ICF Church, a zealous church in Zurich, Switzerland, is set to begin accepting Bitcoin donations from worshippers.
The common theory with most churches is that they’re traditional and are beholden to time-honored traditions. Whereas a number of churches are actually quite keen on adopting the latest inventions that technology has brought to bear. Example is a church in Switzerland that is set to begin accepting Bitcoin donations.
The digital currency-accepting church is ICF Church, located in Zurich, Switzerland. It’s an evangelical church and among the largest in the country. Its parishioners are actually pretty young, and the church itself is a big supporter of cutting-edge technologies.
That is why accepting Bitcoin donations makes perfect sense for the church. ICF Church spokesman Nicolas Legler said:
Crypto (digital) currencies and the blockchain technology will change our daily lives more and more in upcoming years.
Cryptocurrencies will be applied, whether it is Bitcoin or any other currency that is controlled by the state. We are convinced that this technology will soon belong to our daily lives.
Keeping Recent with New Tech
It makes perfect sense for the ICF Church in Zurich, Switzerland, to accept cryptographic currency. Many churches have long seized upon technological innovations to spread their ministry, from using radio to broadcast to rural audiences to having online sermons so that people can download and view at their ease.
The church in Zurich raises the majority of its income from its parishioners. Being youngsters, they are more tuned into the most recent technological patterns, for example, crypto, and it doesn’t hurt that Switzerland has been attempting to build up itself as a crypto center.
Bitmain Technologies, the substantial Chinese Bitcoin mining operation, is extending to Switzerland because of China doing everything conceivable to end crypto mining inside its country. It was likewise only a couple of years back that the Swiss city of Zug began a pilot venture where citizens could pay for government services by means of bitcoins. (One marvels if the city chose to hold any of those bitcoins or not. In the event that it did, at that point the city made an immense benefit.)
As cryptocurrency becomes more accepted, it’ll likely become a common sight to see a church passing around their wallet address instead of the collection plate.
As digital money turns out to be more accepted, it’ll likely turn into a typical sight to see a church going around their wallet address rather than the accumulation plate.
What are your thoughts about the ICF Church in Zurich beginning to accept Bitcoin donations? Will crypto-currency replace fiat donations down the road? Let us know what you think in the comments below.
Take a Crypto Pill
Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.
Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.
First South Korea and now US
First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.
HODLers will take over market soon
Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.
Venezuela is the cheapest country to mine Bitcoin
Cost of mining one Bitcoin in Venezuela is just $531
Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170
After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.
Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.
Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland
Crypto trading volumes are dropping
Volumes in crypto market are dropping, indicating an alarming situation. Crypto market started this year on a good note but later on crashed to low levels, apart from Ethereum, all other major crypto currencies are down for 2018, but one of the most alarming situations in this matter is that trading volumes on different exchanges are dropping to lowest levels in recent months.
For example, on Bitfinex current trading volume of Bitcoin is at around 25000 which at one point of time was as high as 160000 , which means this volume is not even 20% of its peak volume. Similarly in the case of Ripple, current trading volume is 8 Million which at one point of time was 50 million, so there is an alarming situation in that regards because not only price is dropping but crypto trading volume is also dropping dramatically.
Lack of interest?
One of the key questions that analysts are asking these days is that, is it lack of interest from investors that volumes are so low? may be they have found new investment opportunity in the form of S&P 500 and Gold. Most of the analyst think that this low activity is due to the reason that market speculators are currently out of the market and in wait and watch situation to make an entry point.
Calm before the storm?
Such low volumes and price movement in a tight range suggest that this is the calm before the storm, many regulatory authorities around the world are trying to stop crypto trading by either putting complete ban or by introducing tight laws, so speculators and institutional investors are just waiting for a clear picture so that they can make their bet on it, but one thing is for sure that sooner or later market is due for heavy movement in either direction, so day traders need to watch out.
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