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USA can launch their own cryptocurrency

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BestChange   Friday, 11/22/19 08:11:24 AM
Re: BestChange post# 26
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USA can launch their own cryptocurrency

The Federal Reserve is looking into developing a digital currency in the US. It was announced by its Chairman Jerome Powell in a letter to lawmakers this week in his reply to the letter from Congressmen French Hill and Bill Foster. They are concerned that the Chinese cryptocurrency on which the Chinese government is already working can jeopardize the USA’s position in the world’s economy.

Powell specified that so far the Federal Reserve “not identified potential material benefits of a general purpose central bank digital currency to the implementation of monetary policy" and is only studying the rationale for creating it.

Tether and Litecoin have the largest portion of whales

IntoTheBlock said what percentage of the most popular cryptocurrencies is owned by the largest owners. Tether and Litecoin turned out to be the most centralized: 63% of USDT is owned by 132 addresses, and 47% of LTC is owned by 131 address.

The data for the other large crypto currencies looks like this: ETH — 151 addresses own 39%,
Bitcoin Cash — 112 addresses own 29%, Bitcoin SV — 103 addresses own 24%, and 39% of Cardano is owned by only 41 addresses.

PayPal CEO said he has bitcoins

Dan Schulman, the CEO of payment processor PayPal, revealed that he owns only one cryptocurrency, bitcoin. He also said that BTC is an “interesting idea”, and blockchain is a “promising technology”.

“As for cryptocurrency, it is still very volatile, and that they do not have much demand for it by merchants because merchants operate on very small margins. What they need to do is to turn it to fiat immediately. There is a charge for turning it into fiat, that is why any advantages in price will be eaten up by this conversion fee”, Schulman said.


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