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The inverse correlation of bitcoin and RMB increases over time. This may indicate that the Chinese are increasingly considering BTC as a protective asset, Bloomberg notes.
Peak reverse interconnection was reached in late August.
According to the researcher the London school of Economics and head of the research Department at Blockchain.com Garrick Hileman, this trend became more pronounced in April and May, when the trade confrontation between the US and China gradually gained momentum.
"When the RMB fell, people in Asia were paying more for bitcoin than anyone else. This can be seen at the inflated price of Huobi, which serves mainly Chinese, " he added.
The RMB devaluation is facilitated by a slowdown in the Chinese economy, a trade war with the United States and easing monetary policy.
#News #Bloomberg #Bitcoin #RMB #China
“Tôi đã mua Bitcoin Cash và Ethereum. Hai người đó có vẻ như có một số chỗ để đến đây, trong khi bitcoin dường như có một số vấn đề kỹ thuật.Roger Ver, một trong những nhà đầu tư và truyền giáo thiên thần Bitcoin nổi tiếng nhất, tin rằng
Bitcoin Cash là Bitcoin thật và sẽ có vốn hóa thị trường, khối lượng giao dịch và cơ sở người dùng lớn hơn trong tương lai.Tiến sĩ Garrick Hileman, nhà sử học kinh tế tại Đại học Cambridge, nói rằng :
vượt xa lợi ích tài chính mà những người nắm giữ Bitcoin có thể nhận ra từ sự ra đời của Bitcoin Cash, cũng có những lợi ích kỹ thuật tiềm năng, như quan sát cách BCH hoạt động với các khối 8 MB và cách sử dụng nó thu hút.Ken Shishido, một nhà truyền giáo Bitcoin Cash, chắc chắn:
Khi BCH sẽ được chấp nhận nhiều hơn và mọi người sẽ thấy rằng bạn thực sự có thể sử dụng nó để mua hàng hóa và dịch vụ, giá sẽ tăng lên.
Bitcoin có lợi thế hơn so với Bitcoin Сash về quy mô dài hạn vì Bitcoin cash thiếu cơ sở hạ tầng để hỗ trợ mở rộng lớp thứ hai.📷
Trong khi một số người đã đi xa đến mức tuyên bố rằng Bitcoin Cash cuối cùng sẽ vượt qua Bitcoin như là “bitcoin”, sự đồng thuận chung có vẻ là BTC không thể từ bỏ vị trí là tiền điện tử số 1 bất cứ lúc nào sớm.
Tôi nghĩ cả Bitcoin và Bitcoin Cash là một sự đánh cược tuyệt vời. Bitcoin giống như cơ sở tiền tệ và Bitcoin Cash là loại tiền giao dịch tương tự như một chiếc M1 toàn cầu.Tìm hiểu rõ hơn về Bitcoin Cash
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When merchants started introducing bitcoin and similar digital currencies as one of their payment methods, they quickly encountered a significant problem: price volatility.
There were instances like a luxury item dealership, which used to accept bitcoins for their products but saw the value their Ferrari cars jump by almost 33% during a test run. The company, dubbed as The White Company, later joined the popular trend of launching a “stablecoin,” a hybrid of blockchain and fiat money, which promised to protect its balance sheets from subtle influences.
WHAT IS STABLECOIN?Rather than fluctuating on the whims of traders’ speculation, a stablecoin is a new blockchain-enabled breed that is characteristically pegged to stable real-world assets, from commodities to currencies. For instance, users can purchase one stablecoin for a dollar, and can also redeem it later for the same price, thus eliminating the notorious crypto price swings.
The stablecoin industry became popular in the wake of 2018’s crypto crash. The depression saw the market’s leading cryptocurrencies like Bitcoin and Ethereum losing 80-90% of their capitalization within a year. A majority of retail investors, who were holding these volatile crypto assets, decided to exchange them for stablecoins as a part of their risk management strategy. Once the volatility settled, traders were redeeming their stablecoins for digital currencies, as well as fiat currencies to exit the crypto market on minimized losses.
INBOUND INVESTMENTSStablecoins are not exciting as speculative assets, mainly because their backers supply only the portion that they can back against a stable real-world asset. They are highly attractive tools when it comes to retaining the qualities of blockchain-enabled payment networks for, say, remittance and hedging.
The institutional players have begun to realize the potential of stablecoins. As of November, the total investments made into the stablecoin space has touched $3 billion, per Stable Report, a crypto research group. It has led to the introduction of more than 120 stablecoin projects this year.
Winklevoss Twins, for instance, launched a stablecoin for their Gemini bitcoin exchange in September. Circle, a Goldman Sachs-backed crypto group, also partnered with a US bitcoin exchange Coinbase to launch a USD Coin.
DUE DILIGENCEAlmost every new player in the stablecoin market is coming with their audit reports in hand, a record that verifies that the company that intends to issue its stablecoins has sufficient assets to back them. Some coin projects have even introduced features that allow them to freeze or delete coins to tackle money laundering acts.
Popular stablecoin project Tether, meanwhile, has garnered criticism for refusing to get its balance-sheets audited by an independent party. It has enabled a whole new competition to flourish in response, which includes more modern stablecoin projects like TrueUSD, Paxos, and Maker, in addition to Gemini Dollar and USD Coin (as discussed above).
As the regulatory watch improves and companies begin to take due diligence seriously, 2019 could prove to the year of stablecoins. Advocates believe that in the long term, almost all the traditional industries would want to integrate a stablecoin solution.
“Insurance, lending . . . these are some of the categories that could start to grow into the trillions,” Garrick Hileman, head of research at Blockchain crypto wallet company, told FT.Social media giant Facebook has already announced that it would introduce a stablecoin to power p2p payments on its WhatsApp messenger.
Featured image from Shutterstock.
At one point in May, the value of a single bitcoin spiked above $3,000, only to yo-yo back down to around $2,245, before nearly hitting $3,000 again on Tuesday.
A programmer on a Bitcoin Talk forum paid another user 10,000 bitcoin to buy two Papa John's pizzas.
Slowly bitcoin gained adherents - the number of people using bitcoin now "Rivals the population of small countries," Garrick Hileman, an economic historian and research fellow at the Cambridge Centre for Alternative Finance, wrote in a preface to a report on digital currency released in April.
Last week, an analyst for Saxo Bank, Kay Van-Petersen, set a breath-taking target price of $100,000 for a single unit of bitcoin within 10 years, saying bitcoin and other digital currencies will occupy a growing place in global currency trades.
Signs advertising bitcoin acceptance hang in two branches of Tokyo's Bic Camera store, where consumers can summon their bitcoin "Wallets," or accounts, on their smartphones, generate a barcode and make purchases for bitcoins or fractions.
"A lot of Chinese are moving their wealth out of the country using bitcoin," said Dave Huseby, director of security at Hyperledger, an umbrella project run by the Linux Foundation to advance use of the underlying bitcoin technology for other industries.
'Bitcoin is the secret to a safer, more efficient financial system' Garrick HilemanI think it's well written and takes a realistic view on the potential of both Bitcoin and the technology that it uses. While it does only talk about Bitcoin for a short amount of time, it highlights the issues with the current financial system and what Bitcoin could do to remedy some of its vices.
The internet currency Bitcoin is surrounded by uncertainty. Is it a speculative bubble? Is it as anonymous as is claimed? Can it be used to purchase the legendary White Widow marijuana or hire a hit man? But these questions divert attention from far more important discussions about Bitcoin's potential to drive financial innovation.
Bitcoin has transcended partisan ideologies. Nobel laureate economist Paul Krugman and US Tea Party icon Ron Paul are diametrically opposed on virtually every issue but Bitcoin (both dislike it). Yet Bitcoin's opponenets should ask how the groundbreaking ideas that underlie it could be applied to reforming the global financial system. Although the 2008 financial crisis exposed profound institutional shortcomings, subsequent regulatory safeguards, like the 2010 Dodd-Frank Act in the US and the Basel III, have failed to bring about transformation. Likewise, protest movements such as Occupy Wall Street, aimed ultimately at reforming the culture of finance, have delivered mixed results.
The fact is no one, except a small coterie of financial insiders who have benefited from taxpayer-financed bailouts, should be satisfied with the current system, not least because another crisis, accompanied by more bailouts, can be expected in the near future.
While the exact timing of the next meltdown is unknown, one thing is certain: consideration of what kind of financial system we need would be incomplete without Bitcoin. The technology behind it could not only help to reduce risk by creating safeguards shielding the payments system from unpredictable financial activities; it could also bolster growth.
Financial institutions act as matchmakers, linking investors, borrowers and savers, and recording what people own and owe. In exchange for these services they are generously compensated. So, to ask whether bankers' pay is fair is really to ask how much value is created by financial matchmaking - and there is no simple answer. By allowing a greater proportion of an economy's wealth to be channeled toward investment and other productive economic activities, a more efficient financial services industry boosts growth. Given the high costs of financial systems that are antiquated, costly and inefficient, the smaller the financial system, the better off everyone else will be.
Profit seeking is also a factor in the inefficiency of the world's financial system. While British authorities recently announced the transfer of physical cheques would be abolished, a two-day cheque-clearing delay will remain. As scanned images of cheques could be processed electronically almost instantaneously, the delay can be explained only by "float" - the interest earned by holding onto money for as long as possible.
Float is one of the ways the financial services industry extracts resources from the economy. The 3-5% charge levied by credit card companies adds up to several hundred billion dollars in profits. Fees for wire transfers and currency exchange can climb to 10% per transaction. The innovations pioneered by Bitcoin eliminate the fees, delays and inefficiencies lining the pockets of the financial services industry. Ahead of US Senate hearings last November, former Federal Reserve Chairman Ben Bernanke wrote to senators saying Bitcoin may "hold long-term promise, particularly if the innovations promote a faster, more secure, and more efficient payment system".
Bitcoin, with its capacity for anonymity, could make the global financial system more secure. At the same time it offers an alternative tore of value, and its use as a medium of exchange is steadily growing. But perhaps the most exciting innovation offered by Bitcoin is the "Blockchain" - peer-to-peer software that keeps a record of all transactions and a tally of who owns what. The Blockchain serves the "ledger" function of banks, but at a fraction of the cost.
Bitcoin marks a return to a community-based approach to money and banking, with financial services more closely connected to the people. Large, monolitic third-party managers, like "too big to fail" banks", would be cut out. With software like the Blockchain powering a new financial architecture, "the people" would effectively become the bank.
Bitcoin and its ecosystem are maturing, and only time will tell if its current price is a speculative bubble. But the innovations pioneered by Bitcoin could play a transformative role in building a safer, less expensive and more effective financial system.
The subject of bitcoin adoption by the world's 'unbanked' has been of interest for some time now to cryptocurrency entrepreneurs thinking about which markets to focus on, policymakers looking to boost financial inclusion, and others. It has been suggested that those lacking access to a bank account, and the financial system more generally, could drive proportionately greater cryptocurrency ... Dr Garrick Hileman, head of research at Blockchain.com, said: "Bitcoin's price has been climbing of late alongside other traditional hard assets like gold in part due to concerns over the size of ... Garrick Hileman, head of research at Blockchain, explains what's behind the cryptocurrency's near-200% year-to-date rally Bitcoin (BTC) $10,894.40 1.59% BITCOIN Why Bitcoin’s Price Has Leapt 64% Since April Garrick Hileman May 28, 2014 The bitcoin price recently surged above $590, representing a 64% gain from 10th April. Economist Garrick Hileman from the University of Cambridge says that data now shows that central banks are active in their interest in blockchain technology and many are trialing it for a variety of different cases, including new central bank digital currency, new payment systems and records management.
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A wide-ranging overview of the state of the digital currency economy and blockchain technology from CoinDesk's lead analyst and economic historian at the London School of Economics, Garrick Hileman. Sky News TV Interview with Garrick Hileman, Economic Historian at the London School of Economics, about whether a bitcoin bubble has just burst (4 April, 2013) Interview with Garrick Hileman (University of Cambridge and London School of Economics, LSE) about Bitcoin & Blockchain after the event entitled "Blockchain Disruption Summit" held at Palazzo ... Blockchain.com's Head of Research, Dr. Garrick Hileman, and Co-Founder Nic Cary discuss what happened in the crypto market over the month of March. In this epsiode, they discuss the price of ... Garrick Hileman, head of research at Blockchain, explains what's behind the cryptocurrency's near-200% year-to-date rally. ... How China and Facebook's 'Libra' are driving up Bitcoin's price ...