On March 11, the world’s largest cryptocurrency, Bitcoin [BTC], received a boost when Blockstream announced the launch of Liquid Core, a new multi-platform desktop wallet for transacting Liquid Bitcoin.
Based on the tested Bitcoin Core, it aims to provide users with a familiar User Interface to send and receive Liquid Bitcoin and assets on the Liquid Network. The company’s blog stated:
“Liquid Core gives traders the tools to deposit and withdraw L-BTC from supporting exchanges, while also allowing them to transact between each other without the need of an intermediary.”
Blockstream said that L-BTC transacted on the Liquid Network is fully settled in two minutes, providing traders with access to much faster transactions and more efficient use of capital. The official release elucidated:
“Liquid Core has Confidential Transactions enabled by default, hiding key transaction details such as asset types and amounts from third parties. This provides much stronger privacy assurances than typical Bitcoin transactions, and reduces the risk of revealing sensitive trade information to competitors.”
Confidential transactions were first created by former Bitcoin developer Adam Back. It is a method of increasing the privacy of a transaction by “homorphically encrypting the inputs and outputs using a binding factor”.
The latest release from Blockstream witnessed several queries from the user base which were answered by Samson Mow, the CSO of Blockstream and Adam Beck. JEREMY, a cryptocurrency enthusiast had asked:
Does this mean you can use your own assets with options in the wallet or CLI?”
To this Samson Mow commented:
“Issuing Assets still needs CLI, but you can receive and send them in the UI. Labeling assets can also be done with a config file. Still a lot of work to be done for Assets.”
Adam Back added to the discussion:
“for labelling eg adding this line to liquid.conf
labels in the UI the Lager demo asset from https://liquid.beer”
Blockstream was also in the news earlier when Blockstream’s satellite received an update to make it more flexible, efficient, and optimized. Back tweeted:
“This new @blockstream satellite code release broadcasts transactions before blocks, using compact blocks and a newer version of FIBRE. (transactions first was a commonly asked for #blockstreamsatellite feature). using compact blocks also reduces block transfer latency by >10x”
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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