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Robert Kiyosaki responds to Janet Yellen’s warning about Bitcoin

TL;DR Breakdown: Janet Yellen said on Monday that Bitcoin is highly volatile and an inefficient way for transactions. Robert Kiyosaki argued that the massive US dollar printing was efficient either, but makes Bitcoin more valuable. On Monday, Janet Yellen, the United States Treasury Secretary, issued a warning about the largest digital currency, Bitcoin. She warned […]

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TL;DR Breakdown:

  • Janet Yellen said on Monday that Bitcoin is highly volatile and an inefficient way for transactions.
  • Robert Kiyosaki argued that the massive US dollar printing was efficient either, but makes Bitcoin more valuable.

On Monday, Janet Yellen, the United States Treasury Secretary, issued a warning about the largest digital currency, Bitcoin. She warned the public and BTC investors about the dangers of using the cryptocurrency, adding that it’s an inefficient medium for making transactions due to “extreme volatility.” The author of the popular Rich Dad Poor Dad book, Robert Kiyosaki, responded to her comment, saying massive printing of the US dollar wasn’t even efficient either. Rather, it makes the cryptocurrency more valuable.

Janet Yellen warning about Bitcoin

As CNBC reported, the US Treasury Secretary opined that Bitcoin’s legitimacy and stability are questionable, owing to its properties. At first, Yellen explained that the cryptocurrency is becoming a preferred tool for malicious actors due to its anonymity feature. Also, Bitcoin mining consumes a massive amount of energy. Yellen also voiced her concern about the crypto’s extreme volatility. According to her, Bitcoin is “a highly speculative asset,” and investors can suffer losses on it. 

“I don’t think that bitcoin … is widely used as a transaction mechanism. To the extent, it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering,” Yellen told CNBC’s Andrew Ross Sorkin.

Robert Kiyosaki – Is printing trillions of fake dollars is efficient?

In response to the Secretary’s statement that the leading cryptocurrency is extremely inefficient, Robert Kiyosaki responded by asking if the massive printing of US dollars was efficient. Robert Kiyosaki added that massive printing of the currency rather makes Bitcoin more valuable and efficient. He precisely wrote on Twitter:

“Sec Treasury Janet Yellen states: “Bitcoin is extremely inefficient.” Give me a break. Does she think printing trillions of fake dollars is efficient? Does she not know the more fake dollars she prints, the more efficient and valuable Bitcoin becomes? God bless her.”

Source: https://www.cryptopolitan.com/robert-kiyosaki-responds-to-janet-yellens/

Blockchain

Leverage traders ‘flushed out’ by late-February crypto crash: Glassnode

Crypto analytics provider Glassnode argues the late February BTC crash may have been a healthy reset that flushed excessive leverage out of the market.

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According to on-chain analytics provider, Glassnode, the late-February crypto market correction may have purged excessive leverage from the markets.

On March 1, Glassnode published a report analyzing the recent crypto crash — which was only the second significant crypto correction since the markets pushed into new record highs in late 2020.

Glassnodenoted the crash peaked with a 25% fall from the local top of $58,300 to $43,343. As such, the move was weaker than January’s dip which saw a roughly 30% retracement from $42,000 to less than $30,000.

The analytics provider suggested that these pullbacks are positive for the crypto markets overall, attributing the latest correction to liquidated leveraged positions held by risky speculators:

“Significant market corrections are positive events in that they flush out speculation, leverage, weak hands, and test holder conviction.”

The report added that several key market indicators were reset as BTC prices found fresh support, including futures open interest, futures funding rates, and the price premium for Grayscale’s investment products.

Futures open interest, which is the total number of outstanding contracts that have not been settled, dropped almost $4 billion or 22% from its peak of $18.4 billion. Glassnode also commented noted perpetual futures funding rates have also reset close to zero, which could indicate that traders are not willing to enter short positions, stating:

“Previous combinations of decreasing open interest and a reset of funding rates have indicated a flush in speculative trading has occurred.”

However, the report did note that open interest is still hovering roughly $2.5 billion above the previous peak of $3.9 billion on Feb. 21 — meaning there is still significant leverage within the market.

Glassnode also noted that shares in Grayscale’s Bitcoin Trust are trading at a discount compared to spot market prices for the first time ever, with investors paying a nearly 4% discount to access exposure to BTC through Grayscale’s trust.

It added that competing products such as Canada’s Purpose ETF could diminish Grayscale’s premium as more institutional products enter the market and close arbitrage opportunities.

At the time of writing, Bitcoin prices were up 5.3% over the past 24 hours, with BTC currently changing hands for $49,200.

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Source: https://cointelegraph.com/news/leverage-traders-flushed-out-by-late-february-crypto-crash-glassnode

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Could Twitter Be the Next Big Company to Add Bitcoin to Its Balance Sheet?

Jack Dorsey Twitter Bitcoin Man Beard

Jack Dorsey Twitter Bitcoin Man BeardThe social media giant Twitter, on Mar 1, announced a $1.25 billion convertible bond offering. Anthony Pompliano now speculates Jack and his team may be preparing to allocate a portion of funds raised to Bitcoin, following MicroStrategy’s route. Will Twitter Add Bitcoin to their Treasury? In a tweet, a few hours after Twitter’s announcement, Anthony

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The social media giant Twitter, on Mar 1, announced a $1.25 billion convertible bond offering. Anthony Pompliano now speculates Jack and his team may be preparing to allocate a portion of funds raised to Bitcoin, following MicroStrategy’s route.

Will Twitter Add Bitcoin to their Treasury?

In a tweet, a few hours after Twitter’s announcement, Anthony Pompliano said considering Jack Dorsey’s acknowledgment of BTC’s transformative capabilities; there is no dismissing the decision of Twitter channeling funds to the digital gold and holding BTC in their balance sheet.

MicroStrategy issued convertible notes, raising $1.05 billion before proceeding to purchase Bitcoin.

Convertible bond offerings are a cheaper way of raising funds for expansion, easier than conventional bond issuance.

Often, the route is by companies that are bullish on their future growth, but their credit ratings are less-than-stellar. Compared to other tech stocks–sliding as investors unwind their positions due to overvaluation concerns, Twitter is firmer.

Still, their financial position isn’t stopping them from issuing a hybrid debt where purchasers will convert their principal and accrued interest into stocks later.

The Twitter convertible bond offering will be private, open for institutional buyers, and will be unsecured. Interests will be payable semi-annually in arrears.

A portion of funds raised will be used for covering the cost of the convertible note hedge transactions. Additionally, they will use them for general corporate purposes, including “capital expenditures, working capital, and potential acquisitions.”

Twitter May Purchase Bitcoin if “Vendor or Employee Asks for Payment in BTC”

It is not clear what company/asset Twitter plans to acquire in the years ahead. However, the crypto community knows that the social media giant has a neutral to bullish view on crypto, especially Bitcoin.

In early February, its Chief Financial Officer (CFO), Ned Segal, said they were considering adding Bitcoin to their balance sheet. If any employee or vendor requests to be paid in BTC, he explains, the tech company will buy Bitcoin as part of its treasury.

“We’ve done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin, how we might pay a vendor if they asked to be paid in bitcoin, and whether we need to have bitcoin on our balance sheet should that happen.”

Square Inc.’s Cash App, according to a BTCManager report, generated $1.63 billion in BTC revenue in Q3 2020, contributing to roughly 80 percent of the mobile payment service platform.

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Source: https://btcmanager.com/twitter-company-add-bitcoin-balance-sheet/

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How to Sell Bitcoin on Paxful in the Philippines

With multiple payment options (over 300 ways to pay for Bitcoin), a global buyers and sellers, and as the biggest P2P marketplace in terms of number of transactions and volume, Paxful is one of the leading crypto marketplaces and as such a great and reliable place for Filipinos to start selling Bitcoin.

The post How to Sell Bitcoin on Paxful in the Philippines appeared first on BitPinas.

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Paxful is a peer-to-peer marketplace where Filipinos can buy and sell Bitcoin. It has been around since 2015 but has since maintained a full team here in the Philippines, following a successful marketing campaign in 2019 that continues to this day.

The crypto market is volatile, but whether the price of Bitcoin goes up or down, there is opportunity to earn profit through arbitrage — buying a crypto at a lower price on one marketplace and selling it on another platform. One place where arbitrage can be done is Paxful.

Table of Contents.

Rules for Selling Bitcoin on Paxful

As a P2P marketplace, Paxful provides an escrow to protect both the seller and the buyer by keeping the Bitcoin funds and releases it once both parties have fulfilled their obligations.

Paxful has a list of rules that guides every seller on its platform. Take a look at the following rules and make sure to be guided by them when transacting on the Paxful platform:

  1. Be accountable. Sellers should accept all risk and liabilities when trading. It is up to the sellers to protect themselves from malicious actors and obvious scams. So always be alert!
  2. Do no broker gift card codes. This means you cannot sell gift cards you buy from a third party into Paxful.
  3. Be responsive to buyers. Sellers should deactivate all offers if they are away from the computer.
  4. Be respectful to buyers. This is pretty self-explanatory.
  5. Write clear offer terms and trade instructions.
  6. Off-escrow trades are not allowed. Do not give other users your contact information outside Paxful and communicate from there. In case of fraud because of off-escrow trades, Paxful will not be able to help you
  7. Do not be open to price negotiations. The buyer must pay the exact price that is set for the trade. 

How to Register on Paxful

BitPinas has an article on how to buy Bitcoin on Paxful. So proceed there if you don’t have any Bitcoin yet.

In this article, we look at the sell side but we already assume that you know how the process of buying works (since you have already bought Bitcoin in the past). Our focus here are important tips and pointers on selling Bitcoin in Paxful that is highly relevant for the Filipino community.

In case you have not registered yet, here’s how:

  1. Go to paxful.com and click “Get started” and then “create an account.”
  2. Enter your email address and a strong password.
    1. Note that you can only change your email within the first 7 days and only if there’s a typo.
  3. Complete the verification procedures.
  4. Paxful will send you an email with the instructions to verify your email address.

Note: If you somehow arrived at this page and you don’t have any Bitcoin, check out our first guide: How Filipinos Buy Bitcoin on Paxful

Disclosure: BitPinas will receive an affiliate earning if you use our link to Paxful. Doing so will support the development of the website.

How to Sell Bitcoin on Paxful

Because Paxful is a marketplace where buyers meet sellers directly, the seller and/or buyer could be here in the Philippines or anywhere around the world. The buyers and sellers agree on a price compared to wallets where you buy or sell based on the wallet’s prevailing rate.

Step 1: Create an Offer

1. Click Create an Offer

As the seller, you set the rules of the trade. First, “Create an offer” to start the sale process, then choose the cryptocurrency you wish to sell and choose “Sell”. We will choose “Sell Bitcoin” in this guide.

2. Select a Payment Method

Next select the payment method. Paxful has more than 300 ways to buy and sell Bitcoin. If you are new to selling Bitcoin, the tip here is to choose options that your potential buyers are familiar with and the payments you are comfortable accepting. Here are some recommended payment options

  • Local Filipino payment methods like PayMaya, GCash, or Bank Account
  • USDT or other cryptocurrencies available

Now, remember that Paxful is a global marketplace, with 300 payment methods available. In this age of interoperability, it’s possible to receive a payment made through MoneyGram and have it transferred to GCash or even Coins.ph. There is no need to go to a MoneyGram branch to claim the payment. 

Here are the global payment options that connects to GCash, PayMaya, or Coins.ph”

  1. Western Union
  2. MoneyGram

Here are global remittance options that connect to local bank accounts:

  1. Remitly
  2. RIA Money Transfers
  3. World Remit
  4. Xoom
  5. Paysend
  6. PayPal
  7. Srkill
  8. Payoneer

There are some buyers of Bitcoin who would like to offer their Gift Cards for Bitcoin. You may choose this, but ask yourself what are you going to use these gift cards for?

At this point, also take note of the escrow fee per payment method. Paxful acts as the trusted middleman by providing an escrow service where the seller sends them the Bitcoin, and Paxful only releases the Bitcoin to the buyer when the payment is made. This way, the buyer and the seller only need to trust Paxful rather than having to trust each other.

3. Choose your preferred currency

Only one currency per offer is allowed. If you want to sell only locally, choose Philippine Peso, otherwise USD is the global currency for trading.

4.  Click “Next Step”

Step 2: Determine Pricing

1. Click Market Price or Fixed Price

  • If you select Market Price, your offer’s selling price will change according to Bitcoin’s prevailing market price
  • If you select Fixed Price, your offer is locked at the price you set

(If you are selling stablecoins, the above options are not available.)

2. Option A: If you select “Market Price”, choose the profit you would like for each sale by specifying an “Offer Margin”.

This is extremely important as it dictates how much you earn at the exact time your sale was fulfilled. How much would you like your offer to be above the market price? Some pointers:

  • Choose a profit percentage that you think will be attractive to the buyers.
  • Research the market and your competition – be competitive on your selling margin. Not too low that you’re not making a profit anymore, not too high that no buyers are coming in.

Option B: Alternatively, if you choose “Fixed Price”, specify the fixed price you intend to sell. Paxful will immediately calculate how much you will earn from the trade depending on the current market price.

3. Set Offer Trade Limits

Select the minimum trade amount and maximum trade amount that you want to sell. If you have Php 50,000 worth of Bitcoin, 50 people could buy Php 1,000 and you would have to do 50 transactions or you could set limits to that the minimum purchase was Php 25,000 so you would limit your sale to two transactions.

4. Set up the Offer Time Limit

How long should the buyer have to make the payment? As the seller, this is also entirely up to you. Indicate the amount of time that you want the buyer to fulfill their payment. If the buyer fails to pay within that time limit and fails to click “Paid”, the trade will be automatically cancelled. It is recommended you allow a reasonable time to maximize the chance of your trade completing. Many Filipinos may choose to set a time limit between 15 to 30 minutes. We think that’s a reasonable amount of time, considering that internet connection may slow down the buyer’s mobile banking or e-wallet app.

5. Click Next Step

Check all the details are correct before proceeding to the next step.

Step 3: Write the Trade Instructions

1. Choose Offer Tags

“Offer Tags” describes your offer terms. It’s a way for buyers to read ahead what is expected when they trade with you. Some examples include: “same bank only”, “cash in person”, “cash only”, “online payments”, etc.   

Simply put, the “Offer Tags” are a predefined list of tags created by Paxful.  The next step “Offer Label” allows you to create your own eye catching promotional tag.

2. Add an “Offer Label”

These are the labels you add to catch the attention of potential buyers. For example: “Fast Transaction”, “BSP-Licensed”, and more.

3. Write the offer terms.

Clearly outline your Offer Terms on the space provided. Do you require cash receipts? Are they required to submit a photo of their ID? This information will be shown publicly in your sell offer so potential buyers would know before initiating a transaction. The above is the terms from the seller BloomX, which is a licensed virtual asset service provider in the Philippines.

For more tips on writing good offer terms, jump to this portion of the article<anchor link>..

4. Trade instructions

Write here a step-by-step guide on how the trade will proceed. The trade instructions must be as detailed as possible.

This is an example trade instruction for a seller that wants the transfer to be in Western Union.

5. Choose if you need a verification filter

6. Select advanced options

These are just some of the fine tuning options you can do before you post your sell offer:

  • You can select a target country or countries where you would like to get trade partners
  • Set minimum amount of trades limit. This means you limit your offer to users who already transacted X number of times on Paxful.
  • Set limit by countries
  • Adjust proxy/VPN limitations
  • Adjust your working hours

7. Review everything then click “Create Offer”

What are the Paxful Fees When Selling Cryptocurrency?

There is no fee when buying Bitcoin on Paxful because you are buying the rate set by the sellers. 

When selling Bitcoin, the escrow amount is deducted from the seller’s Paxful wallet at the beginning of the trade. This simply means that Paxful secures the token during the trade, ensuring that once the buyer paid, Paxful will immediately release the token in the escrow.

When the trade is completed, Paxful receives the escrow fee. If the trade is not completed, no escrow fee is paid.

Paxful Trading Fees

Payment Group Sell Cryptocurrency Buy Cryptocurrency
Bank Transfers 0.5% no fee
Credit/Debit Cards 1% no fee
Digital Currencies 1% no fee
Online Wallets 1% no fee
Cash 1% no fee
Goods & Services 1% no fee
Gift Cards 3% for all gift card types5% iTunes and Google Play cards no fee

How to Write Good Offer Terms

Your offer term might decide whether a buyer will push through with your transaction or not. Here are some tips:

  1. Offer tags. These are keywords that buyers will immediately understand. For example: “ID required”, “cash only”, “receipt required”.
  2. Create short and concise descriptions. This is how you will describe how the buyer can pay you. Some examples include:
    1. For PayPal: “Your PayPal account must be verified.”
    2.  For Western Union: “Cash Payments only.”
    3. For Gcash: “Your GCash account name should match your name on Paxful.”

Common Payment Methods

As mentioned there are 350+ payment options available on Paxful.

  • Globe GCash
  • Paymaya
  • Local banks via Instapay
  • PayPal
  • Western Union
  • MoneyGram
  • Skrill
  • Payoneer

What To Do After a Trade is Completed?

Consider leaving feedback. This will help other traders to know more about the buyer. The same should be done by the buyer to sellers. 

Sellers and Buyers can also add their trade partner to a “Trade Partners” list. This will allow you to create your own trading community with the users on Paxful that you trust.

More Tips When Selling Bitcoin on Paxful

According to Apryl Albero, Community Marketing Manager at Paxful, Filipino traders on the platform can take advantage of arbitrage opportunities that boils town to this strategy: “Buy low locally, sell high globally.” 

“We are lucky to have vendors on Paxful where users can buy bitcoin locally at very low margin and sell this globally at higher margin.”

Here are some tips shared:

  1. Familiarize yourself with global payment methods available to us Filipinos. As shared on the instruction on the payment methods. The seller can choose “Western Union or Moneygram” as a payment method. Both of those options are available to global sellers. The seller can proceed to have the funds sent to mobile wallets like GCash or PayMaya.
  2. As a seller, you have full control of your profit – set your own margin (or sell mark up) and determine the profit you will make.
  3. You have an option to trade only with ID verified buyers.
  4. Once you have a buyer always make sure to confirm receipt of payment before you release the trade. After the buyer “mark the trade as paid”, this is your cue to check if the payment arrived and reflected in your account. Only then you will release the bitcoin from the trade. NEVER release the trade unless you have confirmed that you received the payment.
  5. Build a good reputation and connection with your buyers – once they trust you, they will not look for another vendor and will keep doing business with you. 
  6. Research the market and your competition – be competitive on your selling margin. Not too low that you’re not making a profit anymore, not too high that no buyers are coming in.
  7. Don’t trust vendors right away. You will eventually build your connection with other vendors but don’t necessarily trust them. As a rule of thumb, you only release bitcoin once payment is confirmed and received. Never trust buyers that ask you to release bitcoin before payment. Trust your instinct when it comes to dealing with suspicious customers.

Overall

With multiple payment options (over 300 ways to pay for Bitcoin), a global buyers and sellers, and as the biggest P2P marketplace in terms of number of transactions and volume, Paxful is one of the leading crypto marketplaces and as such a great and reliable place for Filipinos to start selling Bitcoin. Hopefully the tips above will come in handy as you begin your P2P journey.

Should you ever have questions, you can head out to Paxful’s Telegram channel where the Paxful community can help you if you ever need support.

This article is first published on BitPinas: How to Sell Bitcoin on Paxful in the Philippines

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Source: https://bitpinas.com/learn-how-to-guides/how-to-sell-bitcoin-on-paxful-in-the-philippines/

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