

Analisi dei prezzi Bitcoin: La BTC può continuare l’Enorme corsa, o la Correzione Imminente?

Il prezzo Bitcoin è aumentato di oltre 3300 dollari oggi, che è un nuovo record, a partire dalla scrittura di queste righe. Il solido aumento giornaliero del 13% aveva portato BTC oltre i 30.000 dollari per raggiungere un nuovo ATH a 33.333 dollari (secondo Bitstamp).

Nell’ultima settimana, Bitcoin è riuscita ad aumentare di un robusto 32%, che ha segnato anche un nuovo ATH per il tappo di mercato di Bitcoin – oltre 600 miliardi di dollari, così Bitcoin Pro come il tappo di mercato totale di cripto, che ha registrato attualmente si aggira intorno ai 856 miliardi di dollari, con Bitcoin che ne domina il 71%.

Un rapido riassunto del mese scorso: Il 16 dicembre, appena due settimane fa, la Bitcoin è riuscita a superare il livello triennale di 20.000 dollari di triidrato di alluminio del 16 dicembre, e da allora ha continuato a creare nuovi triidrati di alluminio. 27.900-28.000 dollari hanno fornito una certa resistenza negli ultimi giorni, ma questa è stata finalmente spezzata quando il Bitcoin è salito sopra i 33.000 dollari nei primi due giorni del 2021, rompendo un canale di prezzo ascendente parabolicamente (segnato sul seguente grafico giornaliero).

Supporto dei prezzi BTC e livelli di resistenza da tenere d’occhio

  • Livelli chiave di supporto: 32.500 dollari, 31.800 dollari, 30.500 dollari, 30.000 dollari.
  • Livelli di resistenza chiave: $32.900, $33.300, $34.100, $35.000.

Poiché Bitcoin sta creando nuovi ATH, attualmente si trova in una zona di scoperta del prezzo – una zona in cui l’attività non è mai stata scambiata prima. Pertanto, non è disponibile alcuna resistenza passata superiore a 33.300 dollari e dovremo prevedere i possibili livelli utilizzando il Fibonacci Extension Tool.

Guardando il grafico giornaliero, se gli acquirenti continuano a spingere più in alto, il primo livello di resistenza è di 32.900 dollari (Long term 1,618 Fib Extension). Seguono $33.300 (ATH corrente), $34.140 (1,272 Fib Extension – rosa), $35.000, e $36.475 (1,414 Fib Extension – rosa).

D’altra parte, in caso di correzione, il primo livello maggiore di supporto è di $32.500, seguito da un supporto di $31.800 (il canale ascendente sul grafico giornaliero sottostante). Un ulteriore supporto è di $30.500 (.236 Fib Retracement), $30.000, e $28.850 (.382 Fib Retracement).

L’RSI è a un livello di ipercomprato che non lo è più da agosto 2020. Inoltre, l’RSI stocastico è innescato per un segnale di crossover ribassista che richiede una correzione a seguito della recente corsa parabolica.

Bitcoin price (BTC) explodes above 28,000 USD mark – Next target 30,000 USD

What’s going on with the Bitcoin price (BTC) right now hasn’t been seen since the crypto hype at the end of 2017. The price of a Bitcoin is climbing to a new record all-time high almost every hour and is currently quoted at 28,250 US dollars. On a weekly basis, the price is thus up by more than 17 percent. Why there is currently no stopping it and why the 30,000 US dollar mark could also be reached quickly.

The Bitcoin price (BTC) makes all other cryptocurrencies look old. No other digital asset is attracting as much fresh capital as digital gold. With a market capitalization of over half a trillion US dollars, Bitcoin is reaching dizzying heights. For comparison, if Bitcoin were a nation, and you equated its market capitalization with GDP, it would currently be in 26th place. For example, Austria, with a GDP of $446 billion, would not be as heavily capitalized as Bitcoin.

Why is the Bitcoin price (BTC) rising unstoppably?

The reason why the Bitcoin price is unstoppable is simple. As we have explained many times before, institutional investors are now entering the market. The „big money“, i.e. hedge funds, insurance companies, family offices, etc., are now entering the market. The perception has turned 180 degrees. Whereas Bitcoin was previously perceived as more of a speculation, it is now considered among investment professionals that not having Bitcoin Code in your portfolio is a risk.

As in the traditional financial sector, these professional players determine how prices develop. For example, not only has Nasdaq’s Microstrategy bought Bitcoin for another $650 million, as CEO Michael Saylor announced via Twitter on Dec. 21, but so have several traditional investment houses.

Bitcoin demand is unstoppable

Whether it’s American insurer MassMutual (BTC investment: $100 million), hedge fund Guggenheim (BTC investment: $500 million), or most recently this week’s repurchase from crypto asset manager Grayscale (BTC repurchase: $542 million), institutional investors around the world are buying Bitcoin holdings on a virtually daily basis. Tight supply and rising demand are leading to a Bitcoin price that currently knows only one direction.

Private investors play only a minor role in this. For this reason, Bitcoin also outperforms most other cryptocurrencies, because the big money primarily flows into Bitcoin and not into small cryptocurrencies. This is also reflected in the sharp increase in Bitcoin market dominance, which currently stands at over 70 percent.

Asset distress and inflation expectations amplify bitcoin momentum

The flight into Bitcoin is reinforced by the prevailing investment emergency. For example, due to the massive monetary expansions of the European Central Bank (ECB), there are practically no positive interest rates on euro government bonds anymore. Even a ten-year government bond on heavily indebted Portugal means negative interest rates for investors.

A reversal of the ultra-loose monetary policy is not in sight, as this would massively endanger the stability of the entire euro area. It is becoming increasingly likely that there will be real economic inflation in the future in addition to the already prevailing asset inflation. The ECB is thus one of the biggest macroeconomic support factors for the Bitcoin price.

Bitcoin price (BTC) soon at $30,000?

Of course, no one can predict exactly when Bitcoin will reach the $30,000 mark, but it could happen very quickly. At the current rate, even this year. On the other hand, one must also state that the market is completely overheated. A healthy consolidation, in which the Bitcoin price also drops 20 – 30 percent from time to time, is absolutely within the realm of possibility. However, this should only last for a certain time, as it is no secret knowledge that the money of many institutional investors will not come until 2021. So support is provided.

2021: These trends are on the agenda

Bitcoin made a clear statement with its year-end rally: The cryptocurrency once attributed only to geeks and nerds has come of age and is finding its way into the institutional sector with broad mass adoption. But what are the issues on the agenda in 2021 besides pure bitcoin price performance? What underpins the recent price rally and what hurdles are there for Bitcoin and the crypto sector to overcome? What crypto and blockchain trends (even aside from Bitcoin) will define 2021? We have summarized the top trends for the year 2021 in the current December issue of Kryptokompass magazine.

Bitcoin legt zu, während die US-Gesetzgeber ein 900 Milliarden Dollar schweres Konjunkturprogramm beschließen; was kommt als nächstes?

Händler hielten den Bitcoin-Kurs am Montag weiter oben, da die US-Gesetzgeber eine Einigung über das zweite Konjunkturpaket erzielten.

Der BTC/USD-Wechselkurs stieg in der asiatischen Sitzung am frühen Morgen auf ein Intraday-Hoch von $24,072. In der Zwischenzeit kletterten Futures, die mit dem Bitcoin-Kassamarkt verbunden sind, ebenfalls auf ein Hoch von $24.210, was auf höhere Käufe von Call-Kontrakten hindeutet und die ausgedehnte zinsbullische Tendenz der Händler für das Flaggschiff der Kryptowährung weiter widerspiegelt.

Stimulus

Die Führer des US-Kongresses haben sich auf ein fast 900 Milliarden Dollar schweres Konjunkturpaket geeinigt, das Erleichterungen für kleine und mittlere Unternehmen sowie Direktzahlungen für amerikanische Haushalte vorsieht, die unter der Koronavirus-Pandemie wirtschaftlich leiden. Der Deal wird auch Menschen helfen, die ihren Job aufgrund von Sperrungen verloren haben.

Der US-Dollar gewann 0,13 Prozent gegenüber den wichtigsten Währungen, nachdem er letzte Woche auf ein Zweijahrestief gefallen war. Seine jüngste Erholung erschien als eine Art kurzfristige technische Korrektur, die durch eine starke Ablehnung seines Intraday-Hochs von 90,13 am Montag bestätigt wurde. Das hat das Potential von Bitcoin – der typischerweise invers zum Dollar gehandelt wird – weiter erhöht, seinen Aufwärtstrend fortzusetzen.

Bitcoin Technischer Ausblick

Auf dem 4-Stunden-Chart (4H) hat der Bitcoin-Kurs etwas gezeichnet, was wie ein halbfertiger Rising Wedge Channel aussieht.

Das bärische Umkehrmuster entsteht, wenn ein Vermögenswert innerhalb einer Reihe von konvergierenden Trendlinien handelt und höhere Hochs und höhere Tiefs bildet, während er nach Norden handelt. Aber wenn er sich dem Scheitelpunkt der Struktur nähert – in Kombination mit abnehmenden Volumina – fällt der Preis letztendlich um so viel wie die maximale Höhe zwischen der oberen und der unteren Trendlinie.

Der aktuelle Bitcoin-Ausblick bestätigt teilweise den Rising Wedge. Im besten Fall könnte die Kryptowährung in den kommenden Sitzungen auf bis zu $25.000 klettern, um dann später um mehr als $1.600 zu korrigieren. Nichtsdestotrotz würde die aktuelle Projektion die langfristige zinsbullische Tendenz von Bitcoin, die jetzt von institutionellem Kapital diktiert wird, nicht dämpfen.

Sie ist in den Updates der letzten zwei Wochen sichtbar. Die börsennotierte Firma MicroStrategy hat ihre Bitcoin-Reserven auf 650 Millionen Dollar aufgestockt. Der Versicherungsriese Mass Mutual investierte $100 Millionen in die Kryptowährung. Die Investmentfirma Ruffer Management kaufte ebenfalls $745 Millionen.

Unterdessen gab Guggenheims CIO Scott Minerd eine Prognose von 400.000 $ für Bitcoin ab. Christopher Wood von Jefferies änderte seine Long-Only-Asset-Allokationsempfehlung für Pensionsfonds, indem er den Goldanteil von 50 Prozent auf 45 Prozent senkte und eine 5-Prozent-Position in der Kryptowährung eröffnete.

Das zeigt, dass jeder technische Einbruch, der später folgen könnte, wahrscheinlich mehr Käufer anziehen wird.

Bitcoin Wave Count ehdottaa, että huippu on saavutettu

LYHYESTI

  • Bitcoin on saattanut saada päätökseen maaliskuussa alkaneen nousutrendin.
  • Lähin pitkäaikainen tukialue on 13 200 dollaria.
  • BTC näyttää alkaneen laskeva impulssi.

Bitcoin (BTC) nousi korkeimmalle tasolle 19 490 dollaria 25. marraskuuta, mutta laski merkittävästi seuraavana päivänä pudoten alle 17 000 dollarin.

On mahdollista, että tämä on alku korjaavalle liikkeelle, joka voi viedä Bitcoin-hinnan kohti alla esitettyjä tukialueita.

Tässä artikkelissa aaltojen pituuteen viitataan seuraavasti:

  • Cycle Wave – Sininen
  • Aalto – valkoinen
  • Aalto – oranssi
  • Pieni ala-aalto – punainen

Bitcoinin pitkäaikainen laskenta

Koska BTC-hinta saavutti alhaisen $ 3,122: n 15.12.2018, se näyttää olevan pitkäaikaisessa A-B-C-korjaavassa rakenteessa (esitetty sinisenä alla). Jos näin on, hinta on mahdollisesti juuri suorittanut C-aallon ja on nyt alkanut pitkittyä alaspäin.

C-sykliaalto koostuu nousevasta impulssista (valkoinen), joka näyttää osoittavan valmiita viiden aallon muodostumista. Tämän liikkeen yläosa löytyy käyttämällä erilaisia ​​Fib-retracement-elementtejä – aaltojen 1-3 projektio 4: n (sininen) pohjaan ja aallon 4 (musta) ulkoinen 3.61 Fib-retracement.

Jos hinta on todellakin alkanut korjaavan liikkeen, kolme todennäköisintä tukea tarjoavaa tasoa ovat $ 13,230, $ 11,300 ja $ 9,383 (0.382, 0.5 ja 0.618 Fib retracement tasot vastaavasti).

On kuitenkin syytä huomata, että ylöspäin suuntautuva liike on jatkunut 255 päivän ajan, joten jos korjaus tapahtuu, odotamme sen jatkuvan vähintään 1/3 tuosta ajasta ennen kuin paikallinen pohja saavutetaan.

Lyhytaikainen laskenta

Kryptovaluuttakauppias @TheTradingHubb totesi, että tämä on ensimmäinen kerta, kun Immediate Edge on saavuttanut lähellä parabolisen nousevan tukilinjan alapuolta, ja ehdotti, että BTC olisi voinut aloittaa korjauksen.

Tarkemmin tarkasteltaessa aaltoa 5 paljastuu valmis 5 aliaallon muodostuminen (esitetty oranssilla alla), mikä tarkoittaisi, että ylöspäin suuntautuva liike on todellakin päättynyt.

Lisäksi pudotusnopeuden lasku muistuttaa myös uuden alaspäin suuntautuvan liikkeen alkua.

Vielä tarkempi tarkastelu liikkeestä osoittaa viisi valmistunutta pienempää aliaalloa (punainen), joissa pieni ala-aalto 4 oli kolmio.

Siksi on mahdollista, että BTC on alkanut laskutrendissä ja laskee kohti ensimmäisessä osassa esitettyjä tukitasoja.

Tuleva liike

Olettaen, että BTC on aloittanut alaspäin suuntautuvan liikkeen, se on todennäköisesti juuri suorittanut laskevan impulssin (punaisen) kolmannen pienen aliaallon, joka on laajentunut.

Jos laskenta on tarkka, BTC: n odotetaan laskevan vielä kerran pienen aliaallon 4 suorittamisen jälkeen, ennen kuin pudotetaan lopulta 15 900 dollarin alueelle.

Tämä lasku on kuitenkin todennäköisesti osa pidemmän aikavälin aliaalloa A (esitetty oranssilla alla), minkä jälkeen hinta voi laskea entisestään.

Vielä laskusuuntainen skenaario viittaa siihen, että tämä on edelleen suurempi aalto, mutta sitä on vielä liian aikaista soittaa.

Johtopäätös

Lopuksi on mahdollista, että Bitcoin on alkanut korjaavan liikkeen ja laskee lopulta aina takaisin 1330 dollariin.

Bitcoin può prevenire le truffe sui vaccini

Il vaccino Pfizer / BioNTech ha finalmente iniziato a diffondersi negli Stati Uniti.

L’FBI ha emesso un avvertimento sulle truffe sui vaccini.

Bitcoin (BTC) è una soluzione affidabile.

Bitcoin può prevenire le truffe sui vaccini

C’è sempre qualcuno che cerca di rovinare una cosa buona. Il vaccino Pfizer / BioNTech ha finalmente iniziato a diffondersi negli Stati Uniti , ma ci sono già truffatori che cercano di trarre vantaggio dalla situazione.

Le organizzazioni governative vogliono che le persone diffidino delle truffe sui vaccini che dicono che scambieranno il loro vaccino con informazioni personali. Le aziende vendono falsi trattamenti per Covid-19. L’FBI ha detto alla CNN che stanno ricevendo reclami da truffatori che stanno approfittando del vaccino Covid-19 in modo che possano ottenere informazioni personali e denaro.

L’FBI farà la sua parte per impedire ai truffatori di sfruttare le persone

L’Immigration and Customs Enforcement (ICE) degli Stati Uniti sta facendo tutto il possibile per impedire la distribuzione di medicinali falsi Covid-19 .

La Federal Trade Commission (FTC) ha inviato lettere di avvertimento a diverse società che avanzano reclami senza alcun sostegno. Il Better Bureau ha avvertito tramite un comunicato stampa di stare all’erta contro i messaggi che chiedono alle persone i loro dettagli.

Le persone negli Stati Uniti sono alla disperata ricerca di una cura e faranno tutto il possibile per ottenerla. Secondo il contatore mondiale, gli Stati Uniti hanno avuto 17.164.631 casi di Covid.

Differenziarsi dai truffatori e stabilire la fiducia che paga con Bitcoin potrebbe essere il modo migliore per andare.

Europe’s largest payment provider brings Bitcoin to the tills

At the end of last year, Wordline announced that it would work with the financial services provider Bitcoin Suisse to increase the acceptance of cryptocurrencies in retail and e-commerce. The pilot project has been running successfully so far; the final rollout is now set to follow in the next six months.

Exactly a year ago, the French payment service provider Worldlineand the Swiss crypto broker Bitcoin Suisse signed a letter of intent to jointly bring cryptocurrencies to the till

Both companies are initially pursuing the goal of offering Swiss retailers and consumers services for paying with cryptocurrencies in shops and online shops. Wordline is the largest payment service provider in Europe and the fourth largest provider worldwide.

The French company launched a pilot with selected dealers in Switzerland this July. These include mostly hotels and restaurants, but also jewelry dealers and electronics shops in different parts of Switzerland. Since then, they have been accepting Bitcoin and Ether via the company’s solution, but they are still paid out in Swiss francs. According to Dr. Andreas Rehrauer , responsible for the payment product portfolio and innovations at Worldline, should not bear any currency risk for merchants. In addition, there is no additional complexity in billing, as the transactions are integrated into the merchant billing like other card payments.

Dr. Rehrauer towards BTC-ECHO as follows:

Since the start of the crypto initiative about a year ago, we have come a big step further and now have a successful pilot in the market. Since the end of July, three-digit transactions have been settled using crypto currencies – the trend is increasing despite Corona. About three quarters of that was in Bitcoin and a quarter in Ether. However, the solution is designed in such a way that cryptocurrencies can be flexibly expanded or removed, depending on the payment preferences of consumers.

Dr. According to Rehrauer, the feedback from dealers is positive. So they „even partially actively advertised it themselves on their channels“.

How the crypto payment works

From the customer’s point of view, the transaction works in a similar way to the online payment app TWINT, in which Worldline is involved: A QR code is displayed at the point of sale that is scanned with a crypto wallet app. Then it is shown how much the purchased goods cost in the desired cryptocurrency. As soon as the user has approved the payment in the app, it is triggered, processed and confirmed. According to Dr. Rehrauer, the crypto alliance benefits from the fact that more and more people are paying with their mobile phones:

More and more people are used to paying based on QR codes. The best example is TWINT in Switzerland, but also, for example, in an international context, Alipay or WeChat Pay. And buyers who are already used to paying with their mobile phone and with a QR code, the step to Bitcoin is no longer so big for them.

Odbicie bitcoina koncentruje się na 16 000 $, czy to się stanie?

John Wanguba przez Johna Wanguba 8 listopada 2020 r w analizie Czas czytania: 3 minuty czytania
ostatnie wycofanie może spowodować, że bitcoin przekroczy 16 000 $, czy to się stanie?

W Bitcoin byki wstrzymali grunt mocno i bronił niedawno ustanowionego wsparcia na $ 14500 po nagraniu nowe maksima roczne blisko $ 16.000. Skok ten przypisano napięciu, które powstało na giełdzie w wyniku wyborów prezydenckich w USA.

Mówi się, że inwestorzy zwrócili się w stronę Bitcoin Code i kilku innych aktywów cyfrowych w poszukiwaniu opcji zabezpieczających. Złoto również eksplodowało do 1950 dolarów za uncję, gdy wynik wyborów się opóźniał.

Bitcoin Uptrend

Stabilność powróciła na rynek bitcoinów, a krypto odbijało się od wsparcia przy 14,500 $. BTC obecnie oscyluje wokół 15 000 $. Wielu spodziewa się, że konsolidacja będzie miała pierwszeństwo w przyszłych sesjach, co pokazuje Relative Strength Index (RSI).

Z drugiej strony, bitcoin może wydłużyć akcję cenową powyżej 15 000 $, co może przyciągnąć więcej zleceń kupna. Zwiększy to wiatr w plecy i przyciągnie bitcoin do nowych rocznych szczytów.

Warto zauważyć, że na razie najbliższe wsparcie uformowało się na poziomie 50 SMA, aby uniknąć znacznych strat cenowych w przypadku, gdyby korekta przełamała wsparcie na poziomie 14 500 USD

Model IOMAP firmy IntoTheBlock mówi, że akcja cenowa będzie dość ograniczona przed nadchodzącym tygodniem.

Wracając do góry, przeciążenie sprzedawcy, które ukształtowało się między 14 985 a 15 429 USD, zneutralizuje większość presji kupujących. Intensywne wsparcie w dół istnieje, aby znieść, że bitcoin nie spadnie poniżej poziomu 14 000 USD.

Policy and Technology Hinder Adoption of P2P Crypto-Currency Services in the Middle East

Data published by Arcane Research suggests that the main P2P cryptomoney trading platforms have struggled to take off in Iran and Lebanon.

Data published by Arcane Research suggests that, despite the demand for peer-to-peer crypt trading platforms in the Middle East, regulations and lack of infrastructure are holding back their adoption.

However, undocumented migrants in Western countries have been using these platforms to send money home.

According to an October report by the company, the volume of trading in peer-to-peer, or P2P, crypto-currencies across the Middle East and North Africa is approximately 15% of what it was at the end of 2017 on the main LocalBitcoins and Paxful platforms, or approximately USD 682,000 per week.

Rumor: PayPal is preparing to purchase the crypto custodian BitGo

„In general, there are several centralized exchanges that provide services in the more developed Arab states,“ the report states. „However, other countries in the region do not have this exchange infrastructure, and also lack financial and political stability, but [have] not recorded any notable cryptoadoption in P2P services.

There is a demand for P2P services in Middle Eastern countries that are facing inflation, as it allows residents to take money out of the country or simply convert it into crypto currencies. The Lebanese pound has suffered massive inflation in 2020. And while Iran has been a hot spot for cryptomakers because of the low cost of electricity, its currency has also been devastated by crippling hyperinflation since the US re-imposed sanctions in 2018.

Despite this, P2P exchanges in both Lebanon and Iran are struggling to establish a foothold because „poor Internet infrastructure and political regimes are negative for Bitcoin.

Not everyone in the crypto industry welcomes PayPal’s recent announcement

Instead, Arcane researchers found that Bitcoin’s „less sophisticated“ P2P trading methods (BTC) have grown in the region over the same period, driven by messaging applications such as WhatsApp.

The report also indicated that undocumented immigrants living in Western countries are turning to crypto currencies to send funds home using gift cards in conjunction with P2P commerce platforms when local laws make sending crypto currencies more difficult.

In September, Paxful announced that it would no longer provide services in Venezuela due to regulations and sanctions related to the U.S. Office of Foreign Assets Control. In spite of this, the country represented 42% of the volume of P2P services in all Latin America, which is now USD 4.3 million.

Arcane Research suggests that Venezuelan immigrants have found „solutions“ for sending money home amid „restrictions on crypto-currency and strict currency control.

Paul Tudor Jones says Bitcoin is ‚like investing early in Apple or Google

According to researchers, immigrants can buy gift cards from any number of popular retailers such as Amazon or simply a prepaid credit card, and send a photo of it to family and friends abroad. Recipients could then sell it through Bitcoin using a P2P platform and convert it into local currency. The report stated that this method of shipping was fast and reliable, but involved significant costs.

Bitcoin is also a good way to get money out of the country. „Bitcoin can be used as a capital flight tool for Venezuelans,“ the report stated. „Hyperinflation is a big problem for Venezuela and has caused more than 10 percent of the population to leave the country.