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Bitcoin [BTC]’s Satoshi vision will not end due to institutionalization, say experts




Bitcoin [BTC]'s Satoshi vision will not end due to institutionalization
Source: Unsplash

During a panel discussion, Katsu Kanno, Head of CEO at Quoine; Linda Wang, co-founder of Lending Block, and Andrew Robinson, the Head of Institutional Coverage, spoke about why the institutionalization of Bitcoin does not mean an end to Satoshi’s Vision.

Katsu Kanno started by stating that the “beauty” of cryptocurrency is the concept of that underlines it, namely, decentralization. He continued to say that Satoshi Nakamoto created Bitcoin, which has principles embedded in it, and had hoped that these would become mainstream in the financial currency.

Kanno further remarked that the institutionalization of Bitcoin was important as it increases the liquidity of the market, which is a key aspect in the financial space. He also added that this would help stabilize the cryptocurrency market.

The co-founder of Lending Block said that the point about vision is that it changes. She continued to say that there is no way to look back at the reason behind why Satoshi wrote the white paper 10 years ago. She further added:

“So you know that they had their problems at the time. He wanted to create something  that was peer-to-peer and trestles and takes the dependency out out of the intermediaries, that was the dream to Satoshi’s vision. But what has since happened is that, what was meant to be fast, easy to access cryptocurrency, that was Bitcoin is not as easy to access cryptocurrency.”

Wang went on to say that currently, institutions are trying to step in to solve these problems faced by Bitcoin and other cryptocurrencies, which are meant to be peer-to-peer and that are difficult to access because of its technical aspects.

Andrew Robinson also opined in favor of the discussion. He stated that Coinbase, the biggest cryptocurrency exchange platform in the US, sees most of the activity pouring in from the institutions. He further added:

“We need to try to bring our products to our customers and our clients. At Coinbase, at least, you know we’re a crypto first company, also what else can we do as an institutional business but what that means is that it is our duty and responsibity to find the best technology and solutions out there to help foster and develop them and bring them to the hands of as many people as we can.”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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