TA: Bitcoin diventa interessante sopra $50K, perché BTC potrebbe arrivare a $55K

Il prezzo del Bitcoin ha esteso il suo aumento e ha superato la resistenza dei 50.000 dollari contro il dollaro americano. BTC sta ora consolidando i guadagni ed è probabile che salga ulteriormente sopra i 52.000 dollari.

  • Bitcoin è scambiato in una zona positiva sopra i livelli di supporto di 50.000 e 50.500 dollari.
  • Il prezzo è ora scambiato ben al di sopra dei 51.000 dollari e della media mobile semplice a 100 ore.
  • Si sta formando un’importante linea di tendenza rialzista con supporto vicino a 49.800 dollari sul grafico orario della coppia BTC/USD (dati forniti da Kraken).
  • La coppia potrebbe estendere il suo rally una volta superati i 52.000 e 52.500 dollari nel breve termine.

Il prezzo del Bitcoin sta guadagnando slancio

Dopo una chiusura sopra la resistenza di 48.000 dollari, il bitcoin è stato in grado di guadagnare forza sopra la resistenza principale di 50.000 dollari. BTC ha persino superato il livello di 51.500 dollari e si è spinto sopra il livello di 52.000 dollari.

Ha negoziato un nuovo massimo mensile vicino a 52.650 dollari e si è stabilito ben al di sopra della media mobile semplice a 100 ore. Ora è scambiato in una zona positiva sopra i livelli di supporto di 50.000 e 50.500 dollari. C’è stata una piccola correzione di recente sotto il livello di 51.000 dollari.

Il prezzo è stato scambiato sotto il livello di ritracciamento Fib del 23,6% del movimento verso l’alto dal minimo di 47.102 dollari all’alto di 52.648 dollari. Tuttavia, i tori sono stati attivi vicino ai livelli di $50.000 e $49.500.

C’è anche un’importante linea di tendenza rialzista che si sta formando con il supporto vicino a 49.800 dollari sul grafico orario della coppia BTC/USD. Bitcoin è anche rimasto ben al di sopra del livello di ritracciamento Fib del 50% del movimento verso l’alto dal minimo di 47.102 dollari al massimo di 52.648 dollari.

Ora è scambiato sopra i 51.000 dollari e sta testando una linea di tendenza ribassista di collegamento a 51.500 dollari. Una chiara rottura sopra la resistenza della linea di tendenza potrebbe aprire le porte per un movimento verso i livelli di 52.500 e 53.200 dollari. La prossima resistenza chiave si trova vicino al livello di 55.000 dollari.

Un nuovo tuffo nel BTC?

Se il bitcoin non riesce a continuare a salire sopra i livelli di resistenza di 52.000 e 52.500 dollari, potrebbe esserci un piccolo calo. Il primo supporto chiave al ribasso è vicino al livello di 50.500 dollari.

Il prossimo supporto principale è vicino al livello di 50.000 dollari e alla linea di tendenza. Se c’è una rottura al ribasso sotto il supporto della linea di tendenza, il prezzo potrebbe testare il supporto di 48.000 dollari e il 100 SMA orario.

Indicatori tecnici:

MACD orario – Il MACD sta guadagnando slancio nella zona rialzista.

RSI orario (Relative Strength Index) – L’RSI per BTC/USD è ora ben al di sopra del livello 50.

Livelli di supporto principali – $50.500, seguito da $50.000.

Livelli di resistenza principali – $51.500, $52.000 e $53.200.

99Bitcoins blaast het Dead Coins-project nieuw leven in

Het Dead Coins-project is nieuw leven ingeblazen door BTC-onderwijsportaal 99Bitcoins.

Bitcoin-onderwijsportaal 99Bitcoins is de nieuw aangestelde begrafenisondernemer van de cryptocurrency-industrie

Het heeft het Dead Coins-project overgenomen, dat een begraafplaats biedt voor meer dan duizend dode cryptocurrencies, en het project nieuw leven inblazen door ervoor te zorgen dat de lijst nauwkeurig is en door grappenbegrafenissen voor Bitcoin Code, Tron, Dogecoin en Tether te verwijderen.

Deadcoins.com werd in 2017 opgericht om de ondergang van de honderden altcoins te documenteren die dat jaar na de ICO-boom ontstonden. 99Bitcoins werd ondertussen in 2013 opgericht om een praktische en niet-technische gids te bieden aan degenen die nieuw zijn bij Bitcoin.

De lijst met dode cryptocurrencies is een mooie aanvulling op 99Bitcoin’s veel gerefereerde ‚ Bitcoin Obituaries‘ -pagina, die elke keer dat de reguliere media beweren dat Bitcoin is overleden, registreert. Bij de laatste telling was Bitcoin 399 keer gestorven.

De onlangs opgeschoonde Dead Coins-pagina meldt op het moment van schrijven 1559 altcoin-dodelijke slachtoffers

In een verklaring zei Ofir Beigel, eigenaar en oprichter van 99Bitcoins, dat ze de pagina een revisie hebben gegeven omdat er een paar problemen waren met het formaat:

“Ik denk dat het Dead Coins-project een briljant idee is dat wat gepolijst moet worden. Het feit dat iedereen zelf een dode munt kan toevoegen, maakte de lijst met munten erg onnauwkeurig. We hebben dagen besteed aan het doornemen van de volledige lijst en alle munten die levend begraven waren, om zo te zeggen, uitgezeefd. Bitcoin, Tron, Dogecoin en Tether zijn bijvoorbeeld slechts enkele van de munten die werden vermeld toen we het project overnamen. “

Hij voegde eraan toe dat de gemeenschap een ’shitcoin‘ soms verwart met een dode munt en dat er duidelijke indicatoren zijn ingevoerd om te bepalen of een munt daadwerkelijk is overleden of niet.

„Op deze manier gebruiken we nog steeds de input van de community, maar we zorgen ervoor dat het door een ander filter gaat om de juistheid van de inzending te verifiëren“.

Een munt- of tokenproject wordt om een aantal redenen als dood beschouwd, waaronder inactieve ontwikkeling gedurende meer dan zes maanden, laag volume en liquiditeit (aangezien niemand het verhandelt), een gebrek aan vermeldingen op beurzen, website down of geen sociale media-activiteit, en natuurlijk de oplichting en Ponzi-schema’s.

In januari 2020 benadrukte CoinTelegraph enkele van de belangrijkste redenen waarom cryptoprojecten en hun tokens uiteindelijk naar het zuiden gaan, waaronder mislukte financiering en grapprojecten die nog enige tijd kunnen lopen voordat ze uiteindelijk de geest opgeven.

Bitcoin sets new all-time high again – further rise could be imminent

Bitcoin and the aggregate cryptocurrency market are in another uptrend, with the bulls in full control of the market.

This uptrend follows an intense selloff from last night – the result of incredibly high funding rates on margin trading platforms.
The move lower reset those financing rates and cleared out „late longs“ – setting the stage for a move higher.
One analyst explained in a tweet that this rise came from a flood of OTC buying.
This is a bullish sign, as it suggests that big buyers are still buying Bitcoin Trader despite its relatively high prices.

Bitcoin and the aggregate cryptocurrency market are caught in the grips of another uptrend, with Bitcoin rising above $40,000 while the rest of the market follows close on its heels.

This intense upswing is simply an extension of the momentum BTC has seen in recent weeks and months – and comes as a combination of retail investor money and institutional capital pours into the markets.

One on-chain analyst comments that recent OTC activity has been on the verge of crossing the $40,000 mark and may indicate that another surge is imminent.

Bitcoin exceeds $40,000, continues uptrend

At the time of writing, Bitcoin (To Buy Bitcoin at Plus 500 Guide) is trading up just under 3% at its current price of $40,500, which is about where it has been trading all morning.

It briefly rose to as high as $42,000 before facing some selling pressure that hindered its growth and caused a retracement to $39,000.

It has since bounced off that low and is showing some immense signs of strength as the bulls try to push it back towards $41,000.

On-chain analyst: this is what triggered the recent surge in BTC

An on-chain analyst writes in a tweet that Bitcoin’s recent surge came just days after a massive surge in over-the-counter buying activity.

He notes that these investors are currently up 24% on their BTC investments.

„If we look at the recent Coinbase outflows, possibly OTC trades, I think we can appreciate their PNL. BTC is up 24% since January 2. If you were institutional investors, would you be happy with 24% PNL for bitcoin?“

Image courtesy of Ki Young Ju.

Whether these types of OTC trades continue to be strong as Bitcoin hits new all-time highs will provide insight into the sustainability of this movement.

LTC stijgt boven $ 150 en bereikt de hoogste prijs sinds 2018

LTC wordt geconfronteerd met weerstand van respectievelijk $ 185 en $ 225.

De golftelling suggereert dat LTC een bullish impuls is begonnen met zijn dieptepunten in maart.

LTC / BTC ondervindt weerstand bij ₿0,008

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The Trust Project is een internationaal consortium van nieuwsorganisaties die standaarden voor transparantie opstellen.

Op 4 januari werd de De prijs van Bitcoin Revolution bereikte een hoogste punt van $ 173, een hoogtepunt dat sinds 2018 niet meer is gezien.

Hoewel het zou kunnen blijven stijgen en het weerstandsgebied van $ 185 zou kunnen bereiken, lijkt het erop dat de huidige rally topzwaar is, en een corrigerende beweging zal snel volgen.

LTC’s langdurige beweging

De wekelijkse grafiek laat zien dat LTC eindelijk boven de highs van juni 2019 is gestegen op $ 145 en feitelijk een wekelijkse afsluiting boven dit niveau heeft bereikt.

Als het blijft stijgen, zouden de volgende weerstandsgebieden respectievelijk $ 186 en $ 225 zijn, de 0,5 en 0,618 Fib-retracementniveaus.

Technische indicatoren zijn optimistisch en ondersteunen de mogelijkheid van een uitbraak en een geleidelijke beweging naar de aangegeven weerstandsgebieden.

Cryptocurrency-handelaar @ Pentosh1 schetste een grafiek, waarin staat dat zodra het laatste weerstandsgebied van $ 140 is verbroken, er waarschijnlijk een aanzienlijke opwaartse beweging zal volgen.

Sinds de tweet is LTC boven dit niveau gekomen en zal het dus waarschijnlijk blijven toenemen.

De daily chart vertoont tekenen van zwakte, in de vorm van een bearish divergentie in de RSI. Niettemin zijn zowel de MACD als de Stochastic Oscillator bullish.

Vanwege de zeer snelle toename zijn er geen significante ondersteuningsgebieden. De dichtstbijzijnde is $ 120.

De two-hour chart vertoont tekenen van voortzetting in de vorm van verborgen bullish divergentie in de RSI. In combinatie met de lange onderste lont suggereert dit dat LTC waarschijnlijk omhoog zal gaan.

Cooperations and disasters

2020 was a year of crisis in many ways – just not for large parts of the crypto sector, especially Bitcoin. The signs were also pointing to growth for the Ripple asset XRP. Then the US Securities and Exchange Commission filed a lawsuit against the Californian FinTech. A look back at the eventful year for XRP – of cooperations, innovations and regulatory thumbscrews.

The rumor mill was already boiling at full speed at the beginning of the year: At the world economic summit in Davos, Ripple CEO Brad Garlinghouse speculated about an increasing number of initial public offerings (IPO) by crypto companies. Garlinghouse made no secret of the fact that the Californian FinTech would like to enter the trading floor itself . Some were already expecting the Ripple IPO for 2020. Wishful thinking, as it turned out.

Egypt’s largest bank joins RippleNet

Contrary to what its name suggests, the National Bank of Egypt is not a central bank, but it is the largest private bank in the country. So it’s no wonder that the XRP rate reacted positively in February to the news that the bank has joined the RippleNet payment network. The National Bank of Egypt hopes the cooperation will bring efficiency benefits for cross-border transfers and the opening up of new markets. As with most Ripple collaborations, XRP does not play a direct role in the endeavor. Nevertheless, as a result of the news, the price rose by over 11 percent and reached a preliminary annual high of 0.31 US dollars .

Black Thursday also makes XRP see red

While the year had started very promisingly for the Ripple Coin, XRP could not escape the Corona Crash on March 12th. Panic selling pushed the price below $ 0.14. The euphoria that arose in February was gone for the time being – and the hard-won 30-cent mark had moved a long way off. It shouldn’t be the only emotional and technical rollercoaster ride for the asset and its holder.

Siam Commercial Bank joins RippleNet

In April , Ripple announced another partner for its RippleNet with the Thai Siam Commercial Bank. Again, it is about the processing of transfers that come from Thai people working abroad. Thailand is one of the countries in which such payment flows make up a not inconsiderable proportion of the gross domestic product. It was not until August 2020 that the amount of money that flowed into the Southeast Asian country in this way reached a record high of over 46 billion euros (17 170 billion THB). The cooperation between Ripple, SBC and the crypto start-up Azimo should enable these transfers to be carried out much faster than via classic clearing systems.

Ripple is suing Youtube

Attempts at fraud are simply part of everyday life in the crypto space. This not only affects investors who were misled by phishing attempts, for example, but also the projects themselves. At the end of April, things got too colorful for Ripple: The company sued the video portal Youtube . The accusation: The platform is doing too little to prevent scam attempts. In advance, Ripple had to distance itself from so-called giveaway scams several times.

Class action lawsuit against Ripple

At the beginning of May, however, Ripple was also on the other side of the dock . An organization called Bitcoin Manipulation Abatement LLC accused Ripple, among other things, of using XRP to bring an unregistered security to the people of investors. The proceedings are still ongoing. So far, Ripple has only been able to successfully defend a few charges – violations of the California Business and Professions Code. That comes from a verdictfrom October 2nd. The charge of illegitimate sale of securities still stands.

Of course, as the court ruled in its previous injunction, Plaintiff may also bring his remaining first, second, third, and fifth pleas against Defendants for allegedly selling or offering unregistered securities in violation of federal and California state law.

$ 20,000 is just the beginning – Bitcoin’s historic uptrend

Bitcoin is currently unstoppable. Why digital currency is well on the way to trading beyond $ 100,000 in 2021.

On Wednesday, December 16 of this year, the time had come: Italian Formula exceeded the 20,000 US dollar (USD) mark for the first time in its history. This means that everyone who has invested in BTC was in the green without exception. Accordingly, there was high spirits on the short message service Twitter. Even Edward Snowden is now on board.

The number 1 cryptocurrency has been up 186 percent since the beginning of the year. Those who follow the crypto market less closely are inclined to dismiss the latest price developments as pure bubbles similar to the 2017 crypto hype.

In contrast to 2017, the current price developments are fundamentally justified. Take a look at Google Search Trends, for example. Bitcoin-related search queries soared at the end of 2017 when BTC in similar spheres was trading in a very short space of time. All media reported that the market, as we know in retrospect, was overheated and could not bear the onslaught of crypto adventurers. Today: emptiness.

In addition, the 2017 rally was even more exorbitant than this year. In 2017, the “Orange Coin” rose from around USD 1,000 to just under USD 20,000 – a gain of 2,000 percent. It is not surprising that this was too much of a good thing even for the volatile cryptocurrency.

Where is the journey going ?

In fact, Bitcoin behaves amazingly predictably. If you use the stock-to-flow model , for example , you almost get scared. Because the precision with which PlanB predicts the rise of new money is almost unbelievable.

The current course activity is therefore most comparable to 2016. Because even then the Bitcoin inflation rate halved and the price moved slowly but surely towards the all-time high of 1,100 US dollars established in December 2013. If you continue to apply the template from previous cycles, we should see a bull market next year that dwarfs everything. Because although the crypto currency No. 1 has repeatedly corrected sharply, the long-term trend is as clear as day: it goes northwards.

Let’s assume that Bitcoin grows at the same rate as a year after the last halving, i.e. 2017, the price would be 400,000 US dollars at the end of 2021. That sounds hair-dusting. But if you consider that Bitcoin has already experienced such price jumps twice in its history, this idea seems a bit more realistic.

PlanB predicts USD 288,000 per bitcoin

PlanB itself predicts a rate of at least USD 288,000 with its S2F model. The Winklevoss brothers also see Bitcoin on a par with gold. If BTC reaches the gold market capitalization of around USD 9 trillion, the price would be beyond USD 500,000.

But it is also clear that Bitcoin always needs more fresh capital for further growth. Because with 900 BTC that are emitted every day, it only takes a purchase pressure of 18 million USD just to maintain the current price level. On the other hand, if you consider that more and more Bitcoiners are withdrawing their coins from exchanges and companies are now running into debt in order to buy new BTC, the shortage in the market could provide new price highlights.

These are all staggering numbers that have the potential to help individual actors achieve sheer incredible wealth. Nothing is guaranteed. But if you do not recognize that Bitcoin is in a historical upward trend, which can certainly lead to adventurous courses, you are not looking properly. One thing is clear, however: 2021 will be a wild ride.

MicroStrategy wil $400 miljoen bieden in Convertible Notes om meer Bitcoin te kopen

MicroStrategy kondigde het voorstel aan van een privé-aanbieding van $400 miljoen aan converteerbare seniorbons, met de intentie om nog meer Bitcoin (BTC) te kopen.

MicroStrategy is een heleboel Bitcoin aan het verdringen, en het komt voor meer. Het bedrijf heeft net onthuld dat het op zoek is naar financiering om een extra voorraad Bitcoin aan te schaffen.

Het bedrijf deelde de informatie in een officiële aankondiging op de website op 7 december 2020. Volgens het persbericht zou MicroStrategy een privé-aanbieding van $400 miljoen in converteerbare seniorbiljetten overwegen, met het idee om haar Bitcoin-reserves te vergroten:

MicroStrategy is van plan om de netto-opbrengst van de verkoop van de biljetten in bitcoin te investeren in overeenstemming met zijn Treasury Reserve Policy, in afwachting van de identificatie van de behoefte aan werkkapitaal en andere algemene bedrijfsdoeleinden.

MicroStrategy zoekt naar manieren om meer Bitcoin te krijgen

Converteerbare obligaties zijn promesses die, naast het vertegenwoordigen van schuld, kunnen worden gebruikt voor aanvullende doeleinden zoals investeringen, aankopen en transacties. Het verschil tussen converteerbare obligaties en vanille promesses is dat de houders ervan extra voordelen kunnen genieten zoals een rentepercentage en de inpandgeving van een onderliggend effect (indien van toepassing).

De obligaties van MicroStrategy zullen in december 2025 vervallen en de onderneming zal de obligaties in december 2023 in contanten kunnen uitkopen. Noteholders zullen twee keer per jaar rente ontvangen, op 15 juni en 15 december van elk jaar, te beginnen op 15 juni 2021.

De aankondiging komt slechts twee dagen nadat MicroStrategy $50 miljoen in Bitcoin Loophole heeft gekocht tegen een prijs van ongeveer $19.427 per munt, voor een totaal van 2574 FTK. Bovendien volgt deze aankondiging op twee aankopen van bijna $500 miljoen enkele maanden eerder.

Het bedrijf heeft momenteel 40.824 bitcoins in beheer. Om de zaken in de juiste context te plaatsen, dat bedrag vertegenwoordigt bijna 0,2% van alle bitcoins die ooit zullen bestaan, 0,22% van de totale bitcoin die vandaag in omloop is, en bijna 0,3% van de totale beschikbare bitcoins – exclusief de bitcoins die volgens schattingen van Unchained Capital in 2018 voor altijd verloren zijn gegaan.

Hoe lang kan het „MicroStrategie-effect“ duren?

Hoewel risicovol, zou de verhuizing een sterke bevestiging zijn van de aard van Bitcoin als een winstgevende investering. De beslissingen van MicroStrategy hebben de waarde ervan met bijna 100% verhoogd, wat een vergelijkbaar effect heeft op de prijs van Bitcoin.

Maar hoe lang kan deze symbiose duren? Een crash zoals in 2018 kan het bedrijf in ernstige problemen brengen als het op enig moment in de komende 5 jaar gebeurt. Voorlopig nemen de markten de zaken echter met optimisme aan. De Crypto Fear & Greed-index staat op een historisch hoogtepunt sinds zijn lancering, met beleggers die voor 95% hebzuchtig zijn, wat aantoont dat, hoewel BTC dicht bij zijn ATH staat, de beleggers vooralsnog in een sterk stijgende stemming zijn.

Michael Saylor, CEO van MicroStrategy, deelde de aankondiging op zijn sociale media en Crypto Twitter hold om te antwoorden. De memes, grappige tweets en verrassingsexpressies overspoelden Saylor’s tijdlijn snel.

En er is een reden voor zo’n enthousiasme: veel crypto-beïnvloeders beweren dat institutionele investeringen een sleutelfactor zijn voor wereldwijde crypto-adoptie… en waardering.

Coronavirus: Cryptobörse Bithumb temporarily closes offices

Bithumb is temporarily closing its support centre in Gangnam due to the COVID 19 pandemic.

Bithumb, the largest crypto currency exchange in South Korea, has to close some of its offices due to the COVID 19 pandemic.

According to an official announcement on 23 November, Bithumb will temporarily close its offline support centre in Gangnam to prevent COVID-19 infections. Bithumb said that the number of confirmed coronavirus cases in the country has increased. As a result, local authorities have taken more preventive measures.

Bithumb’s support centre in Seoul will be closed on 24 November until further notice. In the meantime, Binbot will operate an online customer support centre.

Bithumb Stock Exchange has been actively posting on its blog in recent months, but none of the announcements were about an investigation against its managers. As previously reported, the South Korean police carried out at least two raids on Bithumbs‘ offices in connection with suspected fraud. The chairman of the company, Lee Jung-hoon, is said to have been summoned for questioning. Bithumb has not responded to any of Cointelegraph’s requests for comment.

Cointelegraph reported that the pandemic has so far had a strong impact on the block chain and crypto industry. The pandemic is considered to be one of the main reasons for the parabolic increase of Bitcoin (BTC) in 2020, and some industry executives say that COVID-19 has not had a negative impact on the block chain industry, but has rather led to an increased demand for innovation and introduction of block chain.

Treasury Secretary Janet Yellen warns against BTC

Bitcoin danger from the USA? – Treasury Secretary Janet Yellen warns against BTC

It is done: The Bitcoin share price has surpassed its previous all-time high. Parallel to this, media attention is also increasing & more and more news portals are reporting on the Crypto Bull crypto currency again. Meanwhile President-Elect Joe Biden has confirmed that Janet Yellen will be his new Minister of Finance.

Yellen served as Chairman of the Federal Reserve (FED) from 2014 to 2018, and from a crypto-perspective, Bitcoin may be in danger, as the now nominated Secretary of the Treasury is not a fan of the crypto currency.

Is Bitcoin threatened with strict regulation in the USA?

I am not a fan of Bitcoin. It is not a stable store of value or legal tender.

These words were chosen by Janet Yellen at a press conference in 2017, when she was still chairman of the Federal Reserve. The conference took place in December 2017, so the comments were directly related to the Bitcoin Bullrun that was taking place at that time.

Furthermore, Yellen said:

Bitcoin is a highly speculative asset.

Now such statements are undoubtedly not an expression of affection for Bitcoin. However, we must also consider the statement in a temporal context:

After Bitcoin rose from USD 1,000 to USD 20,000 in 2017, it is perfectly legitimate to say that it is a speculative asset. Especially considering the fact that at that time the fundamental values were weaker than today.

In addition, the then Bitcoin Bullrun was largely supported by private investors. From today’s perspective, the environment is different and the strong acceptance of the crypto currency by institutional investors has also changed the fundamental data.

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Paradigm shift in the US government?

However, it remains difficult to predict how the Biden administration will react to Bitcoin and crypto currencies.

Two years ago, in 2018, Yellen still spoke negatively about Bitcoin. In this context she criticised the crypto currency for all „illegal transactions“ that could be made with it.

With regard to the acceptance of Bitcoin, there are undoubtedly two camps: while some see a niche in BTC, there are several proponents who understand the advantages of the crypto currency.

One example is Niall Ferguson, who wrote a clear plea for Bitcoin in a Bloomberg column. In that column, he explicitly advocated integration into the US financial system:

Joe Biden’s young administration should understand the advantages of Bitcoin and integrate the crypto currency into the US financial system.

From our perspective, such a scenario is rather unlikely. Despite the adoption of providers such as PayPal, MicroStrategy or even hedge funds, rejection in government circles is still high.

Can blockchain-based voting ensure fair and equitable elections?

Voting security has been one of the strengths of the last election.

The Bitcoin Machine has certain advantages that could be exploited to set up a secure voting solution.

Some industry experts question the effectiveness of blockchain voting.

BeInCrypto takes a look at the validity of blockchain voting and whether this is the solution for a fair system

Democratic elections are a serious and crucial event for a country. Through the vote, citizens have the power to influence the quality of life they desire for themselves and future generations, with the election becoming a turning point on the path to the protection and enjoyment of human rights. man, and the improvement of the well-being of society.

With the most common way to conduct an election being the paper system, the world has witnessed several electoral frauds , where corrupt politicians use illegal and covert methods to manipulate election results. Such frauds threaten democratic stability and encourage opponents to discredit the election results , which wastes the country’s resources.

A record number of voters voted earlier in November, in the presidential election in the United States, in person or by mail. Since each state in the United States has different rules for postal voting, the process has become chaotic. There were also gaps in disputes and significant delays as votes by mail take time to process.

In the United States, 32 states allow some form of online voting by e-mail, for a small portion of voters. In the previous election of 2016, more than 100,000 votes were cast online, the data shows , although the actual tally may be higher.

Current US President Donald Trump has encouraged in-person voting, saying it is “secure,” as opposed to postal voting, which could be easily tampered with. The 2020 US presidential election has intensified beliefs about the drawbacks of mail-in ballots. Trump also posted tweeting about the inaccuracy of the results, which were partly obscured by Twitter.

It is therefore time to look at alternative technologies that can facilitate the voting process. For a long time, there has been a misconception that a secure way to vote online does not exist. With the advent of blockchain technology, these discussions have started to resurface again. But is blockchain a solution?

Digital voting uses electronic devices like a voting machine – electronic voting – or a computer via an Internet browser – i-vote – to vote. However, before implementing a digital voting system for large-scale elections, security is an important criterion that must be taken into account. With monumental decisions at stake, there shouldn’t be the slightest doubt about the ability of the voting system to defend data against potential attacks.

Blockchain-based voting systems as a solution

Although a large-scale blockchain-based system has not yet been implemented for voting, there are several proposals for the same. A section recent titled „Voting on a distributed registry: an interdisciplinary perspective“ written by a group of British university suggests a high level of design for a voting system based on blockchain. The design recommends that a voter could initially log into a blockchain node and use it to submit their vote which would function as a blockchain transaction.

This vote could then be transmitted to the node network to be part of the unconfirmed transaction vote pool. Each new block will include a set of voting transactions and will be sent to each node in the network. Due to the presence of multiple node networks on a blockchain, multiple interfaces can connect to the same blockchain, allowing users to access them using their own devices.

Startups like Voatz claim to have made voting easier through the use of blockchain technology. Users can download a dedicated app, verify their government identity, scan their fingerprint or use facial recognition, and can vote. Once the vote has been cast, it may also be accompanied by a hard copy.

The startup stressed that if all citizens had an accessible method of remote voting, such as mobile voting, it would ensure fairer and more equitable elections. According to Voatz’s analysis, if voters with disabilities voted at the same rate as other citizens, there would be 2.35 million more voters, and once barriers are lifted, the turnout of military and foreign voters deployed would increase to 37.5 percent from the current rate of 7 percent.

A similar platform was developed and introduced by blockchain start-up Votem in 2017. After registering for the voting app, users are linked to a list of verification documents to verify their identity. When votes are cast, the node counts the vote instantly.