I don't think it is right to conclude that a bull market is coming just because the number of transactions increased. It could very well notify a bear season as well. It could notify a huge sell volume and so on. So let's not conclude on this.

But it is really interesting to see the trend. If it continues for some time, be prepared for both options, bull and bear. As of now the market is in red.

Thanks for the topic. I have recently seen a video from former Crypto Kanoon owner about the same topic. Watch it here,

https://www.youtube.com/watch?v=L4a7Y303m-o

When it comes to converting Bitcoin to fiat, I do not trust DEX at all. That's why I have never traded on Bisq. because you never know where the money is coming from. It could very well be a hacked account. I really liked LocalBitcoins because they have a tier-based KYC verification service and I always used to trade with old members with great reputations.

Now, with the closing of this platform and also with the closing of Paxful, it has become very difficult for Indians to convert to fiat money. Any other platform suggestions?

I do not have much faith on altcoins to be honest. Because let's face it, we don't need so many altcoins for our money transfer need. I believe Bitcoin and ETH are fine for now and also for the future. For trading purpose stable coins like USDT or CUSD is fine. I honestly do not use any other altcoins except these because I never needed them.

So for any other altcoins, my confidence level is practically zero because I don't see any utility in them. Technical advantage is fine, but altcoins need to have utility first.

The answer is No! Miners will not be able to generate more Bitcoin once all 21 million Bitcoins are mined. At the current pace, it is expected that the last bitcoin will be mined in 2140. You and I won't be here to see that day.

Here is a nice article you may want to read,

https://www.blockchain-council.org/cryptocurrency/how-many-bitcoins-are-left/

This limited supply is actually a guard against inflation. So it is expected to see a huge jump in value as the time goes by.

I am not sure how Bitcoin can be burned! Can anyone tell us? What is OP_RETURN function? If someone knowledgeable can enlighten us, that will be great! It could be a huge security threat for the people like us as well.

Also, I don't think any government security agency will keep their Bitcoin on any exchanges. I did not see any mention of such things in the post itself. Russia could very well go to hell but I believe this is a matter to worry about because I haven't heard about burning Bitcoin ever. Also didn't know anything about OP_RETURN function. A google search also didn't yield anything much useful.

Not sure why people think that passing a negative bill in the US will impact cryptocurrency in a big way! Come on! The US doesn't represent the entire world! So any US law that is unfavorable to cryptos will impact the crypto market in the US only. period. SEC has waged a war against crypto and they have a very strong lobby in the government. So it's highly unlikely that the US will change its outlook towards crypto drastically.

But look at the other countries, please. Singapore is a very crypto-friendly nation. Also doing business in Singapore is far more easier than in many other countries. Taiwan has announced that they are bringing crypto-friendly laws so that crypto businesses can flourish in their country. Let's talk about such positive things. US doesn't represent the world and its mentality. It's just a wealthy country and the impact on crypto market is limited.

Lol! Pi coin is an utter joke! It's a potential KYC scam. Don't ever send your KYC details to them if you suddenly don't want to find out that it is being sold in the black market. Please try to understand one rationale - If you can mine a coin for free from your mobile phone, why would someone buy it from you? Rather they will mine it in the same way. Isn't it? I have a huge amount of Pi coin with me and I am willing to sell them at $1 each, will you buy them?

Don't trust random coins without any merit. When something is too easy to do, there has to be a catch. In this case, KYC is the catch and no one really knows what they are going to do with your KYC data. So it will be great if you can delete that app from your mobile phone.

It's one of the survival strategies Taiwan is trying to implement as they are very close to getting attacked by the second biggest land mafia of the world. Taiwan government has seen how China blocked the banking transactions of the local government and citizens of Hongkong. So probably they are preparing for that.

Another reason could be, Taiwan is trying to cash out from the current regulatory situation in US. The way US is treating the crypto companies, they will look for another destination from where they can operate. Probably they are trying to fill the gap.

But overall it's a good news! Hearing about crypto friendly countries is always good and positive for the market.

The downfall of NFT market has started long ago and for genuine reasons. Some people started matching those computer generated images with the real life images drawn by great painters, some other people got excited about it and rushed to the NFT market. Now they are understanding that these image have no value and no one is willing to buy anymore crap in the name of NFTs. That's it!

It lasted shorter than ICO boom and many other hypes in the market. Opensea being the pioneer of NFT marketplace is also facing the heat. That was bound to happen.

I simply want to ask a question - what is the US government doing? Don't they have the slightest responsibility to save the depositor's money? They are sitting on trillions of dollars. What about quantitative easing? Are they doing anything at all?

The banking crisis is real and the banking system is the backbone of the economy. So in such cases, the government needs to step in and provide provisions to help the bank survive. In my country, when two banks showed signs of collapse, the government immediately stepped in and provided them provisions to survive and now they are back on track. I gambled a little with their shares and now I am standing at around 270% profit on my investment.

During weak economic scenario, banks fail. But what's the use of paying IRS if the government doesn't come to rescue? For what people are paying taxes?

I really do not have high hopes for such meetings to be honest. SEC is going to influence them all and bring in whatever policies they think will act best against the interest of Bitcoin. At least their recent actions show that they are no anymore interested in crypto businesses to be flourished on US soil. Politicians, Industry leaders, Senate members, and regulatory bodies can have multiple meetings but unless we see it in action, there's no reason to believe such things.

While people are saying it's a great thing, I do not see it as a positive. Especially due to the recent actions from SEC which is again another government body.

If Coinbase thinks that filing a case against SEC in US will give them any relief, they are living in fool's paradise. SEC is a part of the government and not an accidental outsider agency. I am sure Coinbase will find themselves in more dirty water soon.

I strongly believe, it is better for cryptocurrency companies and altcoin providers to move out of US permanently. Because that's exactly what the SEC wants. Move out to Singapore and keep on providing services to the worldwide users without any regulatory hassles.

Bad news spreads faster than good news! Also when we are going through a bull cycle, bitcoin usually enjoys a huge amount of attention. So media houses try to post clickbait articles in a wrapper of bad news to get a share from that global attention. That's all business for them.

That's usually not the case for Good news. So good things usually spread slower. I would say don't get into bad or good news. If you believe in Bitcoin, stay with it. No time is the good or bad time to get into Bitcoin. It just needs patience.

There's nothing positive and nothing to be excited about. Rather WEF again tried to prove that bitcoin mining is harmful for the environment and shared an example on how to minimise the impact. WEF is definitely not praising the bitcoin mining industry.

It is rather showing ways on how the carbon footprint from bitcoin mining can be reduced by moving to sustainable energy source. That's it! WEF doesn't care much about economical impact. 

No! I don't think this initiative has the potential to significantly impact climate change. This is a huge issue and no one would be able to impact climate change just by scrapping cars. It can't be!

But I like the overall idea. For the first time, I am seeing something in the NFT market which is exciting and meaningful. Otherwise NFT market is essentially full of craps. I would like to know more about verifying the data of scrapping cars. Can you please explain? Also is there a way to cross verify it with government records?

Not really! Unless they scrap their own currency system and completely move to bitcoin, there no way bitcoin can help. Adopting bitcoin as a legal tender in Argentina, is not a solution to their hyper inflation issue. It might help a little bit largely it won't have any impact on their economy to be honest.

They will have to eradicate their entire currency supply if they want to come out of this and then the government needs to start sharing bitcoin as per the net worth of their citizens. This entire task is impossible so Bitcoin can't help here.

It's surprising to see US changing their stance on cryptocurrency front. America was known as a capitalist country. Doing business was pretty easy there. But it seems they are slowly becoming conservative in many areas. Crypto is definitely one of them.

But that's fine for the crypto market itself. Because if businesses see such issues in US, they are going to move their operations to some crypto friendly country countries like Singapore. Because, I am sure no one would want any regulatory hassles down the line. It's a great opportunity loss for US.

We have read many similar predictions by many market analysts and so-called Bitcoin enthusiasts about the bright future of Bitcoin. This is not surprising and this post is not a speculation post. What is surprising is that such kind of optimistic predictions is coming from one of the banking majors. The current banking turmoil has helped Bitcoin to win the trust of the people.

Read here: https://www.reuters.com/technology/bitcoin-could-hit-100000-by-end-2024-standard-chartered-says-2023-04-24/

Not all battles are fought on the battleground. Some are fought silently and patiently and time decides the winner. We are surely on the winning path!

Thoughts?

So it seems that banks are talking shit about bitcoin on one side and on the other side, using the power of cryptocurrency for their own gain and convenience! That's quite interesting and this again proves that banking system is a double faced evil.

I am surprised to see the name of JPMC here! Their CEO Jemie Dimon has maintained a very strong anti-crypto stance. So it's quite fascinating to see their name in the list. It's good that banks are slowly coming to realise the power of crypto and embracing it.

How come creation of a new currency will manipulate bitcoin at all? BRICS countries will start reducing their dependency on the US dollar for international trade. That's what the aim of the new currency. It's definitely beneficial for these countries.

Not sure how you see it as a competitor or a potential manipulation tool? Can you explain your stand please? Because this new currency are not meant for the common people like you and I. It's purely an institutional money with very specific use cases.