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Sunday, October 24, 2021

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Why after touching $ 50,000, Bitcoin falls again?

The digital currency of Satoshi Nakamoto exceeded the barrier of US $ 50,000 per unit the weekend of Saturday 21 and Sunday 22 August for the first time since May 11 last.

His action thrilled investors, since in July it barely exceeded US $ 30,000 per unit. And even so, after this slight stumble, many remain firm in their forecast of a possible friction of u $ s100,000 by the end of the year but with more focus on the next Bitcoin moves.

On the other hand, hash rate Bitcoin showed positive signs after its collapse a few months ago, linked to the events of repression of crypto activity in general in China.

According to data provided by the analysis site CryptoQuant, the indicator already exceeds 150 Exahashes per second, and triples the power values compared to just two months ago.

Several industry specialists point out that the hash rate, apart from a power indicator, used to measure network security. In other words, the higher the hash, the more difficult it is to attack Bitcoin. This also has the opposite effect.

According to Bitinfocharts, Bitcoin’s hashrate reached an all-time high of 197.6 EH / s. However, this fell 65% during the 6 weeks following the time that China’s mining companies began to disconnect their devices, to later move their operations.

Options to buy and invest in crypto in Argentina

Bitcoin, the leading cryptocurrency, recently surpassed the u $ s50,000 per unit and returned to enthusiasm the Argentines, who already have more than 2 million accounts to bet on these assets.

And they aim to acquire them in what some call “digital caves” (since they offer a “alternative” way to dollarize), but these platforms are totally legal: not being considered money, it is like trading in “kind”. And by the way, they were transformed into a boom in these months.

What’s more, play a central role in offering newOperative s in already known practices at other times devaluations and limitations on access to foreign currency.

Thus, for these hours the following tools of the digital economy acquire a marked prominence:

  • Cryptocurrencies: it’s a digital medium of exchange, which usually has a shared public record (blockchain) of transactions. They are practically invulnerable
  • Exchange: are the digital equivalent of exchange houses. They allow you to buy digital currencies with pesos or dollars, through local payment methods. “Our operations have been growing 40% month by month. It’s crazy”, warn two exchangers 4.0
  • P2P platforms: marketplaces that bring people together looking to buy digital assets with those who want to sell. You can exchange bank or fintech account balances, cryptocurrencies, gift cards and payment systems (PayPal, Payoneer, etc.)

Thus, Argentines no longer look for “trees” in the Florida pedestrian street to get green tickets, but instead appeal to these platforms to protect your savings and, why not, earn with the change.

How are they used

Both exchanges and P2P platforms must comply with certain safety regulations such as KyC (Know Your Customer) and anti-laundering laws. Therefore, to register you will have to:

  • Complete a form with personal data
  • Upload a photo of the document or passport
  • Take a “live” selfie(It can be a photo or a video, in which you have to gesture, so that the platform can analyze if the user is who they say they are)

After this process, wait for identity validation. It can be instantaneous (in the case of Argentine platforms, since they have a direct connection with the systems of the National Registry of Persons, RENAPER); or we will have to wait (a few hours or a couple of days for foreign services)

In all cases, functionalities will be limited until identity is verified of the user. And there will be different ways of operating according to each platform:

  • Exchange. Must deposit through an account bank or fintech money in the virtual exchange house account:

    • Some offer a virtual savings bank (CVU) for send and receive transfers in pesos (like SatoshiTango). Thus, accreditations are immediate
    • Others demand the sending funds to a company bank account, which will assign the funds to the user by “matching” the CUIT number entered in the registration with that of the transfer issuer (eg, BuenBit)
    • With those balances, you can buy or sell cryptocurrencies
  • P2P platforms: the exchanges are between people, Thus:

    • A user must enter what balance you want to buyr (for example, Bitcoins or PayPal) and with what means will you pay (bank transfer or Mercado Pago)
    • Other person accepts the conditions of that operation
    • The platform is responsible for releasing the funds when they both fulfill their part of the operation

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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