Quick-Start Guide to Crypto + 3 Coins to Buy
If you haven't yet taken your first step in this surging market, there's never been a better time to do it. Because we have identified three particular cryptos that could rocket.
None of them are Bitcoin.
These are tiny, under-the-radar names. All three picks are priced UNDER $10.
But the profit potential is incredible. It's never been easier to take your shot at huge returns.
The “digital yuan”
During the first phase of testing the digital yuan in late 2020, 50,000 lucky Chinese people received a 200 digital yuan gift. Allowing them to test the new digital currency by making real-world transactions via an app. A test run that oversaw 8.8 million yuan ($1.86 million) spent in a weeklong event.
As far as most reports are concerned, it was a complete success too.
After all, Chinese citizens are no strangers to digital payments. With the prevalence of apps like WeChat Pay and Alipay dominating transactions across the nation.
The end goal of this experiment is what the PBOC is calling ‘controllable anonymity’.
‘Which means users can make transactions anonymously to certain individuals or entities, but the central bank can still look through the data if the transactions are deemed suspicious or considered illegal. Larger amounts in the digital yuan account could also lead to less privacy.’
Well, that’s not really anonymity is it?
And it’s not just the Chinese...
Central Bank Digital Currency’s (CBDCs), are currently being piloted in 18 other countries...Including Sweden, Ukraine and South Korea...
And 44 more countries have CBDC’s at the research or development stage.
Our resident crypto expert, Sam Volkering, has been studying this for months.
And he’s been warning that CBDC’s “could act like a trojan horse…”
Potentially granting governments and central banks unprecedented access to the wealth of ordinary citizens...
Forbes says, if or when CBDC’s get approval, it will enable central banks to monitor and tax its citizens, potentially enabling “Governments to be able to dip into the digital wallet and take what they want, when they want.”
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DeFi will go up against CBDC rollout
Decentralised Finance or DeFi strips out middlemen with smart contracts allowing transparency in the right place. Who owns what, who owes what, and when it’s due to be paid.
DeFi uses "smart contracts" to do all of the things that banks can do – like issuing loans, interest accounts, and even bonds and derivatives. You see, smart contracts are computer programs that run automatically on blockchains. So even people who don't have bank accounts can get involved... All you need is a mobile phone and crypto.
In short, DeFi allows you to create an entire financial system without banks or central authorities.
So while Governments cook up plans for CBDCs, DeFi could toss all that down the drain. Or at least, drastically alter the course of these developments.
In fact, eventually major financial systems could move over to DeFi, because it’s a much more efficient, and cost-effective way to do things.
Get this, the total amount of money locked up in DeFi has ballooned from $692 million at the beginning of 2020 to over $81 billion today!
It’s huge and it’s growing extremely fast.
That’s why our resident crypto expert Sam Volkering predicts that…
“DeFi will be the next great disruptor in global money, as well as in the world’s financial networks. This is the financial story of the 2020s, in my view. It could generate far more wealth than bitcoin has been able to achieve on its own since 2009. If there’s one huge trend in crypto that you should be a part of, it’s DeFi”.
See you next week.
Managing Editor, The South African Investor