Crypto related

But a closer examination of these narratives reveals a mismatch between what crypto can actually provide and the needs of the groups it purports to serve. Black survey respondents were also less trusting of the stock market and financial institutions, perceive the stock market as more risky and less fair, and have less trust in people and more trust in technology than white survey respondents. This narrative suggests that a predominant reason unbanked households may have difficulty accessing banking services is because they are far from a bank, the bank is open at inconvenient hours, or they cannot use digital payment methods.

In this case, crypto would be used as a currency, available 24 hours a day, and able to be spent on everyday goods and services. By emphasizing low barriers to entry and promises of high returns, this narrative targets Black and Latino or Hispanic individuals who seek upward mobility.

Thus, when it comes to crypto and financial inclusion claims, it is not entirely clear which problem we are trying to solve. The mismatch between what crypto can provide and the needs of the groups it purports to serve The stated objectives and implied use cases in the above narratives do not seem to align with the actual needs of the groups crypto proponents claim to serve.

For instance, scholars have noted that what unbanked populations really need are simple, safe, and inexpensive ways to save their money, as well as convenience. Another 7. The survey also indicated that unbanked populations already use products such as prepaid debit cards to make financial transactions, including paying bills, making purchases, depositing checks, and withdrawing cash at ATMs.

Thus, crypto does not necessarily address some of the main barriers for the unbanked to acquiring a bank account, including concerns about costs and high fees. However, presently, stablecoins are primarily used to facilitate the trading, lending, and borrowing of other digital assets within the crypto ecosystem—not outside of it.

While conversations at the national level make the distinction between stablecoins and other cryptocurrencies clear, at the state and local levels, elected officials still discuss the broader category of cryptocurrencies as a means for making payments. For example, the state of Colorado recently announced that taxpayers could use PayPal to convert their cryptocurrencies into U.

A report by the World Economic Forum found that there are not many financial inclusion benefits to the use of stablecoins, as they do not address some of the main infrastructure or bank account barriers that excluded groups face. And because stablecoins are not widely accepted for purchase on everyday goods and services such as paying your rent, bills, or purchases at the grocery store , stablecoin holders not only need a bank account, but also a cryptocurrency exchange in order to buy stablecoins in the first place.

For example, because cryptocurrencies operate as a software, they are susceptible to bugs and hacks. A small group of developers, some of whom are likened to fiduciaries, have, on occasion, made a call on behalf of the larger group to address bugs or theft and altered the underlying code. It is also possible that users of the network and the core group of software developers will experience conflicts of interest; for example, if private companies are paying these developers.

As for other barriers to acquiring bank accounts for the unbanked such as distrust of banks , cryptocurrencies are not necessarily the solution. Many have also pointed out that cryptocurrencies as well as crypto-products and companies come with their own set of intermediaries, including software developers, miners, venture capitalists, and even centralized intermediaries and platforms such as exchanges and crypto-lending products.

The concept of trust in crypto may be viewed as implying that if rules are transparent and followed which is possible because of the underlying code , then users of a crypto network can have complete confidence in the system and not have to rely on any single actor. But consumers may have a different perspective on trust when it comes to their financial lives—one that places a greater emphasis on outcomes being fair and just.

That is, if their wallet or network is hacked or their money is deposited with a crypto lender, they care that they can have their money returned to them, and are likely to have greater confidence in a system that can ensure this. Research shows that wealth gaps between Black and white households are not explained by individual choices, but rather by history and inheritance that reflect accumulating inequality and discrimination. Bill which predominantly assisted white soldiers with attending college, starting a business, or buying a home.

This legacy has been passed from generation to generation via unequal monetary inheritances, which account for a great deal of current wealth gaps. But research shows that communities of color are unable to build lasting wealth due to unequal access to credit. As a result, if an individual lacks wealth in the first place, obtaining credit becomes harder, which hinders their ability to build wealth. That is, should Black and Latino or Hispanic crypto-holders incur losses, their financial well-being would feel an outsized negative impact compared to white crypto-holders.

Despite the vast amount of money poured into crypto and related products over the years, crypto has not developed past the use case as a speculative asset. Here too, cryptocurrencies are a vulnerable option, because they have no intrinsic value and are not backed by anything; they are simply grounded in speculation.

Cryptocurrencies derive their value from other people believing they are good investments, but if that changes, the value can quickly drop to nothing, which can be particularly risky for populations that do not have existing or inherited wealth to fall back on.

Crypto as a tool for remittances Another common crypto narrative revolves around its ability to help individuals—in particular, immigrants—send cross-border remittances abroad. However, it is important to note that sending cross-border remittances is not necessarily about including people in systems and services they were previously excluded from, but rather about enhancing an existing system and related products.

Therefore, access is not the gap being filled here, but rather cost—particularly, the high costs that come from using typical money service providers. As mentioned previously, crypto networks also come with fees, which serve as incentives to keep them running. For example, miners receive mining rewards or fees to validate transactions; these network fees can vary depending on network traffic.

For users to convert their stablecoins back to U. Conversion would also still require the use of a money transfer provider if these providers are partners with crypto issuers and platforms. Payday loans are an example, as they provide access to credit but come with high costs and risks. Stablecoins are generally created, and distributed through trading platforms, in exchange for fiat currency. The issuer of a stablecoin can use the proceeds of the fiat currency to invest in the reserves or in other assets.

The composition and amount of reserve assets backing the stablecoin may vary significantly, some issuers do not appear to adhere to any standards regarding the composition of reserve assets backing the stablecoin, and there may be no direct right by a user against the issuer or reserve to redeem. As a result, the risks of various stablecoins might differ based on their design, including their reserve assets and redemption rights.

Stablecoins have the potential to bring efficiencies to payments, and to promote financial inclusion. The emergence of GSCs may challenge the comprehensiveness and effectiveness of existing regulatory and supervisory oversight. The FSB has agreed on 10 high-level recommendations that promote coordinated and effective regulation, supervision and oversight of GSC arrangements to address the financial stability risks posed by GSCs, both at the domestic and international level.

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Crypto Words Words Related to Crypto Below is a massive list of crypto words - that is, words related to crypto. The top 4 are: bitcoin, steganography, clandestine and secret. You can get the definition s of a word in the list below by tapping the question-mark icon next to it. The words at the top of the list are the ones most associated with crypto, and as you go down the relatedness becomes more slight.

You can also filter the word list so it only shows words that are also related to another word of your choosing. So for example, you could enter "bitcoin" and click "filter", and it'd give you words that are related to crypto and bitcoin. You can highlight the terms by the frequency with which they occur in the written English language using the menu below. The Internet of Money by Andreas M. Antonopoulos ratings on Amazon: 4,5 stars Written by an iconic Bitcoin evangelist and tech entrepreneur, The Internet of Money is a compilation of the talks that Antonopoulos has given over the past few years.

Chat with traders by Aaron Fifield This podcast is not about trading crypto, yet, the author extracts powerful insights from the talented traders from all over the world: forex forecasters, day traders, first-year traders, HFT experts, portfolio optimization managers, veteran traders, mentors and many more. Aaron Fifield is a trader at a proprietary firm in Sydney and leads an algorithmic trading team. On his show, he interviews the variety of traders from billionaires to retail grinders, which is always useful when you want to keep up to date with the market leaders of the niche.

Crypto-Related Tools Crypto screeners In a single line, crypto screeners describe all the information about the crypto asset. For example, general performance over different time periods, data from oscillators as well as an overview with the latest prices, highs and lows, volume and rating.

There are different crypto screeners, but the most famous one is the TradingView Crypto Screener. TradeSanta is a cryptocurrency trading automation software well-suited for beginners and professional traders. The team argues that one of the most significant advantages of automated trading is that you can step back from updating your charts constantly.

To Sum Up If there is a good way to have some quality time while sheltering in, this is probably reading, listening and trading for reals. As you can see, our compilation touched the borderline between two different worlds: the world of cryptocurrencies and the world of trading in general.