Credit Card Debt at All-Time High, Should Crypto Investors Really Buy Bitcoin With it? 2247

It’s not just the just United States debt reaching an all-time high, individual credit card debt is also breaking new records in 2019.  With credit card debt mounting, and a potential economic recession looming on the horizon, should crypto investors really be buying Bitcoin with their credit cards?

Those that have already loaded up on crypto with their credit cards during the 2017 bull run may be sorely regretting it now that Bitcoin has repeatedly painted new lows since. American Credit Card Debt Reaches New High, Average of $6,375 Per Person

While Bitcoin may be hitting new lows, American credit card is reaching new highs. According to new data, American credit card debt is up 3% year-over-year, with the average individual wracking up a balance of $6,375 in debt.

The Federal Reserve says that total credit card debt hit $1 trillion in 2017, the highest ever on record.

It’s not all bad for those in debt. The VantageScore consumer credit-scoring model used by credit reporting firms Equifax, Experian and more, is also at the highest it has been in the past decade. The increase suggests that consumers have again become comfortable and competent at managing their debt.

Why Investors Should Never Buy Bitcoin or Crypto on Credit

Despite clearly being better at managing debt, investors mistakenly purchased crypto at the height of the Bitcoin bull run with their credit cards, ruining many financially in the process.

Take one Redditor’s story for example, which adds validity to the old adage to “never invest more than you can afford to lose.” Reddit user appropriately named u/DeforestedMoon claims he is $20,000 in debt due to his “tale of youth and financial irresponsibility” involving credit cards and crypto.

This person revealed they nearly made a profit of $10,000 from investing in XRP, and another $10,000 from “other coins.” Hype and irrational exuberance, which happens at the peak of market cycles, got the best of him, and he further loaded up on various cryptocurrencies using his credit card and even took out some loans.

“At first I would make Coinbase purchases with credit cards, then I moved on to taking out loans after Visa started considering credit card crypto purchases as cash advances,” he explained.

The story isn’t uncommon. Many investors were purchasing cryptocurrencies with credit cards, prompting credit card companies to step in and block the transactions from happening. While the crypto community was quick to point fingers at credit card firms for being in fear of crypto unseating them from the financial throne they currently enjoy, credit card companies really had their best interest in mind and may have saved many investors from further financial distress.

Crypto is a risky, speculate asset class, and in a sense, could be considered gambling in some way. And gambling on a credit card is incredibly dangerous. Even many U.S. states prevent individuals from purchasing something as innocent as lottery tickets with a credit card.

Bitcoin and crypto is far worse to put on a credit card. Should the market turn as it did in 2018, causing the value of most cryptocurrencies feel as much as 95%, it could spell financial disaster. It’s bad enough to lose money on an investment, but it’s far worse to pay an annual percentage rate of as much as 36% on value that essentially evaporated into thin air.

While it is never recommended that investors should buy crypto on a credit card, it very well can be done responsibly, and in the case with the recent news with Binance adding credit card purchases of crypto, it does help with crypto adoption and creates positive market movement by adding another fiat on-ramp for investors to take advantage of.

If one should consider investing in crypto using a credit card, one should also understand the risks involved with both cryptocurrencies and credit card debt, and have a clear plan on how to pay that debt down. Relying on the crypto market to revive is not a sound debt elimination strategy and is gambling with one’s finances.

A much safer strategy to invest in crypto and Bitcoin is to dollar cost average – buying a set amount of crypto at regularly scheduled intervals.

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Euroclear to invest in IZNES, a leading solution enabling an innovative funds distribution model 2035

Euroclear and IZNES today announce that Euroclear will acquire a stake in IZNES, a pan-European funds marketplace based on blockchain technology. The transaction will be subject to customary closing conditions and regulatory approvals. Financial terms will not be disclosed.

Established in 2017, IZNES is a regulated company operating an international platform for subscriptions and redemptions of shares of European funds, compatible with various distribution channels. IZNES simplifies and harmonises the subscription processes, brings more transparency and provides an improved customer experience both for management companies and institutional investors.

Building on the acquisitions of MFEX in 2021 and Goji in 2023, Euroclear continues to enhance its Euroclear FundsPlace® offering, the end-to-end funds platform solution across mutual and money market funds, alternatives funds and ETFs. Through this strategic partnership with IZNES, Euroclear will complement its funds services on the French market and beyond and continue the delivery of its funds strategy by playing an active role in the development of innovative funds distribution models.

Philippe Laurensy, Head of Product, Strategy and Innovation at Euroclear, said: “Our partnership with IZNES fits with Euroclear’s ambition to innovate and bring efficiency to the financial markets. We are convinced that the mutualisation of data and further automation of processes, supported by digital technologies, have a real potential to reduce the overall cost of funds distribution. IZNES’ solution has already delivered benefits to its users and our partnership is a natural step to broaden its usage at a larger scale.”

Christophe Lepitre, Chief Executive Officer of IZNES: “This operation with Euroclear marks a key milestone in the development of IZNES. We are convinced that together we must continue to build innovative solutions that make the most of blockchain technology for the greater benefit of our customers. IZNES and its shareholders are delighted at this prospect.”

About Euroclear

Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives, and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise. The Euroclear group comprises Euroclear Bank, the International CSD, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden, Euroclear UK & International.

About IZNES

IZNES is the first European blockchain-based fund marketplace. IZNES offers a disruptive alternative to traditional fund distribution channels and allows asset owners to subscribe directly to all types of funds from asset managers. The use of IZNES’s blockchain technology improves operational efficiency and offers to institutional investors and asset managers an optimal level of security and IT resilience. IZNES is a regulated investment firm authorized by the ACPR and supervised by the AMF. Its services are passported in Luxembourg, Ireland, Germany, Austria and Belgium.

This project launched 3 new products in a week! 3248

Yet another time, when Isotopic manages the incredible. While other projects display roadmaps stretching years in the future even for a simple Minimum Viable Product, Isotopic abolishes its own, as the graphic designer cannot keep up with the development team!

Last week, Isotopic announced the release of its Asset Store, which also came with a complete revamp of the Game Store’s interface. Now, the release of the Isotopic SDK is made public, and with it, support for Cross-Game rewards. So what is Isotopic, and how does this project keep on building so many solutions, working with over 260 live game titles?

A gaming platform for all needs – Already LIVE!

Browse unlimited games for all platforms on the Isotopic Game Store, discover new games through video content on Isotopic Shorts, and gather all of your favourite games in one place with the Isotopic Client.

Create your very first videogame with 3D models from the Isotopic Asset Store, connect your own games with the Isotopic ecosystem using the Isotopic SDK, and seamlessly blend with other Game Universes, using Isotopic Cross-Game Assets.

Just head over to store.isotopic.io where you’ll find the whole ecosystem!

The main goal of isotopic – Own your games

In an ever-growing market of Indie Games, it becomes inefficient and expensive to browse and try out new games that end up sitting in your library without use.

Isotopic arrives to give you control of your game library, allowing you to truly own your game copies, which can be traded, exchanged, or otherwise repurposed! Tokenized game licences create a new economy with active exchange of game copies between users.This empowers small creators to reach wider audiences and show their talent, while gamers unlock new experiences for minimal cost.

The latest releases and future of isotopic

It’s been 3 months into 2024, and already Isotopic’s ecosystem has expanded to nearly double. But in just a week apart from first to last, 3 new solutions see light.

The Isotopic Asset Store, brings a marketplace for game development assets including 3D Models, prefabs, sounds, effects, and scripts. With the release of the Isotopic SDK, game developers can now integrate the Isotopic Ecosystem into their games, allowing things like login, Cloud Saves, and access to the third solution, Isotopic Cross-Game Assets. Now developers can add rewards into their games, which can transcend game worlds, and users who own them can use them in multiple different games.

So what is in the future of Isotopic? All of the solutions in the Isotopic Ecosystem are only set to grow even more from now on, with new updates, releases, and developments going live rapidly! Collaborations with gaming projects are in the works, and mean users will get the chance to earn exclusive items and games, so if you are interested in that, you should join the Isotopic Community!

Bullish performance sets new ATH for Pop Social’s AI SocialFi multi-chain token PPT 3367

The Popular Multi-Chain AI SocialFi Project, Pop Social, Celebrates Bullish Rally for $PPT Setting New ATH of $0.51 on Bybit in Under 24 Hours.

The rapid growth of the Web3 SocialFi sector bursts through as Pop Social, the leading multi chain AI SocialFi project, emerged triumphant when its native token, $PPT, surged to unprecedented heights, setting a new all-time high (ATH) of $0.51 in under 24 hours. Indeed, the popularity of the largest SocialFi project on the BNB Chain is evident by this incredibly bullish performance from the platform’s native Pop Token ($PPT).

To highlight, $PPT saw a remarkable upward momentum where the asset witnessed a staggering surge from $0.26 to $0.51 in under 24 hours. In particular, for the $PPT Community Sale Round 1 participants, their $PPT value is up by 300%. Furthermore, this move was accompanied by a significant increase in trading volume, surpassing $8,000,000, again setting new records for the AI SocialFi project.

As a founding cohort on the opBNB Chain, Pop Social began its journey to onboard the next billion users to Web3. So far, the multi-chain platform has unveiled bridges to other thriving blockchain ecosystems like Polygon, Linea, Blast, Ethereum, and others, thus inviting more.

Users across multiple chains to leverage the creator economy on Pop Social. The latest initiative from the Pop Social team to enhance the Web3 SocialFi experience includes NFT Bridging from Ethereum to the BNB Chain to alleviate high gas fees for its users.

Over the last month, Pop Social set a series of impressive milestones, including surpassing 500,000 registered users on the Pop DApp and establishing ecosystem partnerships with over 100 esteemed organizations. Pop Social also saw an exponential surge in content creation, celebrating the 17 millionth to the 20 millionth unique content in a matter of weeks. With over 20 million unique content creations and counting, Pop Social continues to witness unprecedented demand for SocialFi within the Web3 ecosystem.

At the heart of the Pop Social Ecosystem lies its cutting-edge AI technology, which powers AI Creator Tools aimed at eliminating the barrier to creation. By monetizing time and tokenizing innovation, Pop Social offers users an equitable and transparent platform to unleash their creativity and tap into a thriving economy. With strategic partnerships with industry leaders such as ChatGPT and SORA, Pop Social is poised to unveil its AI-powered creator tools, chatbot, and unrivaled algorithms, further solidifying its position as a trailblazer in the Web3 landscape.

After dedicated months towards building the ultimate AI Social platform to simplify the onboarding process to Web3, Pop Social has become a flourishing ecosystem for content creators and consumers worldwide. The ecosystem also boasts GameFi elements such as account level-ups, equipping dynamic Accessory NFTs, and opening Treasure Chests to keep their users delighted and pleasantly engaged. Join the Pop Social Community now and dive into the endless possibilities of AI and SocialFi on Web3.

Solmedia Becomes First To Integrate Solana And Filecoin On Their Censorship-Resistant Platform 3841

Solmedia, a decentralized content-sharing platform, has announced that it has successfully become the first to integrate the Solana blockchain and the latest Filecoin on-chain InterPlanetary File System (IPFS) technology. With the support of its native token $MEDIA, users will now be able to leverage Solana’s high-performance blockchain architecture and Filecoin’s decentralized storage capabilities within its censor-resistant ecosystem. The move will ensure that users’ content remains secure and tamper-proof against unauthorized access or manipulation.

In a statement to the press, a senior representative for the company said, “Our mission at Solmedia has always been to uphold the principles of free speech and transparency in the realm of Web 3.0. By harnessing the power of Solana and Filecoin alongside the $MEDIA token, “We aim to help users evade propaganda and censorship by having absolutely zero control over their data and content-sharing experiences”.”

Integrating Solana and Filecoin with the ecosystem is aimed at helping users access the lightning-fast transaction speeds and low fees at Solana, coupled with Filecoin’s decentralized storage network, to make their content-sharing experience more seamless.

He went on to add, “Whether it’s uploading, streaming, or accessing content, users can expect swift and uninterrupted access to their favourite media on the Solmedia platform. Through the $MEDIA token, users can also actively participate in shaping the future of online content. The community-driven approach to media consumption is in line with its core philosophy of zero censorship so an environment can be achieved where diverse voices can flourish without fear of suppression or bias.”

As the first decentralized content-sharing platform to achieve the milestone, the company is looking to challenge the dominance of big tech corporations in the digital space.

He continued. “By providing a secure, censorship-resistant platform for content creators and consumers alike, Solmediawants to play its part in building the emerging Web 3.0 ecosystem. The $MEDIA token is the cornerstone of Solmedia’secosystem and will facilitate transactions, incentivize community engagement, and reward content creators for their contributions.”

Content creators interested in learning more about Solmedia and the $MEDIA token can visit the website today and check out their white paper.

About Solmedia

Solmedia is a decentralized content-sharing platform built on the Solana blockchain. Solmedia is a decentralized content-sharing platform on the Solana blockchain being the first to confidently ensure a secure on-chain video streaming experience for content creators and consumers across Web 3.0.

Website: https://sm.network
Twitter: https://x.com/SolMediaTech
Telegram: https://t.me/SolMediaTech
Whitepaper: https://whitepaper.sm.network

Walletry – on the wave of technological progress 4228

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The Walletry crypto wallet team constantly introduces new and proven technical solutions aimed at increasing comfort and protection for its users. Let’s talk about some of them.

First of all, it is worth highlighting the use of cross-chain bridges, which allow traders to change assets from different blockchain ecosystems. The internetwork exchange is based on a smart contract, it takes place quickly and is not subject to additional fees.

Walletry developers pay special attention to the aspects of security and reliability. When creating a wallet, a Seed phrase consisting of 12 English words is generated. It, together with the private key, provides access (return of access) to the assets stored on it. Two-factor authentication (2FA) is used, when in addition to the password, when logging into your account, you need to enter a code that will additionally be sent to your smartphone or e-mail.

And yet, development of a version of the crypto wallet for personal computers has already begun. It will be no less convenient than that available for mobile devices.

One thing is obvious. The Walletry team still has many tasks to solve, because its global goal is to make the project one of the most innovative and in demand.

Walletry: https://walletry.ai/

 

Disclaimer: This is a Press release. The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of our website. We does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

MultiSwap: The fastest and cheapest cross-chain swapping solution 4519

MultiSwap is a smart routing multichain aggregator that enables multichain swaps between EVM and non-EVM networks alike. MultiSwap allows users to securely swap any asset for any asset on any network to any wallet at transaction speed.

Web3 is in need of a multichain solution that conforms to the highest standards of security through technical architecture, OpSec, and business best practices. Ferrum Network has committed themselves to building the infrastructure needed to support such an interoperability protocol.

As it stands currently, Web3 users do not have a go-to cross-chain swapping protocol. Users are relegated to performing multiple transactions using multiple DEXs on multiple networks combined with 3rd party bridges in order to carry out what could otherwise be a single cross-chain transaction. With the Ferrum Foundation backed project, MultiSwap, users can now seamlessly move assets across networks using a single interface. Not only does this benefit users but it also will help to reduce the layers of friction that exist for networks looking to attract liquidity to their chain while also making assets on integrated networks more composable.

MultiSwap competitive benefits

There are a few other competing products on the market including Router Protocol, Rango Exchange, Rubic, and Celer. The advantage that MultiSwap has over its competitors is that the MultiSwap Team has been able to analyze what has worked well and what sort of things could be improved with existing products. One of the key differentiating factors of MultiSwap is that it does not create large liquidity honeypots. These liquidity honeypots along with implementation of lock and mint architecture directly into the swap protocol core have been the vector for most of the interoperability exploits that have occurred in Web3. Therefore, MultiSwap is not only a much more secure alternative to its competitors but by opting against utilizing this sort of technology, it makes the MultiSwap solution significantly faster with cross-chain transactions being executed in as little as 30 seconds.

On top of being the fastest cross-chain swapping protocol on the market, MultiSwap is currently operating without any platform fees, making it the most inexpensive option on the market as well.

MultiSwap feature highlight

  • Send destination gas with MultiSwap. With MultiSwap, users can pay the destination chain gas fees using the origin chain’s native token. Gone are the days of asking a friend to send you a small amount of a token to pay for gas. Gone are the days of relying on faucets and centralized exchanges to acquire gas tokens.
  • Send to any destination address. With MultiSwap you can swap assets and send the destination chain token to a different wallet address than the address on the origin chain. You can also make cross-chain payments using this feature.
  • Loyalty rewards for using MultiSwap. Users can earn SWAPS in rewards for each transaction they conduct on MultiSwap. The amount of SWAPS earned can be increased based on factors such as volume of swap, staked balance of SWAPS, Liquidity Balance provided by the user and more.

Ferrum Network enables MultiSwap interoperability

As a protocol, Ferrum (FRM) wants to enable the seamless development of multichain products; With its build once, deploy everywhere motto, this approach includes creating demo and use case products that showcase the protocol’s capabilities. Over the last few years, Ferrum has built one of the most sophisticated interoperability protocols in space. MultiSwap is the first protocol use case developed by the Ferrum Team that serves as a multichain DEX aggregator, enabling swap of any token across chains with a click of a button. Showcasing Ferrum Mainnet’s capabilities.

The Ferrum Foundation

Ferrum Foundation’s primary goal is to encourage developers and builders to adopt Ferrum Mainnet and its ecosystem. By backing the MultiSwap Team, Ferrum Foundation has enabled them to build and launch MultiSwap as the first application to utilize Ferrum’s Multi-Chain Token Standard, Ferrum Mainnet’s Quantum Portal remote balance state tracking and remote transaction execution in a modular, highly simplified manner. Furthermore, MultiSwap core, initially developed by the Ferrum team, will serve as the perfect use case to showcase how easy it is to migrate existing dApps to Ferrum’s mainnet infrastructure and seamlessly add integration with a multitude of chains.

MultiSwap Rollout

Product rollout began on 14-March-2024 at 18:00 UTC. The Ferrum Foundation, Ferrum Core Team and MultiSwap teams held an X (formerly Twitter) space shortly after to go over the features, benefits and use cases of MultiSwap. The teams also covered the launch of the SWAPS token as the first token to launch on Ferrum Mainnet and to utilize Ferrum’s Multi-Chain Token Standard. The SWAPS token will also be available on EVM chains thanks to the Multi-Chain Token Standard.

The MultiSwap team has created a sustainable loyalty and reward ecosystem with the help of the Ferrum Foundation. The ecosystem is designed to reward users of MultiSwap, with a focus on rewarding early adopters who utilize projects on Ferrum Mainnet such as MultiSwap itself prior to any applicable TGE events.