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  • What is FedNow and is it Crypto's Biggest Competitor?

What is FedNow and is it Crypto's Biggest Competitor?

PLUS, will crypto crash? Ben Cowen says, yes, altcoins will

Hey – this is Big Joe Crypto, your crypto referee!

I'm here to make sure you know the rules as crypto competes with the traditional financial system. Speaking of which, crypto’s biggest competitor may have arrived.

“Ding ding” – let’s get ready to rumble!! 🔔 🥊 

Boxing match with referee animaed GIF

Here's what's happening today:

  • 🤨 FedNow launches. Could it be crypto’s biggest competitor?

  • 😐️ Ben Cowen reminds us (again) that Altcoins are probably gonna crash up to 50%.

  • 🚀 Sam Altman’s Worldcoin (WLD) launches. Crypto community is divided.

Got big crypto questions?

💡 Just so you know, we include affiliate links into our content from time to time. If you decide to purchase anything from our partners using our links, we get a little crypto-crumble 🍪 – aka, “we get compensated”. It’s our way of keeping the lights on and the content high-quality at Big Joe Crypto. Learn more.


Big Correction: Oops! In the July 21st email edition of Big Joe Crypto, the market numbers posted had errors. This was due to the upload not updating correctly. Just to avoid any confusion, BTC’s price was NOT ~26K last Friday! It it were, I would have bought a lot more! 😅 

Get the correct updated numbers here. Thanks for your understanding and on with the show!

*Prices as of 10:00 AM EST. BIG Movers based on top 300 cryptos by market cap.


What is FedNow? Some Say Crypto’s Biggest Enemy 

Cartoon David and Goliath as Bitcoin and Federal Reserve

Only time will tell if Bitcoin and crypto dodge FedNow’s punches with this much ease.

The U.S. Federal Reserve has officially pressed "go" on its new service, FedNow.

Could this be Uncle Sam's big response to crypto?

The big upgrade…

What is FedNow replacing? The simple 60-second answer

Let's rewind a bit: ⏪️ 

FedNow is replacing the era of delayed gratification in banking.

Previously, transactions were often bound by business hours and processing times, causing delays that could extend into days.

Payments could be sluggish, especially during weekends or holidays.

Conversations between two people often went like this when it came to sending and receiving money.

Recipient: “Did you send the transfer?”

Sender: “Yah, like 3 days ago. Why didn’t you get it already?”

Recipient: 🫠 

That’s just the tip of the iceberg, but this sort of thing is finally coming to an end for millions of Americans, and here’s how.

Now, cue in FedNow

Launched this July, this real-time payments system from the Federal Reserve aims to turbocharge money movement for businesses and individuals.

Imagine going from dial-up internet to high-speed broadband - that's the level of upgrade we're talking about here.

No more waiting for that paycheck to clear or transfer from a friend to come through – it's instant gratification, financial style. 🏦 💨

FedNow logo on top of building graphics

Why should you perk up?

FedNow signifies a major significant shift in the dynamics of the digital landscape. FedNow could potentially affect the role of Central Bank Digital Currencies (CBDCs) and even influence the adoption of stablecoins.

Still with me? Good. Here's the spicy bit:

As we all know, crypto's prime allure is its decentralization and instant transactions. But what happens when good ol' Uncle Sam offers the same instantaneous payments, without the roller coaster ride of volatility? 🎢 💸

This isn't just about quicker payments.

It's about shifting tectonic plates in the landscape of digital currencies.

FedNow's introduction could curb the necessity for a U.S. CBDC and might give stablecoins a run for their money (pun is clearly intended).

🤔 Why you should care

If FedNow makes the traditional banking system as efficient as crypto, it might just put a dent in crypto's mass adoption or, at the very least, slow things way down.

It's like finally getting that flashy sports car, only to have public transit suddenly become punctual, clean, and free. Lol!

But jokes aside, keep your eyes peeled on the development of FedNow.

Many think it’s a test run for Central Bank Digital Currencies (CDBCs), that could have the government controlling our money in ways that were never possible.

Stay tuned, and I’ll keep you updated on how things develop.

More Big News…

Ben Cowen Warns of an Income Altcoin Crash 💥 

Car crash into garbage truck with airbag animated GIF

The big warning…

Crypto analyst Benjamin Cowen warns us yet again of an incoming crypto crash that’ll see altcoins dropping 40-50%.

In fact he’s warned about the so called Altcoin reckoning before.

But it’s not the kind of crash you might be thinking.

The altcoin crash Cowen is referring to may see the value of altcoins fall in value against Bitcoin’s price (not just against fiat currency).

Benjamin Cowen @intocryptoverse Twitter altcoin drop

The big mind-shift in how to value your crypto portfolio 🧠 

Lots of people out there, including Mr. Ben Cowen, would rather value their crypto portfolio in BTC than in dollars.


They say it gives a better reading on what’s happening with each coin.

So for example, let’s say you had a portfolio consisting of Bitcoin, Ethereum, Cardano, and a bunch of other altcoins.

Instead of saying your portfolio is worth $46,382.98 in total (number made up for illustration purposes), you’d rather say your whole crypto portfolio is worth 1.59 BTC. Because that’s what the value of your portfolio would be if you converted it to BTC.

Or if the price of Ethereum in dollars was $1,900, based on a $30,000 BTC price you’d say the price of Ethereum was 0.06 BTC.

You getting the hang of this? Good!

What is an altcoin? A simple definition

It’s also important to define what an altcoin is when thinking about all this.

Most people say altcoins are anything other that Bitcoin, but Cowen uses the definition that altcoins are anything outside of Bitcoin AND Ethereum. This is because ETH has become a true blue-chip in crypto with less risk than most others.

Oh and just so you know, at Big Joe Crypto, we use the same altcoin definition. 👍️ 

🤔 Why you should care

If you own any altcoins - cryptocurrencies other than Bitcoin and Ethereum - your “alts” could witness a drop of 40-50% in their value against Bitcoin.

This doesn't necessarily mean your portfolio's dollar value will decrease by the same rate, but rather that the BTC value of your altcoins may diminish.

My take for most people is to have a smart allocation of your portfolio.

My RACI system (Rational Asymmetric Crypto Investing) is what keeps me sane, and way more likely to win BIG!

Check out how I allocate my portfolio, so that 50% drops or even 90% drops don’t scare me.


Another crypto wallet hack & warning to use hardware wallets

There’s been recent news of a crypto wallet hack that cost users $31 Million. 👀 

This is just another reminder to use secure wallets to store your crypto.

Remember, there’s NO bank insurance if your crypto goes missing as a result of a wallet hack.

That’s why I use hardware wallets like Ledger.

They look cool, but their security is what really matters.

In my opinion, there’s almost no point in investing in crypto, unless you store it securely.

Otherwise, you’re pretty much throwing your money and your crypto away. 🗑️ 

I can definitely think of better things to throw away, and crypto is not one of them!



LOL! This might be where things are going!

BTC meme 2015 vs 2023 Bitcoin acceptance

🙂 When you know know which coins to buy and when. Here’s how.

Jeff Bezos buying altcoin meme

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DISCLAIMER: Nothing in this communication, or from Big Joe Crypto and associated bigjoecrypto.com domains is financial advice. It’s all educational and is not investment advice, a recommendation or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful, stay rational, and do your own research (DYOR).