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2020 is the year of the crypto

Sonya Kuhnel, founder of Blockchain Academy, explains why 2020 has been cryptos’ year to shine, and what we can expect in 2021.

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The constant promotion of Bitcoin is calling into question the credibility of Moneyweb as a credible news source.

I dont know a single person who has bought anything using Bitcoin, yet it is commonly referred to as a currency. At this stage, it is merely a convenient tool used by speculators to rob millions of gullible people of their hard earned money or for money launderers to hide their ill gotten gains.

A currency is not a currency until it is used everyday to buy and sell things. Furthermore, a currency usually only has credence when it is backed by a nation state. Digital currencies will take off when a major government such as US or China issue their own. The US or China could ban crypto at the swipe of a pen, and that will be the end of Bitcoin.

Sorry to hear about your problems. I sold a car and got paid in bitcoin, bought a car with bitcoin. I paid my accountant with bitcoin. There are people trading with bitcoin. What you do is the following, please pay close attention. You open an account at a bitcoin bank like VALR, Luno or Altcoin. They will FICA you before you are accepted. Once that is done, you transfer your FIAT currency to your bitcoin bank of choice. When you money arrive there, you buy bitcoin. If you started in March, and lets say you decided to put R100,000.00 in. The bitcoin price was around $5300 You left it there to grow till now. So now the price is. So now the price is around 18500 per bitcoin. Now you R100,000 is worth…. just work it out. Now you decide to take some of your gains out. You sell some bitcoin for Rands, and you transfer it back to your bank. What do you want to buy?

No doubt crypto will change the world of finance but this strange obsession with Bitcoin is completely over the top. Your example chooses to ignore the millions that lost hard-earned money a couple of years ago when the BTC speculators started taking profit and blew the bubble on for as long as they could. BTC has limited functionality compared to Etherium, but I don’t see any articles explaining that. Moneyweb is erring on the side of BTC propaganda.PS: buy Ethereum

How do you think millions of immigrants in SA are sending money back to Malawi, Nigeria, Zambia, Kenya, Congo? Do you think they walk in Volkskas and make an international transfer? Do you even live in SA? You reek of privilege.

>> How do you think millions of immigrants in SA are sending money back to Malawi, Nigeria, Zambia, Kenya, Congo?

By any one of a number of money transfer mechanisms, e.g. Western Union, just google ‘remittance to Kenya’. Kenya isn’t a mud hut village with no fintech infrastructure of their own.

>> You reek of privilege.

Ad hominem attacks don’t add to your argument in the eyes of the intelligent readers.

At the end of the day non CB-backed cryptocurrencies are just scrip stamped using cryptography as a watermark, not some deus ex machina that will magically compensate for the evils of human nature, and the CB-backed cryptocurrencies will be something wholly different from what the original cryptocurrency enthusiasts supported.

“2020 was the year of the crypto”.

Then one would come to conclusion: “2019, and all the centuries prior was the period of FIAT”(?)

According to MW, the future of money is crypto….and by crypto it is meant Bitcoin (only). Why no info about the kazzillions other cryptos showing potential future promise?

Is crypto ONLY Bitcoin? Didn’t realise that.

It’s like saying “The past belonged to FIAT currency, and since the US$ is traditionally the most-used Fiat-currency, the past has always been about the US Dollar…and nothing else).

Horizons need to be broadened here…

End of comments.

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