Can Bitcoin Hold Value Better Than Gold?

In the world of commodities, one of the most important things is an assets ability to hold and store value. Gold is an excellent example of how a commodity can do this. Since Gold holds value, it is easy to use gold to facilitate transactions, part of the reason why gold was of course one of the first forms of money (after salt and various other minerals).
It’s always debated whether or not Bitcoin is better than gold in terms of its ability to store value. This is debated as Bitcoin is super volatile and therefore, it’s use as an asset for transaction facilitation can be rendered a little useless, even so though, Bitcoin still promises to become a big player in the commodities world in the future. In the future, Bitcoin would well become the best option for value storage and perhaps one day, Bitcoin could replace gold all together, it is known as Digital Gold after all.
The CEO of, the company behind EOSIO has recently spoken out about Bitcoin as a store of value, citing that Bitcoin could totally replace gold as early as 2040. Yes, 2040 may seem a way off, but let’s consider how little time Bitcoin has been around, compare that to the amount of time gold has been around and you can start to get an idea about how powerful a claim this is. If Bitcoin could replace gold in less than 30 years, what can this mean for the future of commodities and traditional investment?

According to CCN:

“Bitcoin is an intangible asset, which is easily transferred. BTC can be traded in minutes, experiences volatility, and has a limited total supply. Scarcity and ease of transfer make bitcoin a great store of value. Scarcity limits the utilitarian value of the cryptocurrency. To date, there remain hundreds of billions of dollars worth of gold and other precious metals lost at sea. An enormous amount of the world’s gold supply is locked in vaults.”

Gold is simply hard to work with, especially when Bitcoin offers a faster and cleaner digital alternative. What’s more, Bitcoin is hard to steal and doesn’t have any central role in terrorism or any international trade disputes. Bitcoin is a far cleaner and more economic option, all things considered.

“Gold will likely always be worth more than BTC in terms of total value. Due to its presence as a natural resource and the amount of money invested in extracting and refining it from other ores. BTC stands poised to overtake gold as the most functional store of value.”

Source: Crypto Daily

Samsung Galaxy S10 Drives DApp Adoption

The cryptosphere is drowning in dApps; dApp users not so much. There are signs that this imbalance is starting to shift, however, thanks to support from an unlikely blockchain ally. Samsung’s integration of crypto-friendly applications, including an array of decentralized apps, has given the ecosystem an unexpected boost. Now the onus is on dApp developers to push out products that can leverage this springboard to drive broader consumer adoption.
Samsung Goes DApp Happy
When the specs for Samsung’s new smartphone, the Galaxy S10, leaked earlier this year, crypto heads were delighted. The handset would come with a built-in hardware wallet, including a separate enclave for storing private keys. In March, the phone launched with support for ETC and ERC20 tokens, together with four dApps: CryptoKitties, gaming platform Enjin, beauty community Cosmee, and payment service CoinDuck.
Now, the South Korean tech giant has doubled down on its blockchain foray, integrating two new dApps in the form of Jupiter and Mars. The interstellar pair are the product of TrustVerse, a South Korean company whose protocol handles digital assets along with a user’s entire online digital identity, ownership, and work via smart contracts. All of the company’s products are named after astronomical bodies, making Jupiter and Mars fitting additions to the Galaxy. The former TrustVerse dApp provides digital analytics, while the latter is a password wallet equipped with QR code functionality.
The Quest to Create a Killer DApp
Despite the success of early breakthrough dApps such as CryptoKitties, the decentralized universe has yet to conjure a killer dApp: an application so brilliant as to lure ordinary smartphone users to download in their droves. Nevertheless, there is evidence that the quality of dApps is improving, as is their reach, thanks to the support of hardware manufacturers such as Samsung and HTC, whose Exodus 1 phone ships with the Opera crypto browser, complete with built-in dApp store.

The definition of what constitutes a decentralized app remains fuzzy, with many sites that record dApp usage counting any sort of application built upon base protocols such as Ethereum. As a result, MakerDAO is ranked as the second most popular dApp according to tracker site, for instance, despite its use being almost entirely limited to desktop. Ranking popularity by transaction count is also problematic, due to the tendency of free or ultra-low-cost transactions on EOS and Tron skewing the data. EOS gold prospecting game Prospectors is currently the top ranked dApp according to DappRadar, with Tron gambling dApp Wink, whose token recently listed on Binance Launchpad, ranking third, with 2,700 daily users.
Hardware Support Is the Key to DApp Adoption
DApp aggregators show a number of applications on the leading smart contract blockchains recording thousands of daily users, although these are largely limited to gambling and gaming. These are use cases for which cryptocurrencies are ideal, but it would be stretching the truth to say that gambling dApps are the embodiment of the Web 3.0 vision. Whatever the case, increased access to dApps, thanks in no small part to the efforts of Samsung, and to consumer-friendly dApps such as Mars and Jupiter, can only help to raise awareness, and with it adoption.
Samsung is on course to ship 45 million units this year, with the Galaxy S10 leading the charge. While only a fraction of these users will investigate the built-in dApp store, its very presence spreads the gospel of crypto, further normalizing it as a lifestyle choice. There are also macro trends to factor into the equation that may hasten uptake of decentralized applications, such as the never-ending spate of data leaking scandals, rampant deplatforming by social media giants, mass censorship, and the growing acknowledgement of the need for greater privacy.
As for Samsung, its flirtation with blockchain tech is showing no signs of abating: in the months to come, the tech giant will be adding crypto support to its budget phones. This week, it also added support for BTC to its Blockchain Keystore. HTC, meanwhile, has bold new plans for enhancing its Exodus 1 smartphones with further crypto integration. What started out as little more than an experiment, with manufacturers trialling crypto wallets, has grown into a movement that seems set to stay.
Source: Crypto Daily

Monolith Means Crypto Can Now be Spent Anywhere That Accepts Visa

Monolith, the decentralised finance platform that lets you spend your crypto in the real world, has partnered with MakerDAO and Digix to provide users with even more options when spending their cryptocurrency.
The unique contract-wallet design of Monolith means customers can use their crypto in the real world. Whether it’s paying for a coffee, cinema tickets or sending money to a friend, it’s all possible on Monolith.
The Monolith app, offers an Ethereum-powered banking alternative, and launched around six weeks ago. Since then more than 2,000 wallets have been set up on the Ethereum blockchain.
It works by allowing users to pre-load their Monolith Visa card with the crypto of their choice. 
The card can be used anywhere Visa is accepted globally, giving users instant access to millions of retailers around the world, and making it possible to spend your crypto as you would fiat money.
Using the card
Topping up the card is simple. It’s all handled by the Monolith app on your smartphone. The app rolled out on the iOS App Store across the UK and Europe last month, and an Android version will be released very soon.

Mel Gelderman, CEO of Monolith, said it makes using crypto simple to do and allows anyone to finally ‘live their lives on Ethereum’, away from the prying eyes of big banks and corporations.
“Increasingly, people are fed up with banks, and corporations like Facebook, riding roughshod over their personal information and privacy. Monolith allows users to take back control,” he said.

“It features a decentralised, non-custodial wallet, and means for once you are in complete control of your money. Monolith doesn’t hold any of your finances.
“We already support ETH, DAI and TKN cryptocurrencies, but adding MakerDao and Digix represents a huge milestone for us. These are two of the biggest and earliest Ethereum-based decentralised finance projects in existence.
“They are both enormously well respected by the Ethereum and wider cryptocurrency communities, and we have plans to introduce even more cryptocurrencies to the platform soon.
“These partnerships mean DGD and DGX are now eligible for use on Monolith, we see this as the start of bringing many more quality tokens into the Monolith ecosystem.”

Mel said that so far they had received a great response, and that the rebrand to Monolith from TokenCard was a significant step along their roadmap. 
To mark their partnership with Monolith, Digix is offering the first 1,000 users who activate their Monolith Card 0.1g of Gold in DGX tokens credited to their Monolith Wallet.
“Monolith is a pioneer in the space of cryptocurrency cards. This partnership is driven by a common mission with Monolith to democratise access to cryptos to the majority, and increase the utility of blockchain assets, allowing blockchain assets to permeate into everyone’s daily lives.” Kai C. Chng, CEO of Digix said.
One thing’s clear: as more and more people choose to manage their own finances instead of leaving it to their banks, the popularity of cryptocurrencies and decentralised finance will grow.
Source: Crypto Daily

Craig Wright: “Bitcoin Doesn’t Work Outside Government.”

Bitcoin and Bitcoin Cash have been at each other’s virtual throats for a while now as there isn’t a lot the two parties can agree on. But even so, there is one activity that brings the two rivals together and that seems to be the infamous Craig Wright.
The self-proclaimed Satoshi Nakamoto has claimed that he is the man behind the leading cryptocurrency (duh), which he later abandoned to focus his time more on Bitcoin Cash and then later move on to Bitcoin SV in the year following.
In an interview Wright took part in on Wednesday with the Cheddar news outlet, the computer programmer provided both bitcoin and Bitcoin Cash proponents with some fresh fodder, claiming that cryptocurrency was never meant to act as a store of value or even be anything along the lines of ‘anti-government’, which it is seen as today.

“The whole idea was about micropayments. It’s about a system that enables commercial internet use. It enables you to have rapid-fast settlement, secure systems, many other things. It was never a store of gold.”

Bitcoin Cash enthusiasts will more than likely be happy to hear this but nevertheless, what Wright went onto say could see some backlash from the BCH project and the BTC side.

“The other camp – the cypherpunks and whatever else – they’re the guys who want this to be something else. They want it to be a store of value. They want it to be outside government. That’s not Bitcoin. Bitcoin doesn’t work outside government.”

The Backlash
Well it turns out there was quite a bit of backlash from Crypto Twitter, although not what you might think…
One user put:

“You’re enabling a fraud, simple as that. reconsider this ASAP.”

Another tweeted:

“I thought Cheddar was for legitimate news?  Maybe reconsider who you are giving a platform to here?”

So it seems that the hate was not directed at Wright but rather Cheddar for bringing him on the show at all.
Source: Crypto Daily

Victims Of Poloniex Crash Get A Refund

Back in June of this year, Poloniex, a part of the Circle firm crashed as a result of the collapse of an alt coin known as CLAM. Here’s a recap of what happened according to Yahoo Finance:

“On May 26, altcoin $CLAM collapsed more than two thirds of its value during the day, resulting in the margin lending pool incurring a more than $13 million USD loss in today’s price of bitcoin. Now, Poloniex is tapping into 1,800 BTC from the principal of active BTC margin loans to cover the loss to the lending pool. In margin trading, exchanges and traders can lend crypto at an interest rate for borrowers to trade, hopefully at a gain. Users have to pay back what they are lent. When a borrower is unable to pay back the loan, they default, losing money they didn’t have to begin with. Some trading CLAM, a coin with low liquidity, began to default on their loans as the value of the coin dropped, making them unable to pay since their assets were now worth far less than when they borrowed.”

Many,  many days later, it’s now reported that victims of this will be receiving a Bitcoin refund, according to a blog post published by Poloniex themselves. We should point out that in the wake of the crash, Poloniex did make some effort to refund some users, though many victims have been left out of pocket as a result of this.

So, what’s happening?
It’s a bit of a weird one this because Poloniex aren’t actually going to pay out direct refunds to those lenders, instead, the exchange is going to refund trading fees from trades made by the lenders who lost out in June. Each time they carry out a trade, the fees will be refunded to them until the refunds equal the value of the Bitcoin they lost in June. Here’s what the official blog post states:

“Starting later in August, if you are an impacted lender, you will be credited your Poloniex trading fees until your losses are fully recovered. Every time you pay a trading fee, we will convert the fee to BTC and then credit you those fees each day. Your first credit will include all the trading fees you have paid since June 6, 2019. (You will see a repayment tracker in your account soon.) Our work to make customers whole isn’t limited to our first payment or this new step of crediting trading fees. We are actively pursuing other strategies, and will update you when we can.”

Honestly, this means it could take an age for some lenders to see any significant refunds, it’s a very unorthodox way to operate, but I guess a lack of legislation and regulation within the industry means that exchanges can get away with doing this sort of thing. In the long run, it seems that lenders are relieved that they at least now have access to some sort of reimbursement, no matter how long it might take for them to recover their money! 
Source: Crypto Daily

Huge Wave Of Bitcoin Adoption In South America

South American countries have recently seen a huge wave of Bitcoin adoption and increased access to cryptocurrencies through a new partnership between a major South American banking firm and the Bitex cryptocurrency exchange.
According to Coindesk:

“A leading bank technology provider in Latin America is partnering with cryptocurrency exchange Bitex to facilitate cross-border payments over the bitcoin blockchain. Bantotal is a core banking service provider based in Uruguay that services over 60 different financial institutions across 14 different countries. According to a Bantotal spokesperson, an estimated 20 million people use Bantotal’s money management services. The partnership means that Bantotal clients will be able to access Bitex services in a marketplace of other traditional financial services that Bantotal offers through its BDevelopers program.”

This is a very significant development as it is giving a huge number of customers access to exciting new payment methods, methods that will go on to encourage the use of cryptocurrencies for international payments between countries in which these 60 financial institutions operate. Bitex will work within this new partnership to actually facilitate the transfer of FIAT currencies and cryptocurrencies. In essence, Bitex exists as a middleman that will actually handle the exchange process, so the banks involved won’t need to handle the cryptocurrency as such. 

This is a great example of how cryptocurrency exchange can operate on an institutional level. Banks and financial service providers can use cryptocurrencies and make the most of the blockchains efficiency, without actually having to invest in crypto themselves, that’s a very exciting prospect and it’s great to see this in practice across South America. Hopefully, this starts to develop some very new and exciting movements for cryptocurrency adoption across countries like Uruguay, Brazil and Argentina. 
According to Coindesk, Lisa Nestor, director of partnerships at the Stellar Foundation believes that this is a very exciting partnership, one that could have a big impact on Stellar in the future too. She commented:

“We think this announcement further validates the value financial institutions are recognizing in digital assets and distributed ledger technology for executing core banking activities, like international payments. It’s also no coincidence these product partnerships are being launched in the [Latin American] market where cross-border payments, even in neighboring nations, can be slow and expensive.”

Thanks to services like Bitex, the adoption of cryptocurrency across huge areas is achievable and is becoming more and more common by the day. It’s great to see traditional financial companies getting on board too – all of this is great for our industry.
Source: Crypto Daily

It’s Not Just Bitcoin That Has A Problem With Money Laundering

As is the general consensus, Bitcoin can supposedly make it easier for criminals and fraudsters to conduct illegal transactions. The amount of money laundered through Bitcoin is nothing in comparison to the multi-trillion dollar network of illegal transactions that pass through traditional banks on a yearly basis.
In a recent report published by the United Nations Office on Drugs and Crime, there are more than trillion dollars illegally transacted through the traditional banking system every year. In another recently published report, this time by Bloomberg called “The Cost of Dirty Money”, there are diagrams of the complex world of money laundering, featuring a web of banks, fines and prison sentences. In the report, there are several bad ‘actors’ listed some of which include, JP Morgan Chase, Citigroup, Liberty Reserve, Wachovia, HSBC, Deutsche Bank, Standard Chartered.
Crimes like the $65 billion Bernie Madoff Ponzi scheme – which saw JP Morgan Chase fined more than $2 billion – and the operation in Mexico regarding drug smuggling laundered around $378 billion in wire transfers, cash transactions and travelers checks via the now-defunct Wachovia Bank. these kinds of crimes are still viable to be processed through the traditional banking system.

As reported by the Daily Hodl, Deutsche Bank is currently in the “hot seat”. Earlier this year, the chief of anti-financial crime and anti-money laundering at the German Bank, Stephen Wilken spoke on the bank’s behalf before a European Parliament hearing, which is accused of being involved in a huge money laundering operation reportedly started by the Danish lender Danske Bank. the Danish bank is also under investigation for $228 billion in suspicious payments looked over by correspondent bank Deutsche Bank from 2007 to 2015.
As Wilken says, “there are no safe alternatives to correspondent banking.” Reports have surfaced that Wilken believes Deutsche cut ties with Danske in October 2015.

“These kinds of contacts usually end when the bank sees a breach of sanctions or there is a lack of transparency in the way the client operates, he explained. This was the case with Danske Bank, but Wilken refused to better explain what happened exactly. As the internal investigation is still ongoing, Wilken said he ‘wouldn’t be able to give details.’”

Bitcoin proponents point out that digital currencies have the power to eradicate financial crimes due to the offer verifiable blockchain ledgers that can’t be affected by fraudsters.
What are your thoughts? Let us know what you think down below in the comments!
Source: Crypto Daily

Tensions In Hong Kong Are Pushing Bitcoin

This week we have seen endless suggestions that aim to explain why Bitcoin has embarked on a bull run recently. Whilst some of these theories are pretty wild, others do suggest that this recent bull run does show clear evidence for a causal link between the value of Bitcoin and world politics. The most prominent suggestion is that Bitcoin is spiking as a result of the falling value of FIAT currencies like the Chinese Yuan and the British Pound. In the UK, as a result of Brexit uncertainties, the Pound Sterling has stopped to new lows, almost meeting the Euro on a !:1 ratio. The Yuan has also seen a decline, amongst other uncertainties coming from inside Hong Kong.
It’s the ongoing situation in Hong Kong that many people are suggesting could be causing this bull run, so, let’s have a look why.
When things are uncertain on a political level, it affects global finance. What happens to the banks also impacts the value of our own money and our assets, therefore, we look to find new ways to store and spend out money. Bitcoin is a safe haven, one that allows us to store our assets away from the grip of banks and frankly failing cryptocurrencies. Many people believe that in Hong Kong, because of political unrest, people there do not believe their money is safe if it is stored in traditional means, therefore they are turning to Bitcoin and the blockchain to protect their money and themselves. In such political turmoil, it may be seen as wise to try and become as anonymous as possible, Bitcoin is now helping many people do just that.
So, as tensions deepen, more money pours into Bitcoin, which then pushes up it’s value, that’s what the theories are suggesting here at least. Forbes have recently reported on the matter, they too believe that the situation in Hong Kong seems to be doing Bitcoin a favour:

“Initially, as protests broke out around mid-June, Bitcoin traded at about a $160 USD premium on TideBit, a Hong Kong based exchange. As protests have worn on, that premium still persists, with the latest price of Bitcoin on TideBit at $11477.34 USD, about $80 USD higher than the current rate on Coinmarketcap.”


“Bitcoin itself has seen a surge since June 9th, the largest public protest in Hong Kong’s history. From about $8,000 USD, it now sits close to $11,300 USD, an increase of about 41.25%. With Bitcoin/Chinese Yuan pairs trading at a premium and the broader US-China trade war in the background, as well as a ton of other factors built in to the ambiguous mess that is Bitcoin pricing, there’s not as much you can read into the tea leaves — but it’s certainly true that as protests in Hong Kong have surged, so has demand for Bitcoin and cryptocurrencies in general.”

What’s happening in Hong Kong is having a global impact, it seems that now Bitcoin is starting to make the most of that.
Source: Crypto Daily

So China Is Launching A Cryptocurrency After All

When it comes to China and cryptocurrency you can be forgiven for saying you literally have no idea about what the Chinese government thinks about crypto. One minute they seem to want to outlaw cryptocurrencies and the next, they want to create massive hubs geared towards making cryptocurrency and blockchain technology more accessible. Not so long ago, China made great efforts to totally ban cryptocurrency altogether. The latest news out of China however now suggests that Chinese authorities are set on producing a cryptocurrency of their very own.
According to Aljazeera:

“The People’s Bank of China is close to issuing its own cryptocurrency, according to a senior official. The bank’s researchers have been working intensively since last year to develop systems, and the cryptocurrency is close to being out, Mu Changchun, deputy director of the PBOC’s payments department, said at an event held by China Finance 40 Forum over the weekend in Yichun, Heilongjiang. He didn’t give specifics on the timing.”

The significant thing about this announcement is that The People’s Bank of China claim that this has come out as a result of 5 years of intense research into the industry. We do have some idea about what this cryptocurrency will be able to do once it is rolled out, because The People’s Bank of China did file a patent for a cryptocurrency that was made to work with a native exchange app, designed to exchange the token with Chinese Yuan. So we can at least guess that this is a token that the bank wants people to be able to use as a real currency within the country. 

Many experts are however sceptical, suggesting that all of this could simply be in response to Facebook’s recent Libra announcements, although I’m not sure The People’s Bank of China really see Facebook as a rival. The theory is that this could all be an attempt to try and disrupt western governments even more than recent Libra announcements have. According to Aljazeera:

“It is without doubt that with the announcement of Libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital asset, said Dave Chapman, executive director at BC Technology Group Ltd. They have to consider the possibility that non-government issued currencies could dramatically disrupt finance and payments, Chapman said.”

Whilst much of this is speculation, Chapman makes a good point here, perhaps governments have been focusing on cryptocurrency companies for too long and have neglected the fact that entire countries could be threatening the status quo with their very own cryptocurrencies too?
Source: Crypto Daily

Ideas That Are Changing The Blockchain World Part 2

Earlier today we began to explore a number of blockchain projects that are changing the world. Yes, in itself the blockchain is pretty transformative, however Cointelgraph has recently highlighted a number of these projects that seem to be making huge moves within the industry. Some blockchain ideas are frankly a little crazy, whereas others have a genuine ability to change the way we live, such as the Zero Carbon Project as we discussed in our previous article.
In case you need a recap:

“We want to explore some of the more unique and ‘out there’ blockchain projects that are promising to totally transform the way we exist and the way we communicate. Some projects are really useful, such as ones that aim to reduce carbon emissions, others might not seem as useful from the outset but do carry some potential, others just seem plain crazy, but we like those too.”

Previously, we discussed the Zero Carbon Project and the social network breaker, Uhive… next up is CogniPet, one of the more ‘out there’ blockchain projects.

CogniPet is a blockchain project designed to help bring pts closer to their owners. It’s quite normal now that we see pet clothes, pet gadgets and even pet cameras that allow us to interact with our animals whilst they are at home and we are out and about. CogniPet brings all of these interactions to the blockchain, creating a bridge between us, our pets and the entire pet market. According to Cointelegraph, Vincenco Vento, the founder of CogniPet has said:

“The pet market is so big and disconnected, it has become profitable even for criminal organizations. Around 80 percent of online advertising is doubtful, promoting illegally imported animals, with many pets often sick and abused. Professional breeders compete against the black market, as shady breeders do not inoculate their animals and neither provide healthy, fully checked and certified animals.”

One huge implication of CogniPet is that it allows an audit trail to exist within the pet market, allowing us as owners to be more sure of the authenticity and safety of our animals and any medical treatments they may have had. 
Lastly, and the most ‘out there’ project, quite literally is Diana. Diana is a blockchain project that allows people to register their interest in the moon. The concept is to create a board or a council that is made up on the blockchain, via decentralised means that allows for the shared and equal ownership of the moon, essentially meaning that governments and large corporations can’t go on and mine it to death, which is something that could happen in the future. Diana as a concept wants to ensure that the future of celestial objects can be made more certain, through a totally open and decentralised network, built up of decision makers that have a genuine interest in the area.
Source: Crypto Daily

I Want To Be An Ethereum Developer

Getting a job in the blockchain industry is hard, though the roles are quite varied. Such careers might include writing and journalism (we should know), marketing and advertising, computing and engineering and of course, development. 
The invention of Ethereum by founder Vitalik Buterin has helped to totally transform the way development and programming exists within the blockchain industry. By taking on the fundamentals of the Bitcoin blockchain, Ethereum has made way for an entire culture of development, by allowing developers and fanatics alike to make and create their own blockchain products on an open source and powerful blockchain (the Ethereum blockchain). 
So, if you want to be an Ethereum developer, what steps do you need to take to pursue your career? First of all, you’re going to need to gain and intricate knowledge of computer science, including design, coding and programming. Getting your head around the intricate engineering that goes into blockchain development is no easy feat, in fact, it’s something that could take years of learning if you’re new to this industry. Therefore, with this in mind, education is important. 

Get online and check out some free blockchain development courses, do your research and commit yourself to the industry, it’s the only way you’re going to progress within it!
Once you have the knowledge, then you need to get building. Because literally anyone can produce a blockchain product on Ethereum, you’ve already got a platform available to you. This is what the likes of Justin Sun from TRON did, now look how successful he’s become. Anyone can simply replicate an existing blockchain product or idea and brand it as their own, it’s the innovatives and the creators that actually make it big in this industry, so take the time to research your product area and develop prototypes first. If you create something unique, you’re far more likely to go on and see even bigger successes than those developers that simply replicate other people’s ideas. Replication is good, but it doesn’t always mean success. 
Hopefully this article has at least inspired some people to start researching the blockchain… The key to this industry is to know what you’re doing, education is so important and the only way you can gain this education is by researching yourself. Things will change when blockchain technology becomes a part of the standard world curriculum, but for now, it isn’t, so we have to grab these opportunities now and teach ourselves.
Source: Crypto Daily

Former Trump Advisor Is A Big Believer In Cryptocurrencies

As you have more than likely heard by now, the infamous president of the United States, Donald Trump isn’t a fan of cryptocurrencies as he said this in July:

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”

But the man who served as the White House Strategist during the first ten months of Trump’s time in office, Steve Bannon has a very contrasting opinion. Furthermore, Bannon hasn’t shied away from admitting he has invested in Bitcoin, and heavily at that.
Back in June last year, the New York Times made it known that Bannon’s firm was planning to launch several initial coin offerings (ICO) mentioning that this project was still in its early days.
Recently speaking in an interview with CNBC’s Squawk Box, Bannon told the hosts that he purchased his Bitcoin stash during 2018’s ‘crypto winter’ that froze over the space, saying “enough foresight, enough courage” to buy as the prices dipped towards the $3k mark.

“I think cryptocurrencies have a big future. I think they could be a very important part going forward particularly in this global populist revolt.”

As reported by ZyCrypto:

“It pays to remember that populism is a political ideology that was popularized in the 19th century which aims to give back power to ordinary people that have been ignored by the ruling government or the elite class. To date, most people believe this theme is still prevalent in the US. Populism mirrors bitcoin’s design in that it is intended to put power over money back in the hands of the ordinary people away from governments and the elite class.”

Populism is something that is Bannon highly believes in. speaking in a previous interview with the times, Steve said “It’s a disruptive populism. It takes control back from central authorities. It’s revolutionary.”
Last but not least, Bannon shared his views on Facebook’s Libra, saying:

“The central banks and actually the banking community want to get in and regulate crypto. They want to still stick to fiat currency.”

Source: Crypto Daily

Is Peter Schiff Slowly Becoming A Bitcoin Bull?

The president of Euro Pacific Capital, Peter Schiff reinforced his views on Bitcoin being a bubble about two years ago in August of 2017. At the time, Bitcoin was worth $4,500 – the highest it had ever been at the time – but Schiff was adamant that the emerging crypto asset was a bubble.
As time goes on people change and it seems that peter Schiff could now be banking on the power of cryptocurrencies.
The notorious Bitcoin naysayer has said:

“There’s certainly a lot of bullishness about Bitcoin and cryptocurrency, and that’s the case with bubbles in general. The psychology of bubbles fuels it. You just become more convinced that it’s going to work. And the higher the price goes, the more convinced you become that you’re right. But it’s going up because it’s going to work. It’s going up because of speculation.”

In July of this year, Schiff said that he was the reason for the swift decline in the price of Bitcoin last month. But two years ago in July 2017, Schiff said:

“On my Bitcoin challenge Live Stream on YouTube on Monday, I recommended selling Bitcoin and buying silver. Since then the price of Bitcoin has fallen by over 10 percent (even after a 10 percent rally from the low), ad silver is up 3.8 percent, its biggest two-day gain in two years. Coincidence.”

Schiff was recently given some bitcoin by members of the community, making him an official Bitcoin HODler. The co-founder of Morgan Creek Digital, Anthony Pompliano also pitched in for donating to the EPC president.
Whilst appearing on a CNBC show with Pomp, Schiff went onto say:

“I’m already kicking myself, I had that opportunity [to buy at $10]. I could already be a billionaire if I had only bought it back then… I should have bought it when I first heard about it.”

So is Schiff becoming a Bitcoin bull? I can’t say I know him personally but he seems like the kinda guy who wouldn’t admit it even if he was…
Source: Crypto Daily

Could Blockchain Be in the Feds Headlights?

The ever-rising demand for real-time settlement is just that, on the rise! According to data, by September last year, there were at least 40 such systems operational worldwide. 16 more are expected by 2020, as blockchain-powered money transfer systems proliferate the banking scene.
It is perhaps because of this that Jerome Powell, the Federal Reserve Chairman has told regulators that his institution is “seriously considering” a faster payments system too. The faster settlements network will give the Federal Reserve an edge when competing with the robust network that larger financial institutions run on.
Powell wrote the following in a letter to lawmakers:

“Based on the feedback received from industry stakeholders and other interested parties in response to the 2018 notice and request for comment, the US Treasury recommendation as well as our own analysis, and in keeping with the Federal Reserve’s historic role in payments, we are seriously considering proceeding with two actions described in that notice to support widespread adoption of safe and efficient faster payment services in the United States.”

The letter has nevertheless not explicitly pointed to a blockchain-based payment system.

The Federal Reserve has been under quite a bit of stress by many large tech companies in regards to providing a real-time system of payments. This platform would evidently change how traditional financial institutions exchange money. The tech firms have in fact formed a union dubbed Financial Innovation Now or FIN. 
There are multiple members for FIN including, Amazon, Google, and Apple and PayPal. Not included is Facebook which is most likely due to the announcement of Libra, a currency that could speed up payments if launched, or at least that’s the idea.
As reported by Ethereum World News,

“Countries like Sweden, Hong Kong, Australia, Denmark, and Norway have already implemented real-time gross settlement systems.  The UK launched its Faster Payments Service back in 2008. The US, however, has been playing catch up, with the Federal Reserve’s Faster Payments Task Force promising a real-time payment network by 2020.”

Source: Crypto Daily

Idaho Representative Doesn’t Think A US Bitcoin Ban Is Possible

The United States Senator and representative for Idaho has confessed that it wouldn’t be all that easy to ban cryptocurrency in America, as has been indicated over the past few weeks following Donald Trump’s tweets in regards to Bitcoin recently. Mike Crapo has provided a number of positive comments on Bitcoin as he chaired the Senate Committee on Banking, housing and urban affairs cryptocurrency hearing that occurred earlier this week.

“If the United States were to decide, and I’m not saying it should, if the United States decided we didn’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global tech, a global innovation.”

Another house representative, Patrick McHenry shares a similar thought process as he has said, “there’s no capacity to kill bitcoin.”
Members of Congress are constantly thinking that bitcoin might not be as bad as it has been made out to be. Not to mention that it is almost an unstoppable force.
Speaking in his opening statement, Crapo talked about BTC in a relatively positive light as he has said that advancements in technology are inevitable and the US should start leading innovation in new tech.

“It seems to me that digital technology innovations are inevitable, could be beneficial, and I believe that the U.S. should lead in developing these innovations and what the rules of the road should be.”

The Senator went on to talk about BTC and crypto directly and indicated they hold some essential benefits.

“With the appropriate balance of regulation, digital currencies and their innovative underlying technology could provide meaningful benefits and I look forward to learning more about the ecosystem during this hearing.”

Congress just generally seem to be warming up to crypto. Speaking a hearing earlier this week, the CEO of Circle argued that better clarity from lawmakers would result in fewer crypto firms from leaving the nations:

“There is a fundamental mismatch between the regulatory structure and guidance that we have here (in the U.S.) and the nature of these digital assets. Markets around the world are adopting these, not just Bermuda but Singapore, Switzerland, even jurisdictions like France introducing…definitions of digital assets so that issuers can feel comfortable.”

Source: Crypto Daily