Eyal Avramovich and the Top Cryptocurrency Trends for 2023


In addition to developing the concepts and production of his ideas, Eyal Avramovich has also led the efforts to bring these products and ideas to market. Over the past twenty years, he has successfully introduced five inventions, including the successful sale of his Gigabit Ethernet camera technology to a Japanese multinational corporation.

But perhaps Eyal’s greatest achievement is in the crypto space. He first discovered Bitcoin in 2016 and was blown away by the solutions it offered in terms of independence, flexibility and technological possibilities. He discovered that Bitcoin – and its mining – merged all of his lifelong passions: technology, entrepreneurship and finance.

In 2017, Eyal Avramovich founded MineBestMineBest makes it possible to reap the rewards of cryptocurrency mining while counting on a world-class hosting provider.

MineBest operates multiple cryptocurrency mining farms and is constantly exploring new locations. MineBest provides state-of-the-art facilities and infrastructure maintained by experts around the clock.

In addition to his work with MineBest, Avramovich co-created two cryptocurrencies, Bitcoin Vault (BTCV) and Electric cash (ELCASH)Avramovich is looking to add transparency and enhanced features to his cryptocurrency contributions.

Electric Cash, or ELCASH for short, is a proof of work SHA-256 based cryptocurrency. It provides fast and very cheap transactions. ELCASH rewards all betting users and gives them control through voting.

The idea behind Electric Cash cryptocurrency is to enable fast transactions that are completed within seconds.

Bitcoin Vault is the world’s first cryptocurrency that allows users to cancel transactions after they have been sent to the blockchain. This innovative approach is possible with a custom blockchain protocol that confirms payments within 144 blocks (or about 24 hours). This feature protects users from losing their funds in the event of common key thefts, user errors, or bugs and errors.

We recently had the opportunity to learn more about blockchain technology from this innovative tech leader and discuss the trends affecting crypto today.

What are cryptocurrencies?

Cryptocurrencies, such as Bitcoin and Ethereum, are designed to enable buying, selling and other financial transactions that provide many of the same functions as well-established currencies such as the US dollar, euro or Japanese yen, with the difference that they do. not have the backing of a government.

Cryptocurrencies offer the following potential benefits and features, including (i) the ability to make transfers without an intermediary and without geographical limitation; (ii) final settlement; (iii) lower transaction costs compared to other forms of payment; and (iv) the ability to publicly verify transactions. Other popular features of cryptocurrencies include personal anonymity and the absence of government regulation or oversight.

What are the trends you see underlying the future growth of cryptocurrency?

Three fundamental trends support a future where digital currency is on the rise.

1. Diversification

First, due to the economic impact of COVID-19 and governments pumping huge amounts of money into economies that distorted stock and fixed income markets, people are looking for alternatives. Popular investments such as property, savings and bonds are less attractive due to artificially low interest rates, and investors have sought alternative assets that do not correlate with stocks, fixed income and real estate.

Money has flowed into traditional “safe haven” assets such as gold, as well as stocks adapted to the digital economy.

COVID-19 accelerated interest in digital money due to a significant increase in online shopping and cashless payments.

Central banks – including the US Federal Reserve, the European Central Bank, the Bank of Japan, the Swiss National Bank and the Bank of England – are moving forward with plans to develop their own digital currencies (called “central bank digital currencies” or CBDCs) People’s Bank of China is planning a digital renminbi.

Cryptocurrencies are also becoming more user-friendly due to the use of “stablecoins” with values ​​tied to central bank currencies (US dollars and similar currencies) as well as improved wallets that make it easier to trade and exchange tokens.

There are signs that these strong trends will converge. China’s digital currency electronic payment system is expected to allow some level of support for Ethereum applications. Paypal already allows US users to buy Bitcoin through their Paypal accounts and will soon enable Paypal payments with Bitcoin.

2. Blockchain technology is maturing

The technology that underpins cryptocurrencies is growing up.

One of the biggest problems for cryptocurrencies becoming mainstream and a viable alternative to fiat currency is the significant amount of energy-intensive computing processes required to make transactions secure (which is crucial since you don’t want the same token to be used twice). The carbon emissions from Bitcoin mining are staggering and have been a source of conflict with environmentalists.

Ethereum has begun a major technical upgrade (dubbed Eth2) that transitions the blockchain to a “proof-of-stake” mechanism that removes energy-intensive computing processes. This is expected to address concerns for environmental reasons and allow the market to scale up.

Whole new technological advances are being developed that will enable blockchain technologies to be used more easily and efficiently in the financial markets. Decentralized finance (known as defi) uses blockchain to build fully digital and automated financial markets. These include decentralized exchanges and derivatives trading without traditional intermediaries such as stock markets or banks. This is only possible with the help of blockchain infrastructure – and cryptocurrency.

3. Institutions see its value

Institutional investors are now embracing cryptocurrency, which is encouraging retail investors and regular consumers to embrace cryptocurrency.

US cryptocurrency asset manager Grayscale Investments held $10 billion USD in cryptocurrency assets for institutional investors last month. Global financial services firm Guggenheim Partners (managing more than $275 billion in assets) announced that it could invest up to $530 million in Bitcoin.

Michael Saylor of Microstrategy has been a passionate proponent of Bitcoin, and financial services companies are developing ETFs and related products to allow retail investors to gain exposure to cryptocurrencies and stocks with exposure to cryptocurrencies, such as

Rick Rieder, CEO of BlackRock, the world’s largest mutual fund manager (more than $7.4 trillion in assets under management), recently said that “cryptocurrency is here to stay.”

Bitcoin – the way forward?

Like stock markets and interest rate markets, Bitcoin has struggled this year. So what does this mean for a potential retail investor? I believe in the future of Bitcoin and there are investment opportunities when the markets are full of uncertainty and confusion, but all cryptocurrencies remain volatile and speculative assets and there are many ways to gain exposure to cryptocurrency. Buying Bitcoin is one option among many and I recommend people to consult a trusted financial advisor for professional advice in this area.

Disclaimer: This article is a paid publication and has no journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content of the article/advertisement and/or views expressed therein.

The reader is further advised that crypto products and NFTs are unregulated and can be very risky. There may be no statutory recourse for losses from such transactions.

Hindustan Times is not in any way responsible and/or liable in any manner for anything stated in the article and/or also in respect of views, opinions, communications, statements, endorsements etc. stated/expressed in the article. same. The decision to read below is purely a matter of choice and shall be construed as an express undertaking/warranty in favor of Hindustan Times to be indemnified from any/all potential legal actions or enforceable claims. The content may be for information and awareness purposes and does not constitute financial advice.

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