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Bitcoin 2020 — Blockchain’s New Year Resolutions

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Bitcoin 2020 — Blockchain’s New Year Resolutions

Most of us believe in the “New Year — New Me” rhetoric”: I’m going to lose weight, quit smoking, eat healthy, stop being lazy, spend more time with family and whatnot. Yet, losing weight usually only turns into losing motivation instead.

But then, it doesn’t really make sense to laugh at our absurdities, as we humans have plenty of them. Not when it comes to New Year’s resolutions, at least. I mean, we can mostly agree that it’s just a hefty to-do list for the first week of January.

Now, what if it were the same for the disruptive and revolutionizing technology of blockchain? Does it hold the same stereotypes as us humans when it comes to New Year’s resolutions?

Let’s find out.

The United States Federal Reserve promises a more stable economy for its New Year’s resolution (did I just hear bailout?) by printing $425 billion by the middle of January 2020. Alongside an ever-increasing national debt, currently almost $24 trillion, this is another example of the Fed’s inept ability to manage the economy. Enter blockchain — the backbone of Bitcoin and other digital assets — which resolved to tackle double-spending; remove intermediaries and control from centralized powers; enable automatic, immutable and transparent transactions on peer-to-peer networks; and disrupt (while helping) financial institutions — and the list goes on.

Yet, despite all of this, the journey of Bitcoin (and of course blockchain) has been quite exciting, from exploding onto the scene and mining billions of dollars worth of coins to an implosion that wiped out at least 80% of the market’s value. Presently, not just Bitcoin but blockchain technology as a whole is expected togenerate an increase in business value of more than $176 billion by the year 2025 and exceed $3.1 trillion by 2030. Blockchain’s unprecedented value will disrupt most of our industries in the coming years, if not all of them.

Does it sound like a fleeting dream like other New Year’s resolutions that are bound to fail? To get a better idea, let’s look at blockchain’s track record in this context.

Blockchain’s past resolutions checklist

Bitcoin’s added value

Blockchain banking leaders like Celsius — which recently hit $4.25 billion in crypto loans — are giving fair market value pricing with low loan interest rates and substantially higher interest rates for crypto banking. Much higher than traditional banks’ 0.5%–1%.

People keep saying that “Bitcoin is dead,” but this sounds like disenchanted haters with one too many failed New Year’s resolutions under their belt to me. Despite the volatility of its price last year, it still trades better than leading companies like McDonald’s, with a market cap of $170 billion. Also, the estimated number of global Bitcoin users is around25 million, of which 5% are Americans. And the best part? Every time Bitcoin’s value goes down, it shoots back up. Now, as 2019 comes to an end, a single BTC is over $7,000.

Eliminating third-party intermediaries

If two is company and three is crowd, traditional payment systems are as chaotic as coastal Thailand fish markets. Considering the number of middlemen, it’s a typical case of “too many cooks spoil the broth.” A genuine decentralized peer-to-peer payment system is the fundamental resolution that blockchain (starting with Bitcoin) fulfilled, with no person or institution being “in charge” of Bitcoin transactions.

Decentralized industries

Not being a quitter and keeping its New Year’s resolution promise, blockchain is disrupting supply chain management through permanent, seamless documentation in a thoroughly decentralized and transparent manner. From creating P2P and more secure data storage networks to verifying data in insurance contracts, the applications of the technology in various industries are limitless. 

Institutional adoption

Back in 2018, Bitcoin was often bullied for not being “approved.” By the end of the year, fed up, Bitcoin (and blockchain as a whole) resolved to make institutional friends. And now, at the end of 2019, we must say that it’s been quite successful. Players like Yale University’s $30 million endowment fund, Square’s Cash App and Fidelity Investments — which provides financial services for $7.2 trillion in assets — have all joined the Bitcoin club. And, the Holy Grail of institutional adoption finally bestowed itself upon us when Bitcoin futures exchange Bakkt launched with full governmental approval.

WhileChina has already banned crypto exchanges (but is now launching its own central bank digital currency) the U.S. government has tried shutting Bitcoin down in the past as well. The financial crisis gave bankers a worse reputation than they already had, but the blame also lies with the institutions that oversee and facilitate effective, timely and trustworthy asset transfers.

Using blockchain for mainstream payments eliminates fees that generate huge revenues for the banking industry. It’s pretty obvious that some are trying hard to obstruct blockchain going mainstream, so the resolution for institutional adoption is on a slow but steady push.

Hash rate

What’s the difference between humans and blockchain? Humans promise to stick to their New Year’s resolutions, doing away with their habit of procrastination — but in all reality, they end up just procrastinating not to procrastinate. Not Bitcoin, mind you. The Bitcoin network has witnessed a hash rate increase by 60% in 2018, which not only indicates enhanced investment in critical infrastructure, but also a greater degree of predictability and security for the network. A growing hash rate is a sign of a healthy network, and this increase can be attributed to the mining behemoths that entered the space while bringing a greater number of devices online to offer network security.

This also helps with blockchain’s resolution to achieve optimum scalability, which its currently still working on diligently.  

Security — No procrastination here, just a challenging resolution

When the going gets tough, the tough get going. Nobody likes quitters, so while blockchain shuttered to “fully” accomplish one of its resolutions, it has continued on like the little engine that could with a glorious attitude and a scope for redemption. Despite being labeled as “utmost secure,” several hacks have occurred on major crypto exchanges. Over $927 million was stolen by hackers in early 2018 alone from various platforms and cryptocurrency exchanges — all using public blockchains to some capacity.

Related: Crypto Hacks: Crypto Exchange Hacks & Cryptocurrency Hackers

Though blockchain had some major setbacks with this New Year’s resolution, it never quit. It has constantly been working on new strategies and methods such as regulation, better custody, insurance to fully back assets held and new funding methods like security token offerings and initial exchange offerings.

Blockchain’s 20/20 vision

Blockchain awareness

Over 58% of investors and 55% of consumers feel positive about blockchain’s potential to handle value transfers, monetary or otherwise. For the majority, blockchain is an emerging technology that is truly capable of transforming a multitude of business processes — much like the internet did.

However, according to a Deloitte survey, we still have 18% of the participants for whom blockchain is simply a database to record financial transactions. With organizations increasingly realizing the scope for blockchain implementation, the new year will probably witness a surge in blockchain adoption by businesses small, medium and large.

Greater interoperability

Bitcoin makes more money doing nothing than you did all week at work. Accept it. Yet, a major roadblock to the wider adoption of blockchain technology was the low interoperability of its applications.

Currently, blockchain innovators are working on new, viable ways of establishing secure connections between different ledgers. With these, blockchain aims to significantly improve interoperability between the financial institutions.

Enhanced security and analysis

A major aspect of blockchain’s 2020 vision is to rise above the bad reputation of “not being secure.” For the new year, blockchain aims for better smart contract execution, enhanced data privacy and even advanced analytics with the help of artificial intelligence and machine learning. This will improve overall network monitoring and the ability to troubleshoot on-chain events.

Blockchain as a Service 

Blockchains’ New Year’s resolutions aren’t purely selfish. In fact, whatever it works on always has something to do with the betterment of existing industries. At times, it even ushers in the possibility of new industries like Blockchain as a Service. Smart enterprises such as Microsoft and Amazon are already working on BaaS integration. Maybe this is part of their New Year’s resolutions as well.

2020 and the future

All that being said, blockchain technology indeed has a 2020 vision for the coming year. If you really paid attention while reading, then you noticed that blockchain has pretty much been crushing its resolutions year after year. You might be feeling a bit insecure about your own resolutions right now.

But still, to end on an honest note, there’s more work to be done. Above all, blockchain needs time, and we must be patient. Remember, the internet didn’t become what it is in a day.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

J.D. Salbego, the CEO of Legion Ventures, is a global leader in blockchain and digital securities with a history of working with industry-leading startups, crypto funds, institutions and governments to drive blockchain innovation, STOs/ICOs, crypto capital markets, international expansion, digital asset fund strategy and go-to-market frameworks. His work has been featured in Forbes, Business Insider and Yahoo. As a market influencer, speaker, published author and internationally recognized subject matter expert, Salbego is frequently invited to speak at leading conferences like the World Economic Forum, BlockShow and Delta Summit.

Published at Tue, 31 Dec 2019 15:25:00 +0000

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Bitwise Launches Crypto Industry Innovators ETF

Bitwise has announced the launch of its ‘Bitwise Crypto Industry Innovators ETF” (BITQ) that offers investors exposure to companies in the crypto sector.

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Crypto asset management firm Bitwise has announced the launch of its Bitwise Crypto Industry Innovators ETF (BITQ) that offers investors exposure to companies in the cryptocurrency sector. The Bitwise Crypto Industry Innovators ETF is already live on the New York Stock Exchange with the ticker BITQ. The index captures the companies engaged in the crypto sector and has at least $100 million of liquid digital assets on their balance sheet.

Bitwise Launches Crypto Industry Innovators ETF (BITQ)

Asset management firm Bitwise has designed a Bitwise Crypto Industry Innovators ETF (BITQ) focused on thirty companies in the crypto market with at least $100M of liquid crypto assets on the balance sheet.

READ  Enjin Coin Became First Authorised Gaming Crypto by JVCEA

Also, these companies must have 75% of income derived from cryptocurrencies or have 75% of their net assets in crypto.

In the announcement release, Matt Hougan, CIO of Bitwise, said:

“Like e-commerce and mobile before it, crypto is a disruptive technology creating massive opportunities for new companies to emerge as winners. Until recently, most great crypto innovators were private companies, but that’s changing rapidly. Today, there’s a growing set of public companies capitalizing on crypto, and more to come. BITQ aims to identify these businesses and give investors access.”

Previously, Bitwise applied with the SEC to launch such a fund, but the firm withdrew its application from the regulatory agency earlier this year.

Hunter Horsley, CEO of Bitwise, says that BITQ aims to make crypto investment opportunities available through traditional investing platforms:

READ  Bitcoin Price Will Rally To $100,000: Binance CSO

“With BITQ, our aim is to make crypto investment opportunities available through traditional investing platforms and a familiar, liquid, and cost-effective ETF. We are thrilled to see this space continue to grow as investors increasingly gravitate toward this transformative asset class.”

Bitwise 10 Crypto Index Fund Available to Investors on OTC Market

With over $1.5 billion in assets under management, the firm has previously launched a number of crypto index funds, including a DeFi index. Currently, Bitwise sponsors over five other crypto-related funds namely, Bitwise 10 Crypto Index Fund, Bitwise DeFi Crypto Index Fund, Bitwise Bitcoin Fund, Bitwise Ethereum Fund, and Bitwise 10 Index Offshore Fund.

Most are private placements available only to accredited investors but the Bitwise 10 Crypto Index Fund is made available to all investors on the OTC market.

READ  Bitcoin Satoshi Vision (BSV) Unconfirmed Transactions (Mempool) Spike

#BITQ #Bitwise #Bitwise Crypto Industry Innovators ETF

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/bitwise-launches-crypto-industry-innovators-etf

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Hong Kong in Talks with China to Stretch Cross-Border Testing of Digital Yuan

After the successful proceeding of the first phase of the testing of the Digital Yuan, Hong Kong is in talks with China to stretch its cross-border testing.

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After the successful proceeding of the first phase of the testing of the Digital Yuan, Hong Kong is in talks with China to stretch its cross-border testing. This has marked yet another step toward wider adoption of the currency.

Hong Kong to Stretch Testing of Digital Yuan to China

The Monetary Authority of Hong Kong has recently conducted tests with the Digital Currency Institute of the People’s Bank of China.

In addition to this, the Hong Kong Monetary Authority said in an e-mailed response to the questions asked that it involved a bank designated by the mainland authority, as well as the merchants and bank staff.

The e-mailed response said:

“We have tested the use of the related app, system connectivity, and certain use cases such as cross-boundary purchases.” 

Along with this, the statement said:

“We are discussing and collaborating with the PBOC on the next phase of technical testing, including the feasibility of broadening and deepening the use of e-CNY for cross-boundary payments.”

Also, it should be known that the People’s Bank of China is pretty ahead of other major central banks in the development of its own digital currency.

The bank is looking forward to replacing cash and maintaining control over a payments landscape that has become increasingly dominated by technology companies not regulated like banks.

Payment Infrastructure Underpinning e-CNY can Address Substantial Portion of Cost Base

As revealed in the report released on Wednesday by Oliver Wyman, the usage of the Digital Yuan in Hong Kong could lead to a much faster and cheaper cross-border payment and clearing process. 

Michael Ho, the Principal of Financial Services at Oliver Wyman and Co-Author of the report said:

“If the payment infrastructure underpinning e-CNY were to roll out for cross-border payments at scale, we believe it can address a substantial portion of this cost base.”

China could promote the overseas use of digital yuan starting with the Greater Bay Area, a massive urban cluster that includes Shenzhen, Macau, and Hong Kong.

READ  Diginex Introduces EQUOS.io In Singapore To Start Derivative Product Trading

#Cross-border transactions #Digital Yuan #Hong Kong

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/hong-kong-in-talks-with-china-to-stretch-cross-border-testing-of-digital-yuan

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Identity Platform Acuant Partners with Blockchain Analysis Firm Chainalysis

It has been revealed that the identity platform for fraud prevention and Anti-Money Laundering compliance, Acuant has partnered with Chainalysis.

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In a recent announcement, it has been revealed that the identity platform for fraud prevention and Anti-Money Laundering compliance, Acuant has partnered with Chainalysis. The recent partnership between the AML compliance and the blockchain analysis company is meant to assist financial institutions with AML solutions.

Acuant Partners Chainalysis to Provide AML Solutions

The partnership between Chainalysis and Acuant will be helping in assisting the cryptocurrency businesses assess risk, safeguard them against illegal transactions, automate workflows, and protect their reputations with Anti-Money Laundering solutions.

In addition to this, it should be known that the customers of both partners, Acuant and Chainalysis, will now be able to leverage both the platforms via the interface provided by Acuant to manage transactions that are indicative of higher risk.

The customers will be provided with access to Chainalysis Know Your Transactions (KYT) as well as Chainalysis Reactor, their graphical investigative software

Talking further about the investigative software, it can be utilized to follow the flow of funds across the blockchain for investigations.

The amalgamation of the Chainalysis Know Your Transactions and Acuant integrates a data set of thousands of services with the solutions that help to review both the fiat and crypto transactions.

The Integration of Identity Platform and Blockchain Analysis Firm

Well, along with this, the integration will be helping in detecting any kind of suspicious activities, manage the investigations, and moreover, file the suspicious activity reports (SARs).

The real-time alerts on the highest-risk activity will be allowing the compliance teams to target the most urgent activity and following that, fulfill the regulatory obligations to report the transactions that are suspicious.

Jose Caldera, the Chief Product Officer at Acuant said:

“Our partnership with Chainalysis will further augment our support to the cryptocurrency industry. This partnership is bringing together and integrating the top Anti-Money Laundering solutions in the marketplace today. We look forward to working with Chainalysis to strengthen our platform and to continue to be a leading solutions provider in the crypto space.” 

READ  Bitcoin PARABOLIC!! | $9,500 Next Stop?? | Bitcoin Maximalism Vs. Altcoin Hype | BTC On Excel

#Acuant #Blockchain #Chainalysis

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/identity-platform-acuant-partners-with-blockchain-analysis-firm-chainalysis

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BIC’s Video News Show: Bitcoin Cash

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In this episode of the BeInCrypto video news show, host Jessica Walker will look at bitcoin cash (BCH). The coin has returned to the top ten in market cap, due to an anticipated upgrade, its pairing with ethereum (ETH), as well as the increased use of CashFusion. We’ll also take a look at its recent price movements.

Bitcoin Cash is Back in the Top 10 Cryptos! Is it There to Stay?

Bitcoin cash back in top ten

Bitcoin cash has been gaining a lot in the past several weeks. It currently sits at the tenth place on CoinMarketCap’s top cryptocurrencies in terms of market capitalization. It is a regular on the list and it seems to be going up because of investors looking for the next “boom-coin.” By sharing a name with mainstay bitcoin (BTC), it’s basking in the glory of its more popular namesake. But what are some other reasons for BCH’s return to the top ten?

May 15th upgrade

Perhaps the most important thing on BCH holders calendar is the upgrade that will happen on May 15. Most of the changes are aimed at improving the experience of users and merchants when using BCH to make payments. This will hopefully provide another incentive for adoption.

Another upgrade that stands out to us is the removal of the unconfirmed chained transaction limit. This will allow users to do more than 50 chained unconfirmed transactions at a time. This was a highly requested feature for a long time. In particular, by gambling sites and other high volume, quick transaction apps that relied on BCH for payment. 

BCH and Ethereum

Another interesting development around BCH is its pairing with Ethereum. This will happen through the SmartBCH sidechain, which was announced last Thursday. 

In an interview with bitcoin.com, the Smart Bitcoin Cash team lead explained that developers and decentralized app makers can now experiment and develop with the sidechain, which is compatible with the Ethereum Virtual Machine. This seems to have already provoked some interest. 

The Coinflex exchange team has begun running tests with setting up a decentralized exchange and creating tokens. If successful, the sidechain could become a platform for expanding the user base of bitcoin cash and grow its ecosystem. 

CashFusion

CashFusion has also been mentioned quite a lot this week. For those of you who haven’t heard of it, CashFusion is a service that provides privacy for bitcoin cash. Described simply, it lets wallets help each other blend into the crowd and keep prying eyes away. 

Reports have indicated that since CashFusion was introduced in November 2019, there have been more than 67,000 fusions or almost $6 billion worth of BCH using today’s exchange rates. This could be another sign of the popularity of bitcoin cash, which has largely gone under the radar in recent months.

Technical analysis

A quick chart analysis shows us that we are close to a high from May 2018, which was around $1,850 dollars. Right now, we seem to be on track to reach and test that level. But a correction and retest of $1,228 on the downside are also possible, although that level did hold several days ago. 

Source:TradingView

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/bics-video-news-show-bitcoin-cash/

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