Angelo Babb explains why the entrance of financial leaders in cryptocurrency is important
Cryptocurrency expert Angelo Babb explains why the acceptance of cryptocurrency by payment companies like Visa and PayPal is a huge step forward for the legitimacy of digital currencies.
San José, Costa Rica – WEBWIRE – Wednesday, November 23, 2022
The explosion of Bitcoin in 2017 sparked huge interest. However, the majority of payment solution giants such as PayPal, MasterCard, Visa and MasterCard werent impressed. They attempted to downplay the importance and even banned their cards and users being connected to digital currency. A few years later, they have changed their mind and now embrace cryptocurrency. Angelo Babb is a FinTech and cryptocurrency expert who discusses why these announcements are important for cryptocurrencys future growth.
2018 was a year in which Visa was clear about its position that no Visa cards or payment solutions could be used for buying or selling digital currency. It refused to negotiate a refund and shut down many low-level financial institutions and banks that attempted to offer cryptocurrency solutions.
Two years after it banned digital currency, this changed. Subsequently, the company explained that digital currency (or a digital form of cash controlled with a private key) was first created over ten years ago with the launch of Bitcoin. It added that it believed that digital currencies could increase the value and accessibility of digital payments to more people and places. We are committed to supporting and shaping the future role of digital currencies in the world of money.
PayPal, which previously had a cautious approach to cryptocurrency, changed its mind, as well. It now allows its users to sell and buy Bitcoin through their PayPal accounts. The giant payment processor is currently working to open up the possibility for its users to purchase cryptocurrency directly through their PayPal accounts. Babb explains, This is an enormous indicator of how far cryptocurrency has come. PayPal has over 325 million active users worldwide. This payment method is accepted by thousands across the globe. Its embrace of digital currency will have a profound impact on cryptocurrencys status as a fiat option.
Its fluctuating prices have been a long-standing problem when accepting cryptocurrency as a payment method. Despite recent rallies, Bitcoins prices have not seen any significant rises or falls. Additionally, there are solutions that allow cryptocurrency payments to be converted immediately into fiat. This guarantees that the payment price will not change after the transaction.
Cryptocurrency was initially created as a peer-to-peer payment system. It allows individuals to manage their own money and not need to use a bank or intermediary. The same purpose of digital currency is to allow the worlds unbanked to access banking solutions.
Babb Simon notes that the possibilities of cryptocurrency are endless, stating, Near-immediate transfer of funds between people at a fraction of the price and the ability to interact with traditional banking solutions makes it significantly more powerful than traditional fiat options.
Bitcoins global acceptance has grown faster than that of the US dollar, in comparison. Since the creation of the US dollar, it has taken over 100 years to make it a recognized, legal currency. Bitcoin, on the other hand, has only been around for 12 years and is already widely accepted. The support of PayPal and Visa, as well as MasterCard and others, will allow cryptocurrency to move at a much faster pace.
About Angelo Babb
Angelo Babb is a legal cryptocurrency and blockchain consultant who helps new and established organizations strengthen their interaction with digital assets. A certified lawyer and Scrum Master, he works with all categories of enterprises to ensure cryptocurrency endeavors substantially fulfill their obligations. When hes not reinforcing his education in the cryptocurrency and blockchain spaces, Babb enjoys relaxing on the beach with his family.
San José, Costa Rica – WEBWIRE – Tuesday, November 1, 2022 Cryptocurrencies take a leading role as a source of savings and understanding how to store them becomes a necessity. As the years go by, the use of cryptocurrencies is becoming more and more common. Angelo Babb, an expert in cryptocurrency, offers the best methods to store digital assets.
There are various reasons why cryptocurrencies are becoming more common. One of them is that there is a loss of confidence in the banks, since, on certain occasions, in times of crisis, they failed to give people the money they owed.
Another important factor is that the value of the currencies issued by central banks, such as the peso or the dollar, is often negatively affected by an issue without backing due to the needs of the context. On the other hand, many people no longer feel safe keeping dollars in their homes in the face of the possibility of being robbed.
Faced with these problems, cryptocurrencies present an excellent alternative. Among the advantages of saving on these assets, it can be highlighted that many have decentralized protocols. This means that the broadcast does not depend on a single entity, but rather on everyone who wishes to contribute to the maintenance of the network.
In addition, it is known in advance how the issuance process will be and what will be the maximum total amount of money in circulation. An important fact is that people have the possibility of storing and accessing their assets without the need for intermediaries.
One possibility offered by the market is exchanges. An exchange works like a foreign exchange house. One can enter money issued by a central bank, such as pesos or dollars, and exchange it for digital currencies.
You can also conduct transactions between cryptocurrencies. This option is ideal if you need to conduct transactions quickly or with low amounts. Fixed commissions can make it expensive to move money between places in the digital world.
Some platforms also offer the opportunity to earn interest on cryptocurrencies stored there. This allows you to make even more money by simply keeping your crypto assets in custody.
This option is ideal for new users in the crypto world whose knowledge of the ecosystem is still incipient, and in this case, it may be safer for the assets to be guarded by an entity and not by oneself, so the risk would be equivalent to when money is left in a bank.
Another alternative is to transfer the cryptocurrencies to a non-custodial wallet, that is, where one manages the custody. A non-custodial wallet is software that, through a seed phrase, allows you to store, send and receive cryptocurrencies.
Explains Babb, The seed phrase, which is usually 12 words in English, is displayed when creating the address where the assets will be stored. It is of utmost importance not to lose it since, without it, you will not be able to access them.
You can print out the seed phrase, or write it down on paper and keep multiple copies in different places to make sure you dont lose it. There are also devices the size of a flash drive that store the seed phrase, and when linked to a computer, they generate the connection with the wallet.
The advantage of saving the assets in this way is that you have full ownership over them and the security is maximum as long as the seed phrase is not shared. Among the disadvantages, it can be mentioned that the costs when transacting between different cryptocurrencies are higher and also that in case of losing the seed phrase, there will be no entity to claim, so the capital will be lost without the possibility of recovering it.
If the investors objective is to bet long-term on a cryptocurrency project, and his idea is to prioritize security, the ideal would be to store the capital in a non-custodial wallet. While if the intention is to be able to operate easily and take advantage of short-term price variations, or earn interest on some cryptocurrency, then it will be convenient to store it in an exchange to save transaction costs and take advantage of interest payments.
Regarding the technical level, if the user does not fully understand the process for the use of a non-custodial wallet, it is not recommended that he manage the security of his cryptocurrencies, since it is possible that by making a mistake he could lose all of his assets. However, if the user has an advanced technical level, it is best to manage the custody and security of their assets with a non-custodial wallet when they deem it convenient.
About Angelo Babb
Angelo Babb is a legal cryptocurrency and blockchain consultant who helps new and established organizations strengthen their interaction with digital assets. A certified lawyer and Scrum Master, he works with all categories of enterprises to ensure cryptocurrency endeavors substantially fulfill their obligations. When hes not reinforcing his education in the cryptocurrency and blockchain spaces, Babb enjoys relaxing on the beach with his family.
San José, Costa Rica – WEBWIRE – Sunday, September 25, 2022 It is easy to create your own digital currency today. Despite the potential benefits and risks, there is still confusion around the terminology of money. Angelo Babb is a specialist in cryptocurrencies and clarifies the differences between virtual money, digital money and cryptocurrency.
Although digital money, virtual currency and cryptocurrency are often used interchangeably, these terms are not interchangeable. It is important that you understand that a cryptocurrency is not always a crypto currency, and vice versa, that virtual currencies and cryptocurrencies are always digital currencies.
Digital currency is created and controlled by its developers. It can be used and accepted by members of any community that recognizes it as valid. You can use digital currencies to purchase gift vouchers, airline rewards points and cashback for your credit card purchases.
Babb clarifies that these digital monies share the same trait in that they operate as a medium for exchange that functions as a currency within their own context. However, they dont have the attributes that a real currency unless they are issued by a central banking institution such as the Ecuadorian dollar digital currency.
It is interesting to note that cash only represents 8% of all money in circulation. Therefore, everything else is almost identical to digital money. Virtual currency, on the other hand, is the term for virtual currencies that are used in online games like Clash Royale and League of Legends. These coins have no value outside of the game. They are an incentive to play more so you can make in-app purchases or exchange them with other players.
These currencies can be used to exchange money in a virtual world. Babb explains that they can also be associated with Internet platforms in certain instances and are limited to members of a particular virtual community. Exito Points and RappiCreditos are two examples. These virtual currencies are worth something, but they are linked to a virtual economy platform. They do not exist in physical form.
A cryptocurrency is built on cryptography principles to offer a secure medium for exchange. This cryptocurrency is generally not supported by any central bank, government or commodity. However, because it is based on Blockchain technology, it can be used to store and exchange value as well as a currency.
These are often established on a peer-to-peer network of people and are best illustrated by Bitcoin (BTC). Although cryptocurrencies can be considered a type of digital currency, they differ from traditional currencies in that they do not have an official currency. They are also not subject to central control as virtual currencies.
While virtual and digital money have been around for many decades, cryptocurrencies are relatively new. BTC is a cryptocurrency, which does not have an issuer and can be cryptographically protected. In principle, their consistency can also be protected through a large and distributed verification of users.
Cryptocurrencies are digital and virtual money. They are distributed and not controlled by a central authority like other virtual currencies. Instead, they are decentralized and based upon cryptography to protect against manipulation by their members.
All cryptocurrencies can be referred to as virtual and digital money. However, this is not true for vice versa. Digital money can refer to any currency around the globe (including the euro and dollar), but virtual currency may be referring to a currency that has a specific issuer. It is important that terms are understood and used correctly in the future.
About Angelo Babb
Angelo Babb is a legal cryptocurrency and blockchain consultant who helps new and established organizations strengthen their interaction with digital assets. A certified lawyer and Scrum Master, he works with all categories of enterprises to ensure cryptocurrency endeavors substantially fulfill their obligations. When hes not reinforcing his education in the cryptocurrency and blockchain spaces, Babb enjoys relaxing on the beach with his family.
San José, Costa Rica – WEBWIRE – Friday, August 19, 2022 Rumors of a slowdown, or even an economic downturn, are becoming increasingly real. In certain parts of the world, it is perceived that this is already happening, and in Europe, it is perceived as less immediate but deeper. However, in Latin America, despite the strong inflation experienced by countries, the IMF forecasts economic growth for Latin America. This could prove beneficial for those who purchase and hold cryptocurrencies, and cryptocurrency expert Angelo Babb discusses why.
So far this year, anxiety has been unleashed among investors. While in those who have not yet started their way in the world of investments, curiosity. It should not be forgotten that cryptocurrencies began operating twelve years ago. Therefore, like any new market, it is still in the process of adjustment.
Countries such as the UK and the US are planning to take some measures for this market more strictly. Even since last year. However, after what happened this year, the forces to regulate it have been accelerated.
For example, in June, a detailed bill was presented to the US Congress that seeks to establish supervision and sanctions for brokers that operate with cryptocurrencies, as well as seeks the creation of regulations regarding even the energy used in the mining of cryptocurrencies. The so-called stablecoins are part of that adjustment, as they aim to link directly to a stable asset or a basket of assets.
Explains Babb, Like any novelty, within the financial market, investments in cryptocurrencies expanded a lot around the world. Perhaps, it is one of the markets that turns out to be more accessible while there are shops that accept these virtual currencies as a means of payment in commerce and services.
During its young age, about six hundred cryptocurrencies have been created in this market. Of these, there are some such as Bitmart, Coincheck, and many others that, during the last months, have been declared as without solvency. However, there are others such as Binance, Coinbase and Kraken that have grown their position and compete against the first digital currency, Bitcoin.
Within this scenario, the cryptocurrency Ripple is a clear sign of how part of the cryptocurrencies are adjusting to the nascent regulations of governments based on their operating principle, the blockchain. Today, Ripple exchanges virtual currencies and allows their international transfer. So even today, it is foreseen as an alternative that could replace the SWIFT system.
Cryptocurrency transactions require the exchange to be verified to be added to the blockchain record. Proof of the confidence in this system, Banco Santander is one of the first banks that has joined the RippleNet network to carry out operations quickly and transparently.
It is irrefutable that the cryptocurrency market is in incipient development, adds Babb. Despite the contemptuous statements on the part of some tycoons, the truth is that this market has a lot of credibility among millennial and centennial generations because they perceive it as more democratic and transparent compared to others.
In the absence of a central point of control, the chances of it being corrupted in a single power or nucleus are lower, and it will continue to be so as long as there are still various currencies, brokers and lenders to brokers that mobilize it.
Regarding what has happened in the cryptocurrency market, large and small investors have withdrawn their investments. Others wonder about when to save and when to invest. In addition, a few, with capital to cover possible losses, have decided to keep them or even buy more, taking advantage of their low prices.
About Angelo Babb
Angelo Babb is a legal cryptocurrency and blockchain consultant who helps new and established organizations strengthen their interaction with digital assets. A certified lawyer and Scrum Master, he works with all categories of enterprises to ensure cryptocurrency endeavors substantially fulfill their obligations. When hes not reinforcing his education in the cryptocurrency and blockchain spaces, Babb enjoys relaxing on the beach with his family.
San José, Costa Rica – WEBWIRE – Saturday, July 30, 2022 According to a report by a prominent blockchain analytics firm, cryptocurrency adoption increased more than 2,300% in the second quarter of 2021. This is more than the global third quarter, and more than 881% over last year. These variations indicate that adoption is a worldwide phenomenon. However, the report says that its not clear how much the adoption rate will increase on existing platforms, particularly when compared to the newer ones. Angelo Babb, an expert in cryptocurrency, provides an analysis on why cryptocurrencies are so valuable.
A leading firm used a method that allowed it to rank 154 nations by combining three metrics: on-chain cryptocurrency amount, on-chain retail value transfer and volume of peer-to-peer (P2P) trading. All three metrics are weighted according to purchasing power parity (PPP) per capita. In addition, the volume P2P exchange trade volume is weighted according to the number of Internet users. This methodology and the improvements made to last years report allow for a better understanding of decentralized finance (DeFi).
Babb points out, The increase in adoption in North America and Western Europe over the last year is due to institution investment as adopting this asset class has proven compelling with many crypto prices reaching record highs during the first quarter. Emerging markets, on the other hand, see cryptocurrency as a way for them to save their money in the face of currency devaluation and to send and receive trade transactions and remittances.
P2P exchanges are another important driver of cryptocurrency adoption. Many emerging countries, such as Kenya, Nigeria and Vietnam that are high up in the reports index (including Venezuela), use P2P to gain access to cryptocurrencies. They are often unable or unwilling to access centralized exchanges. Based on data from the report, Babb states that Central and South Asia and Latin America send more web traffic than regions with larger economies like West Europe and East Asia.
P2P platforms are more popular than centralized exchanges and merchant services. They have a larger share of total transaction volume, consisting of smaller payments (less than $10,000), very few professional transactions and no institutional transactions.
The rankings of China and the US have dropped significantly in comparison to last year. Their rankings in P2P trading volume weighted by the number of people using the Internet decreased dramatically, particularly when compared to other parts.
The downward trend in rankings began in June 2020. The report suggests that Chinas regulatory crackdown could be one reason, while institutional investors in the US may also have contributed to this trend.
Babb adds, The next 12 months will determine whether or not the adoption rate continues and, if so, which platforms it will use. P2P exchanges may be preferred in emerging countries, but innovations in the DeFi space could provide new ways for the crypto industry to bank the unbanked.
The increasing interest in Bitcoin (BTC) by corporations and institutions, could lead to new uses. This would be a significant step in the development of a new financial ecosystem with more potential than just speculative. This would be a major economic shift.
Digital currencies are undoubtedly one of the most important financial innovations of recent years. Digital currencies are assets that arent tied to any countrys economy or politics and ensure the security of all transactions. These technological advancements would be impossible to incorporate into conventional banking. It would mean that you could provide a financial service without intermediaries.
This reality is all around the world, though there are some regions where it is more difficult than in North American or European countries. All regions are able to access cryptocurrencies and the potential that they have.
About Angelo Babb
Angelo Babb Reid is legal cryptocurrency and blockchain consultant who helps new and established organizations strengthen their interaction with digital assets. A certified lawyer and Scrum Master, he works with all categories of enterprises to ensure cryptocurrency endeavors substantially fulfill their obligations. When hes not reinforcing his education in the cryptocurrency and blockchain spaces, Babb enjoys relaxing on the beach with his family.
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