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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

Bitcoin News - Forbes: Abra Wallet CEO Suggests the Only Real Use Case for Bitcoin Currently

  • Yuri Molchan
    📰 News

    💻At the MIT Bitcoin Expo 🏬 that took place the other day, CEO Bill Barhydt explained how he sees Bitcoin usage at the moment through the Abra app he runs📱🏹

Forbes: Abra Wallet CEO Suggests the Only Real Use Case for Bitcoin Currently
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Several days ago, the 2019 MIT Bitcoin Expo event took place, where the head of the Abra wallet app Bill Barhydt explained to the audience how the crypto app works and how it can ensure a real use case for Bitcoin and other crypto at the moment.

Bill Barhydt

Bitcoin serves as collateral for traditional assets

In an article written by Forbes, Abra wallet is described as a smartphone app that enables ordinary investors to link Bitcoin’s value to a great number of traditional assets, such as the USD rate or major corporations’ shares through their smartphones.

The app’s CEO Barhydt reckons that Abra is the only market player at the moment that offers an actual way for Bitcoin to be used in the current economy – collateralizing physical and other ‘hard’ assets in order to conduct banking operations.

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“No other use for BTC at the moment”

Until society widely accepts crypto for actual payments on a daily basis, Barhydt believes, using Bitcoin as collateral seems to be the only way to use it. Still, he adds, the world does not have enough BTC to collateralize all available assets.

Barhydt is positive that soon many other crypto startups will also start proposing such services.

Abra has been offering this service since the fall of 2018. Wallet users can also buy assets in parts, using their crypto, thus investing Bitcoin into stable market instruments.

A small reminder: Abra is not a custodial wallet – users’ crypto is stored on a multisignature address.

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Abra plans to integrate Lightning Network

The wallet’s CEO announced that soon enough the app is going to implement Lightning Network for faster payments, rather than simply allowing its clients to store crypto and invest in conventional market tools.

Apart from Bitcoin, the wallet supports ETH (native integration), BCH and LTC.

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Bitcoin News - Bitcoin (BTC) and Tether (USDT) Saw Their Trading Volumes Surge in March

  • Alex Morris
    📊‍ Infographics

    Tether (USDT), despite numerous controversies surrounding the project, saw its volumes skyrocketing in March, which is a good indicator that stablecoins are alive and thriving. At the same time, Bitcoin (BTC) trading almost reached its yearly high, but the recent Bitwise report spoiled the celebration

Bitcoin (BTC) and Tether (USDT) Saw Their Trading Volumes Surge in March
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Tether (USDT), the flagship stablecoin, registered record-breaking trading volumes in March. While Bitcoin (BTC) experienced the same surge in trading, it’s not necessarily good news after the explosive Bitwise report.     

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A historic record

On March 10, Tether’s trading volumes recorded a new historic maximum of $10 bln. The controversial dollar-pegged stablecoin, which many believe doesn’t have enough fiat reserves to back its token, saw this trend continuing throughout the whole month.   

March was also quite a success for Bitcoin – the number one cryptocurrency returned to its April numbers in terms of trading volumes with $11 bln. At the time, the BTC price was sitting at $9,750.

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Trading volumes hoax

Most probably, the study doesn’t take into account the most recent findings in the Bitwise Management report, which suggests that up to 95 percent of the total Bitcoin trading volume is artificially created by fraudulent exchanges. Earlier, U.Today also revealed what mechanisms different exchanges use to inflate their numbers.

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