Who’s Accumulating Bitcoin? 784,000 Addresses Now Hold 1+BTC

Studying Bitcoin wallets and the number of BTC they hold shows evidence of a growing pattern of accumulation of the digital asset. The number of Bitcoin addresses with a balance of more than one BTC has been consistently increasing since the launch of the cryptocurrency more than a decade ago. Despite volatility that has seen the price approach $20,000, crash down to $3,200, and bounce back up to near $14,000 in less than two years, the resolve of the sat stacker appears strong. From the figures, it looks like it may be more than just retail that’s loading up on Bitcoin too. Growth of +1 Bitcoin Addresses Shows Steady Accumulation, Regardless of Price The number of Bitcoin addresses with at least one Bitcoin associated with them has grown to around 784,000. This represents a sizeable increase over the 707,000 addresses reported this time last year. It’s also more than twice what it was in 2015. DATA: The number of addresses with 1 or more bitcoins rose by 77,000 in 12 months. As of Jan. 14, there were 784,000 addresses holding 1 or more bitcoins, up 11% from 707,000 seen a year ago. This number has more than doubled since early 2015. Are retail accumulating Bitcoin? pic.twitter.com/nMbkryepE9 — Bloqport (@bloqport) January 22, 2020 The figures come courtesy of crypto analysis firm Glass Node. They show steady growth of the number of Bitcoin wallets with a balance of more than 1 BTC during both price rises and pull backs. The number does drop slightly during extreme Bitcoin down turns. However, not by anywhere near the same percentages as the market plummets. This leads cryptocurrency research firm Bloqport to speculate in the above tweet that the figures highlight retail accumulation of Bitcoin. This is a plausible theory, of course. Priced in excess of $8,500, those with a balance of more than a single BTC seem more likely to be saving rather than spending. However, a look at other address balance thresholds may show accumulation elsewhere too.   The number of addresses now holding more than 10 BTC is also close to its all-time high. This figure grew rapidly during Bitcoin’s earlier years (as you would expect) but growth has since tapered off. The figure has remained fairly constant since early 2017. Interestingly, addresses with a balance of more than 1,000 BTC have also been growing. Since Bitcoin traded sideways during late 2018, around $6,500 per BTC, it appears that big holders of Bitcoin are becoming more numerous. From around 1,650 +1k BTC addresses in quarter three 2018, there are now more than 2,100. The big question is how much of this is serious money accumulating Bitcoin and how much of it is down to new companies, like exchange platforms, that typically hold large numbers of BTC? Massive ventures into the cryptocurrency industry by the likes of Fidelity and other giants certainly hint that towards demand from the kind of investors that can drop $8 million on a speculative investment like Bitcoin. The patterns of mega whale wallets are harder to draw conclusions about. There are currently just 103 addresses with more than 10,000 BTC. This figure has bounced above and below 100 but has not changed much since before the previous all-time high of $1,300. The highest it has ever been is 126 in 2016 when Bitcoin traded around $700. At the time of writing, 10,000 BTC is worth more than $86 million. Many of these are known to be exchange wallets. For example, Kraken holds the 29th and 30th largest Bitcoin wallets, with 23,228 BTC and 22,211 BTC respectively. Huobi, Bitfinex, Binance, and Bittrex all also have wallets in excess of 10,000 BTC. Just large holdings of Bitcoin in single wallets explain the efforts of hackers to compromise exchange security and also represents a dangerous concentration of BTC should a hostile government ever attempt to seize an exchange’s assets.   Related Reading: This One Trillion Dollar Factor Will Boost Bitcoin Sky High In the Long Run Featured Image from Shutterstock. The post appeared first on NewsBTC.

This One Trillion Dollar Factor Will Boost Bitcoin Sky High In the Long Run

Thanks to its hard monetary policy and lack of national affiliation, Bitcoin has been described by many as the perfect hedge against global economic uncertainty. Around the world, the questionable policies of central bankers create new reasons for people to turn to the cryptocurrency every day. Even the largest economies are vulnerable to extreme mismanagement. The US deficit is growing faster than ever before and analysts believe it will continue doing so. This could act as a powerful incentive for more folks to research Bitcoin. US Government Deficit Expected to Hit $12.2 Trillion by 2029 The US government is spending more than it brings in. This is nothing new, of course, and is the case with most national governments. However, the US Congressional Budget Office estimates that the Trump Administration ran a deficit as high as $960 billion in 2019. The outlook for the future is no less bleak either. The agency expects the government to borrow more than $1 trillion dollars every year going forward. By 2029, forecasts put the total US deficit at more than $12.2 trillion. This would represent an average of 4.7 percent of the nation’s GDP over the next decade. The average deficit over the previous 50 years was 2.9 percent. As Chief Investment Officer of Ikigai Asset Management Travis Kling points out in the following tweet, Bitcoin may well benefit from such reckless fiscal policy: This is a chart from @USCBO showing that the US deficit will never be less than $1tn a year again. Never. Less than. A trillion. A year. Bitcoin is an insurance policy against monetary and fiscal policy irresponsibility from central banks and governments globally. pic.twitter.com/pnOAG1bwuY — Travis Kling (@Travis_Kling) January 21, 2020 Governments running a growing deficit need to eventually do something about it. They have a few options open to them. They can raise taxes and lower cut public spending – usually making themselves universally unpopular in the process, they can stimulate the economy, or they can reduce the debt by printing more money. This latter policy effectively allows the government to pay its creditors on the cheap by taxing all users of the national currency. Many market analysts believe that the Federal Reserve has exhausted its means by which to stimulate the economy and it is hard to imagine President Trump taking less popular approach to the issue. That only leaves creating more money, which will devalue the wealth of US savers. Such policies seem likely to encourage more people to seek a hedge. This requires an asset that is removed from the political manoeuvring of governments. Typically, gold has served this purpose. However, as many analysts have previously argued, Bitcoin may well go on to fill the niche even more effectively. The cryptocurrency is, after all, entirely finite in supply, much more portable, divisible, and easy to store. Kling explains the reasoning in the following video:   Related Reading: Ethereum Could Be Weeks Away From a 400% Parabolic Rally; Levels to Watch Featured Image from Shutterstock. The post appeared first on NewsBTC.

Why the Small US Bitcoin Mining Industry is a National Security Risk

For almost its entire existence, Bitcoin mining has been dominated by Chinese companies. Most of the world’s largest mining pools, chip manufacturers, and the ASIC operators themselves call the country home. Wanting to see that change is Brandon Arvanaghi of US mining company Layer1. He goes as far to say that the United States providing hashing power to the Bitcoin network is a “matter of national security”. Building Bitcoin Mines in US National Interest? China has long dominated Bitcoin mining. The biggest names in hardware manufacturing call the nation home. These include Bitmain, Canaan Creative, and Ebang. The world’s largest mining pools are also operated out of China, and cheap electricity encourages hardware deployment in the country. US firm Layer1 is aiming to give the US better representation in terms of Bitcoin mining. NewsBTC has reported previously on the company’s plans to operate not only mining hardware but a power substation and to manufacture its own chips in Texas. As detailed it in a Medium post last year, the company has assembled a roster of “industry veterans” to bring the US up in terms of the hash rate it contributes to the network. These include founders from Genesis Mining, Blockbase Group, and Layer1 Capital. According to the post, published last October, the US accounted for just 5 percent of global hash rate. This compares to more than 60 percent commanded by China. The Chief Security Officer at Layer1, Brandon Arvanaghi, describes the company as the United States’s “first vertically-integrated Bitcoin mining company”. By manufacturing chips and harnessing energy itself, the company will be entirely independent of the Chinese mining industry. Layer1 is the first vertically-integrated Bitcoin mining company in the U.S. The U.S. part is no accident. We’re using the abundance of cheap power here to our advantage. Long-term, increasing the U.S. hash rate is a matter of national security. We’re leading that push. 🇺🇸 — Brandon Arvanaghi (@arvanaghi) January 21, 2020 Arvanaghi adds that the US increasing its share of the global hash rate will become a “matter of national security” in the future. Presumably, he subscribes to the narrative that Bitcoin is going to be very important in years to come. Although far from it today, the end game for many of those optimistic of Bitcoin’s future is a world in which Bitcoin is the planet’s reserve currency. In this scenario, it is not hard to imagine a need for major economic powers to control a decent share of the entire global hash rate. In related news, Chinese manufacturing giant Bitmain has also recently opened a new Bitcoin mining facility in Texas. However, the company’s plans ran into difficulties earlier this year, forcing it to terminate an agreement with its site management firm, DMG Blockchain. According to a press release, the arrangement was not cost effective for either party, prompting a mutual termination of the agreement.   Related Reading: Bitcoin Just Closed Beneath This Key Level and It Isn’t Good for Bulls Featured Image from Shutterstock. The post appeared first on NewsBTC.

No, Chinese New Year Won’t Trigger a Bitcoin Pullback: Historical Data Shows

Chinese New Year is just around the corner and people are once again debating its possible impact on Bitcoin price. A popular theory is Chinese investors cash out holdings before the holiday, creating additional selling pressure in the market. The lunar festival, held during different weeks of the Western calendar each year, will mark the beginning of a new year in the traditional calendars of several Asian nations. This year, the event falls on January 25. Will Chinese New Year Crash Bitcoin Price? It’s pretty well documented that calendar events can impact markets. That is to say certain holidays seem to cause market anomalies. Traders and analysts have studied the effect of winter holidays in the US stock market for years, for example. Given its global nature, you would not expect to see such anomalies in the Bitcoin market. However, with a lot of its earlier history revolving around China, theories about certain traditional holidays and their impact on price have developed amongst Bitcoiners. From a Western perspective one of the most intriguing of these is the Ghost Festival in August or September. Entrepreneurs are advised not to do business during the period, which, according to superstition, sees the gates of hell opening and spirits unleashed on the earth. Each year, people speculate as to the impact of the festival on the Bitcoin market. This week it’s another lunar holiday celebrated across East Asia, Chinese (or Lunar) New Year. Typically, traders anticipate selling in the few weeks leading up to the event. The theory goes that holders of Bitcoin cash out some of their investments to fund the revelry going on during celebrations. For me this is the last push before the chinese new year sell offFor reference: Bitcoin dumpedChinese new year 2018 Bitcoin dumped Chinese new year 2019 Bitcoin _ _ _ _ chinese new year 2020Will it be different this time ? — TheWolfOfAllStreets (@GerardWalker5) January 18, 2020 Bitcoin price did decrease leading into the Lunar New Year on the years mentioned in the above tweet. However, the drops came much earlier before the event itself. The New Year is this week. Typically, price declines have occurred between two and four weeks prior to the event. Looking further back in Bitcoin’s history produces results that counter this extremely small sample size too. As pointed out by economist and trader Alex Krüger below, Bitcoin history suggests that a dump so close to the New Year celebration is now unlikely. In previous years, Bitcoin’s average daily returns in the three weeks immediately preceding the event shows that the digital currency has largely traded sideways. Some think the Chinese New Year may impact $BTC negatively, as people sells bitcoin to purchase presents. Chinese New Year starts with the 2nd new moon after the winter solstice. This year it falls on Jan/25. Data indicates $BTC does not underperform preceding the Chinese NY 👇 pic.twitter.com/HSubtvss8c — Alex Krüger (@krugermacro) January 17, 2020   Related Reading: Is This Why Bitcoin SV Climbed Another 20% In the Last 24 Hours? Featured Image from Shutterstock. The post appeared first on NewsBTC.

Is This Why Bitcoin SV Climbed Another 20% In the Last 24 Hours?

Although almost the entire cryptocurrency industry started 2020 with big price increases, one has stood out above the pack. Bitcoin SV (BSV) kicked off the year at below $100 and now trades for more than $300. Whereas most digital currencies have traded sideways over the last 24 hours, Bitcoin SV is gaining in market capitalisation once again. However, at least one market analyst believes the dramatic price pumps are anything but organic. Bitcoin SV Bucking the Trend Again, But Where’s the Buying Pressure Coming From? Whether you like it or not, BSV price has been pumping hard this year. The digital currency, championed by Satoshi Nakamoto claimant Craig Wright, has gained more than 300 percent in the last 20 days. As NewsBTC reported, it even briefly flipped rival Bitcoin fork Bitcoin Cash (BCH). Since last week’s industry wide price pumps, the markets have somewhat quietened down. However, Bitcoin SV is still moving upwards. Whereas most digital assets have seen neither gains nor losses over the last 24 hours, with around a 20 percent increase, BSV is still flying. Following the initial pumps, NewsBTC reported on various theories explaining the sudden movement. Different analysts have suggested that developments in Craig Wright’s legal battle with the estate of his former business partner Dave Kleiman, promises of upcoming protocol upgrades, a growing BSV community in China, and poor market liquidity all might be behind the unusual price action. Adding their own theory to the mix is cryptocurrency entrepreneur and Chief Technical Officer of CoinText, Vin Armani. In the following Twitter thread, Armani accuses Calvin Ayre, one of the biggest BSV proponents and, apparently, one of its only miners, of operating a sophisticated wash trading scheme. THREAD The mechanics of the BSV pump is pretty interesting. I've been watching this develop for days. No one but Calvin is mining BSV. Adding more hash doesn't get him more BSV. So he deploys hash on BCH a couple weeks ago (unknown miner with like 60%) — Ⓥin Ⓐrmani (@vinarmani) January 14, 2020 Armani alleges that the falling through of a deal to sell mining equipment to Squire Mining LTD. last year left Ayre with a lot of SHA-256 miners. The entrepreneur claims that since Ayre is the most prolific miner of Bitcoin SV, using the equipment on the network would not result in the entrepreneur receiving more BSV. Instead of mining BSV, Armani claims that Ayre deployed the hardware on the BCH network. He would sell the Bitcoin Cash generated for US Dollar Tether (USDT) and use this to wash trade Bitcoin SV price up following an uptick in positive momentum. Supposed developments in the Kleiman case, coupled with Ayre himself aggressively pumping BSV with cryptic hints towards great things this year, may have been engineered for this very purpose. The fact that earlier exchange delistings of Bitcoin SV means it largely trades on small, obscure exchanges, only makes the scheme more effective. Armani believes this elaborate plan, which he calls “pretty genius”, is behind the sudden price pumps in Bitcoin SV. What’s more, the CTO adds that Ayre will be able to continue pumping the price in such a manner to keep it close to the market capitalisation of Bitcoin Cash. It’s telling that although Bitcoin SV did exceed BCH in terms of market capitalisation, it has only done so for brief periods. Armani’s theory only allows Ayre risk free pumping of Bitcoin SV up to market capitalisation parity with Bitcoin Cash. To push the price higher requires extra cash. It may be telling that, despite today’s pump, the price remains below that of its rival Bitcoin fork.   Related Reading: Bitcoin Signal That Preceded 288% Rally About to Flash, and It’s Huge for Bulls Featured Image from Shutterstock. The post appeared first on NewsBTC.

A $50,000 Bitcoin Price; How Likely is a 13-Digit Market Cap?

Bitcoin started 2020 in fine form. The BTC price opened the year at around $7,185 and, at the time of writing, sits just shy of $8,900. With the leading crypto asset posting consistent gains so far this year, a sense of bullishness has returned to the industry. The quadrennial Bitcoin halving and its potential impact on prices has many people exited, not least because of pumps both before and after previous halvings. Does Bitcoin Hit a Trillion Dollar Market this Time? The parent company of Google, Alphabet, reached a $1 trillion market capitalisation this week. According to a report in CNBC, it is only the fourth US company to reach such a lofty valuation. Apple, Microsoft, and Amazon are all, or have been previously, valued above thirteen figures. Bitcoin’s bullish year opening, coupled with Alphabet’s market cap milestone, has VanEck strategist Gabor Gurbacs wondering what it would take for the total value of all Bitcoin in circulation at over $1 trillion. For Gurbacs, and apparently most of his Twitter followers, the prospect is not “too far-fetched”: I’d like to see #Bitcoin hit the $1 trillion market value mark. I don’t think a $1 trillion Bitcoin is too far-fetched. What are your thoughts? Any good models or research? RT to get a good thread. https://t.co/Y47htMZUE7 — Gabor Gurbacs (@gaborgurbacs) January 17, 2020 The entire Bitcoin market capitalisation is currently just under $161.5 billion. It would, therefore, take either a colossal devaluing of the dollar or a huge injection of new money to enter the industry to top a billion. The dollar is certainly devaluing thanks to a monetary policy that is by no means unique to the US. However, few really want to see purchasing power of life savings slashed so dramatically for the sake of an arbitrary Bitcoin price milestone. Of course, the US dollar doesn’t need to undergo such an extreme devaluation for Bitcoin’s market capitalisation to surpass a $1 trillion. More people could just start buying Bitcoin. As one of Gurbacs followers points out in response to his post, crypto came close to a $1 trillion valuation two years ago. During the bull run of 2017, the combined market capitalisation of all crypto assets rose to more than $835 billion. That said, Bitcoin dominance did dip to less than one third around the same the time. Bitcoin’s market capitalisation alone only briefly got above a $330 billion in late 2017. What About Stock to Flow? One theory that those making the most bullish cases for Bitcoin often cite is known as the “stock-to-flow” model. Indeed, several of Gurbacs’s followers referenced it in response to the above tweet. The model, which NewsBTC has reported on previously, reasons that Bitcoin behaves in a very similar way to precious metals like gold. The stock of the asset refers to the size of existing reserves and the new units added comprise the flow. Bitcoin, like gold, has a high stock to flow ratio. It also has forced adjustments to its flow in the form of halvings. The year following both previous halvings has seen major price appreciation. In 2013, Bitcoin topped close to $1,300. In 2017, the eventual high was near $20,000. The model, by analyst Plan B, suggests that the slowing of new Bitcoin hitting the market will have a dramatic impact on price. The tightening supply will see increases in demand create much more violent moves to the upside. Plan B argues that, at some point following this year’s halving but before the 2024 event, Bitcoin will surpass $1 trillion. This would put the price of each Bitcoin around $55,000. The stock-to-flow model of Bitcoin by @100trillionUSD puts #Bitcoin market value at US$ 1 trillion after the next halving. Back in October I had put the current market cap of #BTC in perspective and US$ 1 trillion does not seem unreasonable at all 👇 https://t.co/G04m4BqhaV pic.twitter.com/bzvvWleYmG — ecoinometrics (@ecoinometrics) January 17, 2020   Related Reading: Are Bitcoin Price Predictions Helping or Hindering Crypto? Featured Image from Shutterstuck. The post appeared first on NewsBTC.

Are Bitcoin Price Predictions Helping or Hindering Crypto?

Over the years people have made some pretty spectacular price predictions for Bitcoin and other crypto assets. They range from the rampantly bullish to the suspiciously pessimistic. Do such price forecasts benefit the crypto industry? Do they help to spread awareness about Bitcoin or simply serve as bait for gullible investors? Bitcoin Price Predictions are Harmless Enough, Right? Bitcoin price predictions are nothing new. For almost as long as the crypto asset has existed, people have forecast then-crazy price targets for the future. In 2011, for example, a post on Bitcoin Talk has contributors making both short and longer term predictions. Even then, familiar topics such as an upcoming halving event and over speculation harming the network were hot topics. The originally poster makes a call of $300 by that December. Others were less optimistic, arguing Bitcoin would not make such gains on speculation alone. There were some absolute moonists too. One anonymous poster added a prediction of $10,000 by 2013 to the early thread. Although not technically a prediction, the late Hal Finney made the first reference to Bitcoin’s future with a price tag attached right at the crypto asset’s creation. As early as 2009, he reasoned that each Bitcoin could be worth as much as $10 million. This figure was based on the premise that Bitcoin becomes the dominant global payment system and absorbs an estimated $100 trillion to $300 trillion in worldwide household wealth. I got interested in Bitcoin because of ridiculous price predictions. I learned more about Bitcoin afterwards. There’s nothing wrong with that imo. Bitcoin adoption that is based on ideology is not scalable. Bitcoin adoption that is based on self-interest is scalable. — Pierre Rochard (@pierre_rochard) January 17, 2020 Since the early days, predicting Bitcoin price has become more popular. Figures like Tom Lee and Mike Novogratz, of Fundstrat Global Advisors and Galaxy Digital respectively, became well known for their, often wrong, Bitcoin price calls during 2017 and 2018. However, without doubt the most famous example of such a future forecast was John McAfee with his high stakes bet with himself. McAfee declared in 2017 that each Bitcoin would be worth $1 million by the end of this year. If it wasn’t, he said he’d eat his own manhood live on television. As NewsBTC recently reported, McAfee now claims the prediction was a ruse to interest new investors. Despite now backtracking, McAfee was not alone with his seven figure forecast. Others also believe that BTC is heading into the millions of dollars at some point in the future. The Case For and Against Price Predictions According to Jameson Lopp, the Chief Technical Officer at CasaHODL, such forecasts are detrimental to the Bitcoin industry. In a recent Twitter post, he claims that the often “ridiculous” price predictions only serve as bait to lure people to the industry. Acknowledging that crypto is a dangerous industry to be investing in, he says that newcomers do not fully understand the technology and open themselves up to a lot of unforeseen risk. He adds: “In Bitcoin, ignorance is the path to rekt.” Bitcoin price predictions are ridiculous and are a disservice to the ecosystem due to their shallowness. They bait people into investing in a risky asset they don't understand well because they think it's an easy way to get rich quickly. In Bitcoin, ignorance is the path to rekt. — Jameson Lopp (@lopp) January 17, 2020 Taking an entirely different position on the issue is long time Bitcoin advocate Pierre Rochard. He recently tweeted that if it were not for “ridiculous” price predictions, the industry would not have drawn him in. After the initial attraction because of the potential for profits, he was able to learn and better understand the protocol. For him, the pursuit of self interest encourages adoption in a way that pure ideology never could. I got interested in Bitcoin because of ridiculous price predictions. I learned more about Bitcoin afterwards. There’s nothing wrong with that imo. Bitcoin adoption that is based on ideology is not scalable. Bitcoin adoption that is based on self-interest is scalable. — Pierre Rochard (@pierre_rochard) January 17, 2020   Related Reading: Bitcoin Price Could Surge To $50,000 By Mid-2021: Here’s Why Featured Image from Shutterstock. The post appeared first on NewsBTC.

Why This New Act of Congress Could Drive Crypto Adoption

The taxation of crypto assets may well be hindering their adoption in the United States. Deemed a commodity by the CFTC and property by the IRS, each time an individual makes a purchase with a digital currency, they are almost certainly creating a taxable event. Striving for more practical taxation regulations for crypto assets is Washington-based Coin Center. The non-profit worked with members of Congress to introduce a bill that, if passed, would allow low value transactions to be tax exempt. US Tax Law Makes Actually Using Crypto Tough… Since cryptocurrency is deemed both a commodity by the Commodity Futures Trading Commission and property by the IRS, spending any amount of crypto is currently considered a taxable event. For anyone actually wanting to spend cryptocurrency, this creates a serious headache come tax season. The IRS published guidance relating to cryptocurrencies in 2014. It stated that Bitcoin and other digital assets were to be treated as property and, therefore, would incur capital gains when bought or sold. This includes when making seemingly trivial purchases. Since the prices of leading digital currencies tend to bounce around a lot, the sheer amount of reporting that would be required by anyone attempting to use them for day to day spending is a serious turn off. Of course, this is not the only barrier to serious adoption of the decentralised currencies, but it certainly doesn’t help. The Virtual Currency Tax Fairness Act of 2020 aims to address that. The legislation has been introduced to US Congress today by Representatives of both parties. The measure seeks to make making low value crypto transactions much simpler. Congress takes a step toward a de minimis exemption for everyday cryptocurrency transactions https://t.co/3tQ5oIrnqL — Coin Center (@coincenter) January 16, 2020   The new act was introduced by Representatives DelBene, Schweikert, Soto, and Emmer. It would allow for cryptocurrency transactions to be tax exempt for smaller value purchases. It would work just as a foreign currency de minimis exemption does. That is to say, individuals would not need to report transactions creating a gain or loss of less than $200. Washington-based crypto research group Coin Center has been working for years now towards a feasible solution to the clear barrier to cryptocurrency adoption. In a report the non-profit explains how it has collaborated with Reps. DelBene and Schweikert to bring the idea back the lawmakers’ attentions. The researchers write: “This easy solution to an obvious problem with today’s tax treatment of cryptocurrencies would help level the playing field for this technology.”   Related Reading: Binance Futures Adding Chainlink Could Spark Major LINK Volatility Featured Image from Shutterstock. The post appeared first on NewsBTC.

Gemini’s $200M Crypto Insurance Indicates Rapidly Rising Instiutional Demand

The Gemini crypto asset exchange has just announced an increase to its custody platform’s insurance coverage. At $200 million, the Winklevoss-led trading venue now boasts the largest cold storage insurance limit of any crypto custodian on the planet. The decision to increase its coverage shows Gemini Custody is clearly expecting demand for its services to also increase. Judging by the size of the new coverage and the platform’s reservation for accredited investors, the company anticipates serving some large holders in future. Gemini Positioning Itself to Serve a Richer Class of Potential Crypto Investor Crypto exchange and custody provider Gemini has just announced big changes to its insurance coverage. The company has launched its own captive insurance provider. Named Nakamoto, after the anonymous creator of Bitcoin, the new firm is licensed by the Bermuda Monetary Authority. According to a statement by the exchange, Nakamoto will allow accredited investors using Gemini Custody up to $200 million worth of coverage. This makes it the world’s most insured crypto asset cold storage solution. As well as the cold storage insurance, the exchange will also benefit from additional cover. Both segregated crypto assets and hot wallet insurance is available. Nakamoto is a joint effort with insurance brokers Marsh and Aon. Helped by experienced partners, Gemini claims the firm will “be able to tap into broader insurance markets” and provide a high level of coverage “at optimum costs”. In today’s post Yusuf Hussain, Gemini’s Head of Risk, writes: “Insurance is essential to the health and growth of modern financial markets and we’re proud to bring insurance to the crypto markets.” 1/2 We are excited to announce that Gemini Custody™ now has $200M in insurance, the largest limit of insurance coverage purchased by any #crypto custodian in the #world!🌎 pic.twitter.com/0uFS5SvNJS — Gemini (@Gemini) January 16, 2020 Reducing Risks Might Make Cryptocurrency More Appealing For a long time now, those observing the crypto asset markets have waited eagerly on the arrival of institutional investors. Plenty of evidence, previously reported by NewsBTC, supporting the argument that institutional money is coming to crypto. However, given that the largest money managers of the world spend more time trying to protect clients’ money and less studying blockchain technology, the market likely remains intimidating. Efforts, like Gemini’s, bring the kind of risk protection institutional investors are familiar with to crypto markets. They will likely assuage some of the reservations money managers have about cryptocurrency. Exchange hacks are common and institutional grade crypto custody would serve as an excellent honeypot for cyber criminals. For this wealthier class of investor, the risks crypto presents are already enough. Also worrying about investments suddenly disappearing to hackers is far too much risk for some.   Related Reading: Sorry Bulls, Bitcoin Isn’t Going Parabolic Just Yet: Here’s Why Featured Image from Shutterstock. The post appeared first on NewsBTC.

Bitcoin Futures Open Interest Hits $3.5 Billion; Upward Trend to Continue?

The Bitcoin and wider cryptocurrency markets surprised observers yesterday as the market capitalisation of leading cryptos suddenly increased. January 14 started with the market at $217.5 billion, today that figure stands at over $238.8 billion. The heightened market volatility appears to have attracted other traders to the market. Open interest in Bitcoin futures, for example, has soared to $3.5 million. Does Rising Open Interest Hint of More Upside in Bitcoin? Even for the cryptocurrency markets, yesterday was a bit of an anomaly. Across the board, digital assets went up. Standout performances came from the likes of Bitcoin SV, Dash, and Ethereum Classic. As well as buying pressure increasing, so too is interest in Bitcoin futures. Cryptocurrency market analysis firm Skew highlighted the growth in open interest across all exchanges offering the Bitcoin derivative products. Open interest refers to the total number of outstanding, or unsettled, contracts. Open interest rises as new contracts are created and it falls as contracts are settled. It gives a much clearer picture of the amount of money actually entering or leaving a market than trade volume does. Global open Interest ticked up 15% to $3.5bln pic.twitter.com/4a4i9wlyY0 — skew (@skewdotcom) January 15, 2020 Already rising at the end of December, January has seen the total value of open futures contracts surge to $3.5 billion. Over the last day or so, traders created more than $500 million worth of futures contracts. More BTC Gains to Come? Whilst not an indicator of price direction alone, traders often use open interest to determine the strength of a trend. Open interest increasing at a time when the market is trending upwards often signals a continuation of a rally. Similarly, rising open interest during a downwards or sideways trend also indicates more of the same. The following graphic illustrates what traders can glean from open interest figures. When price, volume, and open interest all increase together, the price of Bitcoin is likely to continue climbing with strength. Volume and open interest declining whilst price is rising is a sign of a rally weakening and a potential trend change. Meanwhile, the opposite also holds true. When price trends down with volume and open interest rising, the bearish action is likely to continue. Price, volume, and open interest all in declining together indicates the downtrend is running out of steam. pic.twitter.com/YOKIlFmSy6 — Murad Mahmudov 🚀 (@MustStopMurad) January 12, 2020 Judging by the above interpretations, Bitcoin’s price rally looks set to continue. As noted above, open interest and price are certainly rising at the moment. Similarly, in Skew’s tweet from today, the daily volume of Bitcoin futures is also increasing. Bitcoin could, therefore, be looking at further upside before any correction takes place.   Related Reading: Crypto Content Missing from YouTube; Is Platform’s Purge Back On? Featured Image from Shutterstock. The post appeared first on NewsBTC.

Crypto Content Missing from YouTube; Is Platform’s Purge Back On?

YouTube appears to have resumed its anti-crypto asset campaign. At least one content creator has today reported missing content from the video sharing platform. The original clampdown against crypto-related channels occurred at the end of last year. Although YouTube has restored most content, new instances of missing videos may signal that more censorship is yet to come. Crypto Content Creators Beware: YouTube Removes Another Digital Currency Video Despite having claimed its earlier clampdown against crypto content creators was a mistake, YouTube appears to still have it in for digital currency. According to one video maker using the platform, the company is still issuing strikes for content about crypto assets. Davincij15, on both Twitter and YouTube, posted the following tweet earlier today. It details the strike against his account and accuses the video sharing platform of making another mistake. So I got a strike today @TeamYoutube on my last live stream. This is clearly an error and with the strike, I am unable to stream or upload videos. Please LIKE & RETWEET to help reopen my YouTube channel. pic.twitter.com/YTvrwms7wO — Davincij15 (@Davincij15) January 15, 2020 The strike against Davincij15’s account will leave the content creator unable to live stream or upload videos for a week. The message accompanying the above tweet states that the channel’s content “was removed due to a violation of [YouTube] Community Guidelines”. Other popular content creators using the platform responded to the above tweet. “Ivan on Tech” stated that YouTube really needs to fix whatever the issue is that causes the automatic warning and strikes. Like Davincij15, he appealed to the crypto asset community to publicise the apparent content censorship. Meanwhile, others suggested that content creators turn to decentralised content hosting platforms. One respondent quickly shot this idea down by highlighting the difference in audience sizes. A platform like YouTube sees millions of visits every day, making it possible to monetise popular content through advertising. The still niche decentralised options struggle to manage even a small percentage of this potential audience. Unfortunately, since YouTube appears to have removed the content in question, NewsBTC is unable to determine the exact cause of the strike against Davincij15. For however much it’s worth, followers of the content creator questioned the platform’s decision. One described him as being amongst “the least toxic youtubers on this planet.” Another Mistake from YouTube? In relation to the spate of sanctions at the end of last year, NewsBTC reported on potential reasoning behind YouTube’s apparent crypto clampdown. Legal expert Jake Chervinsky speculated that certain promotional efforts by content creators might be “violations of Securities Act § 17(b)”. Meanwhile, other content creators made a case for a mass flagging campaign against crypto-related videos. Shortly after the removals, YouTube restored the missing videos. According to a report in Gizmodo, the platform said that the censorship was just a mistake. With the apparent removal of more content today, it appears that YouTube is once again making mistakes. That or the platform has decided to clampdown on crypto content creators after all. NewsBTC will bring you more coverage on this story as it develops.   Related Reading: Trader Who Called Bitcoin’s 50% Decline Says $10,000 Is Next: Here’s Why Featured Image from Shutterstock. The post appeared first on NewsBTC.

Crypto Markets Surge as Tell Tale Sign of Bitcoin Bull Runs Returns

The price of most crypto assets have increased dramatically over the last 24-hours. This has led some to conclude that the downtrend that started at the $14,000 peak last summer is now over. Just like clockwork, when faced with huge demand for services, one of the most popular digital currency exchanges appears to be suffering outages. Some Coinbase users are reporting difficulties accessing the trading venue today. It Ain’t a Crypto Bull Run Until Coinbase Drops the Ball… It feels a long time since it happened but almost every cryptocurrency listed on CoinMarketCap is today in the green. Whilst only a handful of digital currencies have seen losses over the last 24-hours, some are enjoying gains reminiscent of the end of 2017. Leading the charge in terms of daily performance by a country mile is Bitcoin SV. NewsBTC reported earlier on the potential catalysts for the sudden move in the controversial crypto asset. Bitcoin SV actually had such an impressive day today that it is now ranked higher than rival Bitcoin hard fork, Bitcoin Cash (BCH). Numerous other crypto assets, including Zcash (ZEC), Tron (TRX), and Ethereum (ETH) also experienced double digit gains. With Bitcoin only gaining by 6.54 percent over the previous 24-hours, its market dominance has fallen to around two thirds of the wider industry’s market capitalisation. Like clockwork, when faced with huge demand for its services, one of the most popular digital currency exchanges on the planet appears to be suffering under the pressure. Users of Coinbase reported outages when using the trading venue today: Coinbase down. pic.twitter.com/Rke9D3pKmc — MackAttack XRP 🇳🇱 (@MackAttackXRP) January 14, 2020 Other respondents to the above tweet seem to confirm the unscheduled downtime. Some posted their own screenshots of messages reporting “connectivity issues” at the exchange. Readers that have been around the industry a while will likely recognise the Coinbase downtime as something that only seems to occur during a crypto bull market, when demand for the company’s services is at its highest. NewsBTC has previously reported on incidents, as early as 2013, during periods of increased trading. Similar incidents have occurred at other times of massive buying or selling. During May 2017, huge demand, largely attributed to Asian nations, managed to bring the platform to its knees temporarily. The fact that such outages have become so regular has angered some and caused others to suspect foul play. In response to the above tweet, one Twitter user called it “unacceptable”, adding that they would not continue to use the trading venue. Another said that after two years, Coinbase should have fixed such issues and that the downtime actually stopped people from selling, which in turn further increases the price of leading crypto assets.   Related Reading:The Aftermath of Bitcoin’s Massive Rally May Not Be as Bullish as It Seems Featured Image from Shutterstock.   The post appeared first on NewsBTC.

Here Are the Main Reasons Why Bitcoin SV Went Parabolic Today

Bitcoin SV has kicked off 2020 in fine style. The controversial crypto asset, created by two hard forks, has already gained more than 220 percent since January 1. Whereas other leading crypto assets have also started 2020 showing strength, none has experienced quite as epic a pump as Bitcoin SV. Just what is behind the sudden surge in buying pressure? Bitcoin SV Pumping on a Myriad of Factors The price of Bitcoin SV has increased considerably already this year. The digital currency, promoted largely by Craig Wright and Calvin Ayre, started 2020 trading at around $97. It has since grown to a market capitalisation of more than $5.6 billion and a price at the time of writing above $310. There are a group of factors that appear to be converging to create a great deal of investor optimism in the Bitcoin SV project. Of these, the most important seems to be the belief in recent rumours that Craig Wright has received the last document of the mysterious Tulip Trust. He has previously told judges in the ongoing legal battle between himself and Ira Kleiman (the brother of his late business partner David Kleiman) that delivery of this document would allow him to settle the more than 500,000 BTC he has been ordered to pay to the Kleiman estate. Yesterday, NewsBTC reported on the apparent appearance of the bonded courier who Wright had promised would deliver the missing document to him this January. Posts on Twitter showed Wright in a Slack group apparently confirming that he had indeed received the missing Tulip Trust information and is ready to submit it to the court next week. The apparent news that Wright has now received the documents that may move him one step closer to being accepted as the creator of Bitcoin seems to have been capitalised on by Wright’s confidant, the online gambling entrepreneur Calvin Ayre. Ayre has been upping his efforts to promote Bitcoin SV of late with a string of hints that big things are coming to the network in the near future. This too has likely excited Bitcoin SV investors resulting in price gains. There is a ton of good news coming for the BSV platform over the next 6 weeks. Book explaining how Craig created Bitcoin by reputable journalist, CoinGeek and Genesis and some other things that are still confidential. Its going to be a fun few weeks. — Calvin Ayre (@CalvinAyre) January 14, 2020 Potentially also adding to the sudden optimism amongst investors is an upcoming hard fork in Bitcoin SV. Known as the Genesis Upgrade, in an effort to distance itself from contentious hard forks like those that created BSV to begin with, the changes will see the blocksize limit completely removed. This, for those that believe increasing the size of blocks is the best way to scale a blockchain to enterprise levels, will make Bitcoin SV the most useful cryptocurrency in existence. The upgrade is due to take place on February 4. Finally, all of this is taking place on a background of a growing Bitcoin SV “cult following in China”. China-based reporter Dovey Wan recently posted the following video of a reasonably well-attended BSV conference held in the nation late last year. BSV has a pretty strong cult following in China… its recent local summit is VERY eye-opening 🧐 The development of our belief system got super long feedback loop, an ill-logical but well-told story can grab solid mindshare too An organism without self-correction it’s a cancer pic.twitter.com/S6ZiIjtig3 — Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) December 23, 2019 Wan describes the Bitcoin SV community in China as one suckered in by an “ill-logical but well-told story”. Even more scathing to the project, she adds: “An organism without self-correction it’s a cancer.”   Related Reading: 45% Bitcoin SV Daily Gains Puts Bitcoin Cash ‘Flippening’ on the Cards Featured Image from Shutterstock. The post appeared first on NewsBTC.

Massive Bitcoin SV Daily Gains Makes Bitcoin Cash ‘Flippening’ Imminent

Bitcoin SV (BSV) is having an incredible start to the new decade. This year alone the controversial cryptocurrency, championed by Satoshi Nakamoto claimant Craig Wright, is up more than 220 percent. With its market capitalisation swelling relative to other leading digital assets, the cryptocurrency has already moved up the top ten so far this January. The next major cryptocurrency in Bitcoin SV’s sights to “flippen” is rival Bitcoin hard fork, Bitcoin Cash (BCH). Bitcoin SV Looks on Course to Overtake Bitcoin Cash, Does Historic “Flippening” Deserve its Own Title? To add to the already large gains experienced in 2020 so far, BSV’s total market capitalisation has swelled by another almost 90 percent over the last 24-hours. The just over 18 million units of the cryptocurrency in circulating supply are now worth a combined total of more than $5,623,200,000. Already this year, the digital currency created by two different hard forks, has overtaken both Binance Coin (BNB), EOS, and Litecoin (LTC). The news that BSV flipped BNB must have been hard to swallow for those running the Malta-based exchange. Management at the trading venue previously decided to delist the controversial project. As reported by NewsBTC at the time, the company explained that the delisting was caused by the cryptocurrency no longer meeting the exchange’s standards. It ceased trading there in April of last year. Changpeng Zhao, the CEO at Binance, also appeared to encourage other platforms to also delist Bitcoin SV. He tweeted news of Binance’s decision to delist along with the caption: “Do the right thing.” The next cryptocurrency above BSV is rival Bitcoin fork Bitcoin Cash. Beyond that are the big three: XRP, Ethereum, and Bitcoin. Despite its stellar performance so far in 2019, it seems that the positions at the very top of market capitalisation rankings are safe for now. To challenge XRP, for example, BSV would to add billions to its current market capitalisation. However, Bitcoin Cash (BCH) is now looking vulnerable as Bitcoin SV market capitalisation continues to surge. Cryptocurrency analyst Alistair Milne has also noticed that BSV looks set to become the second most popular fork of the original Bitcoin chain. The Chief Information Officer of Atlanta Digital Currency Fund claims that the occasion, if it happens, will be historic enough to deserve a title of its own. We need a name for the Bcash flippening …. — Alistair Milne (@alistairmilne) January 14, 2020 Appeals to followers to coin a phrase to describe the battle between the Bitcoin hard forks produced some predictably amusing answers. Milne himself contributed some of the most popular, “The Scamenging”, “The Fakening”, and “The Gigameg’ing” being amongst them. Meanwhile, those more supportive of Bitcoin SV offered suggestions such as “The Awakening” and “The Satoshining”.   Related Reading: Ethereum Needs to Break Past This Level to Kill Macro Downtrend Featured Image from Shutterstock. The post appeared first on NewsBTC.

Twitter Considering Bitcoin Tipping Via Square? Dorsey’s Enthusiasm Makes it Likely

Sources suggest that Twitter is looking to add a tipping function to the popular social network platform. Given Twitter and Square CEO Jack Dorsey’s repeated appraisals of Bitcoin, it would come as something of a surprise if a future Twitter tipping service didn’t use the cryptocurrency in some capacity. Despite the network being up and running for almost 100 percent of the last eleven years, major instances of real Bitcoin adoption are still lacking. For some, digital currency will remain a niche interest until a big existing platform integrates it in such a way that large numbers of users will experience a noticeable difference by using the financial and technological innovation over other options. Will Bitcoin Tipping Be Supported on Twitter Soon? According to a report in The Information from earlier today, Twitter appears to be considering a feature that will allow users to tip one another. The article cites an unnamed pair of individuals that are familiar with the company’s decisions. Its author also states that it is not clear whether any forthcoming Twitter tipping feature would integrate with Jack Dorsey’s other company, Square. Dorsey has made absolutely no secret of his love of Bitcoin over the years. NewsBTC has previously reported on the CEO opining that Bitcoin will one day be the currency of the internet, his company Square integrating cryptocurrency payments, and even Dorsey himself “stacking sats”. Perhaps most telling, however, is the fact that Dorsey has been a major investor in the Bitcoin micropayments solution Lightning Network, and even tweeted his support for developers working on Lightning tipping software to use on the social network he founded. Bitcoin tipping via square? Sounds good. Let's do it — I am Nomad (@IamNomad) January 13, 2020 Dorsey is clearly a big fan of Bitcoin and has a particular interest in the Lightning Network. For him, it is the pure decentralisation of BTC, with its anonymous creation and rise to prominence without the backing of any individual company, that sets it apart from others crypto assets. This, acording to the Twitter and Square CEO, makes the first and most dominant digital currency well suited as the native currency for the internet. It stands to reason that Dorsey would want to integrate Bitcoin into the social network he was instrumental in creating. Although NewsBTC is yet to confirm if the company is indeed gearing up to launch tipping in any capacity, we would be surprised not to see Dorsey take the opportunity to further merge his business interests with his passion for Bitcoin.   Related Reading: Bitcoin SV Pumps on Craig Wright Receiving Missing Tulip Trust Key Rumour Featured Image from Shutterstock. The post appeared first on NewsBTC.

Twitter Considering Bitcoin Tipping Via Square? Dorsey’s Enthusiasm Makes it Likely

Sources suggest that Twitter is looking to add a tipping function to the popular social network platform. Given Twitter and Square CEO Jack Dorsey’s repeated appraisals of Bitcoin, it would come as something of a surprise if a future Twitter tipping service didn’t use the cryptocurrency in some capacity. Despite the network being up and running for almost 100 percent of the last eleven years, major instances of real Bitcoin adoption are still lacking. For some, digital currency will remain a niche interest until a big existing platform integrates it in such a way that large numbers of users will experience a noticeable difference by using the financial and technological innovation over other options. Will Bitcoin Tipping Be Supported on Twitter Soon? According to a report in The Information from earlier today, Twitter appears to be considering a feature that will allow users to tip one another. The article cites an unnamed pair of individuals that are familiar with the company’s decisions. Its author also states that it is not clear whether any forthcoming Twitter tipping feature would integrate with Jack Dorsey’s other company, Square. Dorsey has made absolutely no secret of his love of Bitcoin over the years. NewsBTC has previously reported on the CEO opining that Bitcoin will one day be the currency of the internet, his company Square integrating cryptocurrency payments, and even Dorsey himself “stacking sats”. Perhaps most telling, however, is the fact that Dorsey has been a major investor in the Bitcoin micropayments solution Lightning Network, and even tweeted his support for developers working on Lightning tipping software to use on the social network he founded. Bitcoin tipping via square? Sounds good. Let's do it — I am Nomad (@IamNomad) January 13, 2020 Dorsey is clearly a big fan of Bitcoin and has a particular interest in the Lightning Network. For him, it is the pure decentralisation of BTC, with its anonymous creation and rise to prominence without the backing of any individual company, that sets it apart from others crypto assets. This, acording to the Twitter and Square CEO, makes the first and most dominant digital currency well suited as the native currency for the internet. It stands to reason that Dorsey would want to integrate Bitcoin into the social network he was instrumental in creating. Although NewsBTC is yet to confirm if the company is indeed gearing up to launch tipping in any capacity, we would be surprised not to see Dorsey take the opportunity to further merge his business interests with his passion for Bitcoin.   Related Reading: Bitcoin SV Pumps on Craig Wright Receiving Missing Tulip Trust Key Rumour Featured Image from Shutterstock. The post appeared first on NewsBTC.

Bitcoin SV Pumps on Craig Wright Receiving Missing Tulip Trust Key Rumour

The price of the cryptocurrency created by two controversial hard forks of Bitcoin is increasing dramatically today. Bitcoin SV gained by around 5.4 percent over the last 24 hours on a day when most other leading crypto assets traded sideways. The most likely cause for the sudden increase in market capitalisation is the spreading rumour that Craig Wright has now received the last part of the Tulip Trust documents, which might prove him part of Bitcoin’s creation. Wright will reportedly submit the documents to the court hearing the case between himself and estate of his late business partner, David Kleiman, next week. Bitcoin Origins Clarifying? Can Wright Prove Himself Part of the Crypto’s Creation? According to posts on Twitter today, Craig Wright has now received a document he has been promising to submit as part of court hearings brought by the estate of his late business partner David Kleiman. Wright stands accused of stealing the Bitcoin he mined with Kleiman at the very beginning of the cryptocurrency’s story. The Australian computer scientist said previously that he would receive the last document relating to a mysterious group known as the Tulip Trust in January. Following this, he will reportedly be able to settle with David’s brother, Ira. Wright warns that Ira will crash the price of Bitcoin, since he will sell around half a million BTC as soon as he can. On Friday, Wright was given until February 3 to produce the document. Failure to do so would result in sanctions against him. Judge Beth Bloom expressed her doubts as to Wright’s ability to deliver the document to the court. In the court order, dated January 10, she stated: “Given the Defendant’s many inconsistencies and misstatements, the Court questions whether it is remotely plausible that the mysterious ‘bonded courier’ is going to arrive, yet alone that he will arrive in January 2020 as the Defendant now contends.” Today, various Twitter accounts have posted what appears to be evidence of Wright claiming to have received the document from the “bonded courier”: "Keys have arrived." "Real?" "Yep" That's what we needed to get this thing to $200. 👍 pic.twitter.com/dUHbS7smKx — Arthur van Pelt – Dragon Industries (@MyLegacyKit) January 13, 2020 "bonded couriers aren't shadowy… Next week we file." Keys have arrived. — Eli Afram (@justicemate) January 13, 2020 In the above screenshots, apparently taken from a Slack channel of which Craig Wright is a member, the Australian computer scientist and Bitcoin SV proponent claims that submission next week is “certain”. Presumably with reference to the Tulip Trust document, he added: “Next week we file. Already arrived.” Although many investors appear to be buying into Bitcoin SV on the apparent news, not everyone is convinced that Wright will submit documents to the court next week. Arthur van Pelt notes the Bitcoin SV proponent and online gambling magnate Calvin Ayre upping his efforts to shill his favourite cryptocurrency on the apparent revelation. The Dragon Industries co-founder dismisses the rumours as a “fabricated scam” intended to pump the price of Bitcoin SV, creating a better market for those behind it to ditch their own holdings: And don't get me wrong here. This is nothing less than a fabricated scam, a pump 'n' dump orchestrated by the people on the helm. Don't trade on this, ever. Stay out.https://t.co/x5nKBjsHFL — Arthur van Pelt – Dragon Industries (@MyLegacyKit) January 13, 2020 If the crucial documents have indeed been delivered, Wright will present them to the court next week. This would provide evidence linking him to the creation of Bitcoin. Given Wright’s tendencies to lead the court on, today’s rumours might also be part of more elaborate delaying tactics, or like alluded to above, an effort to pump the market. Fortunately, we won’t have to wait long to find out if the rumours are true or not.   Related Reading: This Chart Shows the Crypto Market Is On Verge of Bull Phase Featured Image from Shutterstock. The post appeared first on NewsBTC.

Bitcoin Could Take Centre Stage at the 2020 NBA All Star Game, With Your Help…

Voting has opened for the 2020 NBA All-Star game. With fans able to decide the players they wish to see take the court, there is an opportunity for the league’s biggest Bitcoin proponent to take to the court during the prestigious weekend. Spencer Dinwiddie plays point guard for the Brooklyn Nets and is hopeful of selection for the All-Star Game. The 26-year-old basketball star has also been investing in Bitcoin since 2017 and has been a vocal advocate of blockchain technology since. Dinwiddie at All-Star Game Would be a Sure Slam Dunk for Bitcoin Over the years multiple sports stars and franchises have professed an interest in Bitcoin and cryptocurrency. As NewsBTC previously reported, Russel Okung, the offensive tackle for the LA Chargers, has hosted his own Bitcoin conference. Meanwhile, the NBA’s Sacramento Kings started a cryptocurrency mining initiative from within its high tech stadium. Another big name from American sports is also a fan of Bitcoin. Describing himself as “a tech guy with a jumper”, Spencer Dinwiddie of the Brooklyn Nets, is currently in the process of organising the tokenisation of his own contract. Forbes reported on the NBA first earlier today. In a video promoting the investment opportunity, posted to Dinwiddie’s Twitter today, the basketball star stated that, despite previous objections from the league, he was going ahead with the launch of security tokens representing his current contract. The sale will begin on January 13. The Spencer Dinwiddie bond launches January 13th. I’ll also be taking 8 fans to ASW with me. #NBAVote pic.twitter.com/dhXKt0qPqh — Spencer Dinwiddie (@SDinwiddie_25) January 10, 2020 The date is significant not only because of the launch of the so-called Spencer Dinwiddie bond but also because it marks just one week left of voting for who will represent each team during the much-hyped NBA All-Star Game. As something of an incentive to both vote for him and for accredited investors to buy shares in his contract, the Brooklyn Nets player has stated that he will gift all of his teammates Bitcoin if the sale is successful and he’s voted into the game. Spotting an opportunity to get Bitcoin exposure during the celebrated NBA All-Star Weekend was Anthony “Pomp” Pompliano. The podcaster and founder of Morgan Creek Digital Assets has encouraged his followers to head over to the NBA website and vote for Dinwiddie to be the Eastern Conference’s starting point guard. If the Bitcoiner is to take to the court during the NBA All-Star Game, held during the weekend of February 14 -16, he is going to need a fair bit more support. According to a tweet posted yesterday by basketball journalist Howard Beck, Dinwiddie is outside of the top ten Eastern Conference guards. However, the support of Bitcoin Twitter going into the last week of voting could well change that. Let's see what the true power of Bitcoin Twitter is.@SDinwiddie_25 has been a big proponent of Bitcoin within the NBA and with his fellow players. The NBA All-Star game voting is happening right now. Can we collectively vote him in?!https://t.co/dhelmuNmRN — Pomp 🌪 (@APompliano) January 10, 2020   Related Reading: Why Analysts Think Bitcoin Price On Verge of Crash to $6,000 Featured Image from Shutterstock. The post appeared first on NewsBTC.

Ethereum Best Investment of 2020s? Price Action Mirrors Early Bitcoin

Since the major bull market of 2017, the price of the native digital asset on the Ethereum network has not performed so well. However, that has not dampened every commentator’s spirit for ETH going forward. One cryptocurrency analyst believes that Ether (ETH) will outperform every asset during the next decade. Whereas Bitcoin was the investment of the 2010s, for them, the 2020s will belong to Ethereum. Ethereum’s Past Price Action Looks a Lot Like Bitcoin’s, Only Bigger… As the first decade of the new millennium drew to a close just 10 days ago, many publications, NewsBTC included, lauded the performance of Bitcoin over the preceding 10 year period. With the price of Bitcoin at the start of 2010 being somewhat hazy, estimates of the actual percentage gains range somewhere between 60,000 and 90,000 percent. Whichever figure you use, the story is the same. Bitcoin outperformed every other asset on the planet over its first 10 years of existence. Coming in second was Ethereum. The top non-crypto investment was Netflix at around 4,300 percent. If Bitcoin was the investment of the 2010s, Ethereum might well be the investment of the 2020s. That is, if the price continues to improve upon the early performance of Bitcoin. Pointing out the similarities between the two assets’ price performances in their early years is Twitter-based digital currency analyst CryptoWolf (@IamCryptoWolf). In the following short thread, the analyst presents a chart showing the similarly explosive growth of both assets. This chart must not be ignored. pic.twitter.com/tjzEo6VFwT — CryptoWolf (@IamCryptoWolf) January 10, 2020 The line representing ETH price action to date closely resembles that of Bitcoin in shape. There is one major difference, however. The ETH price has experienced a much more dramatic increase than Bitcoin did between the years 2010 and mid-2012. The first major Bitcoin bull market peaked in the summer of 2011. If the earliest investors had sold at this top, they would have realised a return on investment of between 100x and 1,000x. Although certainly impressive, those entering the Ethereum market at its very beginning and cashing out at the peak of its first bull run in 2017 would have enjoyed a return on investment of around 3,000x. By this logic, Crypto Wolf makes the bold assertion: “The investment of this decade will be Ethereum.” Of course, there is nothing to say that ETH will continue to follow the pattern of Bitcoin. The two increasingly represent very different value propositions. Bitcoin is fast becoming known as a digital version of gold. For this to continue, the protocol needs to remain a reliable and more importantly hard asset, free from the inflationary pressures that are universal in fiat currencies. Ethereum, on the other hand, looks likely to increase in utility and value with the creation of decentralised applications built on the network. Although engagement with Dapps serving the decentralised finance sector is certainly increasing rapidly at the moment, the Ethereum road map is much more fraught with potential mishaps that Bitcoin’s. The network is currently in the process of a major upgrade and previous smart contract security breaches have left investors’ funds vulnerable. Similarly, competing for the position of leading smart contract platform are the likes of Tron (TRX) and EOS. These hurdles, which could disrupt Crypto Wolf’s bullish outlook, are much more relevant to Ethereum than they are to Bitcoin. That said, if Ethereum developers can indeed deliver on their lofty ambitions before others, the network’s native digital asset could indeed achieve greater than what Bitcoin did over the last 10 years.   Related Reading: A Big Plunge to Sub-$100 for Ethereum Is Imminent If This Happens Featured Image from Shutterstock. The post appeared first on NewsBTC.

Tron Founder Trolls Trump, Invites Criticism of His Own

Justin Sun, the founder of the blockchain network Tron, has come out with a price prediction of sorts for his own crypto asset TRX. The target, according to him, is “409k”. Of course, Sun is joking around at the expense of Donald Trump. The entrepreneur is clearly taking a jab at the US President and a typo in a tweet that was supposed to celebrate the bumper stock market performance of late. Tron to 409k? Justin Sun Takes Shot at President Trump According to a report in USA Today, Donald Trump has once again become the laughing stock of social media for his lackadaisical Twitter efforts. Desperate to impress following his recent impeachment issues, Trump’s tweet was supposed to laud the recent performance of the US stock market. The market hit record highs today following apparent progress towards a trade deal with China. Also, it looks like the US and Iran might avoid a full blown military conflict, at least for now. Naturally, Trump was pleased to share the good economic news with his supporters, as well as the naysayers. However, he got a rather major detail completely wrong. Rather than type 401 (k), the name of the tax-qualified pension account, he instead referred to it as a 409k. Naturally, the internet responded as it typically does – with mockery. Trump has since deleted his tweet and posted it again with the correct details. However, that didn’t stop Tron network founder Justin Sun offering his own joke at the President’s expense. Earlier today he set a rather tongue-in-cheek “price target” for the Tron crypto asset: $TRX price target is 409k🤣 — Justin Sun (@justinsuntron) January 9, 2020 However, not everyone got the joke. Despite not including a dollar sign with his 409k “price target”, many followers responded by ridiculing the very notion that TRX could one day push towards half a million dollars. Some said it might be worth 409,000 satoshis in the future. Others claimed that the same price in Zimbabwean dollars, a currency rendered useless by hyperinflation in recent years, was more appropriate. Other respondents, without revealing whether they got Sun’s joke or not, simply called the 30 year old childish for posting such tweets. One asked a “serious question” to the entrepreneur: if he could confirm his own age. Another simply said, “Please delete”. Amongst the either amused or confused responses, there were a few that actually seem to believe that Sun thinks that Tron’s native crypto asset will indeed hit such a lofty dollar value. One wrote: “We belive in you and in your grear [sic.] project chief… because Trx will be one of the best cryptocurrency in the world.”   Related Reading: Ethereum On the Brink of a Massive 35% Selloff as Crypto Markets Succumb to Bears Featured Image from Shutterstock. The post appeared first on NewsBTC.

Bitcoin Can’t Racially Profile You, Unlike Your Banking Provider

It seems that not a day goes by without a news story highlighting the shortcomings of the current banking system. In a world with alternatives growing in viability daily, incidents, like the following, serve as a powerful incentive to pay attention to Bitcoin. The latest example of the power banks have over individuals comes from Canada and sees a 12 year old girl handcuffed. Her crime? Trying to set up a current account. Bitcoin Can’t Make Mistakes, Bankers Can According to a news report in CBC.ca, an indigenous Canadian man and his granddaughter were handcuffed during what they thought would be a routine trip to the bank. The incident serves as yet another reminder of both the shortcomings on the banking industry and the new possibilities opened by decentralised financial technologies like Bitcoin. Maxwell Johnson was wanting to open a bank account for his granddaughter at Bank of Montreal. Having banked there himself since 2014, he felt comfortable recommending the bank to his family. Minister @mikefarnworthbc, the @VancouverPD handcuff 12-year-old kids opening bank accounts. Are you ok with this? https://t.co/FZjbMp8Pcc @SChandraHerbert #bcpoli — Kevin Zakresky (@kevinzakresky) January 9, 2020 He arrived at the Vancouver branch of the bank on December 20 with copies of his own and granddaughter’s government-issued Indian Status cards, as well as other forms of identification. The clerk dealing with the pair had suspicions about the documents. Johnson explains: “She said the numbers didn’t match up what she had on her computer.” According to the news report, the employee disappeared for a time with the identification documents. After a while, Johnson was summoned to retrieve the documents from upstairs when police approached him. The 56 year old explained that the officers handcuffed them and took them both to a waiting police vehicle. They explained to the innocent pair that they were being detained. Johnson believes that the clerk’s suspicions were raised because he himself holds around $30,000 in his account. The money was given to members of the Heiltsuk nation in December as part of an Aboriginal rights settlement package. Johnson told the publication that he thinks the clerk had profiled him based on his race. A spokesperson has since stated that the Bank of Montreal had reason to believe that Johnson, along with his 12 year old granddaughter, were involved in a “possible fraud”. However, experts, cited by CBC.ca, believe the example is part of a rise in “commercial racial profiling”. After investigating the matter, the spokesperson has confirmed that police released both individuals within an hour. However, as Johnson explains, the ordeal left his granddaughter needlessly terrified: “You can see how scared she was … It was really hard to see that.” Being completely decentralised systems, Bitcoin and other digital assets cannot pass judgement on their individual users. The networks themselves certainly cannot alert the police when someone makes a mistake. This makes for a potentially much freer system than anything that has gone before it. Although still in a very early stage of development, a wider adoption of some form of decentralised asset would surely wrest a great deal of the power banks wield from them. The wave of innovation ushered in by Bitcoin seems set to replace our current system with one that genuinely serves its users, without judging them on their race, background, or any other quality either positive or negative. Time will tell if such technologies truly can spread greater freedom, however.   Related Reading: Bitcoin to Surge 150% In 6 Months? Why Analyst Thinks It’s Possible Featured Image from Shutterstock. The post appeared first on NewsBTC.

Bitcoin Accepted: This Rapper Welcomes BTC Payments and ‘HODLs’

It’s always refreshing to hear that a company or individual is prepared to accept Bitcoin in exchange for goods and services. It’s even more refreshing when they actually know enough about the cryptocurrency to want to hold it. British rapper Zuby announced earlier that he not only accepts Bitcoin payments, but that he doesn’t intend to convert them payments immediately to fiat currency. Demonstrating that he has at least done a little homework, in true Bitcoiner lingo, he claims he’d rather “HODL” than sell it straight away. ‘Bitcoin Acceptance’ Doesn’t Always Mean Accepting BTC NewsBTC has reported on numerous previous occasions about high profile Bitcoin “acceptance” stories. Some pretty massive companies, such as AT&T, have recently started to allow customers to pay for goods or services using the digital asset. However, there is a problem with this. When a big company claims to accept Bitcoin, more often than not, they don’t. In the example of AT&T, the company used the controversial payment processing company BitPay to facilitate payments. When someone pays AT&T with Bitcoin, BitPay acts as a middleman. The company immediately converts that money to fiat currency and sends the funds to the telecom firm. The payment is no longer peer-to-peer and it isn’t censorship resistant, as the Hong Kong Free Press discovered last year. Political pressure can force BitPay to censor a payment, which runs at odds with what drew many people to Bitcoin to begin with. Had BitPay been involved with WikiLeaks’s now famous Bitcoin funding raising efforts, the website might have received no donations whatsoever, instead of the almost $3 million it managed to generate. Another issue with using such a payment processor is that the payment immediately creates selling pressure since the company needs to exchange the Bitcoin for fiat to pay the intended recipient. Although British rapper, author, and podcaster Zuby is working with Coinbase Commerce to facilitate payments for his goods and services, he does claim to be a holder, rather than an immediate seller: I accept bitcoin for all of my goods and services. I just want you to know that. — ZUBY: (@ZubyMusic) January 8, 2020 In response to the above tweet, a Twitter user asked Zuby if he kept them or instantly converted them to fiat. The singer replied simply: “HODL” Another user recommended that he consider switching to the open source cryptocurrency payment processing platform BTCPayServer. The service is championed by many of those critical of the likes of BitPay. Zuby responded that he would indeed look into using BTCPayServer going forward. Zuby’s welcoming of Bitcoin, as well as his apparent willingness to hold the crypto asset and use services supportive of the ideas underlying the industry, appears to have impressed at least one follower. Shortly after the rapper’s announcement today, Twitter user Caleb Gregory quickly became the first person to pay for Zuby’s merchandise using the cryptocurrency. First person to buy my merchandise with bitcoin! 🙌🏾 https://t.co/rbb3Wu0pT9 — ZUBY: (@ZubyMusic) January 8, 2020   Related Reading: Bitcoin Price Plunges to $7,900; Can Bulls Save the Day? Featured Image from Shutterstock. The post appeared first on NewsBTC.

Tron Surpasses EOS for Active Dapps, But Ethereum’s DeFi Still Dominates

Although still a long way behind any leading centralised application, 2019 saw the entire decentralised app ecosystem expand. There are numerous different networks that developers can build these so-called Dapps on but three have emerged as by far the most popular: Ethereum, Tron, and EOS. As the longest running smart contract network, Ethereum continues to hold number one spot in terms of both number of active applications and volume of transactions associated with Dapps. However, Tron is proving increasingly popular with developers and, for the first time ever, actually just surpassed EOS in terms of the number of active applications on the network. Did Technical Troubles Cause EOS to Slip Behind Tron? With a total of 637 active Dapps now supported, Tron has overtaken fellow smart contract platform EOS for the first time ever. The latter network currently hosts 633 active Dapps. Last year saw a total of 579 new applications launched on Tron. Meanwhile, developers working with the EOS network created a total of 408 new applications. The figures come from a review of the decentralised application ecosystem recently published by Dapp Review. The dominance of both “high risk” and casino applications launched on the Tron blockchain over the last 12 months prompted the article’s authors to nickname the network “Las Vegas on the blockchain”. The lion’s share of Tron’s $4.4 billion total transaction value reportedly came from decentralised casino applications. According to @dapp_review, the total number of #TRON #Dapps reached 669 on Jan 07, 2020. It has surpassed the number of #EOS Dapps(668) for the first time. #TRON ecosystem is growing at a steady pace, we welcome more users and developers to join us. #TRX $TRX pic.twitter.com/rwOiXbOZSd — Justin Sun (@justinsuntron) January 8, 2020 The report notes that the EOS Dapp ecosystem started 2019 positively. However, the cost of resources, as well as numerous attempts by hackers to compromise EOS-based casino Dapps appears to have dampened enthusiasm somewhat. NewsBTC previously reported on one such hack that saw a casino smart contract flaw lose around $200,000 in EOS last year. These network difficulties seem a likely cause for the sudden change of fortunes that has resulted in Tron not only hosting more applications, but also more active users. Last year, Tron applications were used by 989,280 individuals. By comparison, EOS had just 729,450. Despite the EOS troubles, the network still saw greater transaction volume than Tron. Users spent around $2.68 billion more on EOS Dapps than on their Tron-based counterparts. Ethereum Dapps Still Rule the Roost Although the title of second most popular decentralised application network is more hotly contested than ever, Ethereum still dominates the wider ecosystem. The network now hosts a total of 1,223 active Dapps. At 668 new additions, it saw more fresh applications built in 2019 than are currently active on either Tron or EOS. Ethereum also boasts a total transaction value of $12.8 billion, more than both EOS and Tron combined. Although games are the most popular Ethereum Dapps with both developers and users, the 2019 report states that more than 90 percent of the total spent on Ethereum Dapps comes from decentralised finance and decentralised exchanges. The DeFi sector had a particularly explosive 2019, as noted by cryptocurrency analyst CryptoWolf (@IamCryptoWolf) in the following tweet. With Ethereum hosting the most popular DeFi applications by far, both EOS and Tron have an uphill struggle ahead before either will be in a position to overtake the comparatively huge transaction value of the second most popular public blockchain. However, with the sector still relatively small, one killer application on either network could see this happen in 2020. ETH locked in DeFi going parabolic. Price will follow, i'm accumulating AF. pic.twitter.com/JjgetnovqN — CryptoWolf (@IamCryptoWolf) January 8, 2020   Related Reading: Bye-Bye Bear Market? These Hallmark Bitcoin Reversal Signs Appeared Featured Image from Shutterstock. The post appeared first on NewsBTC.

John McAfee Lays Down Crypto Transparency Challenge to US Congress

One of the biggest issues many people have with government is its complete lack of transparency and accountability, which in turn creates national populations with a high level of distrust in the ruling classes. With their immutable transaction ledgers, financial innovations, like Bitcoin and other crypto assets, could help restore some of this lost trust. Today, presidential hopeful and antivirus pioneer John McAfee laid down a challenge to members of US Congress. The controversial crypto asset proponent asked if any single member of the United States government would be willing to permanently record all their financial dealings on the blockchain. McAfee Suggests Crypto Assets Would Bring More Transparency to Government Hot on the heels of him renouncing his famous $1 million Bitcoin bet days ago, John McAfee has confirmed that he has not completely fallen out with all things crypto. As NewsBTC recently reported, the antivirus specialist took to Twitter earlier this month to state that the infamous bet with himself was nothing more than “a ruse to onboard new users”. He added that the digital asset was “ancient technology” and newer blockchains, with privacy features, smart contracts, and distributed applications, were the future. Interestingly, McAfee seems to have now decided that a censorship resistant, completely transparent ledger of transactions would be a fitting way for members of US Congress to conduct financial transactions. Despite McAfee calling it dated tech at the weekend, Bitcoin still represents the most secure, distributed, and immutable public ledger we have access to today. In the below tweet, addressed as a challenge to Congress, McAfee asks if any member of the US government would be willing to have every financial transaction they ever make permanently recorded via blockchain technology. This would allow the US public to see exactly how the apparent representatives of the people were spending their own and public money. Such a system would enable voters to see if the government was truly acting in the people’s, or in fact their own, interests. A CHALLENGE TO MEMBERS OF GONGRESS Are you willing to be tokenized on the Blockchain – meaning every penny that comes into or leaves any of your accounts must be digital, and every penny placed on the blockchain so the American people can forever see its movement? If not, why? — John McAfee (@officialmcafee) January 7, 2020 Although it is highly unlikely that any member of US government will deign a controversial individual like McAfee with a response, the point made by his challenge is a valid one. Public, blockchain-based crypto assets could indeed restore transparency to government, if universally adopted. Past incidents, like the leaking of the Panama Papers, show that financial corruption within government is rife. The examples exposed in 2011 were almost certainly just the tip of the iceberg too. Such shady, self serving deals likely occur every single day, in every nation of the world. If every dollar spent was tracked via blockchain, such dealings would surely be much harder to get away with. The public would be able to see just who profits from  various incidents, such as acts of military aggression, and even if legal, they would be able to decide if they wanted those engaging in such business to represent them. The governments of today are a very long way from this level of accountability but blockchain technology, for the first time in history, could indeed make such transparency possible.   Related Reading: Has McAfee’s Bitcoin ‘Betrayal’ Prompted A New Alt-Season? Featured Image from Shutterstock. The post appeared first on NewsBTC.

Is Bitcoin a Scam? Here’s Why Reddit Certainly Thinks So

At first glance, the social discussion website Reddit appears to have joined the ranks  crusade against Bitcoin. If you search the entire site for the word “scam”, one of the top three results is Bitcoin. Just what’s going on? Has the website turned its back on the crypto asset space, or is there something much more innocent behind the seemingly defamatory search results? Hey Now Reddit, We Thought You and Bitcoin Were Cool? Bitcoin has been previously called many things by those with a vested interest in its demise. Jamie Dimon, the CEO of JP Morgan Chase, famously described it as a “fraud” just as the last bull run was kicking into overdrive in September 2017. Meanwhile, billionaire investor Warren Buffet got a little more creative with his insults, deeming the cryptocurrency “rat poison squared“. It’s hardly surprising that these clear representatives of the old system would attack Bitcoin. After all, who ever heard of a turkey voting for Christmas before? However, it appears that a resource without such clear self interest in maintaining the global financial status quo has joined the ranks of the Bitcoin naysayers – the social discussion forum, Reddit. Visit Reddit’s homepage today and do a quick search for the word “scam”. You will see that the subreddit r/Bitcoin is listed amongst the top three results. Hitting “view more” shows that it’s not just Bitcoin that has apparently evoked the ire of Reddit. The crypto-focused subreddits r/Cryptocurrency, r/BTC, and r/Buttcoin are also listed as top results. The phenomena was first pointed out by Reddit user u/Crypthomie. However, any suggestion that the website had decided to join Dimon et al. was quickly laid to rest by r/Bitcoin community members. Rather than the first viable digital asset being labelled a scam by some Reddit overlord, instead the results simply show subreddits in which the word is frequently used. User u/roman-remus explained: “It’s because of reddit’s search algorithm, that word is used a lot in this subreddit so when you search for it you’ll get results from the subreddits that use it the most.” There is no shortage of clear scams surrounding Bitcoin and other digital assets, and the legitimate calling out of such fraudulent schemes will have surely contributed to the subreddit being listed under the search term “scam”. The recent PlusToken incident, to name a particularly high profile example, will have added heavily to the total number of times the word scam has been mentioned on the subreddit. However, bringing the total up even more seems likely to be the number of so-called Bitcoin maximalists who dismiss all other crypto projects as a scam. The staunchest Bitcoiners, following the ICO bubble of 2017/18, have become known in the cryptocurrency space for their liberal use of the word when describing any other coin or token other than Bitcoin. It, therefore, appears that the Bitcoin maximalist penchant for calling everything a scam might have somewhat backfired. If someone not already familiar with the nuances of the industry were to search Reddit for the term “scam”, the site will display the r/Bitcoin subreddit. This is hardly the kind of PR needed for a technology that has already had more than its fair share of dirt thrown at it from genuine naysayers.   Related Reading: Crypto Tidbits: Bitcoin Branded a Scam, Ethereum Upgrade Completed, Telegram’s ICO in Crisis Featured Image from Shutterstock. The post appeared first on NewsBTC.

Has McAfee’s Bitcoin ‘Betrayal’ Prompted A New Alt-Season?

John McAfee backpedalled on his much-talked-about $1 million Bitcoin bet with himself yesterday. The eccentric computer scientist had previously stated that if Bitcoin was not above $1 million per coin by the end of 2020, he would eat his own penis live on TV. The sudden renouncement of McAfee’s frankly ridiculous 2017 statement coincided with big moves in the crypto asset market. Most leading altcoins have pumped relative to Bitcoin after the antivirus pioneer stated that other digital currencies had a much brighter future than Bitcoin. “The Betrayal of John”? Bitcoin Left Behind as Altcoins Pump Yesterday, John McAfee announced that his famous $1 million Bitcoin by the end of 2020 was nothing more than a “ruse”. The controversial cryptocurrency proponent took to Twitter claiming that the statement, reported by NewsBTC at the time, was a ploy to get more people interested in digital currency – something that McAfee claimed was successful. Eat my dick in 12 months? A ruse to onboard new users. It worked. Bitcoin was first. It's an ancient technology. All know it. Newer blockchains have privacy, smart contracts, distributed apps and more. Bitcoin is our future? Was the Model T the future of the automobile? — John McAfee (@officialmcafee) January 5, 2020 In the above tweet, McAfee wrote that Bitcoin is an “ancient technology”. He added that newer blockchains look set to dethrone the leading crypto thanks to their superior feature sets. These include smart contracts, decentralised applications, and privacy technologies. In the time since McAfee’s tweet, Bitcoin dominance has decreased slightly. Although the price of the leading digital currency has stayed relatively constant, almost all popular altcoins experienced gains. Those top 10 crypto assets (excluding stable coins) seeing the biggest pumps were XRP at around 10 percent, XLM at 5.76 percent, BCH at 4.31 percent, and XMR at 3.23 percent. Financial analyst and founder of QuantumEconomics.io, Mati Greenspan, highlighted the sudden altcoin pumps in the following tweet. He added strong hints that McAfee’s “betrayal” might be the reasoning for the drop in Bitcoin dominance. I call this graph: The Betrayal of John. Monero outpacing Bitcoin since @officialmcafee announced that the #dickening is off. pic.twitter.com/6d2NmD19tS — Mati Greenspan [tweets are not trading advice] (@MatiGreenspan) January 6, 2020 Although McAfee’s tweet did coincide rather neatly with the start of the altcoin pumps, it seems a bit of a stretch to think he has the kind of sway over the industry needed to cause such price action. After all, the antivirus specialist has been labelled a shill for his paid promotion of various cryptocurrency projects in the past. Similarly, the responses to yesterday’s tweet also suggest that respect for McAfee’s opinion is somewhat lacking around the industry. Admittedly, some agreed with his Model-T analogy, using the opportunity to shill their favourite altcoin project at the expense of Bitcoin. However, other responses were more derogatory about the original poster. Developer and Bitcoin proponent Nicolas Dorier replied, “Over promise under deliver. Like shitcoins”. Others questioned how anyone could take a potential presidential candidate backpedalling on his own word seriously. Meanwhile, trader and entrepreneur Bob Loukas reasoned that, rather than exposing Bitcoin to more people, McAfee’s antics (the backpedalling included) were part of the reason why the industry had failed to garner broad credibility.   Related Reading: McAfee Calls His Own $1 Million Bitcoin In 2020 Prediction a “Ruse” Featured Image from Shutterstock. The post appeared first on NewsBTC.

Will Dash Flippen Litecoin? Market Capitalisations Don’t Correspond to Crypto Usage

The number of daily transactions occurring on the Dash network has been rising slowly but steadily over the last year. In fact, there are now more transactions being performed using the crypto asset than there are on the Litecoin network. Despite the network’s growing usage, the total Dash market capitalisation still lags a long way behind that of Litecoin. For some, this suggests that the market is not yet mature enough to determine real utility in crypto assets. Dash Transactions Outpace Litecoin but ‘Flippening’ Still Looks a Long Way Away At the time of writing, Dash currently sits in 22nd place on popular crypto asset comparison website CoinMarketCap. Even after a 24-hour pump of more than eight percent, the digital currency still only boasts a market capitalisation of just over half a billion dollars. With Bitcoin still representing the asset with the hardest monetary policy in human history, other cryptocurrencies compete to fill different niches. One of the most prominent, and the one that Dash seems most suited toward, is a fast, decentralised means of payment. There are several cryptocurrencies competing with Dash to fill this niche. One of them is Litecoin. Litecoin is currently positioned much higher on CoinMarketCap’s listings, in sixth place. It has a total market capitalisation of more than $3.253 billion. Interestingly, daily transaction volume of these two crypto assets does not show the same Litecoin dominance. According to data from BitInfoCharts.com, the number of transaction occurring on the Dash network has been growing over the last year or two. Meanwhile, Litecoin usage has been dwindling. For some commentators on the crypto industry, the fact that both Dash and Litecoin now boast a very similar total daily transaction volume but widely different market caps is evidence that the digital currency market is not yet mature enough to value assets based on overall utility. Twitter user ~C4Chaos (@c4chaos) argues that this will not always be the case and those cryptos seeing most usage will eventually rise to the top. at the very least, if crypto market cares about real fundamentals, then $DASH should be where #Litecoin is right now on the crypto market cap ranking. it’s only a matter of time before real cryptos with real utility rise up to the top. https://t.co/MbGAkw5rvi pic.twitter.com/hpJyqcLmqB — ~C4Chaos (@c4chaos) January 6, 2020 Of course, the reality is not quite as simple as that. Although the Dash network is currently being used to transfer more value than Litecoin, this does not automatically mean that it has more value. The two assets are fundamentally different. Dash offers its users different types of transactions, including the privacy-focused PrivateSend and the speed-focused InstantSend. However, it also features a founders’ reward of sorts, which, despite helping with the project’s development, irks many cryptocurrency purists. Meanwhile, others believe that Litecoin, being a fork of Bitcoin, will follow the leading digital currency’s price performance more closely than other projects. The narrative, however true it may or may not be, that Litecoin is the silver to Bitcoin’s gold, still clearly carries enough weight to account for the vast difference in the size of the two asset’s markets.   Related Reading: This Bullish Cryptocurrency is Asking for Investors’ “Attention” Featured Image from Shutterstock. The post appeared first on NewsBTC.

Bitcoin is Another Year Older but Its Story is Just Beginning

Today marks the eleventh birthday of the first viable digital asset, Bitcoin. On January 3, 2009, Satoshi Nakamoto anonymously mined the first block of the Bitcoin blockchain and with it, changed history. Although Bitcoin has had an incredible first eleven years, its story is just beginning. The kind of disruption the cryptocurrency is capable of delivering is hardly going to happen overnight, and it even seems unlikely within a couple of decades. Bitcoin: A Marathon, Not a Sprint Eleven years ago today, the Bitcoin network went live. From its humble beginnings amongst a handful of dedicated cryptographers, the network has today caught the imagination of millions. If you’d have told those very earliest network participants that in just over a decade’s time Bitcoin would be worth more than $130 billion and have the attention of the world’s most powerful people, they almost certainly wouldn’t have believed you. Despite Bitcoin already achieving more than most could have hoped for in its short existence, if it is to reach the global importance some of its most dedicated proponents think it will, it still has a very long way to go. It will take bitcoin decades to fulfill its destiny. If it's not doing what you want fast enough, the problem isn't with bitcoin but with your unrealistic expectations. Cultivate patience. Embrace low time preference. — Yuri de Gaia (@Y_deGaia) January 3, 2020 Since Bitcoin shares many of the same qualities as gold but with numerous advantages, commentators have frequently argued that it will eventually serve as a global settlement currency, like gold has in years past. Those of this persuasion believe that the current fiat system is an historic anomaly and its shortcomings, such as rampant inflation and the central banking system that controls it, will encourage the global public to turn to a much harder form of money. Thanks to its completely fixed total supply and robust security model, Bitcoin represents the hardest form of money humanity has ever known. It is also much easier to transfer globally and to store – two of the shortcomings that made transitioning to the fiat system more palatable. Whilst these qualities do seem to make the digital asset more suitable as a global settlement currency than anything that has gone before it, if the Bitcoin network is to be adopted as the underlying asset for an entirely new digital economy, it is obviously not going to happen quickly. Such a transition from the current system to one that is barely even imaginable today will surely take decades. Many of those who were drawn to the industry more recently appear jaded by the relatively stagnant couple of years that have just passed. However, as has been widely reported, Bitcoin, the very first entirely decentralised monetary system, was the best performing asset of the decade just past. For such a potentially disruptive innovation, that is frankly outstanding. That said, even as it turns eleven years old, Bitcoin is still at a very early stage of its story. There will certainly be many more ups and downs if it is to absorb sufficient global capital for it to achieve the stability and trust needed for it to back a revolutionary new economy.   Related Reading: Eerily Accurate Analyst Expects Bitcoin to Hit $25,000; Here’s Why Featured Image from Shutterstock.   The post appeared first on NewsBTC.

‘Relatively Quiet’ Bitcoin Year Still Sees $673 Billion in Transactions Completed

Despite the price of Bitcoin increasing more than 100 percent over the course of 2019, the year didn’t see quite the same fireworks as the previous two. Even without the heady highs of 2017 or the crushing lows of 2018, the network still processed transactions worth an impressive $673 billion. Although not a record yearly transaction volume, the figure is certainly impressive and shows that the network continues to expand. If Bitcoin processes $673 billion on a quiet year, what will it manage during years with more extreme price action? Bumper Transaction Volume Shows Bitcoin is Anything but Dead Compared with previous years, Bitcoin’s 2019 was relatively quiet. In a recent article, Chief Technical Officer of CasaHODL, Jameson Lopp, compiled a variety of metrics, to conclude that: “2019 was a year of building.” Celebrating Bitcoin’s stubborn refusal to die Lopp adds that he expects that the building that took place over the last 12 months will serve to benefit the network in future years. 2019 was a relatively quiet year for Bitcoin – here's hoping for the roaring '20s! https://t.co/yqC5eTNr2o — Jameson Lopp (@lopp) January 2, 2020 Few of the metrics Lopp considers show massive growth or shrinkage. Despite the price going from $3,700 to close to $14,000 and back down to the $7,300 level, compared to 2017 and 2018, this was relatively tame. On a year without quite the same volatility as previous ones, such consistency across a range of metrics is very encouraging. One metric that suggests that Bitcoin interest is still very high is the sheer value of transactions completed during the year. Users settled around $673 billion worth of value using the network. This represents a slight drop on 2018’s $753.5 billion but an increase on 2017’s $671.3 billion. As highlighted in the following tweets, the Bitcoin network saw more than four times the volume of transactions settled this year than during the entire period of 2009 to 2016. It was also 10 times the amount of transactions that the mobile payments service Venmo completed in 2018: Adjusted value settled on Bitcoin reached $673 billion in 2019, which is down 11% from last year, roughly the same as in 2017 but still nearly 4 times as much as from 2009 to 2016 combined. pic.twitter.com/RIM2laLauk — Larry Cermak (@lawmaster) January 2, 2020 Bitcoin did $673 billion in adjusted on-chain transaction volume in 2019, according to @coinmetrics. $673,000,000,000 in a single year. That is 10x what Venmo did in 2018. It is nearly impossible to deny Bitcoin's popularity globally. — Pomp 🌪 (@APompliano) January 2, 2020 Another interesting fact about the value settled on Bitcoin over the years is that during the year of a bull market, 2013 and 2017, represented massive growth. The year following the bull markets sees an even greater value of transactions settled on the network and the following twelve month period there is a drop down again. If the above pattern continues, 2020 will see another slight gain on the previous all-time high, like that seen in 2016 and 2012. The next year in the four year patterns, those following the scheduled halving events, is the year that Bitcoin price has typically surged in parabolic fashion. Judging by past performance, 2021 could be the year that Bitcoin price goes off to the races once again. Where the quadrennial bull market takes price, however, no one can say for certain.   Related Reading: Why Bitcoin’s Hash Rate High Suggests Price Explosion On Horizon Featured Image from Shutterstock.u     The post appeared first on NewsBTC.

Dr Doom Laments Bitcoin ‘Bubble’ on Taylor Swift Mashup

You probably already know that Nouriel “Dr Doom” Roubini is no fan of Bitcoin. The professor and economist has frequently sounded off against the crypto asset space in recent years. What you might not know is that Roubini also has something of a musical side. His most recent offering sees him take on and rework Taylor Swift’s hit “I Knew You Were Trouble”. Well, kind of… Dr Doom’s Most Memorable Anti-Bitcoin Rants Immortalised on Hilarious New Tune New York University economics professor and all round Bitcoin hater Nouriel Roubini has become the star of an auto-tune cover of Taylor Swift’s 2012 hit single “I Knew You Were Trouble”. Titled simply “Bubble”, the track is the work of the blockchain startup Harmony. Watch famed Bitcoin sceptic @Nouriel take on Taylor Swift as he predicts more 'trouble' for the blockchain industry! But is there a surprise ending?#Crypto #YearInReview ➡ https://t.co/l444djWvIJ pic.twitter.com/XDHwnEQvHU — Harmony (@harmonyprotocol) December 31, 2019 NewsBTC has reported on Roubini’s Bitcoin hating numerous times over the last twelve months. The economist has used just about every common critique to bash the digital currency. These include its apparent lack of scalability and decentralisation, as well as its supposed use for criminal activity. Harmony’s tune, posted to YouTube earlier today, looks back at some of Roubini’s most infamous rants against Bitcoin. Those behind it have autotuned Dr Doom’s outbursts and set them, rather hilariously, to the Taylor Swift chart topper. Standout lyrics include a particularly foul mouthed appraisal of the digital currency industry, as well as the track’s pull-no-punches refrain: “Cos I like shouting ‘bubble’ when I’m on TV. So shame on me now. Tell me the facts, I will disagree. Cos I’m old and out of touch.” Somewhat bizarrely, the lyrics also have Roubini declaring himself to be the creator of Bitcoin, Satoshi Nakamoto. However, after apparently working on the protocol more than a decade ago, he has since started cooperating with the US Securities and Exchange Commission to bring down the digital currency. Whilst this seems about as plausible as some other claims on the title of Bitcoin inventor, it would make for serious plot twist in the story of the most popular digital currency if it turned out to be true! The video concludes with Roubini coming to terms with the fact that he is probably missing out on the greatest transfer of wealth in human history since he isn’t invested in any digital asset. Presumably, he no longer has access to the coins he claims to have mined shortly after Bitcoin’s creation: “But the reality of it, I’m not gonna make a penny. Because I don’t hold any coins. Not Bitcoin, Ethereum, or XRP”   Related Reading: Bitcoin Bulls Not Out of Woods, Wait For Break Above $7.5K Featured Image from Shutterstock. The post appeared first on NewsBTC.