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After dipping early following the August 1 deadline, Bitcoin cash seems to have leveled out for now. Though this original article was only 2+ weeks ago, it's amazing how quickly the Bitcoin market cap has grown.
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Bank of America recently, now Mastercard in the news for Bitcoin and blockchain related patents. Many recent patents in the news were related to Bitcoin related identity verification https://veratad.com/solutions/identity-verification/ though this refund-related patent appears to be more consumer transaction driven. Though the above-mentioned patent sounds rather simple, I think this goes to show how relatively new tech development is in the blockchain and cryptocurrency world and how much opportunity remains for improvement. |
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Though still relatively new, many different countries experience a growing comfort level in Bitcoin. Bitcoin has never been tied to one specific country or people group. Bitcoin is viewed by many as not only a currency but also an investment. As more countries recognize and legitimize the cryptocurrency, the trust will grow and more will invest. As international e-commerce continues to increase, it's likely that Bitcoin acceptance will continue to grow as well. There are many conceivable reasons why Bitcoin and other cryptocurrencies will continue to grow.
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In the cryptocurrency world where uncertainty has been a defining characteristic since its inception, Coinbase has been able to maintain a level of trust that has been essential for its users. Coinbase was established in 2012 and has been a simple, clear, purpose-driven site that many have used to originate their Bitcoin investments. In a quickly evolving industry, Coinbase has been able to establish itself as staple in the cryptocurrency world.
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Perhaps Russian leadership would view Bitcoin mining operations as a way to create additional 'natural' resources for their country. It appears that the cost of electricity in Russia is not quite as low as China but still inexpensive. https://www.ovoenergy.com/guides/energy-guides/average-electricity-prices-kwh.html A Bitcoin mining operation in northern Russia would provide significant cooling benefits as well. |
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From the above article:
"BITCOIN MINING CAN MEAN THE DIFFERENCE BETWEEN LIFE AND DEATH
Into this awful situation comes an unlikely savior in the form of Bitcoin. The Atlantic is reporting that many desperate Venezuelans have turned to mining bitcoins in order to feed their families. This unlikely scenario has come about due to one mitigating factor: electricity in this impoverished nation is essentially free as a result of the central government massively subsidizing it.
Cheap power has allowed people to operate Bitcoin miners without the usual accompanying cost. Reports have stated that successful Bitcoin miners can earn up to $500 a month, which is enough to fully feed and supply a family of four. As the country’s cash currency is essentially worthless, many businesses and people are now using bitcoins to exchange goods and services."
Amazing that in the middle of the turmoil and unrest it is still possible to put together a bitcoin mining rig able to generate such income. That's a great way to capitalize on the low cost of electricity but I'm more impressed that they were able to assemble the high powered rigs in the first place.
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From the above article: "The current configuration doesn’t require any identification for BTC purchases, the service asks for nothing more than a phone number and email address. 'At this stage, we do not require ID information,' said a Blueshift representative on Reddit, 'but we are working with the industry to create AML/KYC standards which we hope will be endorsed by the Australian Governments intention to foster FinTech innovation.'" Although email and phone number can be identifying pieces of information, they do not seem to require an identity verification process https://veratad.com/solutions/identity-verification/ as part of their purchase procedure. Streamlined verification procedures to satisfy anti-money laundering and know your customer standards are essential to creating consumer friendly services. |
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http://kathmandupost.ekantipur.com/news/2017-08-08/universal-digital-identity.htmlThis article is related more to blockchain technology and alternative methods of identity verification for know your customer processes that are often required for bitcoin purchase. "Having a digital identity is important for people to gain access to rights and services" "In a scenario where everyone has a universal digital identity, passports, driving licenses, birth certificates—documents that identify us in the physical world—will no longer be necessary. A business trip or vacation would be a seamless experience, and banking services such as overseas transfers and account openings will be a breeze due to robust and trustworthy Know Your Customer (KYC) processes." "The project, which uses blockchain technology, can recognise and verify identities of clients in a reliable and fuss-free way. Blockchain allows entities that are independent of one another to rely on the same shared, secure, auditable source of information." "Additionally, banks are naturally incentivised to collect accurate data because the viability of their business depends on it. For example, banks cannot open an account or approve a mortgage if they do not have accurate information about the applicant’s income, credit worthiness or employment. New anti-money laundering directives and KYC rules mean that regulators also expect financial institutions to maintain high standards for identity verification of new and existing customers." "Any universal identity system should allow the ownership of personal data to lie with the individual. It is analogous to the individual owning their own identity store, and they choose what information to share to gain access to services." "As companies explore different technologies that allow the consumer to have control, blockchain—the distributed-ledger technology behind the digital currency Bitcoin—has been seen as providing a potential technology solution." "Achieving a universal digital identity would have many advantages but making it work would require cooperation among financial institutions, governments, technology companies and many other parties. The benefits in terms of cost, time and user satisfaction are so great that we are optimistic that a comprehensive and holistic solution may be available not too far in the future." An application of blockchain technology for identity verification https://veratad.com/solutions/identity-verification/ purposes through an onboarding know your customer process. I would be curious to see how to allow 'ownership of personal data to lie with the individual.'
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http://bitcoinist.com/bank-of-america-files-three-new-blockchain-patents/Though these 3 patents relate more directly to identity verification https://veratad.com/solutions/identity-verification/, Bank of America has filed numerous patents focused on blockchain technology and cutting transaction times. "Bank of America has filed three new blockchain-related patents geared towards data authentication and identity verification. The new patents are the latest in a growing number of blockchain patents filed by the financial services giant." "Financial services company Bank of America has submitted three new blockchain patents that focus primarily on authenticating information as well as those who handle it." 1) "...the patent would allow Bank of America to authenticate user and transaction information through a blockchain system." 2) "The second patent utilizes a distributed ledger system that monitors and verifies user identities on a network." 3) "The last patent is centered around a system that monitors changes in user history at a specific timeline and creates a “map” of the user and his history. The patents suggest that Bank of America is going to heavily invest in Bitcoin and blockchain technology."
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http://www.livebitcoinnews.com/kuna-bitcoin-agency-will-bring-additional-150-bitcoin-atms-ukraine/"The Ukraine may prove to be quite an important area for Bitcoin over the coming years. Although the region isn’t often mentioned in the same breath as cryptocurrency, that will come to change soon. The Kuna Bitcoin Agency plans to install around 150 Bitcoin ATMs throughout the country by the end of 2017. That is quite an ambitious goal, to say the least. The first few dozen devices will come to Kiev in the next two months." It does not appear that identity verification https://veratad.com/solutions/identity-verification/ will be required for these machines. Though, as currently existing machines, identity verification may depend on the amount of bitcoin being purchased.
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https://news.bitcoin.com/japanese-department-store-chain-marui-accepts-bitcoin/Japan's first major department store to accept Bitcoin will do so using the Bitflyer exchange. Marui targets “a young, stylish audience between the ages of 20-35.” Initially, Marui will test the payment method at one of their locations through the end of October 2017. The Bitflyer app for iPhone/Android will be used for payment by scanning a QR code.
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https://themerkle.com/bitcoin-cash-network-stats-hint-at-low-tx-fees-and-high-value-transactions/Interesting to read that the low transaction fees associated with Bitcoin Cash appear to be driving much of the current interest in the cryptocurrency. Currently, Bitcoin transaction fees come in at ~$2. Understandably, as the Bitcoin Cash network grows, so will the associated transaction rate. Is there a feeling that the low transaction fees associated with new cryptocurrencies drive interest in new altcoins?
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Every day is an adventure in the cryptocurrency world, let alone 5 months with a new cryptocurrency. I'm assuming it requires a fair amount of effort to support, then trade a new cryptocurrency. Coinbase brought Litecoin on board for trading well after it became a 'popular' cryptocurrency in the vicinity of Bitcoin and Ethereum.
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https://news.bitcoin.com/gwyneth-paltrow-joins-bitcoin-wallet-abra-as-advisor/Bitcoin is very popular--even Gwyneth is onboard. Gwyneth was 'chosen' out of the panel of entrepreneurs in a Shart Tank-style show to assist the developer with business/brand development. I'm guessing the episode was shot prior to the 8/1 hard fork, slightly increasing the uncertainty surrounding this coming app and business.
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I'm optimistic about the future of bitcoin and blockchain. But, universities like Stanford, UC Berkeley and MIT are adding blockchain course offerings and content--they're 'voting' on blockchain technology to stick around for a while.
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If bitcoin cash is another type of altcoin, then individual exchanges would decide if they choose to support it. Bitcoin price only appears to be rising through the August 1 deadline. Bitcoin cash won't be as universally accepted as bitcoin, but this doesn't seem to be affecting bitcoin popularity.
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I agree but it appears that Bitcoin continues to influence the rest of the cryptocurrency market to a significant degree. As we've seen in the past few weeks, uncertainty for Bitcoin translates to uncertainty for cryptocurrency (and vice versa).
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Bitcoin continues to reign in the cryptocurrency world. Ethereum has built-in tools such as smart-contracts that are attractive, but features like this will likely be incorporated into bitcoin in the future. As more retailers and commerce sites begin to accept bitcoin I can't see where position on top will change any time soon.
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