The Best Cryptocurrency to Buy as Blockchain Heats Up

Defying fears of a market bubble, bitcoin and other leading cryptocurrencies will likely continue moving higher

At the turn of the decade, hardly anyone knew anything about cryptocurrencies, let alone the best cryptocurrency to invest in now. Aside from visiting obscure forums and chat rooms, the general public had few opportunities to learn about them. Even more startling, early proponents had no idea of the revolution digital tokens would spark, as evidenced by Laszlo Hanyecz’s first recorded crypto purchase: 10,000 Bitcoins for one pizza.

To commemorate that occasion, May 22 is known as “Bitcoin Pizza Day.” But rather than a mockery of an incredibly misfortunate soul, the milestone is observed to celebrate the blockchain revolution. The underlying architecture that drives virtual coins, the blockchain essentially automates the verification process in digital transactions. With this paradigm-shifting technology, people aren’t just looking for cryptocurrencies to buy; instead, they’re slowly waking up to its profound implications.

I recently laid out the case for $10,000 bitcoin and I’m still holding firm to my price target. First, highly-esteemed market analysts, such as our own Will Ashworth, view the lofty forecast as a probability, not a possibility. Second, cryptocurrencies finally caught the big banking cartel’s attention. While they’re hostile towards crypto investing, the fact that renowned bankers are thinking about the blockchain represents major progress.

But the biggest reason why I’m confident that all investors should consider cryptocurrencies to buy is the “inevitability” concept. Virtually every major industry evolved following digitalization advancements. The financial industry, though, is conspicuously archaic. Transactions can’t occur without third-party oversight — and big fees for their troubles. The stock market is still traded under a rigidly-defined schedule. Instead of open source,

Source – https://investorplace.com/2017/10/how-to-invest-in-cryptocurrency-blockchain-stocks/

3 Big Banks Building Their Own Cryptocurrency

The evolution of digital currency seems to follow the way physical currency was born. Back when gold was used to make payments, the burden of transporting them paved the way for gold merchants in the UK to issue paper money or “exchange notes” as one’s “proof of funds” – thus creating the physical currency.

This resulted to private banks issuing currencies in its own name, a move that caused an increase in inflation due to the overprinting of currency as each bank strived to better its profits. The British government resolved the issue by mandating a single bank to solely issue one national currency – an effort that gave birth to the central bank.

Currently, large international banks are issuing their own cryptocurrencies as a way to keep up with the “digital” times. Would digital currencies go the way of how physical currencies eventually became centralized? According to the world’s leading geopolitical intelligence platform, Stratfor Worldview, once central banks issue their own digital currency, commercial lenders’ business model could be threatened as investors would prefer transacting with the central bank’s “balance sheet” since its funds are guaranteed by the national government.

Currently, digital payment transactions go through a private bank, and to the central bank, after which it goes to another private bank. If digital payments are implemented by central banks, the need for a third party institution such as a commercial bank is eliminated thus speeding the entire digital payment process while also decreasing transaction costs. In the near future, once central banks begin rolling out their own centralized digital currency, commercial banks could be forced to be very competitive in their lending practice. So far, such a scenario is far from the horizon as the below top three big banks have decided to make their own cryptocurrency.

1. Mitsubishi UFJ Financial Group (MUFG) of Japan to test its own MUF

Source – https://www.cryptolerance.com/3-big-banks-building-their-own-cryptocurrency/

Will other banks follow suit? Will it affect other cryptocurrencies?

If JPMorgan Chase’s cryptocurrency is indeed successful, and the bank experiences significant efficiency and other operational advantages by using it, I’d be surprised if other banks didn’t do something similar by creating their own proprietary, dollar-denominated cryptocurrencies as well.

While there are many factors that determine cryptocurrency prices, it’s fair to say that just like stocks, at least some of their price is based on investors’ perceptions of their future potential. In other words, bitcoin’s price isn’t just based on how many people are using the cryptocurrency as a form of payment today.

So, if banks do start creating and using their own cryptocurrencies on a large scale, it could certainly spell trouble for cryptocurrencies like Ripple, Stellar, and several others whose specific purpose is to facilitate rapid settlement of payments.

Bitcoin is overhyped: 10 better buys for you now
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