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Some of the world’s biggest technology companies are entering into the cryptocurrency and blockchain space. Let’s look at some of them and see how it would affect bitcoin and the overall cryptocurrency and blockchain industry:
Twitter:
Twitter CEO Jack Dorsey was on the Joe Rogan podcast this week talking about bitcoin as the money of the internet. What interesting about Jack Dorsey this week is that he admitted that he owns cryptocurrencies specifically bitcoin. This is not surprising considering that his cash app lets you send digital payments back and forth to people and lets you buy bitcoin so to see him only owning bitcoin is no real surprise. What’s more interesting is that Jack Dorsey took part in the lightning network torch relay which is something going around crypto twitter at the moment. Basically, people are sending bitcoin payments from one person to the next person adding a little more bitcoin on each time using the lightning network. He received that payment and send that payment ahead using the lightning network to Elizabeth Stark of lightning labs. To see this whole thing coming together like this is really encouraging. It’s really exciting to see the CEO of such a large tech company not only being a personal holder of bitcoin but also being very enthusiastic about the technology.
Facebook:
Facebook has acquired a company called ChainSpace which is a London based distributed ledger technology company. Facebook has been for a very long time expanding their overall approach to blockchain and Facebook has a lot of ways in which the blockchain technology could be very amazing for the company. Thinking about all the potential to improve privacy, security, monetization etc. The bottom line of Facebook could really be improved by blockchain technology. Estimates tell that they are around 60 people employed at Facebook specifically looking at blockchain technology. There was a piece of recent news about Facebook-owned Whatsapp will be releasing the Whatsapp coin. This is a very limited release to start with the only use case for people sending payments back and forth in India but it might expand over time to other countries as well if the initial trials go well. Acquiring ChainSpace is just the next step to that process for Facebook. Also interestingly there is a project called PledgeCamp and one of their key advisors is Randi Zuckerberg. There is although no announcement of any integration of Facebook with PledgeCamp but it does show that the people behind Facebook are looking at Blockchain startups and blockchain technology.
Google:
Google said this week that they are releasing a search engine tool that lets you search the eight top blockchains. They are also looking at how to bring all that data together, look at the metadata of it, understand what the best use cases are by looking at how actually the people are using blockchain today. It’s quite interesting to see Google spending a lot of time and effort focusing on that one area. Google also can increase their bottom line exponentially by using blockchain technology.
Telegram:
Telegram is finally getting to the point of launching their token. Telegram has prolonged suffered from a whole variety of different issues including scam accounts and all these different things but Telegram is taking this to the next step by launching their cryptocurrency. The in-app token will allow you to exchange value within the platform which would be really exciting to see.
Baidu:
Baidu, the Chinese internet giant is launching ZuperChain in the near future. Interesting to see that these Chinese tech giants are going forward with blockchain despite the government not liking cryptocurrency but they are not necessarily anti-blockchain.
Looking at all these giant companies getting into cryptocurrency and blockchain really exciting but all these giant companies bring a lot of their own set of troubles. Only a couple of weeks ago everyone was criticizing Jack Dorsey about censorship on Twitter. So we have to realize the limitations of these platforms. Twitter has the power to de-platform people and in certain cases, they do have to de-platform people and that’s the reality of Twitter. We cannot forget about the things that these big tech companies are doing just because they are now doing some positive things too. Facebook is the king of de-platforming and there is no indication that Facebook will magically start using bitcoin. So there is a double edge sword looking at these giant tech companies coming into the cryptocurrency and blockchain space because if there is a Facebook dollar would probably be very censorship pro. But regardless of the baggage that these giant tech companies bring along, the reality is that for a lot of people their first cryptocurrency experience may be because of one of these giant companies. So to see this happening is overall positive for the cryptocurrency economy.
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Bitcoin faced a very tough year in the form of 2018. No one has ever expected in his/her dream that the value of bitcoin, which was above $19000 in December 2017 will go steep down to $3500 by December 2018. This decline led to many traders to question the future of bitcoin. However, there are some analysts which believe that the future of bitcoin is secured. According to them, bitcoin is about to boom.
In this article, we will discuss how it is the best time to buy BTC. Also, we will be looking at the factors which depict that bitcoin is about to boom:
1. Bitcoin ETF approval:
Bitcoin ETF i.e. Exchange-Traded Fund is supposed to get the approval from the securities regulator of the United States. As per one of the commissioners of Securities and Exchange Commission (SEC), even though most of the ETF applications were rejected last year, this year it will be likely to be approved. It got revealed after a leaked interview on Twitter on 5 February 2019.
For those who are not aware of ETF, it is basically a fund which is traded on a stock market. The main benefit of a bitcoin ETF would that after the approval, the investing process in the crypto space would become more facilitated and attractive for the investors. If the ETF bitcoin is approved, it would surely boom the bitcoin and crypto space.
2. Entry of institutional money in the crypto space:
There were rumors in the last months of 2018 that the mega institutional money could enter in the crypto space. However, due to some breakdown of the market, it doesn’t occur. Now in this year, the analysts are confident that finally, the institutional money will enter the crypto space. And the entry is very soon. The reason is the availability of updates and secure platform for the cryptocurrencies. Also, with the evolution of Lightning Network in BTC, it will increase the no of transaction per seconds and would remove the problem of scalability.
Hence, the investors of institutional money are in eager to enter in this space. And if this occurs, it would act as the catalyst, the crypto world was looking for, especially, Bitcoin.
3. The launch of Bakkt:
Bakkt was about to be launched in the month of January 2019 itself. However, it needed some final approvals from the finance committee of the United States. And unfortunately, before it could get those approvals, the Trump Government Shutdown Crisis started on 22 December 2018 and lasted for 35 days. Now, once the shutdown closed on 25 January, it is expected that Bakkt would get the required approvals from the United States Financial Commission soon. On 7th February, a party that claims to represent Bakkt sent emails to thousands of people claiming that the launch date is set on March 12. If that proves to be correct, it could raise the price of bitcoin once again.
Bakkt is an exchange platform which is going to be launched by ICE (ICE (Intercontinental Exchange). ICE is the same organization which is responsible for the smooth working of the famous NYSE (New York Stock Exchange). Also, the Microsoft cloud is working along with this project to sort out the storage problems.
4. Big companies entering crypto space:
The capability of crypto space and the success of this market in 2017 is not hidden from anyone. Many large companies are still interested in investing and contributing to this market and entering day by day in this space. The interset and entrance of huge companies in crypto space would surely uphill the market, especially bitcoin. Some of the big companies that are entering in the crypto space are Microsoft (by providing Azure cloud to Bakkt), Twitter( the CEO of the company itself admitted that he have some bitcoins and called cryptocurrency as the market of future), Facebook (it recently acquired a London based crypt company known as ChainSpace).
Apart from the above tech-giants, Google also announced to launch a tool to search the top cryptocurrencies in the crypto space. Other companies that are entering in this market are Telegram, Baidu etc. The entrance of these big companies into the crypto market shows the positive sign of rising of bitcoin.
5. Biggest bear market till now:
The crypto space faced the huge declination in its history in recent days. As stated earlier, no one has ever expected in his/her dream that the value of bitcoin, which was above $19000 in December 2017 will go steep down to $3500 by December 2018. So, this implies that it has hit the biggest bear market until now. And if it is so, that it is the best time to buy the bitcoins. The hitting of the bear market is common in any financial market. It just needs some time when the bull market will return and again the crypto world will rock as it used to be 1 year ago.
The bear market is the phase when the value of the stock fell miserably and undoubtedly, in the history of crypto space, it is the biggest bear market dropping around 82% in one year! The bear market can end within a month or within a year or it may take some years too but once it would end, the bitcoin will rule the finance market.
The above factors indicate that bitcoin is about to boom and it is the best time to buy bitcoin at $3560 only. Who knows that by investing around $10500 today, you would get $60000 within a year!
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Bitcoin (BTC) can now be used to pay for public transport in 37 cities in Argentina. Users will have the possibility to send funds to their transport card and pay with the most popular virtual currency. The information was released by the local news site Cripto247.
Bitcoin Mass Adoption Continues
Although Bitcoin did not have a very positive 2018 in terms of price action, the digital asset continues to grow all over the world. This time, Argentinians will be able to pay for public transport using Bitcoin.
In order to do so, Alto Viaje, a travelcard-loading platform, and Bitex, one of the largest crypto-related companies in Argentina, signed a new partnership. Using the Alto Viaje platform, users can now send Bitcoin and fund their SUBE card to travel using the public transport system.
The minimum purchase is AR$ 50 ($1.33 USD). That means that users will have to pay at least taking into account the current prices 0.0004 BTC. In general, a bus ticket in the country costs $18 ($0.48 USD), equal to 0.00014 BTC.
During a conversation with UseTheBitcoin, Manuel Beaudroit, the CMO of Bitex, commented:
“We are doing an effort to bring Bitcoin to the masses and to show one of the many uses of this technology. We like to do small things that bring value to the ecosystem. We also want to change old structures using technologies such as Blockchain.”
Individuals living in 37 cities in Argentina will have the possibility to use this service provided by Alto Viaje and Bitex. Alto Viaje is also accepting payments via PayPal and RapiPago, a local payment processor company.
In the past, Bitex signed an agreement with Banco Masventas to process cross-border payments using Bitcoin (BTC). In this way, the bank is able to reduce transaction costs and increase transaction speeds. The service is currently available between Argentina and other countries in Europe, North America, and Latin America.
Argentina has registered high inflation rates during the last 10 years after years of policies implemented by a populist government. Although Mauricio Macri reached the power in 2016 ending with more than 70 years of Peronism, he was not able to reduce inflation rates in the last three years. Additionally, several Bitcoin ATMs are being installed in the country and digital currencies are being embraced by the population.
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Highlighting the risks in the poorly-regulated cryptocurrency market, death of entrepreneur Gerald Cotten in India who was the owner of Canada's biggest cryptocurrency exchange Quadriga has left thousands of his investors in a quandary.
Cotten who died in a Jaipur hospital in December has plunged Quadriga into crisis and left it struggling to figure out how to refund more than 100,000 of its users as only he had access to $145 million of bitcoin and other digital assets.
With his death, the passwords that can unlock the cryptocurrencies are now gone as his laptop and smartphone are highly encrypted.
"Many of the digital currencies held by Quadriga are stored offline in accounts known as 'cold wallets', a way of protecting them from hackers and Cotten is the only person with access to the wallets, according to the company," CNN reported.
Cotten, 30, died due to complications with Crohn's disease while travelling in India.
"For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets. Unfortunately, these efforts have not been successful," Quadriga said in a statement on its website.
Cotten's widow, Jennifer Robertson, said in the affidavit posted online that the laptop that Cotten used to run the currency exchange is encrypted.
"I do not know the password or recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere," she said.
The company has hired an investigator to see if any information could be retrieved but ongoing efforts have had only "limited success in recovering a few coins" and some information from Cotten's computer and phone, BBC reported.
The Canadian High Commission in New Delhi told CNN that it was aware of Cotten's death and had "provided consular assistance," but declined to reveal further details.
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A Chinese media outlet, PANews recently carried out a survey in which it evaluated the responses of 4,200 people. The survey was regarding their inclination towards crypto assets and was routed through a crypto-friendly media outlet 8BTC.
Following the survey, it concludes that 98.22% of those surveyed were aware of cryptocurrency technology. Among the respondents, 40% have expressed that they are willing to invest in cryptocurrencies sometime in the future. Meanwhile, some of them also indicated a skeptical vibe regarding the cryptos. The survey shows that 63 percent of the population said that that there was no requirement for crypto in terms of payment.
Plus, only 22.2 percent of the individuals have heard about the concept of blockchain-powered tokens. While 14.6% of those surveyed have made a capital allocation within the crypto space.
Reportedly, the lack of infrastructure in China might be the reason behind the skepticism regarding crypto. Chinese consumers seem hesitant to step into the crypto market perhaps due to the rise of China’s social credit system, which punishes those for breaking laws, however civil or criminal. Also, the majority Chinese respondent didn’t consider cryptocurrencies as a viable medium of payment.
Interestingly, most of the crypto buyers were in the 19-28 age range, who were investing anywhere between 10,000 to 100,000 yuan. Notably, the Chinese government recently published its latest ranking of cryptocurrencies. In the ranking, Bitcoin positioned at 18th place and EOS at the top. Ethereum holds the second place, being the third largest cryptocurrency.
Back in November, former United States Congressman, Ron Paul conducted a survey on Twitter, in which 94,894 votes were counted favoring Bitcoin over more traditional forms of money. One more survey occurred in Germany that unveiled that over-one third of big German businesses consider blockchain as revolutionary as the internet. The Chinese government has recently become stricter against the crypto space, increasing scrutiny over this technology. On this, a Hong Kong-based trader, Charles stated that while the government’s step to ban crypto-related social media channels and physical events may sound harsh, especially considering free speech rights, in reality, China remains one of the world’s most liquid OTC-based cryptocurrency markets.
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What is blockchain technology? Since blockchain technology was conceived in 2008, it has slowly but surely evolved into something much more complicated. For many people, perhaps yourself included, the big question is what blockchain exactly is. It’s easy to assume that blockchain innovation and Bitcoin are synonymous with each other.
However, it’s important to understand that Bitcoin is a digital currency that is part of a much larger system. The advantage of this innovation is that you don’t need to know how it works to utilize it. However, having a broad understanding of blockchain innovation will help you to understand why it is widely thought of as revolutionary. This thorough blockchain technology guide describes what blockchain technology is and how it came to be. Check out on for more information about blockchain innovation.
Blockchain innovation existed as a computer system science idea long before it found its way into the world of cryptocurrency. The concepts of information structures and cryptography form the basis for this technology. The earliest kind of blockchain was the hash tree which is likewise referred to as the Merkle Tree. The data structure run by confirming and managing information in between different computer system systems. In a typical peer-to-peer computer network, establishing data was crucial to ensure that absolutely nothing was changed during the transfer. Information verification and recognition also made sure that incorrect data wasn’t sent over the network.
The Merkle tree became the basis for “guaranteed chain of blocks” in the early 1990s. That led to the production of the very first blockchain. In 2008, Satoshi Nakamoto conceptualized the idea of a dispersed blockchain. The brand-new blockchain would be managed autonomously with no central authority. The blockchain would likewise contain a protected history of all exchanges, validate each transaction, and also utilize a peer-to-peer network to time stamp each exchange.
