2022: The Year Of Crypto, Why Many People Are Going Digital…

2021 had many great things that helped pushed crypto into a new spotlight, but will 2022 be the year crypto finally makes it break through into many mainstream operations?

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Why Crypto?

Many people are starting to look into cryptocurrency as a way to make purchases, save money, make money, and invest in the long-term. Many things play into factor on why this is happening, but all the talk can’t disprove the numbers, and numbers don’t lie. With Bitcoin leading the way, the crypto has managed to out perform gold for the 3rd straight year. Could this come from the surge of digital assets as the world shifts to electronics or from inflation? One thing we do know is the S&P 500 index surged 28%, and gold dropped by 7% in the same period, marking the third consecutive year that Bitcoin has outperformed the two, according to a report by Arcane Research. This doesn’t mean bitcoin will hold more value than gold, but this does show how people are starting to shift from the old way of thinking and into a new uncharted territory via the web.

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The NFT Boom

NFTs have started to take over mainstream art, as collectors and investors meet in the middle to see the new rush. Non-fungible tokens, commonly known as NFTs, have started to gain more momentum – generating over $23 billion in trading volume – a frenzy away from less than $100 million recorded in 2020, according to data from DappRadar. This wave will likely continue as many artists and businesses start to join in; will this start a new wave of investors who only go digital?

We also know that in America, crypto was a hot topic for many people as it gained billions across the map. Investors in the U.S. made an estimated $4.1 billion in realized bitcoin gains in 2020, according to a new report by software company Chainalysis. 2021s numbers likely exceeded that as well.

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Digital Wallets Vs Banks….

Digital wallets allow you to store and transfer crypto funds like a bank account. Many offer substantial incentives and have aggressive interest rates, plus have physical cards you can use anywhere. Some 150 million American adults say they’ve swapped cash and credit for digital wallets at least once, and given the growth of hot wallets like Metamask, don’t be surprised to see that number continue to grow.

Not all digital wallets referenced are inherently crypto, but banks are starting to add these features to catch up. On top of all these numbers, Blockchain.com wallets, which enable the purchase of Bitcoin, reached over 70 million wallet users at the end of March 2021 – so we know things are growing.

As time continues on, we will unlock more statistics to see who will win the fight; and with the world facing a pandemic, many people are turning to these wallets in efforts to multiply investments to stay on top with trades. Can crypto be the future of economics, or will it step in line like many before?       

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PayPal Launches New Digital Payments App With Crypto Capabilities

Financial giant PayPal just announced the launch of a new financial application that will make crypto services even more accessible on its platform.

PayPal is sharing details about the first iteration of its digital wallet and payments app, which features an array of new financial capabilities.

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As the announcement explains,

“The new app includes a personalized dashboard of a customer’s PayPal account, a wallet tab to manage payment instruments and direct deposit, a finance tab that includes access to high-yield savings and crypto capabilities, and a payments hub that includes send and receive money features, international remittances, charitable and non-profit giving, bill pay, and a two-way messaging feature to send notes of acknowledgment after peer-to-peer transactions.”

The payments giant will partner with Synchrony Bank to create a high-yield savings account called PayPal Savings. The service is expected to start rolling out to US-based customers in the coming months.

Dan Schulman, president and CEO of PayPal, says that the new app simplifies the customer experience by creating an all-in-one service that eliminates the need for multiple financial applications.

“Our new app offers customers a simplified, secure, and personalized experience that builds on our platform of trust and security. [It] removes the complexity of having to manage multiple financial or shopping apps, remember different passwords, and track loyalty rewards.”

PayPal also plans to add new features and enhancements to the app in the future. The company intends to offer investment capabilities and payment options with the app online and in-store, including offline QR code payments and enhanced PayPal-branded capabilities to offer new ways to shop and save in-store.

According to the press release, PayPal expects the number of digital wallet users to grow vastly over the next few years, with 48% of consumers citing simplicity as the main reason for adopting digital wallets.

“The number of consumers using digital wallets is expected to double to 4.4 billion globally by 2025, and nearly half of consumers (48%) already cite simplicity as the top reason to use a digital wallet.

The new PayPal app aims to address this [need] by offering an all-in-one app as the primary destination for customers to easily manage their day-to-day financial lives.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto Holders in the UK Cannot Deposit Profits in Banks

For the past few months, Bitcoin has been rallying to all-time highs, but anyone who wants to take profits might struggle to cash into banks. It is because some banks are refusing transfers from bitcoin exchanges. 

HSBC, one of the world’s largest banks, does not process cryptocurrency payments and does not allow customers to transfer money from digital wallets. While other leading banks accept transfers from digital wallets to checking accounts, many bitcoin holders cannot use their credit cards to buy or sell bitcoin.

Why Banks Are Hesitant

With the price of bitcoin soaring over $ 40,000 this week after rising about 300% last year, this may be the first time many people have decided to cash out profits.

To buy cryptocurrency, you need to use an exchange like Coinbase to open an account. After you deposit funds into your account via wire transfer or using a debit or credit card, you can buy and sell Bitcoin. Banks that accept transfers from digital wallets ask users to convert bitcoin to a fiat currency such as pound sterling, euro, or dollar to cash in profits.

Since some banks are reluctant to accept wire transfers, there is a risk that their profits will remain on the platform and become unusable until they find a company that does. Experts advise people to ask their bank for their guidelines before investing in bitcoin or any other cryptocurrency.

The money laundering problem is at the root of bitcoin skepticism. The nature of cryptocurrency makes it challenging to trace origins, so many believe this is the perfect way for criminals to cover up their activities.

Trading Bitcoin Simplified Over the Years

In some ways, the pandemic underscores the need for sustainable market investment opportunities by 2021. What started as a search for interest rates above inflation has become a more profound need for growth and security. Now people are looking to diversify into alternative investments, and cryptocurrencies offer everything from secure guarantees to security protection to currency trading.

Adrian Lowcock of investment platform Will Owen said Bitcoin trading has gotten easier over the years, as most exchanges have been improving their processes since the currency’s last rally three years ago.

However, he warns that it often depends on the platform you’re buying cryptocurrency on and how you buy it, whether it’s easy to sell or not. Unlike cash, Bitcoin cannot process many transactions required to be a cash alternative.

Coin Corner’s Danny Scott said that they haven’t made it difficult for their customers to liquidate their bitcoins for a while. Banks are more comfortable with bitcoin as long as the funds’ source is exact; there are no issues.

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