Monthly Archives: August 2020

Land Rover Acknowledges Bitcoin Technology

The first impression that comes to the minds of the majority when you say the word bitcoin is uncertainty. To date, many people are sceptical about mining bitcoins. It is their preconceived notion of the currency being not at par with the fiat counterparts.

Bitcoins and cryptocurrencies, in general, have been much in the news for all wrong reasons across the globe. Only a few economy media have reported facts for facts. The truth of bitcoin and its several perks are usually very easily negated by the mainstream media. The pulse that it creates among a vast majority is that cryptocurrencies and bitcoin are best left alone.

Many experienced stalwarts of the finance industry consider it nothing short of a fad or a trend that will eventually die down. There is very little acknowledgement or appreciation of the blockchain-enabled currency with multinational corporations as well. If the big giants extend support publicly, it will encourage people to take an interest in something. Ultimately it does come down to some goodwill.

Jaguar is one company that has been vocally very supportive of cryptocurrencies. In 2019, Jaguar, with its association with IOTA Foundation, set out to reward drivers. Drivers who would use the car company’s blockchain technology-enabled master console to update the traffic, pollution and other vital updates for the society would be rewarded with bitcoins in their smart wallets. The drivers could then use them against purchasing and seeking services.

In June 2020, Land Rover is celebrating their golden jubilee, where the British company released an ad that informed all historically notable events from each year. In 2009, the advertisement read, “Bitcoin was launched.” Bitcoin was endorsed as an achievement in the history of humankind and innovation.

Land Rover chose Bitcoin’s innovation over events like the appointment of the first non-white U.S. President Barack Obama, the longest solar eclipse of the 21st century, traces of ice water on the moon, and the discovery of a first habitable planet outside the solar system.

Land Rover’s step towards glorifying bitcoin and its revolution in the finance market is a testimony that many MNCs should follow. There is definite credibility when a well-established company chooses to endorse something. People’s attitude towards bitcoin is changing in 2020, especially with the kind of recovery it is having post the global market crash in March due to the pandemic. Apart from that, such acknowledgement can change the minds of those who are still in two thoughts about bitcoin.

Why isn’t XRP Going Up?

Cryptocurrencies have made their presence be felt. Bitcoin can be the popular one, but XRP is the one that provides the ultimate low price. The fact is that people mainly don’t like to do anything with the cryptocurrencies for their volatile nature. Bitcoin, for instance, has had many ups and downs since its market introduction, but XRP has been having quite an immovable sort of price.

At one point, many potential miners also thought of XRP to be an excellent alternative to the popular coins. What bitcoin and ethereum mainly have a problem with being very unpredictable nature. Ripple’s XRP has had quite a consistent price at the market since its introduction in 2012. Cryptocurrencies hardly see such behaviour where they have such stagnant pricing.

Bitcoin, for example, is only experiencing a bit of stability in 2020 after its third halving. Altcoins, on the contrary, are still struggling, making it out of the clutches of the pandemic destruction of the economy.

So what is it that is making XRP’s price unchangeable? It is as simple as surplus supply. Out of all the amount that Ripple XRP’s parent company has, only a part of it circulates in the market. A vast majority of it is still kept with the company. XRP has not faced the heat of inflation as such because of this.

Why has the company decided to hold back XRP? In a situation of a bear market where there is no mining or sale because of the negative attitude of potential buyers towards the coins, the coin holders and the company, in general, do not fall under irreparable loss. Inflation and economic downturns are not predicted that quickly. Sometimes the predictions fall in place, and sometimes they are just the opposite of what is expected.

Another factor attached to the price is that XRP has already surpassed the cryptocurrency boom. Because of this, there isn’t such a change to its structuring or business model.

There aren’t many buyers as compared to that of fiat currencies for transactions in the cryptocurrency market. Now, this stability is good news. Every other day there are XRP related good news with great deals and offers on it. But would this price remain the way it is? As they say, all good things come to an end. When cryptocurrency is a crowded market, which will be very soon as per experts, XRP will see a notable shift in its prices. A hint of which is noticed in the concurrent prices of 2020.