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Bitcoin 1, Traditional Fiat Currency 0: One Satoshi is now worth more than the national currencies of Iran, Vietnam

Sarvesh Kumar

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Bitcoin [BTC]: 1 Satoshi is now valued more than three fiat economies
Source: Pixabay

Bitcoin [BTC], the world’s leading cryptocurrency, has been enjoying a great 2019 after a late-2018 marred by a cruel crypto-winter. Since April however, the cryptocurrency has performed much better than traditional assets, outperforming even the S&P 500.

Some of the key differentiating characteristics that set BTC apart from fiat were: decentralization of the economy, permanent ledger using blockchain technology, and unparalleled transparency for every entity involved.

Created as an alternative, or even as a replacement to traditional fiat currency, Bitcoin [BTC] today is worth more than what it was worth when it was created. Further, as it turns out, a single satoshi (0.00000001 BTC) today, is worth more than several national fiat currencies. This was highlighted by a crypto-enthusiast, @Rhythmtrader, who highlighted fiat currency’s limitations as a tangible asset and the subsequent rise of Bitcoin and cryptocurrency.

At press time, the following fiat currencies’ value was lower than a single Satoshi,

– 1 Iranian Rial is worth – 0.0000000037 BTC

– 1 Vietnamese dong is worth – 0.00000000053 BTC

– 1 Indonesian rupiah is worth – 0.00000000088 BTC

One Satoshi is also greater than the singular unit of Paraguay, Laos and Sierra Leone’s fiat currencies.

This is a good indication of Bitcoin and cryptocurrencies’ store of value in the face of several fiat currencies failing to sustain themselves, as well as the growing crypto-adoption drive. Several countries including Venezuela have also amped up their crypto-adoption drive owing to their failing economies. One of the main speculated reasons for this development is that BTC’s anti-inflationary nature is driving down the value of fiat currencies.

The crypto today has emerged to become a “hedge” to a lot of countries dealing with hyperinflation. Other countries hit hard by inflationary rates such as South Sudan, Suriname and Angola are also recording rising number of Bitcoin and crypto-adopters.





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I am a journalist here at AMBCrypto. I cover news on prices of various coins in the crypto-verse and also work on the latest news of coins like - Bitcoin| Ethereum| Litecoin and more.

Bitcoin

Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla

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Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.





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