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Any bank/forex place that changes less common currency (e.g. South African Rand) at a decent rate?
In general, you can find tons of legitimate places that do USD/EURUB, and occasionally PLN/CHF that are right on the street at very competitive rates (even better than Monobank at times). However, I was wondering if anyone know banks/forex places that do less common currencies so as so to avoid multiple currency conversion while traveling (ZAR->USD->UAH) or the other way around? Thanks in advance!
There are a lot of opportunities online for anyone that wants to make a little extra money. From a part-time hustle to an all-out digital career, there are loads of ways that you can make money with an electronic device, and a connection to the internet.
Paid Surveys - Did you know that thousands of South Africans earn extra income by simply participating in online surveys to help local companies improve their products? Finally, now you have an opportunity to do this as well! You can find a list of the top survey sites for South Africa HERE
Selling Your Photos Online - Selling photos is a wonderful way to make money online if you have an aptitude for photography. Two popular platforms that you can try are Shutterlock and Unsplash. Every platform will have different requirements, but they will all pay you in hard cash. Though the photography market is quite hectic, it’s still a good method of gaining a passive income if you’re persistent and professional. Plus, the opportunity for additional sales is higher when your photos become popular. Many companies need photos of landscapes, and we all know that South Africa has some of the most amazing scenery in the world. In some cases, a smartphone is enough to get started, depending on the stock photo site you choose.
Be a Freelance Content Writer - Freelance writing is a serious online business. The internet enters most areas of our life, and the need for blog articles and various types of content is exploding. There are many kinds of online writing work, and many people need things like product descriptions or simple reviews. Before going further in this direction, you first need to set up a blog or website. This will be an amazing portfolio where you can demonstrate to potential clients or businesses that you can deliver great work. A LinkedIn profile can be created to function as an online portfolio as well. Don’t forget that many writing clients will want to see specialized work, so be sure to consider what area you would like to specialize in. The pay for online writing varies, but with some practice, you should be able to make a decent part-time income.
Sell Unwanted Goods - You can sell your unwanted stuff to people who want it and make your side business a real money maker. There’s plenty of options to use for sales such as Gumtree or Amazon. Don’t forget to do some research and see what assets have recently been sold so you have a target price. If you a business, you can sell other people’s goods as well. Many people don’t have the time or patience to sell goods online, and you can do it for them. If you charge a reasonable percentage of the sales, you can make a solid business out of selling used goods online.
Build a Personal blog/website - Not only can you write for companies to gain income but you’re also able to run your own blog to raise money as well. Set your expectations at a reasonable level because this job requires consistent practice and lots of patience. Bloggers make a profit, often through press coverage, advertising products, and writing sponsored guest posts. You will need to run the blog for a while before you can expect to see any profits, but it is very simple to get started. Check out some of the other ideas on this list for ways to leverage a blog for greater income, like selling drop shipped items.
Legitimate Remote Jobs can Pay Real Money - Many companies are heading to a work-from-home style of business since this type of model helps save money, and eliminates the risk of illnesses. People are completely flexible while working for a company and selecting where they decide to spend their time.CrowdSource, for example, hires remote writers, editors, and other jobs that can be done easily from anywhere. Companies like Fast Chart offer work-from-home options for medical transcriptionists. You can also try seeking opportunities at LiveOps, a call center staff. You might be surprised at how much time and money you save when you work at home. There is no transit, and you can cook for yourself. Think about it!
Become a Dropshipper - Dropshipping is not a strange term, especially when eCommerce is booming. Anyone can be a drop shipper since the work requires low investment at the beginning and also guarantees minimal risk. The system operates by purchasing the stock (goods) from a third party supplier or manufacturer, who then fulfills the customer’s request. You don’t have to shop or handle goods in advance because the product comes directly from the vendors whenever an order is placed by a customer. There are many dropshipping platforms out there, and some are basically free to use. You will need to figure out how to market the goods, which is where a blog or website comes in very handy.
Affiliate Marketing - Affiliate marketing is a popular method of making money online in South Africa and across the world. You can sell into a variety of markets with this business model, and make money almost anywhere. You can generate revenue from product sales. In other words, affiliate marketers will refer readers to a lot of products and get a small cut from them. Once a customereader buys products, you will earn a commission. A widely known approach is to start creating your own blog in a specific niche and to establish a trustworthy community that can purchase your promotions. Unlike dropshipping, you simply get a commission and have no other responsibilities. So easy! Check out SA’s leading affiliate network – https://www.affiliate.co.za/
Online Business with Etsy - Try selling DIY designs and crafts on Etsy if you’re a skilled maker. An Etsy shop is basically free to operate, and you can make real money with the platform. Once your registration is complete, you can start posting photos of your works, and people can purchase your products. There is really no limit to what can be sold on Etsy, but make sure that you are able to send your goods to other countries, as many buyers are likely to be in the EU or North America. A PayPal account is important to have and also a popular payment choice so that customers can pay you quickly. Take nice pictures of the items to help draw purchasers into a sale. Make sure that you have good customer service as well, or you won’t be selling on the platform for very long!
Forex Trading - You might have heard about trading FOREX or Contract For Difference (CFD) trading. The basics of this online money-making are simple. You will choose a currency pair, and bet on the direction of one currency vs. the other. For example, you could speculate that the EURO will appreciate vs. the RAND (or just about any currency). If you are correct, and then sell the contract, you will make profits. While this might sound easy, most people who do this lose money. In addition to currency, most retail FOREX brokers will allow you to trade in other markets, such as commodities, or shares. If you are looking for a reliable income, this probably isn’t right for you. On the other hand, if you don’t mind taking on risks, trading FOREX can be extremely profitable.
FF News: China 'lies,' says The Wolf of Wall Street, Omar Abdulla??
Bitcoin said to ‘drop,’ with Covid 19 woes, says “The Wolf of Wall Street,’ Omar Abdulla?? by Faaiza Ismail (19 February 2020-BBC) “The Wolf of Wall Street,’ Mr. Omar Abdulla is to have addressed members of the investment community this week, stated that the price of Bitcoin and other Chinese created Crypto Currencies related, are said to drop with the fundamental data of the Covid 19 virus, the slowdown of US growth and straddle economic data from The United States. “The Chinese pandemic has caused major losses to China, and thus impacting the growth on The United States. I would sell Bitcoin, Dollar, and perhaps hold the rand for some strength.’ he retired. Speaking to Footprints in Wuhan, local Chinese resident, Ms. Ameila Wang says that Wuhan has been locked down since 23 Jan 2020, and the death toll has almost reached 2000. “We are not even counting the dead bodies that have died at home, on the street, or mis-calculations from the Chinese government.’ The Economic Times reported that we should see some dollar and Bitcoin weakness as China has not been to over in over two months, already impacting the global sector. “Third world currencies is where we see the investment rise, as first world countries have already seen fears rise, and South Africa or even Africa has reported little or no cases.’ The Omar Abdulla Group which has investments into Bitcoin SA, Forex SA, Instagram SA and Facebook SA noted that they will be short-selling major currencies, buying into South African currencies and African shares. “We see opportunities to about April 2020, depending on the control of the virus.’ The World Health Organization is said to meet with President Donald Trump and President Xi Jinping this week to bring the economic crisis to an upbeat. “China has already spent close to $4 billion dollars on the virus and a further n estimated $3 billion dollars wll be needed from The United States and The World Health Organization.’ The death toll has already reached 2000, with more than 70 000 cases reported, and we could see more short selling in the weeks to come, as China deals with Covid 19, ended a Wuhan resident. Message 6 of 7 (92 Views) Reply0 footprints Member 📷 Posts: 12
Re: FF News: The Omar Abdulla Group
Options Saturday Markets ‘calm down,’ as the world awaits more lies from China, says “The Wolf of Wall Street,’ Omar Abdulla…?? by Nabila Dockrat (2 March 2020—ABC NEWS) The Wolf of Wall Street Mr. Omar Abdulla says that China is reporting low number of cases the past several weeks whilst other Asian countries are starting to peak with new cases daily from South Korea, Japan Hong Kong and Singapore. “Maybe the other Asian countries are the ones to be trusted, instead of lying China,’ he told ABC NEWS. Another resident who spoke to Hubei Times looped that China has been injecting billions of dollars into their economy by stagnating the impact of Covid 19. “China has been injecting stimulus into their economy to keep the market alive. We believe that much more people have died at home, and China is keeping the numbers low so that people can get back to work.’ Addressing members of Washington, President Trump says that the Corona Virus Is ‘under control,’ and should see smaller numbers as Winter in China progresses. The Omar Abdulla Group which owns shares in Bitcoin SA, Forex SA, Instagram SA and Facebook SA added that investors were queuing to invest into GOLD and SILVER as these Commodities were known as ‘safe havens.’ “Markets have stayed away from the see-saw markets of China and The United States, and have Gold as the medium of trade.’ In other news, speaking to The Hong Kong Sun, local resident, Ms. Sue Ying cooled that the rest of Asia should be trusted with their numbers, and not the Chinese. “The Chinese government want to keep numbers low so that people can get to work, and not cause billions of other people in Asia to panic.’ Meanwhile, South African shares seem to have progressed during this flu season, as first world currencies have seen their money moved to third world currencies. “Markets have moved some of their investment into Africa and South Africa, as very few cases have been reported in these countries.’ Economist for The Omar Abdulla Group, Ms. Ayesha Noormahomed concluded her remarks to The Sunday Times that she expects the South African Rand to get stronger within the year, due to better economic data from South Africa and expects the Covid 19 virus to come to an end by April 2020. “We are already seeing low numbers from China, and although the virus is still not yet fully contained, we should see billions in China returning to work in coming days, which could see the Asian markets rise to market expectations.’
02-24 13:24 - 'FF News: China 'lies,' says The Wolf of Wall Street' (self.Bitcoin) by /u/footprints888 removed from /r/Bitcoin within 54-64min
''' Markets ‘calm down,’ as the world awaits more lies from China, says “The Wolf of Wall Street,’ Omar Abdulla…?? by Nabila Dockrat (2 March 2020—ABC NEWS) The Wolf of Wall Street Mr. Omar Abdulla says that China is reporting low number of cases the past several weeks whilst other Asian countries are starting to peak with new cases daily from South Korea, Japan Hong Kong and Singapore. “Maybe the other Asian countries are the ones to be trusted, instead of lying China,’ he told ABC NEWS. Another resident who spoke to Hubei Times looped that China has been injecting billions of dollars into their economy by stagnating the impact of Covid 19. “China has been injecting stimulus into their economy to keep the market alive. We believe that much more people have died at home, and China is keeping the numbers low so that people can get back to work.’ Addressing members of Washington, President Trump says that the Corona Virus Is ‘under control,’ and should see smaller numbers as Winter in China progresses. The Omar Abdulla Group which owns shares in Bitcoin SA, Forex SA, Instagram SA and Facebook SA added that investors were queuing to invest into GOLD and SILVER as these Commodities were known as ‘safe havens.’ “Markets have stayed away from the see-saw markets of China and The United States, and have Gold as the medium of trade.’ In other news, speaking to The Hong Kong Sun, local resident, Ms. Sue Ying cooled that the rest of Asia should be trusted with their numbers, and not the Chinese. “The Chinese government want to keep numbers low so that people can get to work, and not cause billions of other people in Asia to panic.’ Meanwhile, South African shares seem to have progressed during this flu season, as first world currencies have seen their money moved to third world currencies. “Markets have moved some of their investment into Africa and South Africa, as very few cases have been reported in these countries.’ Economist for The Omar Abdulla Group, Ms. Ayesha Noormahomed concluded her remarks to The Sunday Times that she expects the South African Rand to get stronger within the year, due to better economic data from South Africa and expects the Covid 19 virus to come to an end by April 2020. “We are already seeing low numbers from China, and although the virus is still not yet fully contained, we should see billions in China returning to work in coming days, which could see the Asian markets rise to market expectations.’ ''' FF News: China 'lies,' says The Wolf of Wall Street Go1dfish undelete link unreddit undelete link Author: footprints888
This is the best tl;dr I could make, original reduced by 59%. (I'm a bot)
NEW YORK - The dollar stayed firm on Wednesday, as investors focused on socking their money into bonds and gold - and to a lesser extent the yen and Swiss franc - with no end in sight in the trade tension between China and the United States. Benchmark U.S. Treasury yields fell to their lowest levels since September 2017 while New Zealand bond yields tumbled to a record low. Fears about a trade war between the world's two biggest economies spurred selling in emerging market currencies such as the South African rand and Brazilian real and commodity-sensitive currencies including the Australian and New Zealand dollars. Benchmark 10-year Treasury yields fell to 2.219% earlier Wednesday, the lowest since September 2017, while yields on 10-year New Zealand government debt touched 1.730%, the lowest level since at least 1985. The greenback was little changed against the yen and the Swiss franc at 109.36 yen and 1.0078 franc per dollar, respectively. Major central banks have not signaled an imminent policy easing to counter business slowdown stemming from the Sino-U.S. trade conflict.
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Yuan, Australian dollar gain on upbeat China factory survey
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TOKYO - A surprise improvement in Chinese factory activity supported the yuan and Australian dollar on Monday, and provided a broader boost to global investor confidence, helping the dollar gain against the safe-haven yen. That pushed the Australian dollar, often seen as an investment proxy for Chinese economic prospects, 0.15 percent higher to $0.7107. The Chinese yuan also gained 0.2 percent in offshore trade to 6.711 to the dollar. The U.S. dollar rose 0.15 percent to 110.93 yen, extending its advance from the 1-1/2-month low of 109.70 it touched a week ago. The Mexican peso gained 0.4 percent to 19.347 to the dollar while the South African rand gained more than 1.2 percent to 14.317 per dollar. The Turkish lira eased 0.9 percent to 5.591 per dollar after President Tayyip Erdogan's ruling AK Party was set to lose control of the capital Ankara for the first time in a local election and he appeared to concede defeat in the country's largest city, Istanbul.
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Dollar dips after weak US data, Turkish hike supports emerging currencies
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Emerging currencies, like the South African rand and the Mexican peso, held onto to gains having surged, as investors in emerging markets registered relief that Turkey's central bank had hiked its policy rate to 24 percent to restore confidence in the lira. The greenback took a hit overnight after the U.S. consumer price index, the government's broadest inflation gauge, rose just 0.2 percent in August and less than the 0.3 percent projected by analysts in a Reuters poll. The dollar's index against a basket of six major currencies was a shade lower at 94.491 after slipping 0.3 percent on Thursday, when it touched 94.428, its lowest since Aug. 31. The euro inched up 0.05 percent to $1.1695 after gaining more than 0.5 percent overnight when it brushed a two-week high of $1.1701. The lira surged after Turkey's central bank raised its benchmark one-week repo rate by 625 basis points to 24 percent on Thursday, in a bid to stabilize the currency, which had slumped to a record low against the dollar a month ago. Following the lira's rally, the South African rand gained 1.3 percent against the dollar on Thursday and the Mexican peso rose 1 percent.
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Advice/information on transferring savings overseas and closing bank account
I am moving overseas and need to transfer my savings out of my FNB account. I want to do this after I have moved, since I want to keep my South African bank account active for some months, so that I can get my various security deposits back, and have an account connected to my debit and credit cards that I want to keep using until I get a new bank account. I have a few questions about this:
I am thinking doing this through Forex after I get a new bank account overseas. Will this be simple? They ask for supporting documents to justify the transfer when one applies for a Forex transfer - what should I have to provide, in my case?
Will Forex be cheap? I could only find rates from 2012, it says the commission is 0.5% for outward swift, but there seems to be a cap of R 660. Does this mean that they will not charge more than R 660 in fees, regardless of the amount?
Is it possible to close a bank account remotely from abroad, without walking into a branch?
Is there any way to know when the rand will get stronger again? Then I can wait and transfer the money at an opportune time.
I know I could ask the bank all these questions, but I have had pretty frustrating experiences with FNB over the last few years, so I want to ask reddit first and get some crowdsourced information/experiences in case I get conflicting/inconsistent answers from the bank. Thanks!
This will be a wall of text, but with pictures! I'm going to attempt to analyse USD/JPY, EUJPY, GBP/JPY, AUD/JPY, NZD/JPY, CAD/JPY, CHF/JPY, and ZAJPY. I'm really interested in your feedback, especially from the guys who are good with the supply/demand levels :) A thought occurred to me while I was regretting eating McDonalds for dinner last night. When there are strong directional moves by one pair, associated pairs and crosses will move in the same way - especially if that move is the result of only one of those currencies strengthening or weakening. Often however, its the associated pairs that will offer a cleaner technical setup. The purpose of this post is to identify a Yen pair that has the greatest upside potential in the event of the Yen weakening again. It might take a long time to get back up to the highs, so I want a currency with a really good outlook. If you think there is a strong case for a continued move to the downside, I really want to hear it as well. Likewise on the last big leg up in USD/JPY, when we cracked 100 and then some, I actually lost out a little bit by spreading my trades across EUJPY, USD/JPY and GBP/JPY - the rationale being that if the Yen weakened rapidly, the risk trades would do the best against them rather than the dollar (which normally has quite muted moves whenever the Yen weakens rapidly). Except in that case it was the dollar strengthening, and the Yen fought back against the Euro and Pound. So I got thinking: one of these pairs must have the cleanest technicals, the simplest fundamentals, and offer the best risk:reward potential for a trade to the upside - especially since it's the BoJ in 2 days. I'm going to go through the suspects one by one, and just do some basic technical and fundamental analysis. I will only be using trendlines, fibonacci levels and the 50 & 100D SMAs. For the purpose of simplicity I have ignored price data pre mid-2012, as most of those levels are gone now. Except the one we're at now - in almost all pairs the current level has been a significant pivot, dating back a few years. Starting with /forex's most hated pair: USD/JPY http://i.imgur.com/W8DRrkU.png Technicals 100 is once again a significant obstacle, and I expect sideways action between here and 96, if the selloff doesn't continue. The Yen might weaken again very sharply, but so also might the dollar. We have a fairly clear and convincing trendline break, and I'm regretting getting in long. We might have a low in place, but we also might not. We are currently supported at a critical level by the 100DMA and the 0.23 fib, as well as a known demand level. A break lower here targets 95 and then 93.50. Fundamentals We will need a dollar rally as well as a Yen rout to climb quickly, and I'm unwilling to play only one and not the other. Without signs that the US will slow easing and Japan will at least keep it up, we do not have the fundamental driver to push very much higher. Trades I'm not sure the best trade is to be found here, in either direction. Long seems to be the way forward, but we need some convincing. Otherwise it's sell rallies into 100. EUJPY http://i.imgur.com/ETkvc23.png Technicals If we're looking for the best technical setup for a long, we might have it here. We've spiked through this pair's most significant demand level, bounced off the 100DMA, and closed above the trend line. It's a fairly simple picture. Fundamentals I am slightly concerned by the Euro's lacklustre performance against everything besides the dollar. EUGBP is down, EUAUD didn't add 200 pips in the last session, etc. That said, I think that the Eurozone is going to start impressing people soon, as long as they can avoid another sovereign debt crisis. Which they won't. It will happen and when it does it will suck this pair down the suck hole faster than USD/JPY ever could. Trades The problem here is that the bottom of Friday's hammer is 280 fucking pips away. I don't know about you guys but I don't like setting stops 280 pips away, especially with limited upside potential right now. I would look for a higher low to form first before getting in long - maybe around 128.50. A new Eurozone crisis, continued Yen strength and a break of Friday's low could send this pair screeching to a spike low of 115 in a matter of minutes, in my opinion. GBP/JPY http://i.imgur.com/gv5WVy5.png Technicals Another good long tech setup. A Head and Shoulders pattern was broken and completed on Thursday, with a close above the trend line. Fundamentals The UK economy is looking better than it has all year, and its recovery is looking set to overtake the Eurozone's. However, Mark Carney comes in next month and we might be staring down the barrel of more dovish MP. This could destroy Cable's fragile recovery, which is showing signs of weakness at a previous pivot level and significant fib. Trades Going long here seems like the obvious choice. A stop would need to be quite wide, but below Thursday's low would probably be sufficient, as we could probably see Friday's low as a bizarre volatility spike that had very little to do with the Pound or the Yen. Mind you that is still 160 pips away, so either wait for a dip or keep your position size very small. AUD/JPY http://i.imgur.com/EDZigYP.png Technicals This is not a chart that screams, "go long", and it makes me worry about the other Yen pairs' upside potential. It could well be that the next significant move lower starts here, as the Aussie continues its collapse. Currently holding at the 50% fib and 200DMA, but any trendlines are long gone and we can expect price consolidation as long as we do not go lower. Fundamentals China released a lot of bad data this weekend, some neutral data, and no good data. The Aussie and Kiwi underperformed against the USD this week, despite being given a massive head start. There is huge scope for further easing, and this currency is strictly in "sell rallies" mode. A gold and commodities recovery is the only thing that will save the Australian dollar. Trades I don't like it either way. As has been said on this sub before: what a c*nt of a pair. NZD/JPY http://i.imgur.com/5pEnfhq.png Technicals An even uglier picture than AUD/JPY, but we have spiked off the 0.38 fib and closed above the 200DMA, if that means anything. A break of Friday's low could get extremely bad very quickly, but this pair isn't known to really motor. Fundamentals The Kiwi actually performed worse than the Aussie this week, closing at the lows and through significant support, while the Aussie staged a late rally. It's hard to be bullish either of these currencies. This is purely due to the commodities slump. Despite tightening MP, the Kiwi looks particularly vulnerable as the entire bloc collapses. Trades I'm not sure the best trade is here, but if Yen strength continues then selling a rally into 77.50 looks like a good play. CAD/JPY http://i.imgur.com/AdcnwkO.png Technicals 97.50 is the bull/bear line here and we're well through it, so we would need a close above here to be really bullish. Price bounced off the 0.23 fib and 100DMA, and 97.50 once again offers the most serious upside resistance. A break lower here targets 91.50 Fundamentals The Canadian dollar staged a late rally on Friday on the back of ridiculously good employment data. USD/CAD is now at descending channel support and the 50% fib of the recent rally, so I would be careful either way. Otherwise I don't know much about the Canadian fundamental picture, but I believe they're happy to see Carney go. Trades Not really sure what to do here. If anyone is more familiar with this pair, let's hear it. Otherwise I'm gonna stay out of this one. CHF/JPY http://i.imgur.com/4vvoI2o.png Technicals CHF/JPY was actually the biggest gainer in % terms when Japan first announced its QE program. Since then it hasn't done much. Trendline is gone but we've bounced off the 100DMA, which has provided support before. We need above 105 to get really bullish here. There is a very long broken wedge which technically targets 93. Fundamentals I expect the Swiss Franc to weaken if the stock market recovers from here. If it doesn't, and we see a continued decline in stocks, the Yen will strengthen more than the Franc, so we'll probably head down some more. Overall it doesn't look good for this pair. If USD/JPY recovers sharply, USD/CHF probably will as well, so gains here will be muted. If on the other hand gains are driven by fundamental Yen weakening in response to more QE, would could see a large move to the upside. Trades Buy on a break and hold of 105 only. ZAJPY http://i.imgur.com/SYiZZpd.png I just put this up for the lolz. Something has gone horribly wrong for South Africa, so if you think the Aussie's had it bad... Technicals A break of the 50% fib gives us real cause for concern here. If the Rand continues to weaken as a result of gold weakening, we could see the rally fully retraced. Expect consolidation. Fundamentals The Rand performed worst of all the commodity currencies, as gold continues to slide (it recently broke out of its consolidation to the upside, only to crash on Friday to confirm a break lower again, targeting $1350). When USD/JPY collapsed on Thursday, USD/ZAR barely blinked. I've been trading it to the upside on dips, but 10.00 seems to be capping moves for now. If gold does not recover sharply, the South African economy is going to suffer very badly. Trades F that noise. Buy USD/ZAR on a break of 10.25, or sell it on a break out of consolidation.
It's another one those “let's have a rational discussion about Bitcoin” posts. As something of a believer I am not interested in trashing Bitcoin, but it's clear that not everyone's vision of the future for Bitcoin is the same, so here is mine. First the negative. Bitcoin is terrible for in person transactions, and I suspect it always will be. What Bitcoin excels at is being “Internet Money”. No average Joe wants to wait 10 minutes for a confirmation whilst buying a cup of coffee. The main arguments against this are a mixture of “zero confirms is good enough” and “services on top of Bitcoin facilitating off chain transactions”. Merchants do care about small value losses, the CCTV cameras in most small convenience stores prove this, whilst the Satoshi client does not let you double spend easily with zero confirms, in terms of the protocol it is trivial. If Bitcoin adoption grows and zero confirms start to become common we should assume we will see alternate clients designed to make double spending as easy as possible. As for services facilitating off chain transactions, what is the difference from the consumers point of view between this and a Credit Card?, add in the fees for this off chain service and you are likely at the same cost as a CC payment. Bitcoin adds little value over cash or CC in the real world, fiat currencies for transacting locally are difficult to beat. The enthusiasm for Bitcoin is impressive, but Bitcoin's future does not lie in Subway, bars, coffee shops, etc. Bitcoin has also conclusively proved that not everybody is ready to be their own bank, here are some examples.
MtGox gaining new customers despite their banking problems being well publicised.
People complaining about the price rising after they sold coins, expecting the exchange to make up the difference (yes I have come across this on IRC and it didn't appear to be joke).
BFL pre order customers forcing refunds from PayPal, despite BFL having a poor reputation before they began accepting ASIC orders.
People losing coins because they don't understand how change addresses work.
People forgetting passwords to their wallets. *People losing coins due to insecure wallets, poor passwords, brain wallets, web wallets, etc.
The last point about security is important, I consider myself to be fairly technical but find the task of securing Bitcoins daunting. The most difficult scenario is where someone has a lot of coins but needs to spend some of them frequently. The community could really do with a dedicated guide about security listing the options and trade off's, the Bitcoin wiki page currently is a bit too focussed on the Satoshi client. Note that simply blaming the user isn't good enough, CC and cash offer a much better consumer experience (lost your credit card?, call your bank and get it cancelled and re-issued). Now the positive. I see lots of scenarios where Bitcoin is incredibly successful but the average Joe knows nearly nothing about it.
Buying things over the internet (duh), particularly internationally. Bitcoin gels very well with the increasingly globalised and smaller world that we live in.
Allowing unbanked people to participate in the global economy cheaply.
A stable and liquid reserve currency which could become a kind of meta currency. For example currently if you try to convert two disparate currencies through FOREX, say Singapore Dollar and South African Rand, the money will likely be converted into USD in between. Bitcoin could be well suited to this intermediate step.
B2B transactions, Bitcoin is great way for companies to settle with each other.
Savings, Bitcoin is a great way to diversify, whilst nothing is guaranteed in life, Bitcoin being widely adopted means it is likely to hold it's value.
The last point is also important, one common theme I see in the Bitcoin community is that of banks hating Bitcoin. For investment banks in particular this is likely to false, they currently trade and speculate on a large number of commodities every day and would welcome a global instrument like Bitcoin. Retail banks don't have much to fear either, as previously mentioned even Bitcoiners love to be able to reverse payments in some circumstances (BFL pre orders). I suspect the reason the banks are not all over Bitcoin yet, is due to a combination of regulatory worries and inertia. Banks have become risk averse since the 2008 financial collapse and it would be disingenuous to suggest that Bitcoin is without risk. One final point about inflation versus deflation, roughly speaking most western countries were on the gold standard for about a 100 years, and we have been off it for nearly as long. What is often ignored by newcomers to Bitcoin (but I have seen raised in the community) is that a monetary system is not independent of the world it exists in. The last hundred years have seen a huge increase in the planets population and this will inevitably bring with it resource scarcity. There may be a perfect one size fits all monetary policy, I doubt Bitcoin will be it, but Bitcoin may be exactly what the world needs to get the world through leaner times. So to summarise, I find it hard to envision Bitcoin replacing fiat completely, if Bitcoin is really successful fiat could be commonly measured against Bitcoin.
Dollar steady, markets take North Korea missile test in stride
This is an automatic summary, original reduced by 68%.
TOKYO The dollar edged higher against a basket of currencies on Monday, moving away from last week's 6-1/2-month lows and shrugging off news of North Korea's latest missile test as investor attention turned to the Federal Reserve's expected interest rate hike next month. The dollar index, which tracks the U.S. currency against a basket of six major rivals, inched up 0.1 percent to 97.502, holding well above last week's nadir of 96.797, its lowest since Nov. 9. The U.S. economy was at or near the Federal Reserve's goals of full employment and stable prices, Williams said, adding that the U.S. central bank wanted to ensure markets stayed calm as the Fed slowly returned interest-rate policy to normal. Gross domestic product grew at an annual 1.2 percent in the first quarter, faster than the 0.7 percent reported last month, though softening business investment and moderate consumer spending might impede an acceleration in the second quarter. With U.S. and UK markets closed on Monday for the Memorial Day holiday, major currency pairs were likely to tread water, with few incentives to take new positions. The South African rand rose to a two-month high of 12.6300 per U.S. dollar, after South African President Jacob Zuma defeated a no-confidence motion against him at a meeting of top officials of the ruling African National Congress on Sunday.
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The South African Rand is the currency of South Africa. Our currency rankings show that the most popular South Africa Rand exchange rate is the USD to ZAR rate. The currency code for Rand is ZAR, and the currency symbol is R. Below, you'll find South African Rand rates and a currency converter. South African Rand ZAR Currency South African Rand real time quotes rand exchange rates rand cross tick charts south afican news forex analysts south african rand trading rand interbank currency brokers. The South African rand is sliding to its lowest level in more than a week after the government warned of a national “catastrophe” should its controversial land reform program fail to take place. South Africa has been under the spotlight in recent months after domestic leaders have been pressing land reform as a way to eliminate inequality and facilitate racial justice, something that has ... The South African rand has shown it has the ability to sustain its lower forex values against the USD short term. Trading early this morning has produced a slightly bullish rise, but this has come after strong downward pressure which resulted in the critical 15.50000 level coming into target. "Euro / South African Rand" exchange rate predictions are updated every 5 minutes with latest Forex (Foreign Exchange) rates by smart technical market analysis. Q&A about EUR to ZAR Fx forecast. South African rand (ZAR) See both the current exchange rate for South African rand (ZAR) and the currency's historical development over time against the Swedish Krona. You can choose your own time span in the graph from 2012 to today's date. We also list the countries where South African rand (ZAR) is primarily used currency. Trading South African Rand. Launched as the official currency of South Africa in 1961, the South African Rand’s name originates from the word “Witwatersrand” which is a term in Afrikaans for “white waters ridge” and refers to a geographical location where gold mining was historically carried out. This area, close to Johannesburg, was one of the world’s largest gold-producing areas ...
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