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Reasons why bitcoin may not become an everyday currency

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We all want bitcoin to become an everyday currency and something that we can use at all merchants. In fact with the ease in which we can transact with bitcoin and the other crypto, it would be a great tool for online payments as well, without us having to worry about identity theft and the like. However, according to a recent article that was published, Ray Dalio says that bitcoin may not become this integrated as we are hoping for it to be. 

 

Ray Dalio is a billionaire, and according to him, bitcoin is too volatile and as a result of this volatility it would not be a good currency to use for everyday use. This makes sense, as the volatility could result in a loss to the buyer or the seller depending on which way the market goes over the course of the days that the transaction takes place. Furthermore, the acceptance by banks and governments will be a challenge, as it may serve as a competitive currency with them. Lastly, with bitcoin price being so high, could there be a downward trend coming that we are not yet prepared for? 

 

What do you guys think? Are these legitimate reasons as to why bitcoin will not be adopted fully? It makes sense to me, especially the reason of volatility, however, I have to admit that despite this i still am hoping for crypto to become a major form of payment in the future. 

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The volitality will be the most unwanted setback, and aside from that, a store holder would always desire to have a reserve asset, but crypto currency such as btc cannot offer the assurance of reserving the valued instilled as a the time of reservation or saving. 

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one reason for me stands out , the expensive look of it, so to me its really important to work with it . you cannot do everyday transaction with it, you cannot do transactions of small  items so , imagine you want to buy something worth 1 dollar , how do you send a dollar in bitcoin that is really tough , the right idea would  be to make sure that you are able to have a coin that is accessible to even the lowest  of it .

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Yes right @BrolySSJ the volatility is one of the factor reason make Bitcoin not become an everyday currency. Months ago some online shopping added it as a payment method, but then they have deleted it because of the increase and decrease it price. However, some online service use it as voucher or gift card for shopping, it is possible this the solution or maybe they will encounter solution for that in the future.

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Well People have different perspective on Bitcoin. But seeing current situation, Bitcoin is becoming the digital investment and because of it's P2P nature it's being accepted for daily transaction in my view.

Also we shouldn't miss about the PayPal, PayPal has millions of merchants selling Crypto and now US users will be able to use the benefits of that. As they had told to expand this in near 2021, maybe we will get option for pay using Crypto and it would be revolutionary and after that btc will be used for daily transaction whatever other says.

We also do have Layer 2 scaling and development is happening really fast in that like lighting network, So Bitcoin will be used for daily transaction.

And Talking about volatility, it's good and also bad. Depends upon the type of people you are.

 

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the stock market is volatile and so is the gold market, the only difference is that those billionaires dont like the fact that there are many younger people making millions of a market like bitcoin easily, while those billionaires had to make their money the hard way over years.

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I am think it is a concern and Ray Dialo I am heard him in many videos that was saying Bitcoin will go to zero and Bitcoin is now over $18k so maybe he was wrong about this. We are listen from banks and from many more that Bitcoin has a lot of potent for future bigger prices but what we are need to do is make our analysis of the situation and follow the bull trend as long as it keeps giving.

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1 hour ago, duncun007 said:

the stock market is volatile and so is the gold market, the only difference is that those billionaires dont like the fact that there are many younger people making millions of a market like bitcoin easily, while those billionaires had to make their money the hard way over years.

@duncun007..The stock market is volatile.  Because there are many traders and investors here.  However, the gold market is stable.  Many young people have worked hard to become billionaires with cryptocurrencies.  They have become billionaires today by working hard in the crypto world.

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Of course, all Bitcoin fans hope that one day Bitcoin will become the first payment method in the world and that this adoption will be collectively in all the world, but indeed there are great difficulties that prevent this, the first of which is the large fluctuation of Bitcoin prices as well as the transaction fees that are sometimes high and cause the network to slow, so These obstacles must be overcome first. I believe that solutions to these problems must be found in the future.


 

 

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On 11/18/2020 at 10:07 AM, BrolySSJ said:

We all want bitcoin to become an everyday currency and something that we can use at all merchants. In fact with the ease in which we can transact with bitcoin and the other crypto, it would be a great tool for online payments as well, without us having to worry about identity theft and the like. However, according to a recent article that was published, Ray Dalio says that bitcoin may not become this integrated as we are hoping for it to be. 

 

Ray Dalio is a billionaire, and according to him, bitcoin is too volatile and as a result of this volatility it would not be a good currency to use for everyday use. This makes sense, as the volatility could result in a loss to the buyer or the seller depending on which way the market goes over the course of the days that the transaction takes place. Furthermore, the acceptance by banks and governments will be a challenge, as it may serve as a competitive currency with them. Lastly, with bitcoin price being so high, could there be a downward trend coming that we are not yet prepared for? 

 

What do you guys think? Are these legitimate reasons as to why bitcoin will not be adopted fully? It makes sense to me, especially the reason of volatility, however, I have to admit that despite this i still am hoping for crypto to become a major form of payment in the future. 

Yeah, everyday we hear someone claim that he is an expert in cryptoworld, and he knows everything about it, and he starts saying s**t about BTC and it's not a good project for the future, but what we see in reality is totally different of what your billionaire say's. Bitcoin do some big and good moves, and i think it's not too late to take advantage of this wonderful project.

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I agree with what Ray Dalio said that Bitcoin or any other cryptocurrency cannot become a means of payment because its price is very volatile according to the supply and demand in the crypto market and this is not suitable for the seller or the buyer, but perhaps in the future after the recognition of cryptocurrencies in a way legal The sale and purchase of cryptocurrencies will be regulated according to specific laws.

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Bitcoin is a decentralized currency and witnesses large fluctuations in prices on a daily basis, and for this reason it is difficult to rely on it and it will be difficult to become an official currency because, as you mentioned, you can rise and fall by making the buyer and the trader losers, and in order for the Bitcoin currency to become official, it must be made a central currency and this is impossible

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The issue of volatility is a very good point because it depends on the supply and demand of the price for which it could generate losses for the seller or buyer, also it must be added that currently the bitcoin blockchain is not optimized for the large amount of transactions that everyday life requires and the transaction cost could be an expense that must be analyzed.
Another aspect is the regulatory issue of each country that will expand or restrict its use.

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8 hours ago, Cleaner said:

 Many young people have worked hard to become billionaires with cryptocurrencies.  They have become billionaires today by working hard in the crypto world.

@Cleaner Exactly. Many young people have become millionaires and even billionaires with cryptocurrencies. There are so many success stories! But only by working hard they have earned this much. Hard work is necessary in every field of life that you want to succeed in. Therefore, we should all work hard and hope for the best.


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BTC can become payment system which is legalise from government but for daily life payments it's highly volatile and price goes up down can create problem for both buyer and seller. The BTC hit very low sometimes and purchasing gonna stop or high that moment result in one party totally loss. The shop keeper happily sell at BTC high price to customers and not gonna accept when price goes down and have to accept BTC. Also the fee cost mag be increase because the network will be busy all the times. 

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26 minutes ago, Syedbesharat said:

BTC can become payment system which is legalise from government but for daily life payments it's highly volatile and price goes up down can create problem for both buyer and seller. The BTC hit very low sometimes and purchasing gonna stop or high that moment result in one party totally loss. The shop keeper happily sell at BTC high price to customers and not gonna accept when price goes down and have to accept BTC. Also the fee cost mag be increase because the network will be busy all the times. 

i have one another problem in mind that the transaction fee is very high which stops users to buy anything with bitcoin and fluctuation is another problem .

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Currently, it is conceivable that Bitcoin's volatility limits its application as  an every day payment method. However, this high volatility is due to the highly speculative nature of the cryptocurrency market. Actually, if we have a look at a chart showing Bitcoin's volatility over the years, it is noticeable that sharp volatility swings have been lessened and are far from being as extreme as 10 years ago. This indicates Bitcoin's price have gradually become more stable, but obviously not as stable as fiat currency. It remains to be seen whether this trend continues in the coming years, so that volatility wouldn't hinder Bitcoin's very original purpose. 

 

 

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7 hours ago, Dark Shadow said:

Hard work is necessary in every field of life that you want to succeed in. Therefore, we should all work hard and hope for the best.

@Dark Shadow..Working hard can open the door to your destiny.  There is a saying that hard work is a part of destiny.  So we have to work hard to do something.  And then we can succeed.  So we should all work hard.  We will continue to work until we can succeed.

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11 hours ago, Cleaner said:

@Dark Shadow..Working hard can open the door to your destiny.  There is a saying that hard work is a part of destiny.  So we have to work hard to do something.  And then we can succeed.  So we should all work hard.  We will continue to work until we can succeed.

Well said my friend. This is indeed the truth. Working hard can change your destiny for the better. There is not a single person in the world who has succeeded without working hard. Every person who has ever been successful has worked really hard for that success.


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On 11/18/2020 at 3:07 PM, BrolySSJ said:

without us having to worry about identity theft and the like.

 Yah it would be very great if whole over the world start to adopt bitcoin and its payment system because carry money one place to another place is fully risky now a days..  But there has some problem with bitcoin payment too as we know btc double spending where buyer get scammed too..                

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Excellent your publication! And in the same way I think the same as you. I think that we are only halfway to the stability of cryptocurrency trading and I think that Bitcoin before becoming a cryptocurrency of daily use I first believe that it will be a general reserve currency since all of us who get Bitcoin do not we want to get out of it very easily.

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@BrolySSJ If bitcoin would be an every day currency then there is no opportunity for making profit. bitcoin will become just like digital currencies were many will just prefer digital currencies were they buy some goods and services in other to meet up there wants.

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Hello everyone it will become only if the government of that given country adopt it because it generate huge amount of money, making it a day to day business will boost That given country economy, lack of job opportunity will reduce through implementing it will bring success and income

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Right now there is no chance for Bitcoin to be a currency used instead of the central bank money. It can be used to store the value of what this money represent today. This is the importance of Bitcoin and one of the reasons Satoshi created it. The bail outs of banks and the print of new money that will be on the backs of everyone is what makes Bitcoin a great investment. It can be used for purchaces but it will need a new network as secondary layer to solve the scaling problem.

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Bitcoin will become better and stronger with time. Eventually people will recognize the power this asset holds and treat it with better respect. There are solutions to everything and Bitcoin is still young and it will be more used as years pass. It can be used as an everyday currency today and accepted.

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Using the artificial intelligence platform Vertex AI from Google Cloud, Spot On Chain obtained price forecasts for bitcoin for the years 2024-2025. According to calculations, the price of the first cryptocurrency will be in the range of $56,000-70,000 from May to July, characterised by increased volatility. In the second half of 2024, there is a 63% probability that BTC will rise to $100,000. "This forecast signals prevailing bullish sentiments in the market, which will be facilitated by the expected reduction in interest rates [by the US Federal Reserve]. This could increase the demand for risk assets such as stocks and bitcoin," representatives of Spot On Chain explained. According to their data, there is a "convincing probability" – 42% – that in the first half of 2025, digital gold will surpass the $150,000 mark, as the first cryptocurrency typically updates its historical maximum 6-12 months after each halving. If we consider the entire year of 2025, the chances of growth to $150,000 increase to 70%.   – Cathy Wood, CEO of Ark Invest, confirmed her long-term forecast for Ethereum. In her opinion, the main altcoin is capable of catching up with bitcoin. She believes that by 2032, its market capitalization will reach an impressive $20 trillion. Based on current values, the main altcoin should consistently trade above $160,000 by that time. Highlighting her views, Cathy Wood emphasized that technologically, Ethereum is more advanced compared to the flagship cryptocurrency. Moreover, at the moment, it remains the most in-demand platform for deploying smart contracts and decentralized applications of any complexity. In March, the price of ETH exceeded $4,000, but this was followed by a deep correction coinciding with geopolitical escalation in the Middle East, leading investors to flee from high-risk assets. Instead, they focused on diversification and began investing capital in traditional financial instruments. In light of these events, the key beneficiaries were the dollar and US Treasury bonds, as well as precious metals.    – Mark Yusko, CEO of Morgan Creek Capital, expects a massive inflow of funds into the cryptocurrency market as wealth estimated at $30 trillion from baby boomers seeks to enter digital assets. According to the businessman, capital flows will most likely come from them – those born between 1946 and 1964 – through pension accounts managed by advisors. (According to the Investment Advisor Association, in 2022, US financial advisors managed assets worth more than $114 trillion). Yusko mentioned that the introduction of BTC-ETFs has significantly changed demand. However, the full effect of this is yet to be felt. "I believe that within 12 months, $300 billion will enter this area – this is 1% of the $30 trillion. In fact, this is more money than has ever been converted into bitcoin in 15 years. We've only been working with ETFs for about three months, and we've received about 10% of what I think comes into this area from registered investment advisors who control all the boomers' money," stated Yusko, adding that the inflow could potentially increase the crypto market's capitalization to $6 trillion.   – American regulators, according to the administrator of Bitcoin.org known as Cobra, are preparing to impose a complete ban on self-custody of cryptocurrency. This means that US citizens will have to involve intermediaries who will store digital assets. "If you think the government won't come for your bitcoins, you simply haven't paid attention to this," Cobra scares readers on the X social network page. Cobra recently assured subscribers that a split might occur within the Bitcoin community. There are those who want the network to remain unchanged and those who would like to add more features to Bitcoin, expanding the network's capabilities. Cobra is confident that these disagreements could negatively affect the ecosystem of the first cryptocurrency.   – American entrepreneur and investor Chris Dixon criticised the tightening measures taken by regulators regarding cryptocurrencies. The US Securities and Exchange Commission (SEC) is increasingly suing crypto companies, claiming they are trading unregistered securities. This has caused Dixon great concern. "The US has an absurd cryptocurrency regulation regime. [...] Major industry companies developing blockchain-based solutions face constant pressure. Existing rules encourage platforms to host only memecoins, which can be freely traded on markets without any restrictions, rather than other more useful crypto assets," stated Dixon. Further in his forecasts, the administrator of Bitcoin.org under the nickname Cobra believes that the US authorities are preparing to introduce a complete ban on self-custody of cryptocurrency. This means that citizens of the country will have to involve intermediaries who will store their digital assets. "If you think the government won't come for your bitcoins, you just haven't paid attention to this," Cobra scares readers on the pages of social network X.   – The Federal Court of Seattle (USA) has delivered a verdict in the case of the co-founder and former CEO of the largest crypto exchange, Binance, Changpeng Zhao. It is noted that the businessman was accused of crimes related to money transfers without a license. While the prosecution had requested three years of imprisonment, the defense suggested settling for five months of probation. Representatives of the Justice Department insisted that probation for CZ was inappropriate as "such a decision could encourage others to break the law on the largest possible scale." The defence argued the absence of evidence that the defendant was informed of the illegal activities on the exchange. As a result, one of the wealthiest people in the crypto industry got away with four months of imprisonment. Addressing his final words, Changpeng Zhao acknowledged that he had failed to properly establish a suitable client verification system at Binance and to counteract money laundering during his tenure. Recall that in November 2023, Zhao reached a settlement with the US government to end a years-long investigation against Binance. As part of the agreement, he stepped down as CEO and agreed to pay a fine of $50 million. However, as we see, the US authorities found this insufficient, and now, in addition to dismissal and a fine, a prison term has been added. Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/
    • Почему цена биткоина столь волатильна и наступит ли стабильность?   Биткоин по-прежнему поражает своими непредсказуемыми изменениями цены. В момент своего создания его стоимость равнялась нескольким центам, а в марте этого года он достиг рекордного максимума на отметке почти $74 000. Этот долгий путь был отмечен крайней волатильностью, а иногда его колебания превышали 80%. Понимание нестабильной природы биткоина имеет решающее значение для успеха инвесторов и аналитиков, поскольку помогает составить представление о будущем криптовалют. Волатильность биткоина обусловлена множеством факторов, которые заключаются в характеристиках очень молодой цифровой валюты. В отличие от традиционных активов, имеющих многовековую историю, биткоин и рынок криптовалют в целом не имеют устоявшейся динамики рынка. В настоящее время из-за манипуляций его стоимость регулярно переоценивается рынком, что приводит к большим колебаниям цен в ответ на новую информацию и события. Одним из фундаментальных факторов, влияющих на волатильность BTC, является лимитированность его предложения в 21 миллион монет. Усиливающийся дефицит монет усиливает колебания цен, особенно на фоне растущего спроса со стороны розничных и институциональных инвесторов. Кроме того, влияние крупных инвесторов, которых обычно называют криптокитами, ещё больше усугубляет волатильность цен. Их значительные активы позволяют им влиять на динамику рынка с помощью крупных ордеров на покупку или продажу, что также приводит к резким изменениям цен. И здесь следует упомянуть относительную незрелость инфраструктуры рынка криптовалют и проблемы с ликвидностью, поэтому любые крупные сделки, безусловно, влияют на рыночные цены. Недостаток ликвидности может усилить колебания цен, поскольку инвесторы маневрируют, открывая позиции и выходя из них. Считалось, что появление деривативов, связанных с биткоином в виде спотовых ETF, и развитие рыночной инфраструктуры могут сделать торговый процесс более стабильным. Пока же мы наблюдаем резкие скачки из-за крупных притоков и оттоков средств. Источник - https://ru.investing.com/news/cryptocurrency-news/article-2410618
    • April Results: A British Pound Trade Nets NordFX Client Over $25,000 in Profit     Brokerage firm NordFX has summarized the trading performance of its clients for April 2024. The efficacy of social trading services, PAMM and CopyTrading, as well as the earnings of the company’s IB-partners were also evaluated.   - This month’s highest profit was earned by a client from South Asia, account number 1765XXX, who made $26,757 from trading the GBP/USD pair. - The second place in the TOP-3 was taken by their compatriot, account number 1751XXX, with earnings of $16,976 from gold trades (XAU/USD). - The third step of the April podium was claimed by a trader from East Asia, account number 1609XXX, who traded not physical but digital “gold”: bitcoin. It was the BTC/USD pair transactions that enabled them to profit by $14,301.   The passive investment services at NordFX showed the following trends:   - In the PAMM service, we continue to monitor the account named Kikos2. Opened on November 18 last year, now after 162 days of operation, it shows a fantastic profit of 1161%. While this result is impressive, the aggressive trading strategy has also led to a substantial drawdown of 58%. Unrelenting statistics demonstrate that even more conservative trading can lead to a complete loss of funds. Therefore, investors must always exercise utmost caution and only risk the money whose loss will not disrupt their normal life. We will continue to monitor and see what happens with this account in May.    - In CopyTrading, we have previously highlighted the signal yahmat-forex, which has shown a return of 415% over 312 days with a maximum drawdown of 37%. Another interesting signal called NordFXSrilanka has made a profit of 39% in 113 days, specifically since January 6, 2024. While not as impressive as yahmat-forex, its notable advantage is a very small drawdown: just about 9%.   Among the IB-partners of NordFX, the TOP-3 are as follows: - The largest commission reward of $22,732 was credited to a partner from Western Asia, account number 1645XXX. - The next is a partner from South Asia, account number 1682XXX, who received $5,224. - Finally, rounding out the top three is their compatriot, account number 1565XXX, who was rewarded with $3,614.   ***   As we conclude this month, it is important to note that NordFX clients now have yet another excellent opportunity to enhance their financial portfolio. In the 2024 super lottery, 202+4 cash prizes totaling $100,000 will be awarded. Participating in the lottery and securing a chance to win one or even several of these prizes is quite simple. For more details, visit the NordFX website. Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/
    • Со временем которое осталось, да скорее все так и может быть, но лучше будет постараться дойти до 6-го уровня, то есть довести дело до конца, а после и расслабиться. Хотя даже так увы нет никаких гарантий, что это может нам что-то принести, но будем надеяться, что 6 лвл будет иметь весомое значение при раздаче.
    • SwapGate | Efficient Cryptocurrency Exchange SwapGate provides you with an innovative platform for instant cryptocurrency exchange. Our mission is to offer a fast, secure, and convenient exchange service for over 100 types of cryptocurrency assets without the need for lengthy registration and KYC procedures. Our service works 24/7 and you can already make your cryptocurrency exchanges now. Our platform is simple, easy to use, and built for efficient cryptocurrency transactions. Here are our key features of the SwapGate platform:  Fast and Affordable: Start exchanging instantly without going through registration. Transparent terms and conditions: We guarantee no hidden fees and fair transaction terms.  High security: We use advanced encryption and security technologies to protect your data and funds. About SwapGate: At SwapGate, we are committed to continuous development and innovation. Our team are professionals in their field, united by a common goal to create an efficient cryptocurrency exchange platform. We strive to offer the best service and constant online customer support . You can efficiently perform cryptocurrency manipulation on our website, and here are the short steps to exchange on SwapGate:  Asset selection: Determine which cryptocurrencies you want to exchange.  Determining the exchange rate: Choose a floating or fixed exchange rate.  Confirm & Send: Confirm the transaction details and send the cryptocurrency to the specified address.  Receive Coins: Track the exchange process in real-time and receive your cryptocurrency to the provided wallet. Join SwapGate and make fast exchanges without hidden fees! ️ SwapGate has a seamless support team ready to assist you with your cryptocurrency exchange needs. For more information, please get in touch with us:  Online chat: On the website, click on the blue dialog box  Email: info@SwapGate.io  Tech Support: @SwapGate_SupportBot on Telegram SwapGate is the choice for safe and easy cryptocurrency exchange with favorable fees. Easily exchange fiat for cryptocurrency and one cryptocurrency for another. Join us on https://swapgate.io and enjoy fast transactions now.
    • График крупных разлоков токенов в мае       Особенно крупные анлоки будут у AEVO и PYTH — более $1 млрд.
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