Bitcoin Can ‘Definitely’ Become the World’s Main Currency; It’s Poetry: Jack Dorsey

  • “A global currency which is a native currency for the Internet is a very powerful concept” – Twitter co-founder and CEO
  • Bitcoin is “poetry” and the pseudo-anonymous launch of its whitepaper was a very “powerful statement,” he said

“I believe that the Internet deserves and requires a native currency and that’s why I’m such a huge believer in Bitcoin,” said the co-founder and CEO of Twitter Jack Dorsey.

Dorsey appeared on the AI Podcast with Lex Fridman, a research scientist at MIT working on human-centered artificial intelligence where he talks about the biggest problem they are facing as a company — which is not to be able to act as an Internet company.

The founder and CEO of Square said to enter a new market, they have to have a partnership with a local bank and pay attention to different regulatory onboarding environments.

“But a digital currency like Bitcoin takes that away and we can potentially launch a product in every single market around the world because they’re all using the same currency and we have a consistent understanding of regulation and onboarding.”

A Powerful Concept

Further talking about his interest in bitcoin, he shared,

“I think the most beautiful thing about it is there’s no one person setting the direction and there’s no one person on the other side that can stop. So, we have something that is pretty organic in nature and very principled in its original design.”

“The white paper of Bitcoin is one of the most seminal works of computer science in the last 20-30 years. It’s poetry.”

Also, the underlying principles behind it and releasing it under a pseudonym, according to him, was a very powerful statement. Its pseudo-anonymous launch was “profound” as there could be one person or multiple people representing Satoshi Nakamoto, which builds tangibility and empathy.

The timing of Bitcoin’s release was just as important, which was in the aftermath of the 2008 financial recession, “a total activist move.”

As for what it looks like in the next 10 or 20 year, “no one knows,” but what it means is every person that enters the ecosystem in any capacity “changes its direction in small and large ways.”

Just like the Internet, Bitcoin enables “everyone to be part of the story which is also really cool.”

“A global currency which is a native currency for the Internet is a very powerful concept and I don’t think any one person on this planet truly understands the ramifications of that. I think there’s a lot of positives to it and there are some negatives as well.”

Not Just Money

This kind of digital currency Jack Dorsey said could “definitely” become the main currency of the world to push the decentralization of control of money. But the bigger ramification is how it affects how society works and “there are many positive ramifications outside just money.”

Money is a foundational layer that enables much more. Talking about his recent trip to Africa, he shares how moving money across borders between nations on the continents remains a problem to be solved. He said,

“I think as we get a more durable resilient and global standard we see a lot more innovation everywhere and I think there’s no better case study for this than the various countries with and within Africa.”

Here is the full interview:

Read Original/a>
Author: AnTy

EOS Block Producers Reach ‘Strongest Consensus’ In Approval Of Worker Proposal

The EOS Worker Proposal, which is famous for being very controversial, was announced by the most important EOS block producers that it went into its first execution stage and is supported by many participants to the network.

One of the leading EOS block producers, EOS Nation, reported that many Eosians agreed to support the new proposal and nothing could have changed their mind. On March 24, it also announced that a number of 34 both active and standby producers approved the EOS Worker proposal. It seems that until now, this is the strongest consensus achieved by any proposal in the EOS Mainnet.

The Eosio.wps System Launched

The March 24 first multi-signature approval launched the eosio.wps account that stores funds needed for new operations on the system. After this approval and the MSIG execution, eosio.wps will receive 50,000 EOS tokens in transfers from eosio.names, while the 3rd MSIG is going to deploy the Worker proposal smart contract to the same account, namely eosio.wps. After the 4th approval, the new proposal will have the whole network’s voting system reconsidered.

A Proposal Surrounded by Controversy

According to the new scheme and outlines, anyone can make a proposal on how the EOS blockchain should work, in exchange for a small EOS fee. After that, the block producers, regardless if they’re active or standby, need to vote on the proposal with +1, -1, or 0. In order to pass, a proposal has to gather 20 points. Here’s what the co-founder and CEO at Block.one, Brendan Blumer, had to say about the strategy employed by EOS:

“Socially authorising the BP’s to direct token-holder funds into projects without a clear or measurable return of value is risky, and may open the door to corruption and external scrutiny.”

Many voices don’t agree with him, but it remains to be seen how things are going to work for the EOS Worker Proposal in the future.

Read Original/a>
Author: Oana Ularu

Money Is At Risk In Banks, Bitcoin Is Probably The Most Secure Currency Right Now: Tim Draper

  • “If we’re able to hold above $7,800, it will be a very good sign,” – Mati Greenspan
  • Venture Capitalist advises millennial’s to start building their empire by investing in bitcoin that doesn’t cost them 2.5 to 4% every time they swap their credit card
  • Unchained Capital’s Parker Lewis says bitcoin obsoletes all other money because it is “the most credible monetary properties”

Bitcoin price has come down to $8,300 level from last week’s $9,200 level. Despite bouncing off the support yesterday, it was unable to reclaim the level and made its way back toward support.

We have come to some serious resistance at the 200-day moving average, a line that Mati Greenspan, founder of Quantum Economics says played a “significant role in bitcoin’s graph over the last few years.”

According to Greenspan, “if we’re able to hold above $7,800, it will be a very good sign.”

The fact that Chinese New Year, it is possible we could finally move even lower. Currently, BTC/USD is trading at 8,314 with 24 hours loss of 1.28% while managing the daily trading volume of $631 million, as per Messari.

Tim Draper Advises Millennial’s to Invest in Bitcoin

Bitcoin price might be looking uncertain right now but billionaire Tim Draper who has predicted BTC price at $250,000 by 2022, and even called it a conservative number last year, is advising millennials to put their money in Bitcoin.

The venture capitalist said that the financial system is not working anymore for millennials which have made them more renters than buyers. Draper said:

“Things aren’t quite working for millennials. They owe a lot, and with the current salaries, they can’t pay it off. It’s a challenging moment for them, and they’ve become renters rather than buyers because they have to.”

He reiterated his views that Bitcoin is an alternative to banks and would save the investors from them. Draper is advising millennials to

“start building their empire by investing in a model that doesn’t cost them 2.5 to 4% every time they swap their credit card.”

“My money is at risk in banks. They’re hacked all the time. Bitcoin is probably the most secure of currencies right now,” Draper told FOX Business.

Bitcoin has the most credible monetary properties

Parker Lewis, an author at Unchained Capital, a Bitcoin native financial services company also feels that “Bitcoin Obsoletes All Other Money.”

In his write-up, he explains how it sounds crazy to believe that Bitcoin, a $150 billion purchasing power which is a drop in the bucket compared to $250 trillion of debt market and $8 trillion purchasing power of gold will be the dominant global currency. But he argues,

“all fiat systems is nothing more than the manifestation of gold’s failure as a monetary medium.”

And after abandoning the gold standard in 1971, the modern fiat system has only managed to survive as long they have because a solution to the problem that fiat itself created did not exist yet.

But Bitcoin he said is that solution.

Bitcoin is global and permissionless in which the more the trading partners, the greater the value each BTC provides to those holding the currency.

“New adopters of a monetary network both contribute value and realize value as a function of adoption, which is why it is not possible to be late to bitcoin, nor will bitcoin ever be too expensive.”

Bitcoin’s 21 million hard cap means no other currency can ever be as scarce as the leading digital currency and scarcity drives adoption and community of value.

Bitcoin he said “is an equal opportunity mind-bender” which obsoletes all other money because “economic systems converge on a single currency, and bitcoin has the most credible monetary properties.”

Read Original/a>
Author: AnTy

Altcoins Forging Fresh Highs While Bitcoin Remains Stagnant

  • A “very positive sign” that market is consolidating the gains but hasn’t retreated much
  • But “less volatility, less action, equals less excitement and less trades”
  • Altcoin index “bullish AF,” while larger-cap cryptos outperforming, smaller caps are flat

The crypto market is experiencing a green wave. Bitcoin might be in the red, hovering around $8,600 but is up just over 18% to date in 2020.

The crypto market is currently testing the highs to see as Mati Greenspan, founder of Quantum Economics in his daily newsletter explains “if this rally has enough steam to breakthrough into something bigger.”

Though the market has started to see some flecks of red, the fact that we are still consolidating the gains made last week and hasn’t retreated by much is a “very positive sign,” said Greenspan.

However, what can’t be ignored is the declining volume. Last week, Bitcoin managed the daily trading volume of over $1 billion which has now dragged down to less than $500 million on top ten exchanges with real volume.

So, while sentiment remains good exchange volumes are trailing off with “less volatility, less action, equals less excitement and less trades.”

But Greenspan notes that “while bitcoin remains stagnant, we have seen a few altcoins cautiously forging fresh highs.”

As can be seen, while Bitcoin stayed still over the weekend, altcoins like Tezos, Cardano, and Stellar Lumens made slow but steady gains.

As Greenspan questions aloud, “Is this the start of another altseason?”

Alt-Season or Not Yet?

There are still 10 days let in the first month of 2020 but altcoins are the ones leading the market.

Among the top 10 cryptocurrencies, Bitcoin SV (BSV) is at the top with 232% gains YTD that reached a new all-time high. BSV is followed by the cryptocurrency from which it was hard forked, Bitcoin Cash. BCH is up 64% in 2020 to date trading at $340.51, a bit higher than BSV’s current value of $314.60.

Other big gainers have been Dash which is up by 160.35%, Bitcoin Diamond (BCD) 114%, Bitcoin Gold (BTG) 107.7%, Ethereum Classic (ETC) by 96.62%, Zcash (ZEC) 86.67%, DigixDAO (DGD) 81.88%, Civic (CVC) 68%, Horizen (ZEN) 60%, and Augur (REP) 50.31%.

Analyst Benjamin Blunts notes, the altcoin index is “bullish AF.”

Analyst Ceteris Peribus notes 40 of the altcoins with market capitalization more than $50 million, excluding stablecoins, are up 25% on an average. In comparison, 29 altcoins are down on an average of 14%.

While larger-cap cryptocurrencies are outperforming, smaller caps are flat or underperforming. This is why the analyst is “Not close to saying alts are back yet.”

Read Original/a>
Author: AnTy

Global Uncertainties and a Weak US Dollar to Raise the Price of Bitcoin in 2020

According to a Bloomberg report from Monday, it’s very likely the price of Bitcoin (BTC) will increase in 2020, as a result of a weak US dollar and global uncertainties.

The predictions say BTC can reach its 2019’s top range of $14,000 if the geopolitical situation is still tensioned and the stock market continues to be volatile. Bitcoin has always been seen as the digital version of gold, mainly because it’s a limited asset that can’t easily increase to meet demands, just like gold. The halving that will take place later this year should reduce block rewards to 6.25 BTC, not to mention the BTC supply is expected to increase by 2.5% in 2020 as a result.

BTC Investment May Take Many Forms

The more investments in BTC are increasing, the more they can take different forms, analysts are saying. More than this, the derivatives market is continuing to expand and integration to major markets is possible. All this may have incredible effects on the BTC price and decrease volatility. Not everyone is convinced though, that the BTC has a strong connection with gold. For example, Quantum Economics founder Mati Greenspan called this relationship weak and mentioned the 2 assets may grow to be negatively correlated.

Bitcoin Had Its Moments of Volatility

There have been many volatility moments for BTC. For instance, it surged over $10,000 immediately after China’s President Xi has made a speech in which he encouraged the adoption of blockchain technology. For now, analysts think volatility doesn’t help BTC to be a stable store of value. However, this won’t stop investors to value their digital assets and keep the BTC price stable. Bloomberg thinks the Tether market cap will continue to expand in 2020, so many other cryptocurrencies will struggle to keep their investors according to how supply outstrips are demanding. Here’s exactly what the report continues to say:

“Bitcoin should again outshine most crypto assets in 2020 as the unique and appreciating digital version of gold. Bitcoin is winning the adoption race, notably as a store of value in an environment that favors independent quasi-currencies.”

Read Original/a>
Author: Oana Ularu

North Carolina Republican Congressional Candidate Wants to ‘Invest Wisely’ in Bitcoin in 2020

Republican candidate for US Congress Pete D’Abrosca thinks it’s very wise to invest in Bitcoin (BTC) in the year that’s about to come.

D’Abrosca wants to be elected to the North Carolina seventh district. This is what he said on Twitter about investing in Bitcoin and ammunition:

While it’s unlikely for him to win the election against Republican Congressman David Rouzer, who’s the incumbent at the moment, it’s still good there are more crypto supporters in the US politics.

Former Bakkt CEO to Become Interim Senator

People in the crypto industry seem to forget the former CEO of Bakkt, a major Bitcoin futures exchange will be the interim Senator for Georgia. During the introduction ceremony held for her, Governor Brian Kemp said she will stand by President Trump’s side and vote against his removal from office. Here are Kemp’s exact words:

“Kelly Loeffler will stand with our president, Senator Perdue, and their allies in the House and Senate to keep America great.”

If she wants to remain on the seat, Loeffler will have to run for the 2020 election. Kemp thinks she’s the right person to win back the trust of Republican female voters.

President Donald Trump Not a Fan of Crypto

In spite of the fact that many members in his party are open to cryptocurrency, President Donald Trump isn’t. The hope is that there are many crypto supporters in the Democratic party too, seeing that Andrew Yang, who occupies the 4th position in popularity for Democrats, announced he’s accepting Bitcoin, Ethereum and some other cryptocurrencies for funding his July 2018 campaign. More than this, Tulsi Gabbard disclosed in her federal filings that she has crypto holdings.

Read Original/a>
Author: Oana Ularu

A New Market Developing for Bitcoin Issues a Warning About its Future

  • “A very real possibility the price of bitcoin does not go up after halving” – Meltem Demirors of CoinShares
  • “Anything is only worth what someone else is willing to pay for it” – Wallet developer Jack Mallers

The upcoming Bitcoin reward halving is a much-anticipated and talked about events in the cryptocurrency space. The market is currently divided among those who believe it to be a bullish event for Bitcoin price because of the supply shock and those who see as a non-event.

Meltem Demirors of CoinShares, a digital asset management company, belongs in the second category.

According to her, “there is a very real possibility the price of bitcoin does not go up after halving.”

Price to decouple from its value and its supply & demand

This is because, for the first time, there is a “robust derivatives” market for Bitcoin in the form of futures and market, she argues. As we already know, Bitcoin is still a speculative asset and according to Demirors, most of those firms will trade a derivative than the underlying asset itself.

She illustrates oil markets over the last 20 years where options and futures skyrocketed while oil production remained constant. In this speculation driven market, derivatives dominate trading and most firms trade paper contracts to speculate on the price of oil.

“There is a new market developing for bitcoin – one driven by speculative trading and enabled by derivatives.”

In the bitcoin market, she points out crypto derivatives platform BitMEX was the “first to crack this market” and then came CME Group. Now, there are hundreds of new firms popping up. She said:

“The more bitcoin becomes an investable asset, the more it’s price becomes decoupled from its value and its supply and demand.”

At that point, it will become just another backwater in the big game of global speculation and become correlated to macro markets.

The Bitcoin derivatives market today is still small but it will grow quickly, Demirors said.

“Anything is Only Worth what Someone Is Willing to Pay for it”

Wallet developer Jack Mallers, the founder of Zap Solutions and ZeroHouseEdge however, doesn’t agree with Demirros. Derivatives help in market efficiency and general price discovery but it does not affect the basic supply and demand of an asset, he countered.

“Derivatives derive their value from the underlying, settling against an index composed of spot exchanges. General arbitrage and market efficiencies will always keep derivatives tied to the underlying.”

The premium on the future, he said is only because of the cost of carrying and commodity derivatives were invented to simply transfer risk and has nothing to do with the price of an asset.

Price is a function of supply and demand and isn’t set by the producer of an asset. The willingness for someone to acquire an asset, Mallers said is what sets the price.

“Anything is only worth what someone else is willing to pay for it.”

And this is exactly the reason why he says the halving is not priced in.

“When a market goes through such a supply shock (one that no other asset has ever been through), it’s impossible to predict where demand will meet the new-found supply.”

But time, as Mallers said, is always the ultimate truth-teller and we’ll have to see how in the coming years, Bitcoin will perform.

Read Original/a>
Author: AnTy

Africa’s First Stablecoin is based on Nigerian Naira & Built on Binance Chain

The very first stablecoin of Africa is backed by Naira, the fiat currency of Nigeria and it will be built on Binance Chain, the blockchain software system developed by the leading cryptocurrency exchange Binance.

Ghana-based cross-border money transfer startup Bit Sika in partnership with a crypto-focused investment firm Linova Capital will be launching a Naira-backed stablecoin called Africa Stablecoin (ABCD).

Kicking into gear…

The idea behind using Naira for its stablecoin project is the rapid increase in the use of Bitcoin in the country, Atsu Davo, founder and CEO of Bit Sika told a local news website. Davo said,

“Nigeria is one of the busiest places for cryptocurrency in Africa right now, and while we have plans to include other African currencies in the future, the country is a good starting place for us.”

Despite the regulatory uncertainty in the continent, Africa has garnered the top spot when it comes to Bitcoin searches on Google.

In fact, according to Twitter and Square CEO Jack Dorsey Africa will define the future of Bitcoin. He has already started seeing technopreneurs in the continent to tap into the crypto industry.

More to Come…

Binance already allows Nigerians to buy crypto on its platform using their fiat currency Naira in partnership with Lagos-based fintech startup Flutterwave.

Bit Sika first joined Binance Labs Incubation Program this year. Now, ABCD is ready to leverage the liquidity of naira. Davo explained,

“Many people have a hard time differentiating cryptocurrencies and knowing their actual value in their local currency. There are a lot of digital currencies backed by the US dollar. We have seen how well they do,”

“But I feel we also need cryptocurrencies that are compatible with African national currencies. People can easily acquire US dollars, but still choose to spend their local currencies. This illustrates the power of familiarity, which we aim for.”

With this stablecoin, the company is planning to provide a bridge between the legacy system and decentralized system.

Naira might not be one of the strongest currencies in Africa but Bit Sika is just getting started. The company has future plans to build decentralized applications running fiat currencies like Nigerian naira and more stablecoins for other African fiat currencies, as per its whitepaper.

Read Original/a>
Author: AnTy

Bluebook of Blockchain Report: Over 25,000 Chinese Crypto Companies Tried Issuing Cryptoassets

The Chinese blockchain market seems to be a very powerful driver for cryptocurrency adoption. This time, over 25,000 blockchain firms in China have tried to issue their own crypto tokens. This is according to a recent report released by financial and technology authorities in the country.

Chinese Companies Tried Issuing Cryptocurrencies

The report that was led by the central bank of China, explains that 89% of blockchain companies in the country might have tried to release cryptocurrencies to the market.

The report explains this is equal to around 25,000 companies compared to 4,000 that are focused only on distributed ledger technology (DLT).

China is becoming an important hub for cryptocurrency investment and development. There are several companies in the country that are expanding their services and trying to offer new products.

However, the Chinese market is highly regulated. They have imposed a total ban on Initial Coin Offerings (ICOs) and it has also been against Bitcoin (BTC) trading activities during the last few years.

At the moment, the government didn’t ban Bitcoin mining operations in the country. This is one of the regions in the world with the largest number of miners.

As per the report, there are more than 14,000 DLT-based firms that are located in the Guangdong province. Other companies are also located in Shenzhen, Beijing and Shanghai.

Furthermore, the report shows that the online fraud market in China has surpassed 100 billion Chinese yuan, or over $15.6 billion. Several crypto firms are just scams that aim at stealing users’ funds.

The Chinese government has also been pushing for wider blockchain and DLT adoption in the country. Xi Jinping, the President of China, urged for an acceleration in the adoption of blockchain technology.

This report would also help Chinese authorities understand how to regulate the emerging financial technology market and how to better deal with cryptocurrencies and blockchain technology.

Read Original/a>
Author: Carl T

Despite a Love or Hate Relationship, New Futures Investments Are Making Cryptos More Popular

Futures markets can help economies to grow a lot, but some people see them as very speculative. The situation would not be different in the case of crypto futures, which are even more speculative to some experts but are helping the market to grow.

Bloomberg has recently published an article affirming that Bitcoin futures show how the market has matured. According to the post, futures went from almost being meaningless to around 50% of all the spot trading activity in the market in just a couple of years.

What consequences has this brought to the market? The investor base has grown in numbers and the volatility has been decreased during this timeframe.

Crypto futures are so popular right now that most crypto exchanges are offering them together with services of lending and borrowing cryptocurrencies. This makes it very easy for crypto holders to make considerable profits just using these financial tools.

The article also notices that the volumes of contracts in traditional exchanges that started their futures during 2017 such as the Chicago Mercantile Exchange (CME) have doubled their volume in 18 months. This shows that, despite being still a small market, the growth has been exponential so far.

While there are still doubts among some investors about if cryptos will represent a revolution in the markets or not, the fact is that they can be pretty profitable right now.

New exchanges such as the Intercontinental Exchange’s Bakkt have just appeared and will probably leave their mark in the industry, too. With all these improvements, it is hard to see a future in which cryptocurrencies will not be popular investments.

Read Original/a>
Author: Hank Klinger