How Close Are We to Hyperbitcoinization – Total Bitcoin Dominance?
[NEWS BLOG]: How Close Are We to Hyperbitcoinization – Total Bitcoin Dominance?
Experts believe that bitcoin still has a long way to go before it gains mainstream global acceptance – but believe that the token could become a global mainstay, and even eclipse the dollar by 2030.
Industry insiders call the phenomenon “hyperbitcoinization” – the widespread, global adoption of Bitcoin that will see it eventually surpass conventional fiats like the dollar, the euro or the yen.
But what do experts mean when they talk about hyperbitcoinization – and can industry players do anything to help speed it up?
What is Hyperbitcoinization?
Hyperbitcoinization is not just a matter of bitcoin becoming more popular. It actually refers to a scenario whereby the token becomes the world’s most dominant currency.
For that to occur, fiat currencies would need to devalue against digital alternatives, effectively pushing people to adopt and use Bitcoin instead.
The theory goes that the world’s leading fiat currencies would suffer hyperinflation and subsequent demonetization.
And if that were to happen, the mass adoption of bitcoin would provide the only viable alternative for individuals and companies the world over.
OTHER RELATED NEWS
Twitter says Facebook, Messenger accounts hacked
Twitter confirmed on Friday that the official Twitter accounts of social media giant Facebook Inc and its Messenger platform were hacked.
A Twitter spokesperson said in an emailed statement that the accounts were hacked through a third-party platform.
"As soon as we were made aware of the issue, we locked the compromised accounts and are working closely with our partners at Facebook to restore them," the Twitter spokesperson said.
Separately, Facebook also confirmed that some of its official social media accounts were hacked on Friday.
"Some of our corporate social accounts were briefly hacked but we have secured and restored - read more.
Ripple-Based Remittance Firm SendFriend Claims to Save Up to 80% in Fees
Blockchain-based money transfer startup SendFriend utilizes Ripple’s technology to save up to 80% in remittance fees, according to a blog post published on Dec. 12.
SendFriend uses Ripple’s xRapid product for cross-border payments, converting between the United States dollar, XRP and Philippine pesos and circumventing the longer process of traditional banking systems.
Philippines-focused remittance platform
SendFriend’s money transfer app aimed at reducing annual remittance fees for cross-border Filipino workers claims to lower such transaction costs by up to 75%. What makes it possible, according to the startup’s CEO, David Lighton, is RippleNet’s On-Demand Liquidity (ODL) technology.
With ODL, RippleNet’s users can utilize digital token XRP to - read more.
White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?
Ever since US President Donald Trump shared his thoughts on Bitcoin in a blistering tweet from last July, crypto investors have been nervously anticipating news regarding when the government would start a formal crackdown on the nascent technologies.
It now appears that this crackdown could be on its way in the coming couple of years, as the White House’s newly released 2021 budget proposal recommends shifting the US Secret Service to operate underneath the Treasury in order to investigate crypto-related crimes.
White House Budget Proposal Links Crypto to Crime and Terrorism
In the 106-page document, the word “cryptocurrency” is only mentioned - read more.