Mining Cryptocurrency in India as a Tool Against National Poverty 153

India Cryptocurrency

It’s not a secret for anyone that some of the poorest people in the world live in India. However, soon this extremely terrible situation can be changed by the mining of the world’s cryptocurrency #1 – Bitcoin currency.

How is BTC mining relevant for India?

There is a community of Dalits in India, where more than 200 million people belong to different castes, which are collectively called “untouchables”. This community occupies the lowest position in the caste hierarchy of the country. To the great misfortune of India, untouchables make up 16 to 17% of the total population, which are not counted in the system of four varnas, because in the opinion of the upper classes they desecrate higher castes, including the brahmanas.

All this is the cause of great discrimination and the exclusion of Dalits, although experts say that the state of the economy in India is recognized as rapidly growing. Analysts say that the country will seriously compete with China in the nomination for a global economic superpower by 2050.

Members of the untouchables are discriminated from a small age. For example, in 79% of educational establishments in Madhya Pradesh  Dalit children are forbidden to eat or even touch a day’s meal, in 35% of schools Dalit children are seated separately and in 28% of schools such students are provided with separate dishes.

It would seem that the problem of detachment is already impossible to solve, because it was formed and developed for more than a decade, and it seems unreal to provide the Dalits with the benefits from the state economy. However, the untouchables found a way out. The Indian Chamber of Commerce of the Dalits united its efforts with the Mahabfic platform, which works on blockchain technologies to launch training sessions in 30 Indian cities.

How are the Dalits going to enter the cryptocurrency world?

It will do this through a training program that tells young people everything about local Bitcoin, other world-known cryptocurrencies, blockchain technology, mining, Bitcoin wallets, buying and selling Bitcoin, cryptocurrency news, and business activities in the field of cryptocurrency. The trainings themselves are aimed at providing an opportunity for young generations who previously did not know anything and did not see anything other than rural activities, independently choose the direction by which they will improve the quality of their own lives.

What is the impact of the training program?

At the moment, this program is “the most ambitious program in the world for training cryptocurrency mining,” the Policy Times notes. The founder and representative of the Dalit Chamber of Commerce, Shri Milind Kamble, explains that the training is aimed at “empowering the rural population, especially young people from the farm community, to earn income in their hometown or village, which will create new economic development in these areas.”

“The new technology blockchain is the future of the technological development, and cryptocurrency mining is a prerequisite for the platform,” he added.

The attitude of the authorities towards the innovative education of the poor

Despite the effectiveness of this type of tool for improving the lives of the poorer part of the country’s population, the authorities are still negatively opposed to the spread of the digital currency and refuse to give Bitcoin legal status. However, this actually does not change anything, since the new program does not fall under the jurisdiction of India, which allows the Dalits to keep studying the new source of income.

After the successful launch of the program, many people are amazed at its success and effectiveness, but do not lose sight of the fact that it can be “strangled” by the authorities, which will most likely not happen. In the meantime, experts and analysts are conducting research to determine how the influx of a large number of miners from India will affect the world rate of cryptocurrency.

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Cryptocurrency Prices for the 17th of August: Is Ethereum Returning to the Green Zone? 389

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA: Cryptocurrency prices today, August 17

According to the online platform Coin360, Bitcоin (BTC) added 1.15% in the last 24 hours. The price at the time of writing is $6487 per coin.

crypto price chart

Cryptocurrencies are showing positive dynamics:

Bitcoin Cash added 2.21% over the past day and costs $537 per coin;

Ripple grew by 7.95%, and its price is $0.31;

EOS increased by 2.66%, and its value is $4.85;

Litecoin added 1.45% and costs $57;

Cardano became more expensive by 3.07% and is worth $0.099;

Stellar increased by 2.78%, and its cost $0.22;

IOTA grew by 5.29%, and its value is $0.48.

Ethereum added 3.05% in the past 24 hours. Its cost is $300 per coin.

The total market capitalization rose to $214 billion. Bitcoin accounts for 52.3% of the total volume. It is $111 billion in monetary terms.

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Buterin, Winklevoss and Others: The Future of the Digital Currency World According to Major Crypto Personalities 798

experts opinions on crypto

The crypto world has entered the new stage of its development, it has always been volatile, but these couple of weeks have been absolutely crazy: coins are jumping up and down, Bitcoin ETF is on its way, blockchain is taking over the world.

No doubt, crypto specialists and financial experts have a lot to say. Today we came up with a compilation of sayings from the stars of the cryptocurrency universe that we found particularly interesting and important.

The CEO of the crypto exchange Gemini, Tyler Winklevoss believes that the acceptance of cryptocurrency in the world as a means of payment equal to fiat will not happen in the next couple of years:

The vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail-driven market. This will change over time, but it will take time.

Pantera Capital’s CEO is way more optimistic on this issue. He sees great potential in the blockchain technology, and digital coins, according to him, are “superior form of currency.

Ethereum’s founder Vitalik Buterin wants cryptocurrencies to become more user-friendly and common in the everyday life. He also thinks it may become possible only in case the proper regulatory framework for crypto is developed by the state governments.

I want to be able to walk into a convenience store, get a card and pay a small fee to start using Bitcoin Cash,” he said.

The last, but certainly not least, is the CEO of BitMEX, Arthur Hayes, who has some serious doubts concerning Ethereum. According to his calculations, the price of the world’s #2 coin will drop lower than $100.

It is this moment,” he added, “that Ether goes from a 3-digit to a 2-digit shitcoin.

Although we are sure that experts know what they are talking about, the crypto world is way too unpredictable. We can only wait and see whether the abovementioned predictions turn out to be true or not.

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Andreas Antonopoulos Criticized Bitcoin ETF 627

opinion on bitcoin etf

The well-known author of books about Bitcoin and the founder of his own Bitcoin-business Andreas Antonopoulos published a Youtube video where he expressed his opinion about Bitcoin ETF and explained why they cause so much sensation.

I’m going to burst your bubble. I know a lot of people really want to see an ETF happen because ‘too the moon’ and ‘lambos’ and all that. I think it’s a terrible idea. I still think it’s going to happen… I’m actually against ETFs,” he said.

Antonopoulos explained that he understands why many people are so impressed by the idea of Bitcoin ETF:

Everybody’s so excited about ETFs because what we’ve seen in other markets is that when an ETF becomes available—as we saw in gold—the price really increases dramatically as suddenly that commodity becomes available to a lot more investors and these investors pile on. But the other side of it is that there’s always these claims that the commodities markets are heavily manipulated and opening up these exchange-traded instruments only increases the ability of institutional investors to manipulate—especially [in the case of] large market makers—the prices of commodities, not just in the markets where it’s traded as an ETF but more broadly,” he clarified.


We remind you that the SEC postponed the decision upon Bitcoin ETF until September.

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Cryptocurrency Prices for the 16th of August: BTC Stays Put, and Ethereum Goes Up 583

cryptocurrency prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA: Cryptocurrency prices today, August 15

According to the online platform Coin360, within the last 24 hours Bitcоin (BTC) lost 0.15%. The price at the time of writing is $6407 per coin.

cryptocurrency price chart

Cryptocurrencies went both to the green and the red zone:

Bitcoin Cash gained 1.30% over the past day and costs $524 per coin;

Ripple grew by 1.43%, and its price is $0.29;

EOS increased by 1.13%, and its cost is $4.72;

Litecoin added 0.23%, and its value is $56;

Cardano dropped by 1.59% and costs $0.096;

Stellar fell by 2.62% and is worth $0.21;

IOTA lost 1.96%, and its value is $0.46.

Ethereum added 2.09% in the past 24 hours. Its price is $291 per coin.

The total market capitalization rose to $207 billion. Bitcoin accounts for 53.2% of the total. It is $110 billion in monetary terms.

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The Former CEO of Paypal: Bitcoin Is Eventually Going to Go A Whole Lot Closer to Zero 700

bitcoin's future is not bright

The ex director of Paypal Bill Harris is known for his scepticism and harsh comments aimed at Bitcoin. He even called it “the greatest scam in the history”. This time CNBC interviewed Harris to find out whether his opinion on the world’s #1 digital coin has changed.

According to the businessman, Bitcoin is supposed to be “instant, free, scalable, efficient, secure, globally accepted and useful”, and it fails to fulfill all of those characteristics. Harris believes that there is “no value” in BTC.

He has also mentioned that there is no need in solving the problem of Bitcoin scalability, because we don’t need Bitcoin at all.

Look how difficult it is to get money from one country across the border to another. It’s slow, it’s expensive, it’s all those things. Agree. You don’t need Bitcoin, you don’t need XRP, you don’t need any of that to solve that problem. What you need is faster networks.

Unlike many of his colleagues, Bill Harris has way more trust in conventional fiat currencies due to their relative stability which cannot be said about Bitcoin.

In conclusion he summed up his thoughts by saying:

Bitcoin makes no revenue, no profitability.

Frankly speaking, the current CEO of Paypal Dan Schulman agrees with Harris on this issue, although Paypal might change its opinion on BTC if it becomes more stable.

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The Bitcoin Application from Square Is Now Available in All Fifty States of America 481

square is available all over america

Buying and selling Bitcoins through the Cash App from Square has become possible in all US states.

We remind you that the American technology company Square, Inc. allowed the purchase and sale of Bitcoin for all US citizens in January of this year. The exception was Wyoming, New York and two other states because of the difficulty in regulating the issue of the cryptocurrency. Later, Square received a certificate from BitLicense, which allows it to work legally in New York.

In late spring of this year the number of Cash App users exceeded 4 million people.

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