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Will Video Game Crypto Be the Catalyst for Adoption?

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-More than one-third of humanity will play video games by the end of 2021.

-A number of platforms provide blockchain opportunities not found in traditional gaming.

-After several years of failures, blockchain adoption may finally be here.

The video game industry may be the natural catalyst to bring blockchain technology into the mainstream. Most experiments have failed so far, but is that about to change?

After years of trial and error with Bitcoin, some video game platforms are finding a way to exploit distributed ledger technology. Is humanity witnessing the first wave of adoption on a global scale?

A Game of Big Figures

Video gaming is one of the largest growing sectors in the entertainment industry. According to data from Statista.com, by the end of 2021, there will be more than 2.7 billion regular players globally.

The heart of the video gaming industry is in the Asia-Pacific region, with over 1.2 billion video gamers in 2018. This region alone generated revenue of $71.4 billion in that year, more than double the revenue generated in North America, the second-largest region.

videogame users growth beincrypto tony torovideogame users growth beincrypto tony toro
Chart showing the steady growth of videogame players globally | Source: Statista

Of course, gaming doesn’t just dominate in the Asian-Pacific. Research shows that in 2018, two out of three Americans counted as video game players, up from 58% from just five years earlier.

The general perception is that gaming is seen as the pastime of young males, but data shows that young and old alike share the passion. Another curious data point involves the growth of female players in the United States, which grew from 38% in 2007 to 45% in 2018.

Gamers and Coiners

Perhaps there’s nobody else more ready in society to adopt crypto and blockchain than the video game player.

They’re usually tech-savvy and familiar with in-game purchases and digital currencies. Above all, they look to create and exchange value in their digital worlds.

videogame revenue in billions beincrypto tony torovideogame revenue in billions beincrypto tony toro
Video game revenue across devices | Source: Statista

The bigger issue relates to when they try to transfer value outside of the game. Changes in a developer’s business model or unrequested updates to a network more often than not cause a loss in trust.

There are billions of dollars worth of wealth trapped in various gaming brands. Centralized parties often direct that wealth without input from the community. Video gaming is ripe for blockchain tech, but so far, it hasn’t worked as it should.

Trial and Error

Blockchain and crypto have been around for over a decade now, but have yet to provide a great use case for video game players. It’s not for lack of trying.

Online distributor Steam, a platform with over 95 million monthly active users, tried back in 2016. They started accepting Bitcoin as a payment method but quickly removed the option in December 2017.

That same year saw the great Bitcoin bull run where transaction fees skyrocketed to unacceptable levels, as Steam explained in a press release:

“Fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin).”

Livestream service Twitch, a platform that has 15 million daily broadcast users and in-platform currency payments, quickly followed suit. After initially announcing that it would accept both Bitcoin and Bitcoin Cash payments, the company changed its mind.

These first experiments, mostly based on proof-of-work networks like Bitcoin, Bitcoin Cash, Ethereum, or Litecoin, have mostly failed. What’s changed since then?

The New Boys on the Block

A new generation of projects may be more suitable for the video game sector. And blockchain networks with on-chain governance are winning that race. Nano and Stellar are two of the most exciting platforms, as they introduce rapid settlements at a low cost.

But, perhaps, the project that’s moving the fastest is Dash. It intends to become digital cash and fulfill one of Bitcoin’s biggest promises.

Dash recently announced the launch of a new, user-friendly payment interface. The interface will simplify long cryptographic addresses for readable usernames. This feature should be highly appealing for influencers and gamers alike.

Dash decentralized API beincrypto tony toroDash decentralized API beincrypto tony toro
Visual scheme of the Dash Decentralized API | Source: Dashplatform.

Another interesting feature is Dash’s Decentralized API (DAPI). This DAPI will enable the storage of verified in-game data and statistics in real-time. This means that the more gamers and platforms connect, the safer and more accurate the data will be.

Last but not least, is Dash’s instant settlement process, which could lead to video game developers tokenizing their in-game currencies. This feature will allow players to spend in-game currency in the real world as well. It’s a remarkably interesting feature that may just take off.

Game-Changing Time

Dash is gaining momentum in this space. Platforms like Whow Games, a social gaming network with 9 million users, accepts subscription services in Dash.

An eSports gaming tournament platform called ReadyRaider uses Dash too. As founder Jacob Ballou declared recently:

“We required payment functionality for certain match types. The only viable cryptocurrency payment solution would be one that has instant settlements. I really do love Bitcoin very much, but for this purpose, it didn’t make sense because of the higher fees and long wait times for transactions to complete.”

He adds:

“For pay to play gaming matches when a player challenges another player, I need that transfer to be instant and secure with minimal fees. Players will not wait long periods of time for transactions to clear in order to play games with other players. It just didn’t make sense for us to incorporate any other form of cryptocurrency payment, as Dash had everything we needed.”

There’s still a long way to go before mainstream adoption hits, though. Dash and other on-chain networks like Tezos, EOS, or Decred are ready for the race, but nobody knows yet who will win it.

The platform that times this emerging market right will likely become one of the next crypto giants. Investors should keep an eye on the movements in the crypto video game sector, as it may trigger one of the most significant transfers of wealth in human history.

Source: https://beincrypto.com/will-video-game-crypto-be-the-catalyst-for-adoption/

Blockchain

Invest 3% in Bitcoin to Avoid COVID-19 Lockdown Devaluation — BitGo CEO

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Coronavirus lockdowns will force people out of fiat currency and into gold and Bitcoin (BTC), the CEO of cryptocurrency asset manager BitGo has warned.

In a series of tweets on Aug. 12, Mike Belshe strongly urged investors to divert a minimum of 3% of their portfolio into Bitcoin.

Belshe: investors will move from cash to gold, Bitcoin

As multiple jurisdictions around the world reenter compulsory lockdown conditions, Belshe said that in the United States, the government had made a prison for itself using the policy.

“The government is being forced to maintain lockdowns for political correctness, which will force them to print money even faster. Institutional investors are flagging this and recognize the devaluation will make cash hard to hold,” he wrote. 

Those institutions hit the headlines conspicuously this week, when billion-dollar corporation MicroStrategy confirmed it had adopted Bitcoin as its treasury reserve asset.

A $250 million buy-in cemented the sense of change, with CEO Michael Saylor highlighting Bitcoin’s unique properties as money.

“They’re looking for alternatives, and it… comes down to Bitcoin and gold,” Belshe continued.  

“If you don’t have some Bitcoin now, it is time to put at least 3% of your net worth into Bitcoin. This is the lowest risk, highest asymmetric upside investment you will likely see in your lifetime. Or stop the lockdown. But still get Bitcoin.”

2020 macro asset returns comparison as of Aug. 12

2020 macro asset returns comparison as of Aug. 12. Source: Skew

Hard money not inflationary paper

As Cointelegraph reported, the premise behind lockdowns has come under heavy criticism from Bitcoin supporters. 

In particular, “The Bitcoin Standard” author Saifedean Ammous has lambasted the measure as being far more detrimental to the population of a country in the long term than Coronavirus.

The criticism follows on from that contained in Ammous’ book and others critical of economic policy based on spending and borrowing, such as Henry Hazlitt’s “Economics in One Lesson.”

A clear relationship between inflationary fiat currency and reduced prosperity means that Bitcoin is the only genuine solution for those who wish to save for the future.

This week, the message became all the more clear as data showed correlation between Bitcoin price action and expanding central bank balance sheets.

Source: https://cointelegraph.com/news/invest-3-in-bitcoin-to-avoid-covid-19-lockdown-devaluation-bitgo-ceo

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Cointelegraph Launches Newsletter for Professional Investors

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Every 1st and 15th, Cointelegraph Consulting provides the latest inside scoop on cryptocurrency price action and rationale in its Market Insights newsletter. Here’s a preview of one of this month’s editions. 

Editor’s note

Crypto asset prices have flown upward in recent weeks, with various altcoins posting gains reminiscent of the great 2017 digital asset bubble. Assets such as Chainlink (LINK) and Band Protocol (BAND) have tallied triple digits percentage gains. 

Bitcoin (BTC), the industry’s pioneer asset, has also shown significant upside action. The asset travelled up slightly past $12,000 on Aug. 2 before subsequently falling more than $1,000 in the same 24-hour period. Aug. 10 saw BTC return to the $12,000 level, again facing rejection, sustaining a subsequent drop of several hundred dollars. Overall sentiment in the crypto investing and trading realm, however, remains high. 

Mainstream financial players also continue entering the digital asset industry via Bitcoin, with intelligence giant MicroStrategy as one of the latest entrants. Buying over 21,000 BTC, the firm has adopted the coin as its reserve asset.  

Benjamin Pirus, Reporter

Insights from around the digital asset sphere

Bitcoin whales may have sold some of their stockpiles. Recent data shows only 15,912 Bitcoin addresses holding 100 or more BTC — the lowest number in five years. Such network data implies large Bitcoin participants may be selling instead of accumulating. 

In terms of sentiment, however, crypto’s inaugural asset shows a major turnaround from the bearishness seen previously. Over the last two weeks, the market has expressed a significant bullish tone, topping at 1.2 standard deviations during Bitcoin’s most recent run toward $12,000. 

Data also shows an uptick in the number of dollars moving onto centralized exchanges via U.S. dollar stablecoin USDC — a signal which has often proved as a precursor to previous bullish Bitcoin price action. 

In contrast, Bitcoin’s Market Value to Realized Value, or MVRV, ratio looks troublesome, posting a 30-day value of 1.15 on August 2. This essentially means short-term Bitcoin investors boasted an average 15% profit across the board. 

On a separate front, Ethereum holds hot on Bitcoin’s tail in terms of transaction volume. Bitcoin now touts 3.4x the transaction volume seen on Ethereum’s blockchain, a dwindling lead, according to numbers from the beginning of August. 

Read the full newsletter edition here to get the entire scoop, complete with charts and images. 

Cointelegraph’s Market Insights Newsletter strives to share our knowledge on the fundamentals that move the digital asset market. With market intelligence from one of the industry’s leading analytics providers, Santiment, the newsletter dives into the latest data on social media sentiment, on-chain metrics, and derivatives. 

We also review the most important news hitting the industry including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign-up now to be the first to receive these insights.

Source: https://cointelegraph.com/news/cointelegraph-launches-newsletter-for-professional-investors

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Bitcoin Cash short-term Price Analysis: 12 August

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After Bitcoin’s collapse down to $11,285, the rest of the altcoin market finally appeared to tag along for the current bearish ride. Bitcoin Cash, just like other major altcoins slipped by 12.36%, as its valuation witnessed a downtrend from a high of $305 to $270.

After the markets actively pictured a recovery, a short-term long opportunity is prevailing for Bitcoin Cash in the industry.

Bitcoin Cash 1-hour chart

Source: BCH/USD on Trading View

Analyzing the short-term chart for Bitcoin Cash, clear decimation of the immediate support at $291 can be observed. The price dipped under $280 as well but at press time, recovery is taking place overturning the former bearish trend. The low was registered on $270 a couple of times, which led to a minor double bottom pattern over a period of 8-hours. With the Relative Strength Index or RSI eyeing 50 at the time of writing, a complete recovery of valuation is unlikely.

However, 10-Moving Average (10-MA) and 20-Exponential Moving Average (20-MA) were acting as immediate support for the surge at press time.

Bitcoin Cash 30-mins chart

Source: BCH/USD on Trading View

Now, analyzing the 30-min chart for BCH, a price entry point at $276 with profit margins exit at 291 leads to a risk-reward ratio of 2.39x. The stop loss can be placed at $270, and any declination below that might lead to staggering losses. The minor concern with the 30-min chart is that RSI is already reaching a little saturation in terms of buying pressure hence, a drop down to $280 should be expected.

However, support for 10-MA and 20-EMA should allow the asset to reach $291 before undergoing a trend reversal.

Conclusion

Bitcoin Cash should register a re-test at $291 under the next 12-24 hours.

Source: https://eng.ambcrypto.com/bitcoin-cash-short-term-price-analysis-12-august

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