Connect with us

Bitcoin wallet has surpassed the 3.5 million downloads mark, confirms Roger Ver



on wallet has surpassed the 3.5 million downloads mark, confirms Roger Ver
Source: Unsplash

The wallet has surpassed the 3.5 million downloads mark, confirmed CEO and Bitcoin Cash proponent Roger Ver in a recent episode uploaded on the YouTube channel.

Ver was joined by Gabriel Cardona, Bitcoin Cash developer, and the man behind the Badger Button and Bitbox, along with guest stars Komugi Yamazaki and Aska, members of the Japanese Bitcoin Cash community.

Other topics that were discussed were Coins for Clothes, the BCH-backed charitable clothing project in partnership with a Toronto-based charity, the partnership with HonestCash to severe as an alternate to Patreon, the massive acceptance spike of the Badger Wallet and an update regarding the wallet.

The wallet has surpassed the 3.5 million downloads mark and Ver added that over 3 million people now hold at least one Bitcoin wallet. Some users hold more than one wallet hence the variance in the above figures. Ver added that:

“It is not necessarily one person per wallet.”

However, he stated with certainty that there have been:

“Around 3 million downloads across the different platforms.”

The official wallet download count on the website stands at 3,544,778 wallets created so far, at press time. It is estimated that the amount passed the 3.5 million mark on February 9, prior to the launch of the video.

Roger Ver added that prospective users could create their own wallets by logging on to website. He further added that no identifying information like name, email, country-specific TaxID number have to be given to make the wallet, ensuring a privacy-centric process.

He added that Bitcoin Cash, the now sixth largest cryptocurrency can be “kinda” bought with the wallet. He did not confirm the reason for his uncertainty regarding the use of Bitcoin Cash via the wallet. However, Ver added that the wallet can be set to automatically buy additional Bitcoin Cash every time the user spends the held BCH.

Additionally, the wallet has the Bitcoin-friendly merchant discovery application Marco Coino in-built so that users can locate merchants that cater to the BCH community’s payment needs. Merchants who will receive Bitcoin Cash from the community can use the held cryptocurrency via to receive a 20 percent discount on Amazon.

Roger Ver further confirmed that more updates regarding the wallet were forthcoming, stating:

“More updates are coming to our wallet.”

Furthermore, Ver added that complete native application support on both iOS and Android devices will be coming to the wallet soon with the intention to enhance the overall user experience. This update will enhance authenticity within the wallet as originally developed applications will be allowed to integrate with the wallet.

Subscribe to AMBCrypto’s Newsletter


Is the scarcity principle a factor in Bitcoin’s valuation or is it just crypto white noise?

Biraajmaan Tamuly



Is Bitcoin being scarce changes the way we put forward its valuation or is it just Crypto white noise?
Source: Pixabay

The aspect of scarcity is fundamental to the Bitcoin community, with its limited availability often seen as a virtue in a world where governments have unlimited power to print fiat currencies. With the value of Bitcoin increasing day by day, the virtual asset is getting close to its saturation point.

At press time, 17,763,712 BTC were in supply, very close to the 21 million Bitcoin supply cap. However, the last BTC will be minted on 7th May 2140. That is almost 100 years from now. So, there is still a significant period of time before Bitcoin’s production halts for good.

Many in the community have suggested that Bitcoin’s scarcity has genuine value because it makes the virtual asset “deflationary.” In light of Facebook’s announcement of “Libra” coin, it has been argued that it will not generate any circumstantial threat to Bitcoin, solely on the fact that Bitcoin was scarce and Libra was not.

A recent Medium article released by Forbes summed up the scenario. It stated,

“It will take time, but Facebook will greatly accelerate the pace of teaching people about cryptocurrencies. And when this happens, more people will turn to bitcoin for one simple reason — bitcoin is scarce, while Facebook’s cryptocurrency is not.”

Another aspect that explains the importance of Bitcoin’s scarcity value is its comparison with Gold, which is also a scarce commodity. A key model that explains Gold’s intrinsic value in the market is the Stock to Flow ratio.

The S2F ratio of a commodity explains the scarcity value as it is the amount of an asset that is available to the amount that is produced annually. Moreover, the higher the S2F value of an asset, the lesser the inflation rate attached to it. At press time, Gold had the highest S2F value, but Bitcoin was close behind and it was stated that by August 2020, Bitcoins S2F’s value would be 55.2 to Gold’s 62.

However, a significant counter-argument against Bitcoin’s scarcity in the community was put forth, with none other than legendary investor, Warren Buffet, claiming that Bitcoin had no “intrinsic value.”

Recently, Peter Schiff, CEO at Euro Pacific Capital, explained that Bitcoin was not scarce due to the availability of other crypto-assets which made Bitcoin’s scarce value quite redundant since crypto assets, with better properties and characteristics, could be created anytime.

The argument was widely opposed by a majority of the community, with certain crypto-enthusiasts deciding to respond to the post. Twitter user, @Sisko8, said,

“The Mona Lisa is not really scarce, as there is an infinite supply of other paintings with identical or superior painting techniques that can be created out of 3$ paint and canvas, including photocopies of the Mona Lisa.”

Subscribe to AMBCrypto’s Newsletter

Continue Reading