Daily Crypto, Finance, and Tech News Summary – August 16, 2023

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Welcome, and thank you for being part of the MyZucoins community! Let’s get into an interesting piece of crypto, finance or tech news to stay ahead.

Hope in Argentinan political government election

Pro-Bitcoin Candidate Dominates Argentina’s Primary Election

In recent events, Argentine presidential candidate Javier Milei, a pro-Bitcoin libertarian, has emerged victorious in the primary elections. Milei, who is known for his strong anti-central bank stance, has won the majority of votes, putting him in the lead for the upcoming presidential elections.

According to Bloomberg data, with 90% of the votes counted, Milei is out front with almost 32%.

The conservative party, Together for Change, trails close behind at just under 30%. The incumbent government’s group, the left-wing Union for the Homeland, is currently sitting in third place with just over 28.5% of the vote.

Milei, who identifies as an anarcho-capitalist, is the founder of the coalition Liberty Advances. His political views range from libertarian to far-right. He is a staunch advocate for Bitcoin and has made numerous calls to abolish Argentina’s central bank, labeling it a scam.

Milei’s bold rhetoric resonates with Argentina’s voters, who are currently grappling with an annual inflation rate of 116%, the highest in over three decades.

This inflation crisis is exacerbating the country’s cost-of-living issues. Looking ahead to the general presidential election on October 22, a candidate must secure at least 45% of the vote to clinch the presidency.

A final runoff vote will be held in November if no candidate achieves this. Read more here.

Adapting Crypto Strategy Amidst Political Winds

The rise of a pro-Bitcoin candidate like Javier Milei in Argentina showcases a global trend toward the acceptance of cryptocurrencies, and this is a wave that Zucoins could ride.

By positioning themselves as an efficient alternative to traditional fiat currencies, they can reach out to economies grappling with inflation.

Zucoins, with its support for 32 decimal places, enables micro-transactions without fees, a feature that can appeal to nations like Argentina facing cost-of-living issues.

Milei’s libertarian views echo the decentralization ethos that lies at the heart of the Splitchain network.

By leveraging this common ground, Zucoins can emphasize their commitment to a system free from any single controlling entity.

The Splitchain network ensures users themselves carry out transactions, akin to maintaining personal account statements. This resonates with the libertarian sentiment and can help gain traction among such audiences.

One of Milei’s key contentions is the scamming of Argentines through inflation by fiat currencies. This is where Splitchain’s truth-based network can shine.

By communicating Splitchain’s avoidance of a 51% attack from consensus-based manipulation, they can position themselves as a reliable alternative to traditional currencies. The Splitchain network’s truth-based approach ensures reliability as long as a node with a different source of truth exists and can be found.

While Milei’s stance on abolishing the central bank is radical, it signals a growing dissatisfaction with traditional banking systems, both commercial and central.

Users of Zucoins could tap into this sentiment by championing their two-way transaction system, which provides a more user-friendly experience.

The need for two-factor authentication (2FA) for transactions addresses common issues in traditional cryptocurrencies, such as accidental loss of unrecoverable value when sending to an incorrect receiver, thereby offering a more secure alternative.

Interestingly, as the political landscape changes in countries around the world, emerging crypto products like Zucoins must be proactive in their strategy.

Taking a cue from the Argentine elections, it is clear that public sentiment is open to alternatives to traditional banking systems.

Zucoins and the Splitchain network could lead the charge in such markets, offering a simpler, more efficient digital asset system that caters to the needs of a population grappling with economic instability.

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All the best,
Peter & Rob