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This is only possible when you can perform transactions using cryptocurrency for all your daily necessities. Despite the proliferation of cryptocurrencies to this day, ordinary people still use conventional currency rights in their day-to-day transactions. Banks play an important role in the use of conventional currency, so the role of cryptocurrency does not play a significant role in the closure of banks. However, the role that cryptocurrency plays, in this case, is that due to people's distrust of banks, people are now using cryptocurrency to secure their acquired assets, thus reducing dependence on banks. As a result, the reserves of the bank are declining, which is reducing the financial capacity of the bank, which is likely to gradually weaken the banking system. However, banks will survive and be able to conduct their operations until cryptocurrency is integrated into the overall public transaction system.
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The risk is present in every investment but the amount of risk in altcoin is relatively high. This is because most of the altcoin projects are not realistic and as a result of its non-practical use after coming to various exchangers, its acceptability to the customer's decreases, and its hoarders are likely to suffer huge losses. But if you can invest in altcoins who are potential coins, they will be considered safe for you. So to make your investment safe and secure, get a good knowledge of the project before investing and invest in potential Altcoin.
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Bitcoin is currently hovering around $20k, which has been marked as a determinant of previous highs, so some caution should be exercised when trading in recent times. With the price of Bitcoin reaching $20k, many are speculating that it could go far beyond breaking previous heights. While this idea is positive, one must be careful when trading. Because from previous experience it is clear that the price of bitcoin can go down from this height to much lower. So at the present time, you have to adopt some of the prescribed strategies when trading. You must first determine a support resistance according to market movements and use stop-loss accordingly. But if the market is positive, wait, and wait until the market goes down. By trading in this way it may be possible to prevent large losses and maximize profits.
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In fact, adopting new technology and ensuring its proper use is a difficult task. Governments in most countries lack the necessary planning and direction to implement Bitcoin technology and ensure its proper use. While there are many benefits to using Bitcoin, there are also some negative aspects to using it that seem a bit of a hassle for the supervising government. Governments in most countries do not have the experience or expertise to control its use in various activities, including taxation, proper accounting of assets, and financing of various criminal activities. However, as the demand of the people of the country and the popularity of Bitcoin use increase, the government will start thinking about it and decide to adopt it in the future.
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The far-reaching covid-19 epidemic has had a positive effect on Bitcoin. Due to the coronavirus epidemic, people have started thinking about using cryptocurrency and as a result, the number of cryptocurrency users is increasing tremendously. Investors, on the other hand, have increased their value and popularity by investing in Bitcoin during this epidemic. During the coronavirus epidemic, people became interested in learning and understanding cryptocurrency through online business and the exchange of goods or services, which led to an awareness of the use of Bitcoin, chose to invest in it as a source of income and encouraged its use.
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As the value of the bitcoin increases, so does its transaction fee in conventional currencies. Although bitcoin prices have risen, most exchangers have not reduced their bitcoin withdrawal fees. In many cases, the amount has increased. This has resulted in excessive spending on small amounts of Bitcoin withdrawals which are hampering small amounts of transactions. If this transaction fee exists, the amount of transaction fee will increase significantly if the value of bitcoin increases further in the future.
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Proof of authentication
- Campaigns applied for Twitter, Facebook
- Forum Username: Tahsin Kabir Kollol
- Telegram link: @TahsinKabirKollol
- Facebook link:https://www.facebook.com/KollolKabir01/
- Twitter link:https://twitter.com/KollolKabir
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