What are the chances BTC is actually overtaken by another crypto?

When the famous Satoshi Nakamoto first designed his masterpiece, few could possibly have imagined the almost $63,500 peak that sent investors into a frenzy. Even these days, the first-ever cryptocurrency’s price feels hard to believe at times and investors might be pinching themselves every now and then. Taking a seat alongside Bitcoin (BTC) on the roller coaster, altcoins like Litecoin (LTC), Ether (ETH) and Bitcoin Cash (BCH) joined the ride — and, more recently, DeFi giants Polkadot and Cardano.But for the long haul, looking into the crystal ball, it’s difficult to see the future of a coin shrouded in uncertainty. Ray Dalio raised fair points in his critique of Bitcoin, arguing that uncertainties regarding how governments will react to digital assets supplanting fiat currency in utilization are causes for potential concern down the road. He further argued that the Bitcoin blockchain will soon be outdated, and without any central governance to adapt it to emerging blockchain technology, a superior coin could overtake it.Related: DeFi won’t last long without unlocking Bitcoin’s $250B treasure chestAnd that nails home the point: Bitcoin’s underlying blockchain protocols are very limiting in terms of enabling broader financial applications. It would be unfathomable to operate a massive DeFi ecosystem on top of the Bitcoin blockchain given Bitcoin’s proof-of-work transaction consensus algorithm.Despite its limitations, it’s difficult to predict whether innovative advances in competing coins’ blockchains will be enough to overtake Bitcoin’s success. It all hinges on the utility factor: Will crypto stay a store of value, or will it become a viable alternative for exchanging value?Related: Did Bitcoin prove itself to be a reliable store of value in 2020? Experts answerEmerging blockchain technologies and DeFi’s successSince the dawn of Bitcoin just over a decade ago, the blockchain industry has given rise to hundreds of different projects, with each one aiming to forge a new coin into stardom. Many succeeded in the long term. Ether, the second closest coin in value to Bitcoin, continued hitting new all-time highs throughout April, validating not just the coin’s potential as a store of value asset but also Ethereum’s potential as a blockchain network.Related: Where does the future of DeFi belong: Ethereum or Bitcoin? Experts answerSimilar to Ethereum, a number of projects aimed to emulate the titan that Vitalik Buterin and his associates built, such as Cardano, EOS and, most recently, the hot and popular Polkadot. Each project tries to build off the limitations of the other to varying degrees of success. Hype has been the majority of what’s been delivered to users, as only time will reveal the true validity of these projects.Regardless of the blockchain projects and their creative names, they’ve spurred on an ecosystem of collaborative development. Together, they’ve created decentralized apps, or DApps, that can bring the unbanked out of the doldrums of impoverishment, opportunity to the financially excluded and new investment avenues to the already-savvy. Related: It’s time to put the dukes down and work together for blockchain’s futureThe flourishing of coins and DApps serves up plenty of optimism to many outsiders looking in, offering hope that there is real potential to foster a booming decentralized finance ecosystem — or at least a hybrid of it combined with centralized markets. But it’s all thanks to belief in Bitcoin’s value, which is the fixation point of many investors.Related: Was 2020 a ’DeFi year,’ and what is expected from the sector in 2021? Experts answerBitcoin’s store of value is what’s really on the mindWhat drove the inquisitiveness of investors, developers and crypto enthusiasts alike was the appeal of Bitcoin as a store of value. Against fiat currencies, Bitcoin is deflationary; so, during periods like the COVID-19 pandemic, Bitcoin’s appeal turned white-hot. Related: How has the COVID-19 pandemic affected the crypto space? Experts answerWhile discussions about Ethereum, Polkadot and other blockchain platforms caught the attention of the DeFi world, many outsiders remained numb to them and fixated on the coin prices. And that’s why Bitcoin’s appeal stays as a store of value, for the most part.Related: The butterfly effect: Why DeFi will force BTC to break its 21M supply ceilingMany ordinary retail investors and institutional investors don’t have a firm grasp on crypto’s inner workings. According to a Cardify survey, only 16.9% of crypto investors “fully understand” it, while just over 33% of them have limited or “zero knowledge.” Over 40% of crypto investors are newbies who are riding the hype wave. It’s arguable that the entry barriers to the DeFi world are quite high and literacy is rather hard to attain, but that’s a story for another time.Related: Institutional investors won’t take Bitcoin mainstream — You willMoreover, institutional investors remain wary of the volatility issues facing Bitcoin and other cryptocurrencies, with ongoing predictions of an imminent bubble — another signal that underlying blockchain technologies are less of a priority. And this is precisely why other coins will not overtake Bitcoin. So long as the mainstream fixation remains pinned to coin value and not underlying blockchain value, Bitcoin will stand atop the cryptocurrency podium. Whether investors can become more literate in the inner workings of the DeFi world will determine how much value investors will find in the underlying technologies of new and emerging coins. For now, Bitcoin is the king of the hill and will likely stay that way for a long time as the price continues to climb and mainstream investors hop on board.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Ariel Shapira is a father, entrepreneur, speaker, cyclist, and serves as founder and CEO of Social-Wisdom, a consulting agency working with Israeli startups and helping them to establish connections with international markets.

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6 Crypto-centric songs you may not have heard

While the cryptocurrency industry is mostly centered around technology and data, the people who inhabit our sector are not without their creativity. This is seen not only in the various solutions and inventions they create, but also in their artistic (and often humorous) works.Over the years, folks of the crypto space have crafted songs based on distributed technology, as well as its jokes and humor. Some of these songs are parodies of mainstream hits, substituted with crypto lyrics, while others are originals that are unique to the digital asset industry. Here are several crypto-centric songs that are worth a listen. “Bitcoin pls go to moon” A classic in the crypto space, “Bitcoin pls go to moon” came after Bitcoin (BTC) had dropped significantly in price following its 2017 bull run. The YouTube channel 1thousandx posted this lyrical work on Nov. 6, 2018. The song urges Bitcoin to rise in price and “stop going sideways now.” At the time of the song, Bitcoin traded more than $10,000 lower than its then-all-time price high near $20,000, and had been consolidating in that range for a notable period of time, according to TradingView data. The song included sentiments from crypto industry personalities Michael Novogratz and Tone Vays. “Banksters Paradise (A Bitcoin Song)”A song posted by YouTube channel Renegade Investor, “Banksters Paradise (A Bitcoin Song)” is a parody of “Gangsta’s Paradise” by Coolio. The parody details the world as a playground for banksters amid an atmosphere of money printing and inflation, pointing toward Bitcoin as a solution.“BLOCKCHAINIAN RHAPSODY”Queen’s song “Bohemian Rhapsody” is one of the world’s more popular lyrical works. A YouTube channel known as Crypto Karaoke made a crypto-centered parody of the tune. “Bull markets come, bull markets go, HODL high, HODL low,” the song’s lyrics include — differing from the line from the original song: “Easy come, easy go, little high, little low.” The revamped line pays tribute to HODL, a popular term in the crypto space. Although the term has no set definition, it is usually used to mean holding on to assets regardless of market fluctuations.“Old Town Road (Bitcoin Version)”YouTuber Lil Bubble has carved out a niche for himself in doing crypto song parodies. The creator has made numerous song parodies based on the crypto industry. The music videos often include a person dancing in a space suit — a reference to the common industry imagery of assets going “to the moon.”The YouTuber’s most popular song in terms of views on the social media platform is his rendition of “Old Town Road” by Lil Nas X. The parody comedically touches on the struggles of investing and holding assets in the crypto space through the low periods.“HODL GANG”Musical artist Chris Record has put out a lot of different content on his YouTube channel, Chris Record TV, including some musical works. Although not directly focused on crypto, the channel has posted a few musical crypto creations. One such video turns Lil Pump’s song “Gucci Gang” into a Bitcoin rap remix titled “HODL GANG.” Published in December 2017, near the height of the previous crypto bull market, the song talks about various aspects of crypto investing, crypto’s history, and so forth. “BITCONNECT EDM REMIX”Now defunct, Bitconnect was a crypto scam prevalent during the 2017 crypto bull run. Bitconnect ran an event at which Carlos Matos, one of the project’s investors, gave a speech that started off with exuberant singing, yelling, and generally hilarious showmanship. The speech subsequently became meme-worthy content. Through his YouTube channel, musical artist Dylan Locke made an electronic dance music, or EDM, song based on Matos’ speech. These are just a few examples of the industry’s creative musical and comedic talent. As crypto continues to gain mainstream attention, we can only hope that dulcet tones continue to proliferate for years to come.

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Bank of England governor issues crypto investment warning

Andrew Bailey, governor of the Bank of England, has warned crypto investors of the dangers of participating in the market.Speaking during a conference on Thursday, Bailey balked at the notion of “cryptocurrencies,” stating that “crypto assets” was a more suitable nomenclature for describing digital currencies.The BoE governor espoused well-worn anti-crypto rhetoric, specifically the argument that cryptocurrencies lacked intrinsic value. “I would only emphasize what I’ve said quite a few times in recent years, [and] I’m afraid they have no intrinsic value,” Bailey added.Delivering his stark warning to crypto investors, Bailey said:“I’m sorry, I’m going to say this very bluntly again: Buy them only if you’re prepared to lose all your money.”The BoE governor’s remarks bear a close resemblance to statements issued by the United Kingdom’s Financial Conduct Authority. As previously reported by Cointelegraph, the FCA warned the British public of the risk of incurring huge losses from crypto investments back in January.At the time, the crypto market was in the throes of a significant correction as Bitcoin (BTC) dipped below $33,000. Since then, the total crypto market capitalization has grown almost three-fold and is currently above $2.3 trillion.Bailey’s comments are coming amid a massive spike in crypto prices, especially for altcoins, with Ether (ETH) setting a new all-time high. Major altcoins such as Polkadot’s DOT, Chainlink’s LINK and XRP have also seen vertical price actions.The BoE governor touched on the current mania despite the apparent lack of intrinsic value, adding: “Now that doesn’t mean to say people don’t put value on them, because they can have extrinsic value.”Indeed, Dogecoin (DOGE), arguably the quintessential “meme coin,” is up more than 12,700% year-to-date.While the BoE governor might not think much of the value proposition of crypto, the country’s tax authority is not neglecting the possibility of valuable digital currencies being used to evade taxes.Back in April, Her Majesty’s Revenue and Customs announced plans to upscale its policing of would-be cryptocurrency tax evaders in a manner reminiscent of the United States Internal Revenue Service’s “crypto question.”

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Turkish government to track crypto transactions over $1,200

Crypto exchanges with a presence in Turkey must now inform the Financial Crimes Investigation Board, or MASAK, about any crypto transactions over 10,000 Turkish liras ($1,200). Turkish Minister of Treasury and Finance Lütfi Elvan announced the new policy on a CNN Turk live broadcast last night. Two weeks after a $150-million fraud involving a major crypto exchange in Turkey, Elvan shared updates on the government’s draft crypto regulation on live TV. Turkey’s central bank has defined crypto as a nonmonetary asset and banned the use of cryptocurrency as a form of payment. Elvan noted that the second step was to grant MASAK the authority to audit and oversee crypto exchanges.According to Elvan, MASAK has prepared a guideline for crypto exchanges that includes the rules and penalties for reporting transactions. “MASAK has full audit authority over crypto exchanges,” Elvan said. “Crypto trading platforms are now obliged to share the information of their active users with MASAK. They are liable for any suspicious activities on their platforms. They are also responsible for notifying MASAK about any transactions worth over 10,000 Turkish liras in 10 days after the trading.”Elvan announced that a legal draft has been prepared in cooperation with the Banking Regulation and Supervision Agency, Capital Markets Board and Revenue Administration under the presidency of the deputy minister, as Cointelegraph reported last month. According to Elvan, opinions from local experts and crypto exchange representatives were also taken during the study. The final draft will be soon ready for approval by President Recep Tayyip Erdoğan, he added.In April, Cointelegraph reported that Turkish police detained 62 people following the Thodex crypto exchange fraud. According to the local experts, Turkey needs a clear regulation and fair taxing regarding crypto to avoid further victimization of local crypto users. 

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Three reasons why EOS price has pumped 100% in three days

The EOS price is in double-digits for the first time since mid-2018 after a parabolic advance that began back in March.According to data from Coingecko, the 20th-ranked crypto by market capitalization is currently sitting above $11.50, delivering close to 100% gains over the last three days.First, the current EOS upward advance is occurring at the intersection of two unique price trends. On the one hand, the EOS/Tether (USDT) trading pair is at the top of the range for 2021 while the token price against Bitcoin (BTC) fell to its lowest level in three years back in early March.Source: TradingViewAs of the time of writing, the EOS/BTC price action chart has broken an almost three-year downtrend signaling the possibility for significant upward movement.Secondly, with Bitcoin dominance continuing to slide amid massive altcoin gains, the market cycle appears to have large-cap tokens on the ascendency. Indeed, major alts like Bitcoin Cash (BCH), Ethereum Classic (ETC), Chainlink (LINK), and Polkadot (DOT) have experienced rapid price surges.Source: TradingViewThese altcoin gains have been further boosted by Ether (ETH) setting new all-time highsEOS is following along with the pattern, gaining enough momentum to show significant price action strength against Bitcoin. As of the time of writing, the EOS/BTC trading pair is up 76% in the last 24-hour trading period.A third likely explanation for the EOS breakout can be attributed to the recent staking rewards announcement. As previously reported by Cointelegraph, the EOS community is considering a proposal to increase staking rewards.The recommendation for increasing the staking reward was based on a report commissioned by Block.one. The proposal could be the next major development on the EOS network after the PowerUp model that allows users to pay a one-time transaction fee for 24 hours.

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Citigroup considers crypto amid surge in customer demand on Wall Street

Citigroup is reportedly considering offering crypto-related services to its customers in response to rising demand, specifically from asset managers and hedge funds.The financial services firm’s global head of foreign exchange, Itay Tuchman, told the Financial Times on Friday that the investment bank was already exploring the possibility of providing crypto services to its clients. Trading, financing and custody services are being discussed, but Tuchman said the firm would not be rushed into launching something that would worry regulators.“We shouldn’t do anything that’s not safe and sound. We will jump in when we are confident that we can build something that benefits clients and that regulators can support,” he said.Tuchman said the bank witnessed an increase in the number of clients inquiring about Bitcoin (BTC) starting in August 2020. At the time the coin price had just climbed 33% in the space of a month, from $9,000 to $12,000, and the global cryptocurrency market capitalization was around one-tenth of what it is now. But Citigroup is apparently in no hurry to jump on the bandwagon even with Bitcoin currently perched at $55,000. Tuchman said the firm wouldn’t fall victim to its own fear of missing out, and would instead play the long game with cryptocurrency, which the bank believes will still be around for a while yet. “I don’t have any FOMO [fear of missing out] because I believe that crypto is here to stay and that we are just at the very beginning of the market. This isn’t a space race. There is room for more than just one flag,” said Tuchman.

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