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Market Watch October: Told Ya So by edicted

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bitcoin · @edicted · (edited)
$12.90
Market Watch October: Told Ya So
![bitcoin to the moon.jpg](https://files.peakd.com/file/peakd-hive/edicted/4Ab5Awai-bitcoin20to20the20moon.jpg)



https://peakd.com/bitcoin/@edicted/market-watch-breakout

>BTC 'should' be trading above $12k by the end of the month.

# Promise delivered!

![t1.png](https://files.peakd.com/file/peakd-hive/edicted/hGAo6jGW-t1.png)

##### So I woke up this morning seeing that 5% bump and I thought for sure we must have agreed to some kind of stimulus situation.

# Nope
As it turns out from the dozen articles in my crypto news feed, Paypal is now offering their users to hold Bitcoin on their Venmo app. That'll do it. 

https://cointelegraph.com/news/bitcoin-breaks-above-12-3k-after-paypal-confirms-venmo-to-become-btc-wallet

<center>![paypalvenmo.jpg](https://files.peakd.com/file/peakd-hive/edicted/Rj7UNTBj-paypal-venmo.jpg)
</center>

In my eyes, this is a pretty big deal because of how many people use Venmo these days.  It's an app targeting the younger generation, which is good for crypto.  More importantly is the way funds are transferred on Venmo

With Venmo you essentially send money to accounts by their identifying phone number.  So now we are going to have a centralized avenue for sending Bitcoin via phone number.  

# What does it mean? 
##### Can you imagine the User Interface and User Experience? (UI/UX)
I can, and it looks sexy.  The front face of this isn't going to have any public addresses confusing anyone. It will show how much Bitcoin we have in our account and how much USD there is.  We'll be able to send Bitcoin back and forth using phone numbers and a friends list.  Sounds like mainstream adoption to me. 

Think about it.  There are millions of users on Venmo who don't know anything about Bitcoin.  When they receive Bitcoin as a payment what are they going to do?  Probably just liquidate it into USD (something they do understand... sort of). It makes the whole process very simple and streamlined.  


-----

### It's probably a good time to mention that all my roommates pay rent to the landlord with Venmo. 
That's right... and come 2021, I'll be able to pay rent in Bitcoin in a super convenient manner.  Sounds good to me. 

----

# Security 
In all likelihood, PayPal/Venmo will act as custodian for the Bitcoin just like a centralized exchange.  Hopefully they offer some kind of advanced wallet option that allows users to secure it themselves... but don't hold your breath. Who knows, maybe it will become a trend that centralized custodians start decentralizing their security so they no longer guard these huge hacker honeypots.  One can hope. 

# Conclusion
Bitcoin was always going to be trading higher than $12k this month no matter what, but now we have all these nice narratives to cling to.  A flood of retail money will flow this Christmas, pushing Bitcoin to all time highs.  November is gonna be a great month.  Are you ready?
πŸ‘  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 93 others
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vote details (157)
@automaton ·
$0.03
Yeah and we don’t want to confuse the young ones mentioning that they are technically transferring SATS. Unless they hold one full BTC. ;) 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/hive-167922/@automaton/re-edicted-6jkqpt)
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vote details (2)
@bearbear613 · 
Should be interesting to see how the election will throw a wrench into this run! Yesterday I thought the same thing (BTC rising), but I am SLIGHTLY worried it is to capture more liquidity just before the election while others are left holding the bag.

I have to have a small contrarian view.
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@edicted ·
$0.02
I don't see the election playing any part in the macro-economics of Bitcoin.  Both political parties are just two sides of the same coin.  The retail money flow coming in during Christmas is going to trump any kind of speculative news.
πŸ‘  
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vote details (1)
@bearbear613 · 
Macro-economics Bitcoin is basically HODL IMO.. I'm strictly talking day trading and it's recent pump. I'm still not 100% convinced Bitcoin is going to do what many in the crypto space think it will (March Pandemic).. which is when I should have bought.. but instead opted for consumer products and other physical assets.

With Paypal coming in.. and more institutions coming in after.. that could change everything.
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@daltono ·
$0.03
As a Venmo user with a Venmo debit card, this excites me tremendously!
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vote details (2)
@forexbrokr ·
$0.03
I see a lot of negativity within the crypto community because you're not in control of your keys.  But if you're already in crypto and understand what that means, you're certainly not going to be buying through fucking PayPal.

This is for total noobs to the crypto space and like you said, the perfect introduction.  It makes it as simple as possible and then if they like it, or even better if it just becomes normal, then they buy Bitcoin and control their keys elsewhere.

---

Another point that gets overlooked is that Bitcoin will make my life as a freelancer a lot easier.  

I'm in Aus and work with clients and another freelancers across the US, Europe and the UK.  It's a hugeeeeee pain in the arse for everyone to swap between AUD, USD, GBP, EUR blah blah blah.  

If I can just hold my work money in a Bitcoin balance directly within PayPal, it's actually going to be really handy for me.

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@edicted · 
That's a dumb thing to be mad about in my opinion.  This is a progression.  People have to learn the hard way.  That means huge hacks in 2021 when everything is at all time highs and the honeypots are the biggest.  That's just the way it is... get over it... lol.
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@jrcornel ·
$0.03
From my understanding, users won't be able to send crypto back and forth. Only buy and sell, and eventually use it for purchases...
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@edicted · 
If you can buy and sell Bitcoin on an app and then trade USD on the same app... that's even better.  It's even more simple.
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@nickyhavey · 
Aha, so that's the massive development causing the rise! This is great news I feel, just to get BTC in front of people and increase the awareness of its existence if nothing else. I haven't heard of Venmo personally but if it's widely used then even better. The more exposure people get then it might spark curiosity for them to dive deeper in to it - that might be wishful thinking though!

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@officialhisha ·
$0.02
Definitely an interesting move.
Not sure what I feel about PayPal being a pillar of it, but it's probably a good look though.

Maybe this will be the beginning of the end of the idea that crypto is "only used for criminal activities" in the mainstream.

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@edicted · 
The thing about permissionless crypto is that no one has to ask permission.  Even people that you don't like or trust.  In theory, it's like freedom of speech.  Basically a human right at this point.
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@officialhisha · 
That's certainly going to be an interesting development to follow, I can already hear the complaints from the pro censorship folks πŸ˜…

Regardless, having established brands in the crypto sphere is going to boost it, at least temporarily, as we are already seeing. At the time of writing even 13k BTC is looking pretty likely.
πŸ‘  
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@poshbot · 
https://twitter.com/daltonoHive/status/1318949974462386177
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