61% of Americans Have Little to No Understanding of How Cryptocurrencies Work: Survey

61% of Americans Have Little to No Understanding of How Cryptocurrencies Work: Survey

Also, only 10% of the respondents familiar with cryptos are using them regularly to make purchases.

More than one in ten American adults have never heard of cryptocurrencies, revealed a new survey by Harris Poll.

Nearly half of the respondents had actually heard about the names of digital currencies, according to the survey of 1,984 people taken from February 12 to 14. During this period, the price of Bitcoin was around $48,000 and $50,000.

Since then, the price of BTC has surged above $58,000 to hit yet another all-time high in its pierce discovery and is currently experiencing a pullback and is around $55k.

“From the public standpoint, it’s not a cryptocurrency; it’s a cryptic-currency,” said John Gerzema, chief executive officer of the Harris Poll.

Despite having heard of cryptos, most of them don’t really get them, with 61% of the people surveyed saying they had little or no understanding of how they work. Only 14% of those familiar with digital currencies said they understand “very well” how they work.

4% of the respondents familiar with cryptos think Bitcoin will crash to zero while double that (8%) see it going above $100,000.

The Legitimacy

Among those familiar with cryptos, about 43% expressed doubt about their legitimacy as a form of payment, while 29% think crypto will be largely forgotten in the next decade. 34% meanwhile believes it will become a standard form of payment.

Millennials, between 25 and 40 years old, continue to lead the crypto believers as 69% of them said they thought digital currencies were very or somewhat legitimate as a form of payment. This figure drops to 58% for Gen Z, between 18 and 24 years old.

According to Gerzema, millennials, who are tech-savvy and comfortable with financial products and having more investable assets, may be operating as a bridge between Gen Z and baby boomers.

In the past few weeks, we saw Tesla investing in Bitcoin and announcing that they will be accepting BTC as a form of payment. Following Tesla, others like Mastercard said they would interact with cryptos in their network, too, while many other major companies like Twitter, GM, and Uber will consider processing payments in cryptocurrencies.

Only 10% of survey respondents familiar with cryptos said they regularly make purchases with it. Given that BTC has appreciated more than 14x in value since the March sell-off, the leading digital currency works better as a long-term investment than as a form of payment.

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Author: AnTy

When the US Declared Owning Gold Illegal & Why Bitcoin’s the Way to ‘Seize your Freedom’

On May 1, 1933, US President Franklin D. Roosevelt outlawed gold. He declared Americans withdrawing their gold and currency from the banking system a “national emergency” and ordered banks to close to prevent the export and hoarding of gold or currency.

These steps were taken in response to Roosevelt’s promise to end the Great Depression which drew national employment up to 25% and gutted the economy which began with the 1929 stock market crash.

But he couldn’t print enough money to tackle the situation, like today. The Federal Reserve Act of 1924 limited the amount of money that can be printed by the government as all paper money had to be backed by 40% of gold.

As such he declared a national emergency but even that couldn’t prevent runs on banks and gold drain. By issuing Executive Order 6102, Roosevelt made gold ownership illegal and punishable up to ten years in prison on noncompliance.

But the Great Depression didn’t end and in 1937 the stock market collapsed by 90% and unemployment further soared.

The US government then removed the gold standard in 1971, the last remaining restraint on federal deficits.

The ban on owning gold wasn’t lifted until 1974.

The result of removing the gold standard was deficit mounting while the purchasing power of the US dollar continued to decline. A dollar in 1913 has the same buying power as $26 in 2020.

As for the current outlook, several US presidential candidates have said that “we can always print more money” as we have been seeing for the past couple of months in response to the coronavirus pandemic. This is already increasing the risk of currency debasement.

Bitcoin’s distinct advantage over gold

Historically, the government seized gold when the fiat currency became utterly devalued and gold is most valued.

Could it happen again? Given the fact we may be facing another financial crisis, “Yes, The U.S Government Can Still Confiscate Gold” according to GoldTelegraph. Maybe not in the near future but it could very well happen in the long term.

Pointing out how it has already happened in 1933, Dan Held, Director of Business Development at crypto exchange Kraken said, “Seize your freedom. Buy Bitcoin.”

The last quarter also revealed the physical delivery shortcoming of gold. Also, while “Bitcoin markets have been relatively efficient amid recent macroeconomic turmoil (…) global gold markets that have been dislocated for the duration of a few weeks,” observed Coinbase in its latest report.

Although both are scarce and globally accessible units of value, bitcoin doesn’t rely on fragile physical supply chains like gold. As a result, recently there have been severe shortages of gold coins and bars.

Coronavirus lockdown disrupted gold refineries, miners, and supply chains but Bitcoins protocol continues to function as designed and this halving will make Bitcoin about as scarce as gold which is already teleportable.

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Author: AnTy

Banks Can Seize Your Stimulus Check; Bitcoin the “Unseizable” Hard Asset Fixes This

This week, more Americans will start receiving their stimulus checks of $1,200 to offset the effects of coronavirus pandemic. These funds will be wired directly to eligible recipients’ bank accounts.

However, this money might not make it into your hands as Congress hasn’t expected the CARES Act Stimulus checks from private debt collection.

According to The American Prospect, the Treasury Department has given a green light for banks to make a “business decision” and use this to their advantage, citing leaked audio.

Reportedly, last week, in a webinar with baking officials, the chief disbursing officer Ronda Kent clarified twice that “there’s nothing in the law that precludes” these payments from

“subject to collection from the bank to which the money is deposited, if the payee owes an outstanding loan or other payments to the bank.”

Stimulus checks of up to $1,200 and $2,400 in the case of married couples and $500 for each qualified child are being sent to people. Not only those with an adjusted gross income of $75,000 but with no tax liability will also get the stimulus check.

JPMorgan Chase is the only bank to confirm that the recipient will get the full benefit of the Stimulus. Banks like Wells Fargo, Citibank, US Bank, and Bank of America haven’t ruled out using these payments to pay off the outstanding debt.

“[Treasury] has the ability to say that these payments are exempt, and they’re not doing so,” said Lisa Stifler, debt collection lead at the Center for Responsible Lending.

“Under this scenario, the bank could use the $1,200 payment to offset the $1,000 in overdraft charges, even if the individual thought the account was closed.”

In response to the Fed distributing emergency funds via intermediaries the user is indebted to, Neeraj Agrawal of CoinCenter tweeted, “Money should be harder to seize.”

As Bitcoin enthusiasts and industry commentators have repeatedly called out, bitcoin is an unseizable asset. Unlike gold, bearer bonds, and cash, the world’s leading digital asset can’t be seized or confiscated.

Source: @AriDavidPaul

“When you’re worried about your assets being seized or becoming inaccessible to you, Bitcoin’s non-seizability becomes very attractive,” said Bitcoin bull and Morgan Creek Digital’s co-founder Anthony Pompliano.

At that time, he said this is what makes it important to the people of India & Hong Kong. But now it looks like, for the US citizens as well, the hard asset is a good alternative to cash.

Many people are actually planning to buy Bitcoin with their stimulus checks and have already started to.

According to analyst PlanB’s recent poll, a good 30% of 12,702 voters said yes to buying BTC from their stimulus checks.

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Author: AnTy

Netflix’s ‘Tiger King’ Villian, Carole Baskin at The Big Cat Rescue Accepts Crypto Donations

With the Coronavirus (COVID-19) running rampant in the United States, Americans are drooling over the hot new docuseries on Netflix; “Tiger King: Murder, Mayhem and Madness” which features Carole Baskin as one of the costars. Baskin is the proprietor of Big Cat Rescue sanctuary which is based in Tampa, Florida.

Now Baskin and the Big Cat Rescue have announced that the public can donate towards its efforts of ensuring that big cats are not kept in captivity, and they can do so through cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).

Crypto-Donate-Big-Cat-Rescue
Source: Big Cat Rescue

Over the last couple of days, the television series has opened up a lid of rivalry between Tiger King and Carole Baskin. However, the interesting part of the intriguing story about the two is that they have used the internet to raise funds mostly from social media users for their goals.

Carole Baskin has been relying on the online community to keep her sanctuary afloat. Following the widespread publicity that the series has given Big Cat Rescue, the organization is now seeking to ride on the fame and is now accepting crypto donations through Bitpay.

Although Big Cat Rescue has been accepting crypto donations for a while now, people may not be willing to contribute to Baskin’s work after learning about some atrocities associated with her. Crypto enthusiasts may have been enlightened by the docu-series in regards to Big Cat Rescue’s main goal and may call upon other crypto users to shun away from the project.

Despite the series showing some negative aspects of Carole Baskin, she has come out to deny the allegations stating that facts were distorted. In fact, Carole is encouraging her supporters to come out in numbers and donate to save the exotic cats.

If you are persuaded to contribute to Big Cat Rescue’s agenda, the nonprofit outfit has made it even easier to do so. You can now donate Bitcoin, BCH or ETH through Bitpay.

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Author: Joseph Kibe

Trump Wants To Cut A Check Of At Least $1,000 To Every American, How Will You Spend It?

Americans could get a check for $1,000 or more in the company weeks as the government works on a plan to prevent a recession and protect people from going bankrupt.

On Monday, Sen. Mitt Romney (R-Utah) called for every American adult to receive a $1,000 check “immediately” to help people until another government aid can arrive. By Tuesday, the proposal got bipartisan support, including from President Trump.

The White House suggested that the amount could be even over $1,000, an acknowledgment of how big the current situation and economic crisis are becoming.

“We’re looking at sending checks to Americans immediately,” Treasury Secretary Steven Mnuchin said, adding that Trump wants them to go out as soon as “in the next two weeks.”

“We’re going to do something that gets money to them as quickly as possible,” Trump added.

But still won’t avoid recession?

Giving of money isn’t unprecedented as the US has done this before twice. During the Great Recession, the fed sent every adult a $300 to $600 check plus $300 per child. Then in 2001, the same thing happened when the majority of Americans received a $300 check.

During the last recession, checks went out to about everyone who wasn’t a millionaire and filed a US tax return. Those with less than $75,000 income, for the full amount, while the wealthier people got less.

A good first step according to many as it is simple and relatively fast, however, Andrew Levin, a former special adviser to the Federal Reserve said, “I don’t see how we’re going to avoid having a recession.”

This time, the coronavirus check proposal would be a direct cash payment. Mnuchin said Tuesday that millionaires would not be getting the checks.

Multiple rounds of money needed

As per the Democratic proposal from Rep. Tim Ryan (D-Ohio) and Ro Khanna (D. Calif.), those making $65,000 would receive at least $1,000, for which 75 percent of Americans would qualify.

Another Democratic plan from Sherrod Brown of Ohio, Cory Booker of New Jersey, and Sens. Michael F. Bennet of Colorado goes further with $2,000 for every American adult plus $1,500 per child in the summer and a $1,000 check in the fall if the emergency continues.

“We will need multiple rounds of money for everyone,” said Claudia Sahm, a former Federal Reserve economist. One of the leading experts on recessions, Sahms forecast a deeper recession than that of 2007-2009 but might not last long if policymakers act boldly. “This recession is going to be more severe than the Great Recession,” she said.

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Author: AnTy

2020 US Presidential Candidate Proposes Launch Of AmeriCoin Backed By ‘All’ Federal Assets

  • This 2020 Presidential candidate proposes a token to help Americans achieve the “American dream”.
  • Libertarian candidate, Adam Kokesh, appointed well-known cryptocurrency advocate – Alastair Caithness – as head of blockchain policy, with a dream to launch the AmeriCoin.

According to Kokesh, the proposed token will enable the American government to relinquish power back to the locals. The AP press release further wrote that AmeriCoin will develop a new monetary system that replaces the outdated and largely expensive fiat currency for the American people.

If he wins, the token will be distributed to all American people equally in a form of universal basic income (UBI) and reparations to citizens under poor government policies and taxes. Alastair Caithness said,

“AmeriCoin has the potential to restore liberty to all people in the United States, and we are building a dream team of blockchain experts to join me in developing this important project.”

The AmeriCoin token is a stablecoin backed by the combination of all of the government’s assets from bonds, land, energy, and gold among others. The token will be based on a blockchain working a similar payment system to Bitcoin, the top cryptocurrency.

To see the AmeriCoin plan come to fruition, Adam appointed Caithness, the CEO of Ziyen Energy, a technology-driven company focused on the tokenization of energy infrastructure assets. Having launched a cryptocurrency based on Ziyen products, Caithness is looking to bring her experience and skills to the AmeriCoin project too. She said,

“I am confident that Adam’s initial idea to create an American cryptocurrency can be combined with the rapid advances in the architecture of asset-backed tokenization to develop AmeriCoin as a force for financial freedom.”

The politicians in the U.S Presidential election have shown little care for the field during their campaigns. Of the vast number of candidates, only Andrew Yang, a crypto enthusiast, now dropped out of the Democratic presidential candidate race and Kokesh has shown an affinity to the industry.

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Author: Lujan Odera