Bitcoin price recovering, may clear $6,000Jihan Wu, the former CEO of Bitmain is a billionaireTransactional volumes low, must spike above 440k countering Q4 lossesWith newfound financial weight, Jihan Wu can now move towards achieving his goals. In the meantime, Bitcoin (BTC) prices stand to benefit. Should buyers have the upper hand, any surge past $4,500 will be trend-defining in short to medium term.Bitcoin Price AnalysisFundamentalsRumor from multiple sources, insinuates that Jihan Wu, credited for backing Bitcoin Cash during the last hash war to the detriment of asset prices, will in coming days cut ties with Bitmain.Jihan Wu is leaving Bitmain, starting a new company 🤯🤯🤯 multiple non-official sources said so …according to various sources, the new company is more like a spin out of Bitmain (so far not sure of the equity ownership structure), with primary focus around BCH and Defi— Dovey Wan 🦖 (@DoveyWan) February 25, 2019Nothing is yet to be confirmed but with enormous losses, downsizing and a general decline in Bitcoin prices, the chipset behemoth like all crypto firms, is under duress and may let go of Jihan. Already he has the financial muscle to do whatever he likes.At a tender age of 33, Forbes ranks Jihan as one of the youngest billionaires under 40 with a net worth of $1.5 billion.Candlestick ArrangementsWhat we have in the weekly chart is a beautiful sight. After five months of severe draw-down, Bitcoin (BTC) is recovering—although not at a rapid phase as expected. However, at this pace, prices are likely to print above $4,500. It all depends on the underlying momentum and how bulls will flow back once key resistance levels no longer hold.Technically, bulls appear to have the upper hand. While the bear bar of the week ending Nov 25 is conspicuous and could trigger sells as Bitcoin trade within a bear breakout pattern, it is the rejection of lower lows and renewed interest of week ending Dec 23 that is trendsetting. Prices are moving within this bar, and in an effort versus results point of view, that is bullish.At the moment, it is a series of tight ranging, higher highs with firm anchors rooted at week ending Feb 1 that is important for our analysis. Like in all our previous BTC/USD trade plans, risk off traders can take advantage of this bullish candlestick arrangement and load up on every dip. First targets remain at $4,500, and this plan is applicable as long as BTC prices are trading above $3,500.Technical IndicatorsWeek ending Nov 25 is our base bar. While prices recover, volumes/participation must also expand at a faster rate eliminating the disparities between Q4 average volumes—150k and those of Q1 2019—120k. For a trend resumption and cancellation of late Nov 2018 draw-down, Bitcoin prices must rally above $4,500 and $6,000 with high transaction volumes above 434k of the week ending Nov 25. That’s almost three times the recent averages. Only that will invalidate the possibility of bears ushering in bulls aiming at $11,000.
Archives for March 6, 2019
ConsenSys-backed media startup Civil finally launched its CVL token today after months of delay.
Many independent newsroom employees and Civil Media partners will now receive the token compensation packages they were promised in 2018, Civil Media CEO Matthew Iles told CoinDesk.
All the earnings from this ongoing token sale will go to the nonprofit Civil Foundation, led by former NPR CEO Vivian Schiller. Participants from nearly 100 newsrooms joined the CVL community and Schiller took the helm of community growth last summer, thanks in part to additional token grants and fiat funding for the foundation from ConsenSys, the venture studio bankrolled by ethereum co-founder Joseph Lubin.
Civil Media also launched a membership program today with perks such as tickets to quarterly events, an exclusive newsletter and forum access where members can interact directly with journalists at participating news organizations.
All newsrooms are welcome to join as long as they own CVL and abide by the Civil Constitution of journalism ethics. Civil Media’s token curated registry is meant to allow stakeholders to challenge (or expel) unethical content creators or upvote trustworthy news sources.
Speaking to the distinction between the relatively new foundation, tasked with overseeing governance, and the Civil Media startup now providing software-as-a-service to both news outlets and readers, Iles said:
“It’s absolutely our intention to start generating revenue as a for-profit company this year.”
This may prove to be a daunting task for a notoriously cash-strapped media industry. However, Iles is confident his 17-person startup can sell services to these newsrooms through partnerships with organizations such as the Associated Press.
“Tipping and revenue generating tools are on the roadmap coming soon after this launch,” Iles said, adding his startup is focused giving token holders the ability to own their own data and content platform.
Based on user feedback from the previous attempt at launch, Civil members can now donate to the foundation with a credit card and aren’t required to own CVL to access content. For token holders, these members will have a crypto wallet associated with their subscription account in order to provide opportunities for monetizing audience data and insights.
“Wherever you are on the web, we can kind of follow you with that Web3 injection,” Iles said, referring to the ConsenSys vision of blockchain use cases applied to standard web traffic monitoring procedures.
“As long as you’re in control of it [reader surveillance] and aware that this newsroom is in good standing, we think that’s going to lead to some pretty cool outcomes,” he added.
So far, the CVL token is being used for membership – not payments on the network.
In the meantime, Popula founder Maria Bustillos put her fiat Civil grant to work by hiring an independent developer and designer to enable ether tipping using ConsenSys’ in-browser MetaMask crypto wallet on Popula’s WordPress site.
The first week this feature went live, on Feb. 14, Bustillos told CoinDesk several dozen readers used the tipping feature.
“You can tip as little as a few cents and there’s no limit to how much,” she said, declining to specify how much value those tips contained or how much the original ConsenSys grant to Popula was worth.
Popula’s freelance designer, Matt McVickar, told CoinDesk the crypto tips feature was still under development and is “certainly not ready for wider adoption yet.”
Many critics remain skeptical regarding how CVL might add value to journalism business models. However, while Bustillos said it’s “really hard to say” how CVL plays into to her business model, she is still hopeful this asset could provide utility for newsrooms.
“It will have network effects. Where people reading one publication will be naturally led to another,” Bustillos said. “We’re all kind of guinea pigs in this great experiment. So we’re going to try it and see.”
Until these experiments come to fruition, newsrooms like Popula generally rely on a combination of fiat subscriptions and crowdfunding platforms like Kickstarter to stay afloat.
Bustillos expressed gratitude at not needing to turn a profit in the short-term due to faith in Lubin’s backing and broader industry efforts to help establish compliant guidelines for token projects.
According to Bustillos, regulatory pressure from the Securities and Exchange Commission in 2018 dampened enthusiasm for CVL even though these tokens were designed for business usage and not investment. (The original CVL sale was canceled in October 2018 due to lack of buyer interest.)
Regardless of regulations for niche tokens like CVL, Bustillos said newsrooms won’t be able to rely on cryptocurrency as a core pillar of their business models for the near future.
“We don’t expect to make any money on the tipping, at least not for a very, very long time,” Bustillos said. “But it’s a key dimension of what we think the future of journalism should look like.”
Image of Civil staffers via Nick Himmel
The Eastern Caribbean Central Bank (ECCB) is about to conduct a pilot for a blockchain-based central bank digital currency (CBDC) in preparation for its planned full rollout as a legal tender, possibly in 2020.
For the initiative, the ECCB late last month inked a deal with Barbados-based fintech firm Bitt to help conduct the pilot, with other technical support from Pinaka Consulting.
This CBDC pilot will involve a “securely minted and issued” digital version of the Eastern Caribbean dollar (XCD) and will be distributed for use by financial institutions across the Eastern Caribbean Currency Union (ECCU), according to an announcement from Bitt.
The stablecoin, DXCD, is intended for use in financial transactions between consumers and merchants and peer-to-peer transactions such as sending money to friends or family within the ECCU. Funds will be able to be sent using devices such as smartphones.
The governor of the ECCB, Timothy N. J. Antoine, stressed that the pilot is not an “academic exercise.”
“Not only will the digital EC Dollar be the world’s first digital legal tender currency to be issued by a central bank on blockchain but this pilot is also a live CBDC deployment with a view to an eventual phased public rollout.”
The pilot comes as part of the ECCB’s strategic plan for 2017-2021, which aims to reduce the use of cash in the union by 50 per cent, as well as bring more stability to the financial sector and boost development of ECCU member countries, Antoine said.
“It would be a game-changer for the way we do business,” he added.
The pilot is launching this month and, after roughly 12 months of development and testing, will be followed by rollout and implementation in pilot countries for about six months. The ECCB will also launch educational initiatives to raise public engagement with DXCD across the union.
Bitt CEO Rawdon Adams commented that the project aims to “enhance economic growth and the quality of life of ordinary people.”
ECCB image via Shutterstock
Financial messaging giant SWIFT has teamed up with the Singapore Exchange and four banks to trial a platform for e-voting based on blockchain tech, the firm said Tuesday.
Joining the effort to see if distributed ledger technology (DLT) can help make shareholder voting more simple and efficient are Deutsche Bank, DBS, HSBC and Standard Chartered Bank, as well as securities software provider SLIB.
As in many areas of finance, shareholder voting on corporate decisions is made “cumbersome” by the current “time-consuming and resource intensive” paper-based process, SWIFT explained.
Explaining why DLT has the potential to help solve the issue, the firm said:
“Proxy voting, in particular, frequently results in error-prone and complex manual processes, which the industry can avoid by fostering greater transparency and automation.”
The proof-of-concept (PoC) trial sets out to test a DLT voting solution involving issuers and a central securities depository (CSD), with data managed over a permissioned private blockchain. The partners will also examine the viability of hybrid solutions that merge financial messaging standard ISO 20022 with DLT to boost interoperability and “avoid market fragmentation,” the announcement states.
Deutsche Bank, HSBC and Standard Chartered Bank will act as as participants for the effort, while DBS and SGX will act as both participants and issuers. It’s not clear from the announcement which CSD will be assisting the PoC.
SWIFT will host the trial in its sandbox testing environment, while the partners will use the SWIFT network and their existing SWIFT infrastructure and interfaces as they test the technologies.
As further aspect of the trial will examine SWIFT’s capacity to host applications in its sandbox and to reuse its security and interface stack for other purposes.
Soh Ee Fong, group head of Securities and Fiduciary Services at DBS, said:
“An innovative and seamless e-Voting platform in this industry is long overdue and DBS is pleased to join SWIFT in the PoC as both issuer and participant. … With this solution, shareholder meetings will not be the same again.”
Back in 2017, SWIFT assisted a consortium backed by a group of CSDs on plans to develop a similar distributed ledger proxy voting system. That project also aimed to adhere to the ISO 20022 standard in an effort to ensure that the voting system could be applied across a wide range of services.
SWIFT image via Shutterstock
A group of investigative journalists uncovered a $9 billion money laundering scam rooted from Russia’s largest private bank and unsurprisingly, it doesn’t involve Bitcoin.The scheme, which enabled perpetrators to funnel billions from shell companies to the global banking system, was exposed by the Organized Crime and Corruption Reporting Project (OCCRP) with assistance from the Guardian and Lithuanian news site 15min.lt.The journalists revealed that Troika facilitated “$470 billion in 1.3 million leaked transactions from 233,000 companies,” which led them to refer the money laundering operation as “The Troika Laundromat.” Between 2013 and 2016, the Laundromat funneled about $4.8 billion into the US and Europe via at least 75 interconnected offshore companies. These companies were allegedly owned by wealthy Russian politicians and oligarchs – some with direct links to president Vladimir Putin.“The Laundromat allowed Russian oligarchs and politicians to secretly acquire shares in state-owned companies, to buy real estate both in Russia and abroad, to purchase luxury yachts, to hire music superstars for private parties, to pay medical bills, and much more,” OCCRP revealed.The network of offshore companies generated $8.8 billion worth of unreported transactions to cover the cash’s origins, the report noted, adding:“To protect themselves, the wealthy people behind this system used the identities of poor people as unwitting signatories in the secretive offshore companies that ran the system.”Since 2017, several multi-billion dollar money laundering schemes involving major bank have been uncovered. Yet, the focus of regulators still seem to be on Bitcoin.Citigroup, Raiffeisen, Deutsche Bank InvolvedThe OCCRP said that Troika Dialog was distributing funds through a series of global banking giants, including US-based Citibank, Austria-based Raiffeisen, and Germany-based Deutsche Bank. Business Insider reached the named banks for clarification. While Citibank refused to provide any statement, Raiffeisen said that it was conducting an internal investigation.“RBI complies with all anti-money laundering requirements. Its compliance systems and processes have been, and continue to be, regularly reviewed by external parties and are confirmed to comply with the legal requirements,” the bank said.
On the other hand, Deutsche Bank clarified that it was not their job to oversee what their clients were doing. It explained that most of its clients were banks themselves and it had no direct links with the alleged money launderers. Excerpts from Deutsche’s statement:
“Deutsche Bank’s clients are so-called respondent banks. It is first and foremost the task of the respondent bank to check its customers in accordance with the applicable know-your-customer regulations.”
The involvement of Western banks also revealed how some $200,000 worth of transfers were directed towards a fundraising vehicle backed by Prince Charles. The Guardian reported that the fundraiser used the money to rescue a stately home called Dumfries House.
Had it Been Bitcoin
The $9 billion money laundering scam calls for a debate to discuss whether the time to overhaul the banking system has come. Their cooperation with criminals and corrupts is not only evil but is a danger to 90% of the world’s population itself. These banks now control a small, interconnected ledger to facilitate financial crimes done by some of the world’s wealthiest.
They can essentially force anybody out of their so-called accounting – even governments and lawmakers – to steal from those who make the system efficient – the people, paying a massive chunk of their incomes every month to support their neighborhood, city, state, country, and whatnot.
On the same day the Government pulled a bill to avoid transparency for UK tax havens, the #TroikaLaundromat stories reveal companies serviced by them were key to circulating billions in apparently fraudulent funds from Russia.
— Global Witness (@Global_Witness) March 4, 2019
Then, the way they create money is troublemaking itself. The uncontrollable supply of money causes inflation, which directly devalues what people hold in their wallets to increase the wealth of those who are already rich.
Bitcoin is not a solution. But at least, it brings evidence to solve both the problems: a public ledger that is democratically-controlled and a supply limit that protects the financial system against inflation.
U.S.-based startup VaultTel has launched a tiny cryptocurrency hardware wallet that sits in the SIM tray on mobile phones.
The firm announced Tuesday that the wallet solution combines an app and the VaultTel Intellichip to store cryptocurrency private keys on mobile devices, using biometric authentication and “military grade” encryption to keep the funds safe.
The card can be placed in the SIM card slot of dual-SIM Android mobile phones, or can be used with a dongle accessory on iPhones, VaultTel said.
The biometric authentication feature ensures that only the phone’s owner can transfer funds from the wallet, VaultTel explains on its website. “More than that, no spy screen recorder or Trojan can record what is happening on your hardware wallet, as it’s a not using your laptop or system resources,” the firm adds.
The wallet is available for pre-order with two options: an Android package at a cost of £75 ($98) and an iOS package at £100 ($131), the website indicates.
The Intellichip uses the AES (Advanced Encryption Standard) 512 to securely store data and also has optional features such as being able to restrict wallet access to a particular device and “geolock,” which constrains access to a particular geographic area.
VaultTel further said that it has implemented the latest bitcoin standards for the product, including Bitcoin Improvement Proposal (BIP) 39 for mnemonic seeds and BIP44, which allows for HD (hierarchical deterministic) wallets. Users can back up their wallets on other VaultTel cards.
The product has now launched for the U.S. market and is expected to be made available “immediately” in European countries through VaultTel’s U.K. subsidiary.
The use case for securely storing cryptocurrencies on mobile phones is fast taking off, with a flurry of launches occurring in recent months.
Samsung’s upcoming flagship device, the Galaxy S10, is to feature a hardware enclave within the phone that is aimed to protect wallets on the device from hacking. Sirin Labs’ blockchain phone also features a built-in hardware wallet.
However, none so far have taken the form factor that would fit a device’s SIM slot. If you want to go really small, you can also get a chip that will store crypto keys that can be inserted under your skin.
SIM slots image via Shutterstock; product image via VaultTel
At long last, the crypto market has started to undergo drastic fluctuations. Following weeks of remaining in a lull-esque state, Bitcoin (BTC) broke out of its bear market shell in early-February, posting gains backed by notable levels of volume.While a substantial amount of time has passed since the aggregate value of all cryptocurrencies pushed from $110 billion to $122 billion in a day’s time, volumes have remained strong, as this nascent market continues to see rapid price action.Crypto Market Activity SpikingIn the past 24 hours, per data from CoinMarketCap, cryptocurrency exchanges across the board have posted $34 billion in nominal values — the highest reading of this figure since late-February.While volumes are still lackluster when compared to those seen at the height of 2018’s speculative mania, some have been enthused by this booming facet of the broader digital asset space. But, The Crypto Dog, a leading analyst that commands a Twitter following of over 100,000, recently called volume readings into question.The industry commentator first drew attention to the fact that since October 2018, volume has been steadily increasing, even as Bitcoin fell further and further. Although many have deemed this underlying market theme as entirely legitimate, Crypto Dog went on to question the veracity of the figure, calculated by markets analytics provider TradingView.Either this volume isn’t representative of reality (possible, could be wash trading being calculated in here), or we’re about to bust out into a raging bull market.$crypto #Bitcoin pic.twitter.com/nT7DplNVYt— The Crypto Dog📈 (@TheCryptoDog) March 6, 2019Crypto Dog wrote that “the volume could be fake,” noting that he, along with the public, has no idea as to how analytics providers calculate volumes, meaning that such services could lump in “shady exchanges claiming to have loads of volume.” Backing his call, the self-proclaimed “STEM dropout,” noted that a platform named BitMax, purportedly launched in July of 2018, has posted the highest 24-hour volume at $1.66 billion, just a tad ahead of Bitcoin futures giant BitMEX’s $1.52 billion.While such activity could be entirely possible, hands down, few commenters responding to the personality’s point knew of BitMax. In fact, one user wrote “WTF” in response to Crypto Dog’s decision to bring up BitMax. Those that did know of the platform responded with hilarity, noting that without a doubt, there are trading bots and market makers on the platform. BitMax’s volume may consist of 5% of the market’s reported daily volumes, but some argue that this seeming issue runs deeper than meets the eye.But, there remains a fleeting chance that such levels of trading are genuine. Mati Greenspan of eToro sure does believe that it is. In a number of posts on Twitter, eToro’s in-house crypto trader has drawn attention to why high market activity could be a positive sign for this space moving forward. Greenspan once explained that “more meaningful moves” often go hand-in-hand with higher volumes. He later doubled down on this thought process through a number of mediums.Even Crypto Dog noted that if such volume is reality, “we’re about to bust out into a raging bull market.”As Greenspan and other analysts seem to be convinced that volume levels posted on sites like CoinMarketCap, LiveCoinWatch, and the like, are entirely bonafide, many argue that a rally is inbound?But could it be? No, maybe not.Related Reading: February Was Bitcoin’s First Positive Month Since July 2018 – Can March Be Better?Bitcoin Bull Run Incoming?Sorry to break it to you, but many analysts are leaning short-term bearish at the moment. Willy Woo, an Australian crypto researcher, noted that if Bitcoin follows the trend of sell-offs it experienced over the past 14 months, a strong move lower could be seen in the coming weeks. Backing his call, Woo drew attention to the number of open long and short positions on Bitfinex, and how cryptocurrencies have previously reacted to trends in this figure.Courtesy of Willy WooHe drew a line that accentuated that the last time the market was this indecisive, shown by the lack of speculation, BTC fell dramatically. The same could be said about 2018’s periods of low speculative volume, seen prior to January 2018’s drawdown, May’s bull trap, and August’s consecutive bull trap. Thus, Woo concluded:“Zones of minimal Long + Short positioning have historically coincided with bearish price action during bear markets. When [the market is] undecided, the ‘trend is your friend’ prevails.”New York-based Alex Krüger has also expressed wary sentiment over recent weeks. In a recent thread, the analyst explained that as the entire cryptocurrency space is basically based solely off speculation, there is no official (or peak for that matter) for Bitcoin and other cryptocurrencies. Krüger noted that this space is still rife with irrational exuberance, drawing attention to “worthless s*itcoins worth $100 million or more” to back his point. And with that, he made it clear that lower lows aren’t an impossibility.Featured Image from Shutterstock
The latest NBMiner 21.0 that has just been released comes with support for Aeternity (AE) as well as improved miner stability and performance for the Grin29 and Grin31 algorithms (Cuckaroo29 and Cuckatoo31). Performance wise the new version does seem to catch up to the competition regarding Cuckaroo29 hashrates (the latest Gminer is still slightly faster) and could currently be the fastest miner for Cuckatoo31 in terms of hashrate (at least for Windows on GTX 1080 Ti) compared to BMiner and GMiner.
We remind you that the NBMiner is a closed source GPU miner for Nvidia CUDA that is available for both Windows and Linux operating systems and it has the following developer fee built-in: tensority + ethash – 3%, tensority (Pascal GPUs) – 2%, tensority (Turing GPUs) – 3%, ethash – 0.65%, cuckaroo29 and cuckatoo31 – 2%.
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The government of Argentina is set to invest in early-stage blockchain startups backed by the venture arm of cryptocurrency exchange Binance.
The country’s Ministry of Production and Labour announced Wednesday that it will match investments of up to $50,000 into every Argentinian blockchain project that receives funding from Binance Labs via the second season of its incubator program, and crypto exchange LatamEX.
The ministry plans to invest in up to 10 blockchain projects each year for a period of four years, and will make the investments through Founders Labs, a local blockchain accelerator.
The co-investment contract was signed after Binance Labs selected Argentina’s capital, Buenos Aires, as one of the hubs for its season two of the incubator program, according to the announcement.
Ella Zhang, head of Binance Labs, said in the statement:
“We are very excited to support blockchain projects, entrepreneurs and developers through our Buenos Aires chapter, to advise and mentor them, to find product-market fit, and provide them with in-time access to global blockchain technology development to solve local problems.”
While the bear crypto market has hit firms in other regions, CoinDesk recently reported that blockchain and crypto projects in Argentina are booming, thanks to a history of banks restricting customer access and an inflation rate that hit 47 percent in 2018.
“The sector is growing, it’s growing very well. It’s providing a lot of jobs. People are using these technologies for real survival needs and finding themselves in a better world than if they had to trust the government,” Santiago Siri, founder of blockchain startup Democracy Earth Foundation and investor in several Argentinian crypto startups, told CoinDesk at the time.
With Argentina plagued by currency crises, the government needs to develop “a stability-seeking strategy that partly includes bitcoin,” wrote Michael J. Casey, chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative, last September.
Argentina image via Shutterstock
A new report claims that cash is “on the verge of collapse” in the UK, with cash transactions expected to almost vanish in the next decade.
Meanwhile, bitcoin transaction volume is surging towards an all-time high and mainstream vendors like Starbucks and Krogers are considering methods of cryptocurrency payments.
The outdated cash infrastructure is set to be eclipsed. And bitcoin is positioning itself to replace it.
— Swissquote (@Swissquote) March 6, 2019
Cash Is “on the Verge of Collapse”
The UK report, titled Access to Cash Review, says the country’s cash system will become almost obsolete in the next 15 years. It comes as digital payments overtook cash for the first time in the UK last year.
Some British retailers and vendors already refuse to accept cash for many reasons. It’s a huge burden to cash up every day and take money to the bank. Cash is slower to process and easier for employees to steal. Storing cash on site also means higher insurance premiums.
Digital money is faster, safer, and cheaper. The shift is inevitable.
Looks like we are moving closer to a cashless society. Already some stores in New York have stopped accepting cash. Credit/debit cards with chips and now our phones are used to make purchases.
— Brian M. Divine (@Brian90905990) March 5, 2019
Cash is “Practically Unheard of” in China
The UK is following in the footsteps of China and Sweden which are quickly becoming the first cashless societies.
In Sweden, less than 1% of all payment value takes place in cash. Even public restrooms are digital-only.
In China, the rapid rise of WeChat and Alipay payments means cash is “practically unheard of” in urban areas. Even street buskers hold out QR codes to accept tips and payments.
— Niro Nirmalan (@niroism) March 5, 2019
Bitcoin Transactions Near Record Highs
While cash payments are tumbling, bitcoin is surging. According to Blockchain data, bitcoin hit 367,000 daily transactions on February 28th. That puts it at similar levels to December 2017’s bitcoin frenzy, and just short of its all-time high.
As Etoro’s senior market analyst Matti Greenspan told Bloomberg:
“What I’ve been watching lately are the number of transactions on the Bitcoin blockchain and the total volumes across crypto exchanges, both of which are holding at their highest levels in more than a year…Even though we’re still officially in a bear market there is plenty of cause for optimism.”
Mainstream Bitcoin Payments are Coming
The bitcoin transaction volume is supported by strong mainstream interest in crypto payments. As CCN reported, Starbucks has just clarified its plans on its rumored bitcoin acceptance:
“Our role as the flagship retailer for Bakkt is to consult and develop applications for customers to convert their digital assets into US dollars, which can then be used in our stores.”
In other words, Starbucks may soon accept bitcoin with into US dollars. Elsewhere, US grocery store Kroger has ditched Visa credit card payments and is reportedly considering bitcoin payments via the lightning network.
Who knows someone on the leadership team there?
The Morgan Creek Digital team will fly to meet them and get them hooked up with the Lightning Network nationwide. 🔥🙏🏽
— Pomp 🌪 (@APompliano) March 2, 2019
Powered by the Lightning Network?
As a future payment system, bitcoin has always been plagued by criticisms over speed and fees. But the infrastructure for fast, cheap cryptocurrency payments is growing rapidly.
As CCN reported, the Lightning Network recently opened up record capacity and reported the lowest transaction fees in three years. The second-layer solution for fast bitcoin micropayments is the groundwork for enormous bitcoin payment scaling.
The era of cash is over. The era of bitcoin is just beginning.