Bitcoin is Back… Thanks to El Salvador

Hey There Income Hunters,

Everyone needs a pat on the back once in a while

The ol’ “that-a-boy!”

Well, Bitcoin’s came at just the right time… 

First, the cryptocurrency’s Lightning Network gets an assist for allowing basic banking services as another layer that enables Bitcoin transactions to be executed off of the blockchain.

Then, Jack Mallers, CEO of Strike, a Lightning Networks payment program, began focusing on El Salvador as a candidate to benefit from person-to-person transactions over the phone.

So far, that has gone very well.

You see, El Salvador, along with many other third-world countries, are “unbanked.” At the same time, most El Salvadorans have mobile phones and even internet service, so the Central American country was a perfect target for Mallers

The 23-year-old started with a small segment of the population along the coast and called it Bitcoin Beach.

You see, El Salvador, along with many other third-world countries, are “unbanked.” At the same time, most El Salvadorans have mobile phones and even internet service, so the Central American country was a perfect target.

Mallers started with a small segment of the population along the coast and called it Bitcoin Beach.

Mallers promised El Salvadorans a return of power from the government to the people. It may have cost him a bit to get it going, but that’s normal when you’re trying to prove a concept…

The success of Bitcoin Beach was noticed by Nayib Bukele, President of El Salvador, and now Bitcoin is legal tender along with the U.S. dollar.

This is a huge test for Bitcoin, but judging from Mallers aggressiveness and sales skills, it may only be the start …

Inside today I’ll have a few other Bitcoin benefits that are getting attention lately PLUS another token worth buying right now.

Charting Bitcoin

 

Bitcoin has put in a nice bottom at solid price support, plus the 50-day moving average comes in at $30,000, as well.

Price consolidation just below the 200-day moving average will set up a breakout above the converging 50-day and 200-day averages.

On good volume, Bitcoin will turn back to bullish in all time frames.

Bitcoin was always going to survive, regardless of the Bitcoin Beach success story. In today’s world, a decentralized public ledger provides anonymity and freedom to users, which our government and future digital banking system do (and will) not.

With the Lightning Network, Bitcoin could now gain worldwide adoption in countries that don’t offer full banking. Even countries that do (but could capitalize on greater technology and liquidity in a decentralized environment) may also jump in sooner rather than later.

The real power of the blockchain technology itself, however, is in the use of smart contracts — agreements programmed to execute as certain conditions are met — across other blockchains.

I think a big winner in this area is ChainLink USD (Ticker: LINK-USD).

Middleware for Smart Contracts

The fact that blockchains are secure, decentralized networks keeps them from being able to reach the real world of data.

Chainlink fills that need as the leading oracle platform that ensures smart contracts are provided with accurate information. (Oracles are individual data providers.)

Smart contracts are self-executing digital agreements that allow buyers and sellers to do business without a third party. The contracts on blockchain networks and greement terms are written directly into lines of code.

Here is the issue:

80% of smart contract use cases require off-chain data.

That’s where Chainlink steps in as the middleware capable of retrieving real-world data and transporting back to the smart contract.

Ethereum blockchain enables multiple layers of smart contracts to sit atop its platform that need a decentralized oracle to transport prices, wealth, financial data, etc., and Chainlink is in a powerful position to provide that function.

LINK Token Benefits

Similar to Bitcoin, Chainlink’s cryptocurrency, LINK, is finite. It is limited to 1 billion tokens, with 431 million currently outstanding…

However, LINK is not a monetary project like Bitcoin.

The LINK tokens are primarily used for two purposes:

      1. A payment method for note operators who pay for the real word data.
      2. The note operator is receiving payment from the smart contract operator.

Eventually, holders of Link tokens will be able to stake them for rewards, as well…

Why You Should Consider Chainlink …

      • Enjoys prime mover advantage as a decentralized oracle solution.
      • Operates as open-source code.
      •  A growing number of major corporate partnerships signals more growth ahead.

Technical Picture

Like most cryptos Link suffered during the recent correction, which offers a great opportunity to get in.

The setup below, consolidating above the 200-day moving average, provides a great low risk/high reward opportunity.

You can buy right here, with a sell stop below the 200-day MA, and add on a break above the 50-day on good volume.

Getting in early on Chainlink offers great potential for multi-baggers.

And there is not much risk because they are in position to be the leading oracle solution and have good, aggressive management …

Bring It Home

Bitcoin $250,000 by 2024 is still alive!

Over time Chainlink, will provide more stable, consistent growth and assist in building out a massive number of blockchain networks.

Decentralization is the foundation for crypto success… and the faster the networks are built out, the less chance the government has to interfere.

Get ready for the Bitcoin Beach Party!

Until then…

Live and Trade With Passion My Friends,

Griff

 

 

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