Tesla Creator Elon Musk Reveals His Crypto Holdings

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Tesla Creator Elon Musk Reveals His Crypto Holdings

Elon Musk is well-known for his enthusiasm about Bitcoin, recently he unveiled his crypto balances and even proposed to give the Nobel Prize for BTC HODLers.

Tesla Creator Elon Musk Reveals His Crypto Holdings

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Elon Musk: Cryptocurrency is the future; paper money will soon fade away

The CEO of Tesla and cryptocurrency enthusiast, Elon Musk, has once again spoken in favor of decentralized currency, stating that a day could come when it will eventually replace paper money.
In a recent episode of ARK Invest’s FYI podcast hosted by Tasha Keeney, “On the Road to Full Autonomy With Elon Musk,” the Tesla CEO spoke about the developments underway at Tesla and about cryptocurrencies, with reference to the future of finance and technology.
When asked about the topic of cryptocurrencies, Musk was taken aback, stating, “Crypto, seriously?” with the interviewer referencing Musk and Twitter’s Jack Dorsey’s recent chatter about the decentralized currency realm.
Musk stated,
“Bitcoin and Ethereum scammers were so rampant on Twitter I decided to join in and I said at one point I want to buy some Bitcoin. Then my account got suspended cause obviously there was obviously like some automatic rule that if you try to sell bitcoin or something and I was just joking.”
In late October, Musk tweeted out, “Wanna buy some Bitcoin?” which sent the cryptocurrency community into a tizzy, many users excited at the prospect of a fruitful collaboration between the Tesla CEO and others such as Binance’s Changpeng Zhao.
Following a campaign by Twitter that deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Musk lauded the website’s efforts and went on to state,
“At this point, I want ETH even if it is a scam”
When asked about Jack Dorsey’s prediction that the internet will soon see a native currency in Bitcoin, Musk replied stating, “That’s interesting.”
He added,
“ I think that the Bitcoin structure was quite brilliant, its seems like there’s some merit to Ethereum as well, and maybe some of the others. But, I’m not sure if it would be a good use of Tesla resources to get into crypto.”
Musk added that one of the main downsides of cryptocurrency is the “energy-intensive” nature of production, referring to the mining process. With reference to the same he said,
“There has to be some kind of constraints on the creation of crypto. But it’s very energy intensive to create an incremental Bitcoin at this point.”
When the topic switched to the nature of Bitcoin transactions, the interviewer stated that cryptocurrencies are not widely used for retail-goods like pizza and coke. To this, Musk replied, “maybe for Coke,” referring to the recreational drug that was sold for Bitcoin on marketplaces like the Silk Road, a smudge that the cryptocurrency world is still reeling from.
Towards the end of the podcast, Keeney referenced the dire financial situation in Africa, where currency restrictions prohibit citizens from converting their currency and forcing them to, at times, go through the US dollar. In light of the same Musk replied,
“It bypasses currency controls. Paper money is going away and crypto is a far better way to transfer value than pieces of paper.”
Despite Musk’s positive stance on cryptocurrencies, his appreciation for the structure of top coins like Bitcoin and Ethereum and his affirmation that eventually decentralized currency will takeover paper money, the Tesla CEO clarified that his company will not start selling Bitcoins anytime soon.
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Source: AMB Crypto

Researcher: Bitcoin Lightning On Square Could Be Bigger Than Crypto ETF, Bakkt Combined

Although many industry insiders talk a big game about the real world viability of Bitcoin, as it stands the cryptocurrency has seen little adoption. In fact, it has been anecdotally said that the number of brick and mortar merchants accepting BTC has plummeted, not risen over the past years.
Yet, this could change soon, as one of the most popular mobile applications in the U.S. was revealed to be slated to double-down on its in-house Bitcoin offering. Some have even argued that the integration could single-handedly propel this industry to new heights.
Related Reading: Analysts Applaud Square’s Bitcoin Strategy as Brilliant Despite Low Profitability
Twitter CEO Continues Bitcoin Crusade
In the past two weeks, Jack Dorsey, the chief executive of both Twitter and Square, has risen to monumental status in the cryptosphere. While he made brief comments about his enamorment with Bitcoin in early-2018, he went full evangelist in early-February, as he extensively touted the merits of an Internet-centric decentralized currency. On Joe Rogan’s Youtube podcast, the Silicon Valley guru claimed that the battle-tested Bitcoin could easily become the native currency of the entire Internet ecosystem.

Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.
— jack (@jack) February 5, 2019

He expressed a similar sentiment on Twitter. In fact, Dorsey made over 100 tweets regarding cryptocurrencies in a rant-esque fashion. Per previous reports from this outlet, the Bay Area native mentioned that Bitcoin is resilient, principled, native to the ideals of the Internet, and a great brand, in spite of cynics’ cries.
While this was jaw-dropping in and of itself, Dorsey made mention of his advocacy for the Lightning Network. In response to a tweet that outlined an idealistic system where people can tip satoshis for tweets (enabled via Lightning), the American entrepreneur noted that he “loves the idea.”
This one-liner, while innocuous in practically any other context, quickly catalyzed rumors that Dorsey’s Square, a fintech company with a higher valuation that Twitter, was hard at work on incorporating Lightning into its services.

Cool example of #BitcoinTwitter experimenting on the Lightning Network.
Torch received, now passing along to @starkness! #LNtrustchain https://t.co/YVMAv62fCN
— jack (@jack) February 5, 2019

Just days later, he took to Bitcoin bull Stephan Livera’s podcast to confirm these rumors. During the podcast, which also saw Lightning Labs chief executive Elizabeth Stark make an appearance, the Twitter CEO explained that Square’s integration of the scaling protocol is a matter of “when,” not “if.” Speaking on the rationale of eventually making such a move, Dorsey explained that his firm’s raison d’etre is to serve customers best, with Lightning only accentuating this goal.

He added that Square sees Bitcoin’s underlying nature as a currency, rather than solely a speculative asset. And as it stands, the widespread adoption of the Lightning Network is the most promising means to get to that end.
How Big Would Bitcoin Lightning On Square Be?
While Dorsey’s comments regarding his fintech upstart’s plans to integrate the Lightning scaling solution were open-ended, the magnitude of the future move was quickly comprehended.
Alec Ziupsyns, better known as RhythmTrader on Twitter, claimed that whatever form the integration takes, it will likely have a larger impact on the Bitcoin ecosystem than both Bakkt and a crypto ETF. This comment may have caught investors off-guard, especially considering the ever-growing thought process that a fully-launched Bakkt will be the startup to wrench Bitcoin out of this 12-month “crypto nuclear winter.”

Jack Dorsey says Lightning Network coming to Square's Cash App is a "when", not "if".
This will have a larger impact on bitcoin adoption than both Bakkt and an ETF.
The launch of the Bitcoin Network in 2009 was a global earthquake.
Now is time for the tsunami.
— Alec Ziupsnys (@AlecZiupsnys) February 11, 2019

Ziupsnys, who likened the initial launch of the Bitcoin Network to a global earthquake, added that the next phase of the asset’s life, which will involve Square’s Bitcoin offering, will be much like the subsequent tsunami.
Other industry insiders echoed Ziupsyns’ quip. In an interview with Tim Copeland of Decrypt Media, Jeremy Welch, the chief executive of Bitcoin hardware and software provider Casa, noted that Square’s (and Twitter by extension) support for Lightning would simply be “huge.” Welch explained that as Square is a “very well respected company,” with “great tech, great teams,” it’s doubling down on Bitcoin would be significant for both adoption and reputation. The entrepreneur explained:
“Silicon Valley hasn’t had the best view on Bitcoin overall. So, it would be significant on multiple levels, both in terms of adoption and their reputation and they have cachet with a lot of the bigger financial institutions.”
Featured Image from Shutterstock
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Crypto Pioneer Mark Jeffrey is Sure that Bitcoin will Reach $250k, and Here’s Why

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Crypto Pioneer Mark Jeffrey is Sure that Bitcoin will Reach $250k, and Here’s Why

Bitcoin pioneer, Mark Jeffrey, who published “Bitcoin Explained Simply” (2013) and “The Case For Bitcoin” (2015), bets that Bitcoin will multiply surpass the earlier highs seen towards the end of December 2017.

Crypto Pioneer Mark Jeffrey is Sure that Bitcoin will Reach $250k, and Here’s Why

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Source: CoinSpeaker

Top Trending Cryptocurrency News of The Week: Jack Dorsey, QuadrigaCX, Facebook and VanEck Among Major Newsmakers

Key highlights

Jack Dorsey and his love for Bitcoin
Argentina’s transport system now accepts BTC
A critical case of QuadrigaCX
Facebook Acquires Chainspace
VanEck adds dozens on new pages to Bitcoin ETP proposal

Jack Dorsey and his love for Bitcoin
Jack Dorsey, the founder of Twitter has again expressed his love and loyalty for Bitcoin while playing a new bitcoin game called “pass the torch” this week. Not just that, in an interview with Joe Rogan, Jack again stated that bitcoin will probably become the native currency of the Internet. He also said that he views Bitcoin as a currency rather than an investment and that he wouldn’t consider holding any other coins, not even Ether.
Argentina’s transport system now accepts BTC
In another boost to BTC use case, the Transportation system which is spread across 37 cities in Argentina now has integrated BTC as one of its payment options. The SUBE card [standing for Sistema Único de Boleto Electrónico] is essentially a credit pass for public transport services within the Buenos Aires metropolitan area and other Argentine cities have added Bitcoin as payment for citizens to pay their transportation expenses
A critical case of QuadrigaCX
QuadrigaCX case just takes some critical twists this week. After having established that Gerald Cotton, the founder of the exchange had passed away in Rajasthan in India and his wife filing the affidavit in Candanian courts, Zerononsense, a research portal has claimed that there are no identifiable cold wallets which are not connected to the internet but can only be opened through private keys only. The report also says the exchange was using user deposits to pay out users withdrawal.
Facebook Acquires Chainspace
In a surprising move this week, Facebook acquired a blockchain start-up Chainspace. The reason sighted behind this acquisition is the hiring of quality blockchain developers who come as part of the package. Chainspace, self-described as a “planetary scale smart contracts platform,” recently posted a note on its website, announcing that the team is “moving on to something new.”
VanEck adds dozens on new pages to Bitcoin ETP proposal
In the latest report coming from regulatory corridors of SEC, VanEck SolidX Bitcoin ETF has added around 30 ‘hardcore’ pages. The very first proposal of VanEck has been submitted to the SEC during June 2018 and has been withdrawn due to Govt shutdown on Jan 23, 2019. With regards to the same Gabor Gubacs of VanEck mentioned that
“There are some changes on it, we have incorporated changes to the proposal based on regulatory feedback and based on feedback from market participants,”
The post Top Trending Cryptocurrency News of The Week: Jack Dorsey, QuadrigaCX, Facebook and VanEck Among Major Newsmakers appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC]: Jack Dorsey’s support for Bitcoin may come with a lot of vested interests

Bitcoin holders and investors were delighted when Twitter’s Jack Dorsey openly endorsed the cryptocurrency a few days ago on former MMA fighter, Joe Rogan’s podcast. There was today, even more fanfare when Jack Dorsey on his Twitter suggested that he only had Bitcoins and that he had enough of them. However, even as Bitcoin enthusiasts delight, Dorsey’s words must be considered with caution.
Dorsey made headlines when a few days ago he backed Bitcoin, the world’s first and largest cryptocurrency to emerge as the internet’s first global native currency. Citing its founding principles and its testing and development on the internet, Dorsey suggested that despite competition from other popular cryptocurrencies, BTC is likely to emerge the winner. This is a view he has publicly held since the Consensus Conference held in New York back in 2018.
Dorsey is in the news again today after he admitted to owning ‘enough’ Bitcoins and dismissed the likelihood of owning any other cryptocurrency. He also stated:
“Bitcoin is resilient. Bitcoin is principled. It is native to internet ideals. And it’s a great brand.”
However, Jack Dorsey’s public support for Bitcoin does come with a lot of vested interest. In fact, an argument can be made that financial self-interest is in play whenever Dorsey publicly backs the cryptocurrency.
Considering the podcast itself, the Joe Rogan Experience, for instance. Jack Dorsey’s other project Cash App, the mobile-payments app that is one of the few of its kind to accept payments in Bitcoin is one of the sponsors of the podcast.
This means that Jack Dorsey while being the CEO of an almost Bitcoin-exclusive payment app, has been promoting the cryptocurrency on a show the same app sponsors. Simply said, talking up the cryptocurrency would be in the best interests of Jack Dorsey.
Secondly, Jack Dorsey has been one of the early investors in Lightning Labs, a finding that implies that he has a vested interest in making sure the present-day version of BTC succeeds and does well.
Further, since the philosophy and principles of the cryptocurrency have changed and diversified over the years with the cryptocurrency going through hard forks when such differences were irreconcilable, Dorsey’s claim that he supports Bitcoin out of its foundational principles and nativity to internet ideals doesn’t hold a lot of weight.
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Source: AMB Crypto

Bitcoin Price Analysis: BTCs at CoinBase are Fake—Jack Dorsey

Bitcoin prices slide with ultra-low volumes
Jack Dorsey thinks BTC owners with accounts at CoinBase hold fake Bitcoins
Transactional volumes low, participants apprehensive

Clearly, Bitcoin is battered. It’s even heavier for CoinBase account holders after their quick reminder that they are holding Fake Bitcoins. Proof of Coin? All the same, buyers are struggling to create demand, and until after prices race above $3,800, we shall maintain a neutral stance.
Bitcoin Price Analysis
Fundamentals
From podcasts and interviews, it’s clear that Jack Dorsey, the co-founder of Twitter and the brains behind Square is an avid Bitcoin supporter. He remains adamant that despite slow main-chain throughput, Bitcoin will probably be the native currency of the internet. Bitcoin, as we know, is a public chain and has the direct endorsement from the US SEC. Therefore, the coin is a utility, and no one has direct control of its price.
Besides, it acts as a base for most altcoins meaning entry mandates ownership of Bitcoin. Identifying this gap, Jack through Square’s Cash App continue to earn spreads from users willing to buy BTC off their bank accounts. Aside from this, he is one of the many investors of Elizabeth Start Lightning Network.
Though it’s in beta, LN is a success, drawing in users and increasing in capacity—roughly at 650 BTC at the time of writing. However, Jack’s Cash App is working on allowing users to receive BTC from third-party wallets like CoinBase where he thinks owners with their stash at CoinBase have “fake Bitcoins.”

Working on it. But you’ll need to keep coinbase to buy fakebitcoin
— jack (@jack) February 6, 2019

Candlestick Arrangements

Meanwhile, BTC is on the verge of capitulation. It’s trending precariously at Jan 2019 lows though with low volumes–positive for buyers. All the same, bears will be in control if there is a confirmation of that bar.
Once that prints out, we shall have every reason to recommend a flight to safety—meaning USDT, PAX or any other supported stable coin. It is so because it is likely that BTC will cave in, retesting lows of Dec 2018 at $3,200 consequently invalidating our previous BTC/USD trade plan.
Technical Indicators
Despite the risk of collapse, trading volumes are thin and tapering. Averages are around 10k, and for confirmation of Jan 28-30 Evening Star pattern, there must be a spike of trading volumes. Ideally, these volumes should print above 20k of Jan 28 and even 35k of Jan 10. That will be the only indicator of market participation. Otherwise, bears would still have the upper hand on BTC prices.
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Twitter CEO Loves Lightning on Bitcoin: is it the Future of Fast, Instant Payments?

On Tuesday, Jack Dorsey, one of the most well-known characters in Silicon Valley, just exposed his four million followers to Bitcoin (BTC) in a surprising turn of events. To the surprise of many, Dorsey, the incumbent chief executive of both Twitter and crypto-friendly Square, two technology upstarts valued at $54 billion collectively, publicly accepted a transaction via the Lightning Network.
As Anthony “Pomp” Pompliano of Morgan Creek would fittingly say, “the virus is spreading.”
Dorsey Experiments With Lightning, Sends Bitcoin Transaction
As hinted at in recent NewsBTC report, Hodlonaut, a Lighting Network crusader and self-proclaimed “HODLer,” recently took to his Twitter page to start an interesting community-run initiative. Through the medium of a tweet, Hodl divulged that he wanted Bitcoin users to start a chain on the Lightning Network, whereas participants would send marginally more BTC with each so-called “hop.”
While the enthusiast seemingly didn’t expect his little venture to garner much traction, it has. Over the past two weeks, Hodl’s grassroots idea, which has been dubbed the “Trust Chain,” has been picked up by some of Crypto Twitter’s biggest stars. Pompliano, Klaus Lovgreen, John Carvalho, Marty Bent, leading Bitcoin evangelist Andreas Antonopoulos and Elizabeth Stark of Lightning Labs, are among the mass of industry insiders that have picked up the so-called “torch.”
Related Reading: Bitcoin Lightning Network Adoption Advanced by New Bitfury Product Suite
After receiving the torch, Matt Odell, a prominent programmer that has centered his efforts around Bitcoin, surprisingly asked Jack Dorsey if he wanted to tout the torch next. And interestingly after a day of deliberation, Dorsey agreed, quickly pasting a Lightning Network invoice in response to Odell’s sudden inquiry. Just like that, lightning struck, and Dorsey was sent 2.86 million satoshis (0.0286 BTC) for near-negligible fees and within seconds.
Minutes after Odell issued a transaction, Dorsey, took to his personal Twitter page, the first-ever account issued (understandably so), to tout the merits of Lightning Network, calling Trust Chain a “cool example” of the benefits of the scaling solutions. He also confirmed that he received the 0.0286 BTC, subsequently claiming that he would be handing it back to Elizabeth Stark for the next hop.

Cool example of #BitcoinTwitter experimenting on the Lightning Network.
Torch received, now passing along to @starkness! #LNtrustchain https://t.co/YVMAv62fCN
— jack (@jack) February 5, 2019

In subsequent tweets, the Bay Area citizen doubled-down on his affection to the Bitcoin maximalist mindset. When asked why he only holds BTC, an amount which he deemed “enough,” the Twitter head commented that the project is resilient, principled, native to the ideals of the Internet, and a great brand in and of itself. Dorsey also made jabs at Bitcoin Cash, saying “hell no” when asked if he held a position in it, and Tron, joking that he liked the movie, not the cryptocurrency.
Rumor has it that the Twitter chief is looking into integrating Lightning Network, a paradigm-shifting scaling solution that facilitates low-cost, near-instant, secure, immutable, and private transactions, into Square’s crypto offering, which launched at the peak of 2017’s parabolic rally. In fact, in response to a tweet that outlined an idealistic system where people can tip satoshis for tweets (enabled via Lightning), Dorsey noted that he “loves the idea.”
Dorsey’s recent Lightning Network experiment comes after he made a guest appearance on the Joe Rogan Experience, a podcast/web spectacle that sports over four million followers on Youtube. As reported by this outlet last weekend, Dorsey remarked on-air that the “Internet will have a [single] native currency,” adding that from his perspective, it is most likely going to be Bitcoin.
He added that the Internet needs a currency, as it will bolster many operations worldwide, especially financial transactions and processes. Dorsey even went on to lambast the speculative nature of cryptocurrency markets, noting that Cash actually curbs day traders, while disallowing purely speculative transactions made via credit. His cardinal point was that he wishes to see cryptocurrencies reach global adoption not as a trade-centric asset, but as a tool for the overall betterment of humanity.
Crypto Community On Twitter Enamored 
As Jack’s sudden foray into the realm of the Lightning Network quickly trended on crypto’s portion of Twitter, commentators quickly took to their feeds to buzz about the occurrence, deemed auspicious, if not bull run-inducing by some.
Lightning strikes the Bitcoin community.
Arjun Balaji, a contributor to The Block and a crypto researcher, somewhat jokingly remarked that Jack’s sudden acceptance of a Lightning Network transaction may be the start of Square’s and Twitter’s forays into to the world of cryptocurrency. Balaji wrote:

The year is 2024. Via a Musk-like maneuver, Cash App and Twitter have morphed, creating a Bitcoin-native millennial bank on top of the most important communications platform on the planet to offer un-censorable speech and payments. Jack wins the Nobel Peace Prize. https://t.co/Ryq4AqBpAJ
— Arjun Balaji (@arjunblj) February 5, 2019

Hodlonaut, the one behind this innovative test of the Bitcoin community and Lightning Network expressed his excitement, noting that never in his wildest dreams did he expect for Trust Chain to garner notable amounts of traction.
Travis Kling, the chief investment officer of the Los Angeles-based Ikigai, noted that this bout of adoption is “the Lord’s work for the global, immutable, decentralized, non-sovereign, hardcapped supply, digital store of value [that is Bitcoin].” This comes after Kling made a series of overly optimistic comments regarding Bitcoin’s future, such as his opinion that cryptocurrencies could outperform all other assets in 2019, along with his underlying belief system that the rise of Bitcoin is inevitable.
Pompliano lauded the Lightning Network’s fundamental value, explaining that he wouldn’t be surprised if wallet-to-wallet transfers with the scaling protocol were faster than traditional credit card payments.
While the Lightning Network has a lot going for it. Where’s it going to strike next?
Featured Image from Shutterstock
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Bitcoin’s Lightning Torch Moves Through 37 Countries, Twitter CEO the Latest to Take It

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Bitcoin’s Lightning Torch Moves Through 37 Countries, Twitter CEO the Latest to Take It

Bitcoin’s Lightning Torch experiment has amassed over 140 participants from 37 countries with several popular global figures endorsing it.

Bitcoin’s Lightning Torch Moves Through 37 Countries, Twitter CEO the Latest to Take It

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Source: CoinSpeaker

Bitcoin [BTC] News: Twitter CEO & Cash App Founder Jack Dorsey is a Bitcoin Maximalist & “One of Us”

Jack Dorsey, the Twitter founder is a strong Bitcoin believer with no interest for altcoins who recently talked about Bitcoin having the “greatest chance of being the Internet’s native currency” while passing along the Lightning Torch.
Bitcoin: Resilient, Principled & a Great Brand
Jack Dorsey, Twitter CEO and founder of Cash app that expanded support for Bitcoin trading in January last year is clearly a huge Bitcoin proponent which was further evident when he reaffirmed that Bitcoin could be the internet currency.
“[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet.”
As for what excites him about Bitcoin the most, that it’s an internet currency,
“Everything. Mostly I think it has the greatest chance of being the Internet’s native currency. If you think of the internet as you would a country, that’s huge.”
He has been apparently making the most of the ongoing bear market as well by buying the dip as he replies to “Have you been buying in this $3k range?” with “I have.”
But looks like Dorsey is not only a strong Bitcoin believer but a Bitcoin maximalist as well. Twitter CEO only own Bitcoin and no other digital currency.
“Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.”

Jack has no plans to buy any other cryptocurrency in future 

And rejected Eth Twice,

Binance CEO, Changpeng Zhao even commented with a gif, “One of us,”

He even took a jab at Coinbase as one Bitcoin enthusiast said, “I need to be able to RECEIVE incoming bitcoin to Cash App!! Help me get off Coinbase for good!!”

Bitcoin support would also becoming “some day soon” on Cash App Canada. We could also see Twitter in future allowing users to send Bitcoin through, say a Bitcoin Tipping button as Dorsey supplied with, “We do have to pay attention to this, and will have some answer at some point.”
Lightning Torch Makes a Round Around the World
Jack Dorsey has also been the latest recipient of lightning Torch which he passed on to Elizabeth Stark, co-founder of Lightning labs.

A lightning network payment dubbed Lightning Torch has been making global rounds. Going from user to user, each one adds 10,000 satoshis to the initial amount of 100k satoshis. It has travelled across 39 countries and changed hands at about 150 times.

It all started on January 19 by an anonymous Bitcoin enthusiast, hodlonaut. You can track the Lightning Torch here.
The post Bitcoin [BTC] News: Twitter CEO & Cash App Founder Jack Dorsey is a Bitcoin Maximalist & “One of Us” appeared first on Coingape.
Source: CoinGape

Twitter CEO Jack Dorsey: Bitcoin is Most Likely to Become Internet’s Single Native Currency

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Twitter CEO Jack Dorsey: Bitcoin is Most Likely to Become Internet’s Single Native Currency

Jack Dorsey remains bullish on Bitcoin believing that it will emulate the internet to gain mass adoption worldwide by becoming the Internet’s single native currency.

Twitter CEO Jack Dorsey: Bitcoin is Most Likely to Become Internet’s Single Native Currency

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Binance CEO Lauds Jack Dorsey’s Pro Bitcoin Comments On Joe Rogan

Jack Dorsey, the chief executive of both Twitter and Square, two of Silicon Valley’s darlings, has recently become a fan of Bitcoin. He overtly pledged his allegiance to the cryptocurrency in early-2018, when his fintech-centric company, Square, launched Bitcoin capabilities on its so-called “Cash App.”
In interviews, Dorsey chalked up this sudden shift in business strategy to the fact that he personally believes that BTC will become the Internet’s “single currency.” Dorsey doubled down on this investment thesis recently, as the tech industry star took to the podcast of Joe Rogan, which sports over four million subscribers on Youtube, to touch on his opinions on the subject matter.
Related Reading: BTC Beats Twitter, Jack Dorsey’s Square Market Cap Reaches $30 Billion
Twitter CEO Talks Bitcoin In Front Of Hundreds Of Thousands
In the interview released Friday, Rogan, who has brought on Andreas Antonopoulos among other pro-crypto guests previously, suddenly brought up Cash App’s crypto integration, questioning the Twitter founder about the matter. When asked about whether Cash would be adding alternative cryptocurrencies, Dorsey was quick to respond with skepticism.
Dorsey simply noted that the “Internet will have a [single] native currency,” subsequently adding that from his point of view, it is most likely going to be Bitcoin. He explained that the cryptocurrency is the most battle-tested, and has the strongest principles and value propositions. Elaborating on his thought process, Dorsey stated:
“It is something that was born on the internet, that was developed on the internet, that was tested on the internet. It is of the internet. The reason why we enabled the purchasing of Bitcoin in the Cash App is that we wanted to learn about the technology, and put ourselves out there and take some risks.”
He added that the Internet needs a currency, as it will bolster many operations worldwide, especially financial transactions and processes. Dorsey even went on to lambast the speculative nature of cryptocurrency markets, noting that Cash actually curbs day traders, while disallowing purely speculative transactions made via credit.
His cardinal point was that he wishes to see cryptocurrencies reach global adoption not as an asset, but as a tool for the betterment of society.
Crypto Community Pleased With Dorsey’s Comment
While Dorsey’s comments regarding cryptocurrencies likely made decentralists smile, this most recent installment of Rogan’s podcast wasn’t without controversy. Regardless, much of the crypto community was pleased with Dorsey’s confidence to preach the good word of Bitcoin, as it were.

Couple more reasons I like @jack. Pushing native internet currency (crypto). And he doesn't accept credit cards yet, haha… https://t.co/t7Jn1wFiyO
— CZ Binance (@cz_binance) February 2, 2019

Changpeng “CZ” Zhao of Binance noted that a primary reason why he likes Jack is his pushing of cryptocurrencies, along with the fact that “he doesn’t accept credit cards yet.” Gabor Gurbacs, VanEck’s crypto head, echoed CZ’s extolling of the Twitter chief, noting that Square’s team is “doing awesome work.” NewsBTC’s very own Joseph Young noted that while Square’s monumental growth over 2018 wasn’t primarily catalyzed by the integration of Bitcoin, but noted that the company is “prioritizing innovation,” with Dorsey at the helm.
It isn’t clear what steps the Silicon Valley bigwig is going to take next to bolster Bitcoin’s rankings on the global financial system, but, as reported by NewsBTC in the past, he has made it abundantly clear that he is willing to push adoption of BTC with a fiery passion.
Featured Image from Shutterstock
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Analysts Applaud Square’s Bitcoin Strategy as Brilliant Despite Low Profitability

It has been nearly one year since San Fransisco-based payment processing company, Square, rolled out peer-to-peer Bitcoin trading within their popular Cash App, allowing customers to buy, hold, and sell the cryptocurrency without incurring any fees.
The company’s decision was lauded by the company’s investors and the cryptocurrency community alike, with Square’s stock surging 16% the week after the company announced their new Bitcoin pilot.
Analysts Claim Square’s Bitcoin Bet Was Brilliant, Despite Small Profit Margins
The Cash App’s crypto trading feature was seen by the industry as a win-win for Square and investors alike, as neophyte crypto investors could easily acquire Bitcoin without having to deal with complicated exchanges, and Square would profit from a small spread on each transaction.
In January of 2017, Square’s then-CFO explained the Bitcoin business model to investors, saying that they “include a cushion or a margin in the price effectively to allow us to account for the fairly dynamic market that we see for bitcoin.”
In the first three quarters of 2018, Square has reported that they have made just under $1 million in profits from the Cash App’s Bitcoin trading feature, which is a relatively small profit margin considering that the company’s overall profits are projected to be $3.2 billion in 2018.
Despite the profitability being marginal, analysts still believe that Square’s crypto bet was well worth it, specifically citing its benefits from a user acquisition standpoint, as the Bitcoin trading featured garnered the app a significant amount of media attention from major outlets.
Josh Beck, an analyst at KeyBanc Capital Markets, praised the crypto strategy, saying that it was a “brilliant customer acquisition strategy,” and further speculating that much of Cash App’s popularity in 2018 stemmed from crypto enthusiasts downloading the app and referring their friends or social media followers to the app.
Square Claims Bitcoin Strategy Not a Marketing Ploy
Although the attention the Cash App’s digital asset trading feature garnered from the cryptocurrency community certainly increased the App’s popularity and likely contributed to its number one position on the Apple App Store and Google Play Store, Square’s Cash App product manager, Brian Grassadonia, denied that this was the purpose of their crypto strategy, saying that the move was much more than a simple marketing strategy.
“That’s certainly not why we did it. It comes back to democratizing access to financial tools that have historically been really complicated, intimidating, and stressful. I think there’s an analogy with card acceptance. Before Square came along, 50% of small businesses that tried to accept credit cards got denied by their banks,” Grassadonia said.
The company’s move to embrace cryptocurrency is not surprising considering that Square’s CEO, Jack Dorsey, is a notable cryptocurrency advocate who has previously been quoted saying that Bitcoin could one day be the world’s sole currency.
Dan Dolev, an analyst at Nomura Instinet, spoke about Dorsey’s influence on the company’s crypto strategy, noting that Square has to keep enough distance between themselves and Bitcoin so that the company’s performance isn’t adversely affected if the digital asset’s price continues to decline.
“I think there’s a little bit of a tug-of-war on that internally there, but that’s just my perception. Jack is a really big bitcoin advocate. But I think he sees bitcoin as something in line with his overall vision of empowering people in Brazil, Argentina. The company doesn’t want this to be too big of a deal, because then when bitcoin goes down, Square also gets hurt,” Dolev said.
It is likely that Sqaure’s emphasis on the Cash App’s crypto trading feature will increase as the cryptocurrency market continues to grow, and as Bitcoin becomes a more popular investment amongst traditional investors.
Featured image from Shutterstock.
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Square’s Crypto-Friendly Cash App is the Most Downloaded Financial Application on Play Store

Just days after been named the hottest download on the iOS application store, Square’s cryptocurrency-friendly Cash App has risen to the top of another chart. This time it has been named as the most downloaded financial application on the other leading operating system’s app store, Google Play.
Although obviously quite impressive in its own right (the Cash App is currently being downloaded more than offerings from competitors PayPal and Venmo), the news is all the more exciting because of Square’s fondness of all things cryptocurrency. The app not only offers Bitcoin buying and selling but is also headed by digital currency perma-bull Jack Dorsey.
Square’s Cash App Helping to Normalise Cryptocurrency Use
It was only yesterday that NewsBTC reported on the Square Cash app rising to the top of the most downloaded applications on the Apple iOS store. The news first broke by way of a Twitter announcement from the company’s cryptocurrency specialist, Miles Suter:

The easiest way for every single person in America to buy bitcoin is #1 on iOS today @CashApp pic.twitter.com/nYUt6tSkIJ
— Miles Suter (@WahWhoWah) December 8, 2018

Fresh on the back of this news, we have a very similar story, first reported by Breaker. This time it involves Square’s Cash App making it to the top of the Google Play Store for financial applications. Whilst not quite as impressive as being the overall number one downloaded application on the iOS platform, it is still exciting news for all those with a vested interest in Bitcoin’s widespread adoption.
Since Square is owned by one of the most vocal proponents of cryptocurrency, Jack Dorsey, it has been keener than its competitors to embrace and promote the technological innovation. This was most clearly highlighted by its decision to announce support for Bitcoin buying and selling just over twelve months ago.
Dorsey is also the CEO of Twitter and has frequently spoken publicly about his belief in blockchain technology and, somewhat surprisingly (given the opinion of many connected to firms providing more traditional financial services) cryptocurrency itself.
Recently, Square announced that it planned to open-source its cold storage solution for digital assets too. This distinguishes the company from other competitors, such as Revolut – the crypto offering of which being painfully superficial in its reach, offering no option to use cryptocurrency bought within the app outside it whatsoever. Clearly, Dorsey understands the importance of decentralisation to the digital asset revolution better than many other payment service providers.
Jack’s in the Cryptocurrency Game for the Long Haul…
It is not only its integration into the Square Cash App and numerous public statements about Bitcoin that highlights Dorsey’s commitment to digital currency, however. The CEO has even pledged his own money to help develop the BTC network into a truly industry toppling tour de force.
In March of this year, the billionaire used $2.5 million of his personal funds to finance a startup working on the Lightning Network Bitcoin scaling solution. Once Lightning Network is fully implemented and understood, it is believed to allow sufficient numbers of transactions to take place that could see Bitcoin emerge as a serious competitor to the likes of VISA and MasterCard. This could allow for the kind of adoption that Jack, and many others, are hoping for in the mid-to-long-term future.
 
 
 
 
 
 
 
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Twitter Implements Scam Safeguards, but Google’s Account Still Gets Hacked

Twitter has been on the losing side of an ongoing battle with scammers who are leveraging the platform’s user base to steal cryptocurrencies. However, the company has revealed that it’s implemented some safeguards in an attempt to reduce the frequency of such scams and better protect its users.
Twitter Issues Statement, Implements Scam Countermeasures
Twitter, the popular social media platform originally known for limiting discussion to 140 characters, has been fighting a growing trend where cybercriminals hijack accounts – often verified accounts – of major brands, big-name celebrities, and cryptocurrency industry executives and entrepreneurs.
The likenesses are imitated, and then used to lure users into sending a small sum of cryptocurrency to a scammer’s wallet, with the promise of a larger sum being sent in return. Except the sending user is left high and dry after they realize they are not only getting the promised larger sum, but that they’ve lost the initially sent assets as a result of the scam.
Related Reading: Crypto Scammers Steal $150K Posing As Elon Musk
Yesterday, one of the U.S.’s largest retail chains, Target, had their verified account of 1.92 million followers hacked.
A posted tweet on it stated that it was doing a cryptocurrency giveaway that led to over $38,000 in Bitcoin being stolen from Target’s customers. Target issued a statement apologizing to its customers and explaining the situation. However, the retail giant cannot be too pleased with the way Twitter has allowed this problem to run rampant on its platform, and continue to escalate.
Following the incident, Twitter issued a statement.

“We’ve been in close contact with Target this morning and can also confirm that their account was inappropriately accessed for approximately half an hour, after which we swiftly locked the account so Twitter could thoroughly investigate the issue,” the company told Hard Fork.

Twitter also claimed it had discovered additional security breaches, and has since implemented some countermeasures aimed at thwarting future attempts from cryptocurrency scammers.
Google’s Account Hacked Following New Countermeasures
Not even hours later after Twitter’s statement, the G Suite verified account owned by Google was also breached, and used for wrongdoing. The G Suite account has over 800,000 followers, meaning that well over 2.5 million users were exposed to scammers in less than 24 hours due to the social media giant’s inability to stop the spread of the ongoing issue.
Google removed the tweet, and said they were “investigating with Twitter now.”
The company appears to be defenseless in the fight against these cybercriminals, which are said to reach as many as 15,000 bots as part of a growing botnet designed to scam Twitter users out of their crypto.
Jack Dorsey, Twitter’s CEO, claimed the firm was “on it,” and began exploring using “untapped potential” blockchain offers as a way to improve transparency and accountability on the social media platform.
Featured image from Shutterstock.
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