The recently concluded Coinsbank Blockchain Cruise saw a lot of cryptocurrency luminaries speak on the fintech industry and digital assets. Roger Ver, the CEO of Bitcoin.com gave his perspective on Bitcoin [BTC], market adoption and Bitcoin Cash [BCH].
Roger Ver stated that one of the most important reasons why he got into cryptocurrencies was because of his inspiration from science fiction stories and how it could be implemented using cryptocurrencies. According to him, cryptocurrencies enables the marriage of computer science engineering and economics, a prospect very dear to him. Ver went on to speak about the advantages that large countries can enjoy using digital assets.
The CEO elucidated on the ways how cryptocurrencies can improve the state of society. He added that digital assets can result in higher per capita income, increased life expectancy, higher literacy rate, and reduced corruption rates and bribery. He asked the audience to focus on how the quality of administration increases when a peer to peer network comes into play.
Ver then went on to talk about how economic freedom of countries plays a big role in adoption and the quality of life. He stated that countries like Hong Kong, Singapore, and New Zealand enjoyed high levels of financial leeway, which in turn also results in cryptocurrency adoption. The CEO of Bitcoin.com also gave a brief as to why Bitcoin was popular in 2011 and the stark differences the cryptocurrency suffered in 2018. There is a reason why other coins are doing well, it is because Bitcoin lost its way and coins like Litecoin [LTC] have become so popular.
He stated that BTC in 2018 was not a peer to peer network and had high transaction fees, things that would have killed the cryptocurrency back in 2011. He said:
“Can you believe it? The BTC core developers totally forgot what the original Bitcoin stood for. Last year the transactions on the blockchain had an average transaction fee of $50. That is crazy!”
Moreover, Roger also upped his assault on BTC core by saying that “The BTC core developers understand the software code but do not understand the economics code.”
He closed his presentation at the conference by pointing out some advantages that Bitcoin Cash had that would endear it to users. According to Ver, BCH makes it easier to start a business and enables people to enforce property rights. Furthermore, he added that digital asset adoption can improve a country’s economic system. He stated:
“Imagine, Venezuela is adopting cryptocurrencies wholeheartedly right now. This is a prime example of how crypto can make the world a better place.”
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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