Bitcoin Is Becoming a Popular Investment for Middle-Class Americans

Finance

According to a recent report from NBC, middle-class Americans are growing quite fond of bitcoin and cryptocurrency investment. Bitcoin’s value is continuing to climb and everyday Americans are getting in on the action.

Also Read: Investment Funds That Offer Cryptocurrency Exposure See Big Gains

‘In Five to Ten Years, You Could Be Sitting on Something Nice’

Bitcoin Is Becoming a Popular Investment for Middle-Class AmericansBitcoin has grown very popular in the U.S. and data shows the region is consistently one of the top three countries leading in bitcoin trade volume. According to a recent study from the Cambridge University Business School’s Centre for Alternative Finance, the U.S. is the fourth leading country utilizing bitcoin for payments and as a form of cross-border money transmission. Further, the country has the third largest number of exchanges worldwide, and USD is one of the most widely supported currencies across a majority of global exchanges. This popularity has spread to American ‘mom and pop’ investors spending a few bucks on cryptocurrency investments that are turning out to be extremely lucrative.    

The vast amount of infrastructure in the U.S. and this year’s exponential BTC price spike, has led to middle-class Americans learning how to invest in cryptocurrencies. NBC interviewed a school bus driver, Ryan Williams, who used some of his bitcoin holdings to purchase a new pool for his kids. During the hot summer Williams thought he couldn’t afford a pool, but suddenly remembered he had a stash of bitcoin that gained quite a bit of value. Williams purchased the pool at Wal Mart using his Bitpay card, and now his mother and other family members are investing in bitcoin too.

Another 39-year-old ironworker from New Jersey, Greg Salerno, said he put $1,600 into bitcoin a while back, and now his stash is worth $20,000. Salerno tells the publication that he’s also started to talk about cryptocurrency investments to co-workers. “It’s like being in Apple at 10 cents,” Salerno tells NBC.

In five to ten years you could be sitting on something nice.

Bitcoin IRA’s Becoming a Popular Retirement Vehicle

Bitcoin Is Becoming a Popular Investment for Middle-Class AmericansBanking on bitcoin for retirement is becoming mainstream.

Many Americans are also purchasing bitcoin and cryptocurrency-based IRAs as a form of retirement. The Chief Operating Officer of the company Bitcoin IRA, Chris Kline, explains to CNBC that business has been phenomenal this year. According to Kline, when the company started it saw roughly $1M a month in capital inflow, and now Kline says they are averaging that amount on a daily basis. CNBC’s report explains that a lot of ‘mom and pop’ investors are jumping into bitcoin investment for a retirement plan. One Bitcoin IRA client, Damon Smedley, told the news outlet he invested $330,000 into his bitcoin-based retirement fund last November. Smedley explains that his investment has done quite well so far, stating;

You look at where I was one year ago, versus where I’m at today, and it’s quite a drastic difference.

Middle-Class Investors Are Hearing About the Most Lucrative Opportunity Since the Internet  

As news.Bitcoin.com has reported in the past, mainstream investors are hearing about bitcoin regularly. Cryptocurrency IRAs, hedge funds, and bitcoin as a retirement vehicle is a trend that’s grown quite popular. This summer a consultant and analyst named Gordon Scott said even though bitcoin has “risks” he believes the cryptocurrency is an opportunity like no other. “Bitcoin may be the most lucrative trading opportunity since internet stocks such as Amazon.com Inc. in the dot-com era,” explains Scott.

Middle-class Americans are indeed hearing about the investment opportunity bitcoin holds from mainstream media like NBC, CNBC, and other mainstream news outlets regularly, and now from family members and co-workers too.

Do you think middle-class investors are getting more involved with bitcoin investment? Let us know your thoughts in the comments below.


Images via Shutterstock, and Pixabay. 


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MMA Championships Use Bitcoin To Circumvent Censorship

Interview

Bitcoin proponents often talk about the many benefits the decentralized currency can offer the world, and one of these attributes is bitcoin’s censorship resistance. This week news.Bitcoin.com chatted with, Firas Zahabi, a well known Mixed Martial Arts (MMA) grappling trainer from Canada who decided to use bitcoin as an incentive to promote online grappling events.

Also read: Markets Update: Bitcoin Cash Rallies for Three Solid Days

MMA Championships Use Bitcoin To Circumvent CensorshipFiras Zahabi.

Firas Zahabi has trained many champion MMA fighters and is the founder of Tristar Gym, a grappling martial arts training center located in Quebec, Canada. The gym is well known as one of the world’s top MMA training camps, and grappling fights are very popular in the region. However, Zahabi tells us over a phone conversation that the local governments in Canada have deemed holding MMA events illegal. Grappling martial arts itself is legal in the region, but MMA events are not allowed, which gives young Canadian fighters less of an opportunity to compete and show their skills. So Zahabi decided to create online MMA events on Youtube which he calls the Pure Victory Championship and fighters compete for bitcoin prizes. Zahabi believes the act of hosting events online decentralizes the playing field and bitcoin leaves the middle man out of the equation.

Bitcoin.com (BC): Can you tell our readers about the Pure Victory Championship?

MMA Championships Use Bitcoin To Circumvent CensorshipFiras Zahabi (FZ): Recently they made grappling events illegal where I’m from here in Quebec, and then they made events illegal in Ontario. Quebec is a hotbed for grappling talent, and the biggest MMA event in the world called the Abu Dhabi Combat Club (ADCC) is happening soon, and two of my students are attending this year. So grappling in Quebec is really popular, but the local governments made it illegal because there was bickering back and forth between event promoters that were calling the cops on each other. They were trying to cancel each other’s events and corner the market.

Law enforcement got tired of all these calls, and now we are not allowed to have grappling events. Grappling is perfectly legal still, but holding grappling events here is illegal. Alongside this, Canada recently declared bitcoin as a commodity, and to the government, it’s not money, not a currency. So I’m not allowed to hold events and give out prize money, but we are allowed to film and upload ourselves fighting online. And now the fighters get bitcoin, and it’s kinda like them getting a free t-shirt or swag, because I am giving them a commodity as a prize for participation. We thought it was an excellent idea and the viewers can tip the fighters as well and our grapplers have been making money during an event. The grapplers are also enthusiastic about competing again in the future and the audience absolutely loves it.

It’s been all positive feedback and people are following the events. We only have four episodes so far and the fifth episode should launch next week. It’s really creating a great buzz with just four episodes.

BC: How much bitcoin have the fighters been getting?

FZ: They’ve been getting roughly $100-300 dollars in bitcoin between winnings and tips. Don’t forget that they’re getting bitcoin and that could be worth a lot in the future. This is only after one match, and when you grapple you have to pay to compete, so it helps the fighters earn. Further, these episodes could still give fighters some earnings, and after twenty videos it will create a fishnet effect. I think the fighters haven’t finished collecting and once they get more and more popular they create a bigger following, and the prizes will get bigger.

BC: What gave you the idea to include bitcoin into these events?

Bitcoin and MMA Events: How Firas Zahabi is Decentralizing Jiu-JitsuPure Victory Championship Episode 001.

FZ: The politics and the government. They need to let young fighters have a place to release their energy. If these kids can’t find anything to do they will likely find some trouble and grappling is such an amazing outlet for the youth. Not only are they getting fit but they are exercising their minds, and they are building a whole community. We are a thriving community, and they just came and shut us down. Could you imagine if they made baseball events illegal? I don’t understand it, these kids need an outlet rather than being in the pool halls and the streets. Martial arts is one of the most constructive things a human being can do, especially in their youth.

So I said let’s decentralize jiu-jitsu. If we can’t have grappling events how can we monetize our skills? The middleman is just such a problem, he’s always sticking his hands in our pocket and always bullying us. So let’s decentralize our jiu-jitsu, let’s make it so the audience can see the competitors compete, pay them in cryptocurrency and remove the middleman.

So my next phase for Pure Victory Championship will be global and what I’m going to do is let fighters film their match, and if your game is good enough I will air it, and the winner will get $300 in cryptocurrency. Which is a lot for fighters just starting off, and the internet is hard to stop.

BC: Did the government give a formal explanation to why they made grappling events illegal?  

FZ: No they told us if you have any more grappling events they will come and shut us down, and they have already. One major grappling event was canceled with hundreds of competitors. So what I’m hoping to do is put the power back into the competitor’s hands.

BC: Have the fighters mentioned anything about receiving cryptocurrency as a prize?

FZ: They love it, every fighter loves it. Look at the price of bitcoin right now. The guy who recently got $100 worth of BTC is pumped as it’s worth about $300-400 right now.

The world loves MMA and it’s a very popular sport and grappling enthusiasts are going to hear an awful lot about cryptocurrency this year.

What do you think about Firas Zahabi’s Pure Victory Championships? Let us know in the comments below. 


Images via Pixabay, Bitcoin.com, Firas Zahabi’s, and Pure Victory Championship


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Hello and Welcome to Cryptocurrency Mining For Local Gymnastics Club Donation page.

I will explain what this project is about and how you can help to keep it going, what is needed for it to run and how the donations will be used.

Why Local Gymnastics Club (LynnSport):

Every time I go to the Gymnastics Club with my daughter (6 years old), I see that they looking for donations on the notice board. It hurts to see notices like this and knowing that I can’t help because of the financial situation, so I have decided to run this project instead.

 

What The Donations Will Be Used For:

The whole amount raised will be used to purchase equipment for the Burstcoin mining which requires working external Hard Drives/HDD. I won’t go into technical details at the moment.

When all equipment is set up and ready to start generating Burstcoins then whatever amount it generates in a week will be split 70/30 where the 70% will go to the local Gymnastics club and 30% will be used to cover running cost (PC maintenance, electricity cost etc.)

Account details and the donation process will be documented and updates will be posted here along with pictures or video from the donation day.

 

How Can You Help:

  1. Option:  if you have or you know someone who has a broken laptop or desktop PC with working hard drive/HDD then the best way of helping would be to donate the broken laptop or PC to this project. I will take care of the technical details and will collect it within 10 miles from King’s Lynn.
  2. Option: if you can’t use option 1, you can still help by donating a small amount of money using the form below.

This is a long time project and even if you donate now/or just once, this project will run from your donation for years to come or as long as the Burstcoin will be available to be mined and exchanged for GBP or USD.

 





 

If you have any questions or concerns, please comment below. I will answer within few hours.

 

Technical Details – The Boring Stuff:

Continue reading

Bitcoin Mobile SIM Card Top-Ups Now Available in 136 Countries

Services

Bitcoin remittance service Sobit has been launched to enable users to charge their prepaid mobile SIM cards using bitcoin. The service supports over 600 operators in 136 countries.

Also read: Rollout of 260,000+ Bitcoin-Accepting Stores in Japan Begins

About Sobit

SobitBitcoin Mobile SIM Card Top-Ups Now Available in 136 Countries was jointly developed by Japan’s leading reward site operator Ceres Inc and the Tokyo-based bitcoin and blockchain venture company Janom LLC.

Ceres has already partnered with other prominent bitcoin companies including Bitflyer, Bitbank, Coincheck, and Breadwallet on other cryptocurrency projects. Janom launched a bitcoin remittance service called Cointip in November 2016 and the company also partnered with Keepkey LLC to obtain exclusive distribution right of Keepkey products in Japan. Ceres Inc recently announced the launch of Sobit:

With Sobit, you can charge your prepaid SIM card using just bitcoin. You don’t need any accounts, credit cards etc. Just a wallet with available bitcoin. Sobit supports prepaid SIM cards from over 600 operators in almost 140 countries.

Bitcoin Mobile SIM Card Top-Ups Now Available in 136 Countries

Using Sobit

Users first enter their phone numbers to use Sobit, even though the system should correctly detect the operator of each phone number most of the time, the company conveyed. Once the right operator is selected, the user can check the rates, choose the desired top-up amount, type in their email address and send bitcoin through the QR code provided or via their bitcoin wallets. The company states:

We will charge your phone as soon as your bitcoin transaction gets one confirmation, which may take up to 10 minutes (it depends mostly on your bitcoin wallet and fee settings).

Bitcoin Mobile SIM Card Top-Ups Now Available in 136 CountriesUsers will also get an email confirmation with their order details. While “you should get your top-up immediately,” for some countries or operators, “there may be significant delays, even up to 24 hours,” Sobit cautioned.

Currently, only payments equivalent to $100 maximum per day will be accepted “due to technical reasons,” the company added.

On Sobit’s website, 136 countries are listed. In the U.S., supported operators include Verizon, T-mobile, AT&T, H2O, and Net10. In the UK, they include Orange, T-mobile, Virgin Mobile and Vodafone. In China, they are China Mobile, China Telecom and China Unicom.

Would you use Sobit? Let us know in the comments section below.


Images courtesy of Shutterstock, Sobit, Ceres


Need to calculate your bitcoin holdings? Check our tools section.

Coinbase Reverses – Plans to Allow Bitcoin Cash Withdrawals in January 2018

News

Bitcoin exchange Coinbase has reversed its decision to support bitcoin cash. The company now plans to allow customers to withdraw their new cryptocurrency by January 1, 2018.

Also read: Coinbase Customers Could Instigate Class Action Lawsuit Over Bitcoin Cash

Coinbase on Thursday announced a change of plans regarding its support for bitcoin cash (BCC, BCH), the new cryptocurrency resulting from the August 1 hard fork. The exchange wrote:

We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time. Once supported, customers will be able to withdraw bitcoin cash.

Coinbase Plans to Allow Bitcoin Cash Withdrawals in January 2018Meanwhile, the company claims that both bitcoin and BCC are safely stored and customers with bitcoin balances at the time of the fork “now have an equal quantity of bitcoin cash stored by Coinbase.” Its exchange GDAX also made a similar announcement.

Previously, Coinbase said that it would not support bitcoin cash. “We have no plans to support the Bitcoin Cash fork,” the exchange wrote on July 27, citing the difficulty in predicting BCC’s future market value. “Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).”

Coinbase Plans to Allow Bitcoin Cash Withdrawals in January 2018However, after the fork, Coinbase came under fire for its decision as users demanded access to their new cryptocurrency. “Give us our BCC!!!,” wrote a Twitter user. While Coinbase advised customers to transfer funds away from the exchange to access BCC, one user tweeted, “transfer of funds were halted… I guess if Coinbase doesn’t hand them out to their rightful owners, lawsuits might happen quick.” Recently, news.Bitcoin.com reported that Coinbase customers could instigate a class action lawsuit over the company’s decision to not distribute the new cryptocurrency.

With today’s announcement, Coinbase detailed that its decision to support BCC was based on various factors such as network security, customer demand, trading volumes and regulatory considerations. However, some users are unhappy with the long wait. “January 2018 is too long,” one tweeted. “I smell a class action law suit headed your way. You are basically holding client funds hostage,” was a comment in response to the company’s blog post.

What do you think of Coinbase’s delay in distributing bitcoin cash? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinbase


Need to calculate your bitcoin holdings? Check our tools section.

Czech National Bank Publishes Letter Addressing Bitcoin

News

The Czech National Bank has published a statement addressing bitcoin and cryptocurrency on its website. The document addresses the popularity of bitcoin in Prague and the Czech Republic, discusses whether cryptocurrency poses a threat to the traditional banking system, and argues that fiat currencies comprise better currencies than bitcoin due to price stability.

Also Read: Largest Czech Online Retailer Alza Accepts Bitcoin, Installs 2 Bitcoin ATMs in Showroom

The Czech National Bank States That There “Is No Reason for Banks to Fear” Bitcoin

Czech National Bank: "Don't Be Afraid of Bitcoin"

The Czech National Bank’s statement regarding cryptocurrency is titled “Don’t be afraid of bitcoin”, and seeks to address popular assertions regarding the potential threats that bitcoin and cryptocurrency may pose to existing monetary systems.

The document starts by stating that “Prague is home to a strong community of cryptocurrency supporters and users.” The statement then immediately turns to “questions regarding whether institutions such as the Czech National Bank should be afraid of bitcoin…. And of their power to marginalise traditional money.”

The Czech National Bank states that there “is no reason for banks to fear” bitcoin and cryptocurrency. Virtual currency adoption is described as “negligible in its size and scope”, arguing that “electronic transactions using bitcoin worldwide amount to only 16% of the electronic transactions conducted in the Czech koruna, a currency used by just 10.5m people.”

Bitcoin Is Described as the Antithesis of the Czech Money System

Czech National Bank Publishes Letter Addressing Bitcoin and Cryptocurrency

The article argues that bitcoin does not comprise a suitable mainstream money commodity due to it’s “constantly changing price.” A “good currency” is argued to possess a stable purchasing power, with the Czech National Bank describing Bitcoin as “inherently volatile” owing to its fixed supply.

Bitcoin is described as “the antithesis of [the Czech] elastic money system, which is based on the principle that to keep the purchasing power of money relatively constant the amount of money has to change flexibly over time.” Price stability is argued to be “the most beneficial feature of money in its present form”, with the bank concluding that “there is no reason to fear that our existing monetary system will be replaced by a fixed-money alternative.”

Do you think that bitcoin could comprise an effective mainstream currency? Or do you think that the recent history of price volatility is too great a hurdle for significant mainstream adoption to occur? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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