Robert Kiyosaki projects huge backlash for dollar as US is no longer ‘playground bully’
by Ana Nicenko
After France and China signed several economic agreements involving sectors like transport, energy, culture, agriculture, and science, Robert Kiyosaki described the situation as the United States being thrown out of the global financial ‘playground’ where it used to be the main ‘bully.’
Indeed, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ believes that other countries are no longer tolerating the US, which used to be the ‘big bully,’ as he explained in the episode of The Rich Dad Radio Show podcast streamed on April 19.
“The US has been the big bully in the play yard. Suddenly, all the other kids are saying, ‘Well, you’re not going to be the bully anymore. We’re going to gang up on you.’ That’s what the BRICS said, ‘Hey, we’re going to take you down, bully.’”
According to Kiyosaki, the most recent proof of this is France cooperating with China. As he said, “That’s one of our biggest trading partners saying, ‘[expletive] you US, we’re going to deal with China in Chinese currency, not the US dollar.’ The average American has no idea what that means.”
As the main consequence of this, the author warned of the possibility of hyperinflation, dictatorship, and mass murder, which he believes would happen because the US dollar, now no longer the global reserve currency, is going to flood back America.
In Kiyosaki’s view, the seeds for this were sown a long time ago. In 1944, the US signed the Bretton Woods agreement, in which the world agreed to trade in USD. But now, this “is falling apart because Triffin’s Dilemma (…) meant the US had to supply dollars to every central bank throughout the world, so we had to print probably quadrillion of dollars.”
“The BRICS nations [will] gang up against the bully, they [will] say, ‘Take your dollars back,’ and when those dollars come roaring back into America, we have a thing called hyperinflation, and every time there’s hyperinflation – guess what happens – dictators arise, and when dictators arise, the murder starts.”
Moreover, Kiyosaki recalled that US President Nixon took the USD off the gold standard in 1971, which is when it “became fake money, and that’s when I started buying gold and silver.” According to him, Nixon’s actions violated Gresham’s Law, which says that “when bad money enters a system, good money goes into hiding.”
Notably, Kiyosaki has earlier warned about the possible role of the USD in the financial collapse that he believes is threatening America, which “has been violating all of these laws of money for all these years,” and that the world has now had enough of it.
To circumvent the potential consequences of the USD becoming useless, he has long argued for investing in alternative assets, such as gold, silver, and Bitcoin (BTC), which he believes is the best way to protect against inflation and safeguard one’s wealth, as Finbold reported
Fed narrative alarms traders who believe that a rate pause is imminent after the May rate hike
Recent volatility led to diminished bullish market sentiment for gold causing a price break and taking gold futures to $1980.90 before recovering. This morning in New York traders witnessed a quick and powerful price decline in gold breaking $20 below $2000 and recovering just as quickly as it sold off.
This was in response to Federal Reserve officials who continue to reiterate the need for taking interest rates higher. Federal Reserve officials will go silent one week before the May FOMC meeting beginning on Saturday, April 22.
Two Fed officials have been extremely vocal both suggesting the need to continue to raise interest rates even after the anticipated ¼% rate hike occurs in May.
Last week Fed Governor Christopher Waller said that the Federal Reserve needs to continue raising interest rates because of the high level of inflation. "Economic output and employment are continuing to grow at a solid pace while inflation remains much too high," Waller said, noting that investors should not expect rates to fall any time soon. "Monetary policy will need to remain tight for a substantial period of time, and longer than markets anticipate,".
Fed Governor Waller was resolute when he spoke on Friday saying, “Despite a year of aggressive rate increases U.S. central bankers "haven't made much progress" in returning inflation to their 2% target and need to move interest rates higher still.”
Addressing current inflationary pressures Waller said that inflation has "basically moved sideways with no apparent downward movement… Monetary policy needs to be tightened further. How much further will depend on incoming data on inflation, the real economy, and the extent of tightening credit conditions."
James Bullard and Christopher Waller both strongly believe that the economy and inflation continue to remain stronger than expected.
Reuters posted an interview yesterday with St. Louis Federal Reserve President James Bullard who also underscored the need for higher U.S. interest rates to combat inflation. During the interview, Federal President Bullard said, “The U.S. central bank should continue raising interest rates on the back of recent data showing inflation remains persistent while the broader economy seems poised to continue growing, even if slowly.”
Both Fed officials expressed a narrative much different than many market participants assumed, which is a pause by the Federal Reserve in rate hikes to begin after one more rate hike in May. The assumption that the Federal Reserve will stop their consecutive rate hikes at every FOMC meeting since March 2022 diminished based on the most recent narrative by Waller and Bullard.
The chart above is a 30-minute Japanese candlestick chart of gold futures. It shows how quickly gold sold off during the morning trading session in New York after breaking below the support trendline at $2013. The chart also indicates that gold recovered as quickly as it sold off. As of 5:30 PM EST, the most active June 2023 futures contract is down $12.30 and fixed at $2007.40.
Gold has found support above $2000 aided by the belief the Fed will pause hikes soon
Over the last 10 trading days, gold futures have effectively closed above $2000 per ounce. Although on an intraday basis, gold has moved below $2000 on three occasions, gold prices recovered and closed above $2000 on each instance.
On April 3, gold futures opened at $1990, traded to a high of $2007 and closed just at $2000 per ounce. On the following day, April 4 gold opened above $2000 and closed at $2038. This marked the first of 10 consecutive days in which gold closed above that critically important psychological level.
Market participants have been solidly bullish about gold based on the belief that the Federal Reserve could stop raising rates after the May FOMC meeting. The belief that the Fed will pause rate hikes after one final ¼% hike in May has ignited strong bullish market sentiment for gold pricing.
Because there is an intrinsic lag between rate hikes and the effect on contracting the economy the Federal Reserve will need to pause at some point to gauge the outcome of raising rates at every FOMC meeting since March 2022.
This optimism has pressured the dollar and yields lower and concurrently moved gold futures above $2000 per ounce. Recent volatility and diminished bullish market sentiment for gold have been in response to Federal Reserve officials who continue to reiterate the need for taking interest rates higher. Last week Fed Governor Christopher Waller said that the Federal Reserve needs to continue raising interest rates because of the high level of inflation. Reuters posted an interview today with St. Louis Federal Reserve President James Bullard who also underscored the need for higher U.S. interest rates to combat inflation
Market participants will continue to focus on more comments from Fed officials this week before the Feds standard blackout period that will begin on April 22, ahead of the May FOMC meeting.
As of 5 PM EST gold futures basis the most active June 2023 contract is up $10.80 and fixed at $2017.80. Spot gold has moved back above $2000 and is currently up $9.91 and fixed at $2004.80.
Gold futures trade to $1993.40 and recover back above $2000
As of 4:25 PM EST, gold futures basis the most active June 2023 contract is trading down $8.50 or 0.42% and fixed at $2007.20. In earlier trading market participants actively moved gold below the key psychological level of $2000, taking June gold to its intraday low of $1993.40.
Today’s price decline in gold can be 100% attributed to dollar strength. Currently, the dollar is up 0.54%, however, when compared to gold’s decline of -0.41% investors are bidding the precious yellow metal fractionally higher.
Spot gold is also trading lower with dollar strength being 100% responsible for the decline. Currently, spot gold is fixed at $1994.40 a decline of -0.45%. However, on closer inspection dollar strength accounted for $-11.00, and normal trading add + $1.90 resulting in today’s $9.10 decline, according to the Kitco Gold Index (KGX).
Recent statements by members of the Federal Reserve have maintained its current hawkish demeanor underscoring the need for the Fed to continue raising interest rates. On Friday speaking at a conference in San Antonio Texas Federal Reserve Governor Christopher Waller said, “Because financial conditions have not significantly tightened, the labor market continues to be strong and quite tight, and inflation is far above target, so monetary policy needs to be tightened further.”
Governor Waller called the most recent March CPI report “mixed news” that indicated that the Federal Reserve has not made much progress on its goal to reduce inflation. He referenced core consumer prices rising 0.4% or higher for the last four consecutive months as proof that the Federal Reserve needs to continue its aggressive stance of rate hikes.
It must be noted that some economists including Mohamed El-Erian and BlackRock are convinced that inflation is not on track anywhere near the Federal Reserve’s target of 2%. In a note, a strategist at BlackRock said, "Inflation in the US is not on track to settle anywhere close to the Federal Reserve's 2% target, in our view. That was reinforced by March inflation data,"
This is in line with CME’s FedWatch tool that reveals there is an 86.7% probability that the Federal Reserve will implement another rate hike of ¼% which would take their terminal benchmark rate to between 5% and 5 ¼%.
Persistently high inflation will continue to be highly supportive of gold as pricing builds a base and eventual support at $2000 per ounce.
One cannot cultivate steadfastness and upbeat dispositions unless they are at peace with themselves and are filled with love. His optimistic outlook on life will increase self-esteem, and he must let the past die. His ability to embrace each task with gusto and never complain about his luck will determine his level of achievement. Such a person seizes every opportunity to make the most of life, and he or she uses magic to enchant others to follow in his footsteps. Such a person's existence will resemble whirling fields with shifting seasons and strutting streams with giggles and crackling noise. As he is forward-looking with intense hope at every step, which is the basis for our moment-to-moment life breath, he places emphasis on his "Karma" (actions) in order to be remembered and emulated by others. He is overjoyed at every victory and never grows weary or dejected at setbacks.
He is receptive to strange events and new ideas, and he is flexible. He is not incorrigible, rude, or rancorous, but he is constantly ready to take the blows and ups and downs of life and constantly ready to stand by and assist others when they are in need. A person with these admirable and lofty attributes excels in organizing tasks, quells others' wicked tendencies, is able to exhale or blow away all the problems of everyday life, and is content and grateful to God for His divine favor, joy, and blessings.
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A person who possesses the aforementioned traits is disciplined and his mind is calm, both of which aid in focus. He will find the Creator and the Supreme Lord to be fascinating. By avoiding attrition, encouraging love and tolerance, and adapting to the situation, he will be able to escape the maelstrom of life with ease. He will also be able to ward off numerous illnesses. Being a dynamic individual, he conquers new heights and smoothes out numerous kinks in life. This kind of quality gives life more flavor and shine. He is quick to reconcile his differences in order to change those who are opposed to him and have corrupted, biased, and twisted minds. He might become a driving force in educating and reshaping people to enjoy life's true meaning and avoid letting boredom ruin it. He might also frequently take other people's emotional turmoil and anxieties in stride, not leaving anything to chance but fighting back time and time again against the odds to get the desired outcome. He will live guilt-free as a result.
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Consider whether you'd rather to be cheerful and encouraged rather than cry dejected tears and wail hysterically.
Gold prices remains under pressure as U.S. retail sales drop 1% in March
Recession fears could start to pick up again as U.S. consumers cut back on their spending, with retail sales numbers dropping more than expected last month.
U.S. retail sales dropped 1.0% in March, following a revised 0.2% decline in February, according to the latest data from the U.S. Commerce Department. Economists expected a decrease of 0.4%% in last month's headline number.
Core sales, which strip out vehicle sales, also missed expectations, falling 0.8% last month versus the projected decline of 0.1%. The report's control group, which strips out autos, gas, building materials, and food services, dropped 0.3%, falling in line with the consensus forecast.
The disappointing economic data is not having much impact on gold as the market sees some technical selling pressure after Thursday's rally to a fresh 13-month high. June gold futures last traded at $2,045.60 an ounce, down 0.47% on the day.
Along with gold, the weaker-than-expected retail sales numbers are not having much impact on market expectations surrounding the Federal Reserve's monetary policy decision next month. According to the CME FedWatch Tool, markets see roughly a 70% chance that the U.S. central bank will raise interest rates by 25 basis points in May. At the same time, markets still see the Federal Reserve cutting rates by the summer.
Wild daily swings define gold price action on its path to record highs, focus on Fed speak and bank earnings next week
The gold market is ending the week with another massive move. After rising to a 13-month high Thursday, gold gave up all weekly gains Friday, falling $40 on the day.
On the macro level, the gold market is reacting to positive economic news and some hawkish Federal Reserve speak.
"It wasn't just the data today, you had the banks starting to report earnings. JPMorgan crushed it with record revenue. Wells Fargo's numbers were pretty good. The deposits were okay. It looks like one of the big risks might not be unfolding right now," OANDA senior market analyst Edward Moya told Kitco News. "You're looking at this economy that is still holding up a little bit. And then you get some hawkish Fed speak. That's why gold sold off."
This idea that the Fed could somehow pull off a soft landing has encouraged profit-taking after gold hit $2,063 an ounce this week — just inches away from record highs.
"That view is a little too optimistic, but it is the market's take right now. We've gone from focusing on how much the Fed will cut at the end of the year to possibly considering a June hike," Moya said.
The hawkish sentiment, however, could quickly dissipate with more macro data. "Monetary policy acts with a lag, and with the restrictive territory that we're seeing, things could start to break soon," Moya added.
Also, the latest producer price index numbers showed that inflation might have peaked, giving the Fed room to pause after May's 25-basis-point hike, said Gainesville Coins precious metals expert Everett Millman.
"If inflation is coming down and there are still banking problems, the Fed doesn't have a lot of good reason to keep its foot on the pedal and hike after May," Millman told Kitco News. "During the May 2-3 meeting, gold will only react if there is an emergency rate cut or a 50-bps hike. Both are unlikely."
Atlanta Fed President Raphael Bostic told Reuters Thursday that the Fed will need only one more rate hike. Recent data points "are consistent with us moving one more time," Bostic said. "We've got a lot of momentum suggesting that we're on the path to 2%."
In contrast, Federal Reserve Governor Christopher Waller said Friday that there is little progress on inflation and rates will need to move higher.
Inflation has "basically moved sideways with no apparent downward movement," Waller said. "Monetary policy needs to be tightened further. How much further will depend on incoming data on inflation, the real economy, and the extent of tightening credit conditions."
Technicals have played a big role in the gold's selloff Friday, with lots of profit-taking flooding the market.
"This is more of a technical selloff than anything," Forex.com senior technical strategist Michael Boutros told Kitco News. "Pent-up long positions are coming off. But price pullbacks should be limited. The war is still going on, and there is a devaluation of the dollar as a global standard. This will help the gold rally stay afloat long-term."
Boutros is looking at the $1,966 level as support, which was April's open. "If we hold that support, it will be just a minor setback for gold," he said.
For Millman, gold's key support levels are at around $2,015 and $2,000, and resistance is at all-time highs of around $2,070. "There is no clear support level if we fall below $2,000. Gold can go to $1,900," he said.
At the time of writing, June Comex gold futures were trading at $2,015.40, down $40 on the day.
Next week, attention will be on bank earnings, including Goldman Sachs and Bank of America. "I anticipate that those are all bullish for gold. We're going to see markets remain volatile," Moya said.
Next week's data
Monday: NY Empire State manufacturing index
Tuesday: U.S. building permits and housing starts
Thursday: ECB meeting minutes, U.S. jobless claims, Philadelphia Fed manufacturing index, U.S. existing home sales,
Gold prices slide lower as UofM consumer sentiment rises to 63.5
Stronger-than-expected U.S. consumer sentiment is adding further selling pressure to gold and is solidifying expectations that the Federal Reserve will raise interest rates by 25 basis points next month.
Friday, the University of Michigan said the preliminary reading of its Consumer Sentiment Index rose to 63.5, down up from 62.0 in March. The data beat expectations as consensus forecasts called for a roughly unchanged reading in consumer sentiment.
"Sentiment is now about 3% below a year ago but 27% above the all-time low from last June," the report said.
The gold market has seen sold selling pressure ahead of the weekend as investors take profits after prices hit a 13-month high Thursday. The better-than-expected data is adding to gold's correction. June gold futures last traded at $2,030.90 an ounce, down more than 1% on the day.
According to analysts, gold is seeing some selling pressure as consumer inflation expectations support calls for the Federal Reserve to raise interest rates again next month. According to the survey, consumers see inflation rising 4.6% by this time next year, up from 3.6% reported in March.
"While consumers have noted the easing of inflation among durable goods and cars, they still expect high inflation to persist, at least in the short run," the report said. "These expectations have been seesawing for four consecutive months, alternating between increases and decreases. Uncertainty over short-run inflation expectations continues to be notably elevated, indicating that the recent volatility in expected year-ahead inflation is likely to continue."
Long term, consumers see inflation relatively stable at 2.9%, unchanged for the fifth consecutive month. Five-year inflation expectations have moved in a range between 2.9% and 3.1% for 20 of the last 21 months, the report said.
Markets now see a more than 85% chance that the Federal Reserve will continue to tighten interest rates. Forecasts for the Federal Reserve's rate cut are also being pushed back until after the summer.
Gold, silver hit 13-mo. highs on tame U.S. PPI, slumping USDX
Gold and silver prices are sharply higher in midday U.S. trading Thursday and scored 13-month highs. The metals bulls are being fueled by a tame U.S. inflation report, a slumping U.S. dollar index and rising crude oil prices. Gold bulls are now confident they can breach the all-time record high of $2,078.80, basis nearby Comex futures, sooner rather than later. June gold was last up $28.40 at $2,053.20 and May silver is up $0.437 at $25.90.
Today’s U.S. producer price index report for March showed a decline of 0.5% from February versus expectations for a steady reading. The report helped to put more downside pressure on the U.S. dollar index, which hit a 2.5-month low today. The tamer PPI report follows a slightly milder consumer price index report released Wednesday that came in at up 5.0%, year-on-year, compared to market expectations for a rise of 5.1%. However, the core CPI number came in 0.1% higher than expected.
Five reasons why you should be overweight gold in today's uncertain markets – abrdn's Minter
Global stock markets were mixed overnight. U.S. stock indexes are higher at midday. The other key outside markets today see Nymex crude oil prices are a bit weaker after hitting a five-month high Wednesday, presently trading around $82.50 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.422%.
Technically, June gold futures bulls have the strong overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the all-time high of $2,078.80, scored in March of 2022. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the April low of $1,965.90. First resistance is seen at today’s high of $2,063.40 and then at $2,078.80. First support is seen at today’s low of $2,028.30 and then at Wednesday’s low of $2,015.70. Wyckoff's Market Rating: 9.0
May silver futures bulls have the strong overall near-term technical advantage. Prices are in a steep four-week-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $27.50. The next downside price objective for the bears is closing prices below solid support at $23.50. First resistance is seen at today’s high of $26.115 and then at $26.50. Next support is seen at today’s low of $25.515 and then at Wednesday’s low of $25.175. Wyckoff's Market Rating: 9.0.
May N.Y. copper closed up 410 points at 412.20 cents today. Prices closed nearer the session high and hit a three-week high today. The copper bulls have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the January high of 435.90 cents. The next downside price objective for the bears is closing prices below solid technical support at the April low of 392.60 cents. First resistance is seen at today’s high of 414.30 cents and then at 417.45 cents. First support is seen at today’s low of 405.35 cents and then at 400.00 cents. Wyckoff's Market Rating: 6.5.
It seems that traditional banking is on life support. This article looks at the recent update in support of this premise and explores how to become your own bank in light of our crumbling banking system.
Current Reality | Traditional Banking
You will already be aware of the collapse of Silvergate Capital, Silicon Valley Bank, and Signature Bank, and many are predicting that this is only the beginning of a domino effect. If you live outside America, you may be concerned about where your bank now stands.
You could check in with your bank to see whether they conducted a recent stress test and, if so, how they fared. A stress test looks at a bank’s financial capacity to tolerate sharp economic downturns.
The problem with relying on this feedback is that banks do not wish to cause panic because this would result in a bank run. So it may be wise to hold that data on a loose palm, so to speak.
Bear in mind that when you deposit money into the banks, it does not stay in your account. The banks trade deposits for profits without your permission and keep any profits while continuing to charge you for custody of your money.
Since the stock market is also collapsing, if a bank run were to occur, there would not be enough money for everyone to access their accounts.
With the implosion of the markets surpassing that of 2008 while economic depression looking likely to overtake the Great Depression of the 1930s, the signs are that traditional banking is coming to an end.
There is a growing concern that the bank collapse is entirely orchestrated to bring down cryptocurrency, remove cash from our society and usher in the Central Bank Digital Currency. (CBDC) In other words, any competitor to the CBDC is being removed by fair or foul means.
If you still think this is not imminent, take a look at this latest CBDC chart of which stage countries are at with the adoption of the CBDC. You can see the reality playing out, which lends credence to the theory of orchestration.
There is no democratic process about this either. In Nigeria, for example, they started to bring in their digital currency, the eNaira, which very few people wanted.
The government declared cash as no longer valid or legal, then charged citizens as much as 20% for withdrawing cash. Riots and violence broke out in the wake of this. Through lack of cash, more than half of their population has reportedly been forced to adopt the eNaira.
Europe is following closely behind, with Christine Lagarde imposing a $1000 spending cash limit with the threat of imprisonment if you do otherwise! With each passing conversation, CBDCs are revealing themselves to be about surveillance and control and not about enjoying the fruits of your labor.
America seems to be about to do something of a segway to a CBDC via their FedNow instant payment service, which is due to launch this summer of 2023. It doesn’t look good for the world in general. If this plays out to the mapped agenda above, then cash and traditional banking have their days numbered.
Also, be mindful that there is a move to depart from the dollar as the world's default currency. This is true of the BRICS countries, who are discussing their own digital currency, possibly backed by precious metals such as gold.
The Alternative | Become Your Own Bank
The question arises as to what you can do about it and how you can protect your personal assets as well as your business concerns. Some consider we have no choice but to accept the new global agenda, but that depends on how much we care about people and democracy. We have been here before in 2008 on a smaller scale, so we have an opportunity to learn from the lessons this imparted.
While nothing is guaranteed in life, what is certain is that if you do not prioritize finding an alternative safeguard that protects your interest against this draconian agenda, it will be dictated to you and not for your benefit.
So what does it mean to become your own bank? Since banking is supposed to be about the safe custody and access to your funds, it is about how you can replicate that for yourself in a decentralized manner.
When Richard Werner carried out his 15-year study about banks and the double-entry bookkeeping that takes place to give the illusion of money, he also concluded that we need more community banks that will support local businesses. You may want to listen to his thoughts here.
You may wish to research community banks in the quest to find a safer haven for your business and personal affairs.
In a recent Markethive webinar, our CEO Thomas Prendergast pointed out another option in America that is open to businesses worldwide and is both decentralized and supportive of cryptocurrency.
He demonstrated how to set up a Wyoming Corporation first of all, even if you do not live in the USA. Here is a document you can download that walks you through the particulars of setting up your Wyoming company.
This is an important first step to acquiring banking through a fintech company called Mercury which facilitates banking services through its partners with decentralization at its core and solid insurance cover.
You may also want to consider using physically allocated gold and silver to transact with. It used to be that you could only hold these as a long-term store of value. However, platforms like Kinesis and Glintpay now make it possible to digitize gold via a debit card so that you can transact accordingly.
There is much ambivalence about cryptocurrency, given the volatile nature of its market and the frequent rise of pump-and-dump schemes. However, bitcoin remains the longstanding cryptocurrency that continues to gather in adoption, so you can research businesses that accept bitcoin and do so yourself depending on the demand.
For example, PostFinance, a major government financial organization in Switzerland, has partnered with Sygnum to offer cryptocurrencies such as bitcoin to its customers. A more transitional approach may be to consider gold-backed cryptocurrencies such as Tether Gold or DigixGlobal.
Taxes
The other consideration around cryptocurrency is taxes, and this will vary from country to country. Here in the United Kingdom, the following needs to be factored into money management.
Starting in 2024/2025, the self-assessment form will have a place for capital assets to report gains and losses in cryptocurrency. Cryptocurrency will be subject to capital gains tax. In 2024 the capital gains tax-free allowance will be heavily reduced from the current 12, 300 ton 3,000.
Security
Security is essential when becoming your own bank, hence the layers of security that Markethive are building into their own wallet. Security is often an afterthought for many delving into the world of cryptocurrency, but responsibility is a key part of any money management system, particularly a decentralized system.
The password concept with opening crypto wallets is different in that you are usually assigned a mnemonic of 12-24 words which act as your security password for that wallet. If you lose it, there is no calling upon a central authority to issue you with a new one, as in a password recovery. So the buck stops with you.
Therefore it is important to write your words down safely on paper rather than online, where you are open to being hacked, and then ideally to put them in a small fireproof safe.
Many decentralized platforms have two-factor authentication as part of their security setup. You must pass this security layer to access the platform in question. It can also be used to confirm transactions. You can learn more about how that works in this Markethive tutorial example.
While there are decentralized exchanges like Yobit and decentralized exchanges within wallets such as Atomic Wallet, it is also important to have a cold storage wallet. This is a physical wallet offline which enables safe custody of your assets.
Cold wallets like Ledger and Trezor are well-known options, but there are other alternatives, such as secure encrypted flash drives in which you can place your wallet. They do not involve KYC or ‘Know Your Customer,’ and you can boot off the stick itself rather than the hard drive using a Linux operating system.
Summary
It stands to reason that the long-term acceptance of any cryptocurrency or alternative currency will be determined by the combination of a growing community and the use value of its native cryptocurrency.
This is where Markethive is innovating and leading the way to show that it is possible to establish an ecosystem outside of traditional banking and the proposed CBDC.
You can also appreciate why such innovation is so painstaking, particularly as Markethive is building the technology in such a way to be independent of third parties, who may become compromised by their government mandates and, therefore, negatively disrupt the ecosystem.
As Markethive nears launch, we now have the visible signs and tangible formation of what it is like to have an operational ecosystem that puts the destiny of entrepreneurs back in their hands.
Entrepreneurs can now trade their products and services and transact with a native coin or token without the censorship or threats to privacy that are now commonplace online.
With a growing community of beyond 200,000, this is what is possible when the entrepreneur arises and comes together in a community with like-minded entrepreneurs to solve real-world problems in service to humanity as a force for good.
This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About: Anita Narayan. (United Kingdom) My life's work is about helping individuals to greater freedom through joy and purpose without self-sabotage, so that inspirational legacy can serve generations to come. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.
Five reasons why you should be overweight gold in today's uncertain markets – abrdn's Minter
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