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

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💻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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Jack Thomas

Bitcoin News - LTC, BNB, TRX, and Others Can Make This a True Altcoin Season — How Can Bitcoin React?

☀️📈Since the Crypto Winter started thawing, all the main action has come from altcoins, and now a few are breaking key moving averages
LTC, BNB, TRX, and Others Can Make This a True Altcoin Season — How Can Bitcoin React?
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While the cryptocurrency market may not be fully bullish and breaking new records in terms of gains and growth, one thing that seems to be apparent is that the total bear market is starting to draw to a close. There has been a lot more positive sentiment in the past few weeks and months.

A lot of this has had to do with a few altcoins putting on good performances in the market. Thanks to positive news with a number of top 20 coin projects, their own token value has been rising – as well as importantly staying up.

Now, there is technical analysis that suggests that coins like Litecoin, Tron and Binance Coin, as well as lesser-known Maker, are trading above their 200-day moving averages, a development typically considered a sign of a healthy market.

This is good news across the board, but what is interesting to keep an eye on is whether Bitcoin will manage to keep up, outdo the altcoins, or potentially start falling behind, enforcing a true altcoin season.

Making a move

Of the top 20 largest cryptocurrencies by market capitalization as per CoinMarketCap, both the BTC and USD pairs of Litecoin, Binance Coin, Tron, and Maker are currently trading above their respective 200-day moving averages.

A moving average is simply an ongoing calculation of the closing prices of an asset over a specified period of time, but is also a tool traders use to gauge the asset’s trend direction as well as support and resistance levels.

These positive moves by top ranked cryptocurrencies are thus reinforcing the notion that the cryptocurrency market is heading towards spring again.

However, Bitcoin, as the head and the mover of the cryptocurrency market, is still trading below its own 200-day moving average, which could also be a reason why people are skeptical of flooding back into the market.

Altcoin season?

While Bitcoin has often been the catalyst and mover of the direction of the markets – and still predominantly is today – there have been times where the remainder of the coins take charge of the direction of things.

It is still early in the supposed Crypto Spring, but with altcoins making the biggest movements and helping prop up the market, one could assume that the market is heading for another altcoin season.

The last one was seen soon after Bitcoin’s All Time High as the remaining coins caught the tailwind of that astronomical growth, but things could well be reversed here if a few more major altcoins catch up and can cross their own 200-day moving averages.

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