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The Cannabis Industry, the Blockchain, and Dennis Rodman Gives PotCoin a New High

The Cannabis Industry, the Blockchain, and Dennis Rodman Gives PotCoin
a New High

Cannabis has been legalized in numerous states

across the United States. However, the cannabis industry is still plagued with limited access to banking services as traditional banks want to avoid dealing with businesses that engage in business activities that are still largely illegal under federal law. That is where cryptocurrencies could offer a solution.

Due to the loosening of anti-cannabis laws across America, the legal weed retail industry has grown quickly over the years and is expected to keep growing rapidly as more states debate and decide on its legality. Both the medicinal and recreational use of cannabis has been legalized in Alaska, California, Colorado, Oregon, Washington, Nevada, Massachusetts, Maine, and the District of Columbia, while the medical use of cannabis has also been legalized in an additional 20 states across the US. In late 2016, leading investment bank Cowen and Company published a report on the Cannabis industry titled, “The Cannabis Compendium: Cross-Sector Views on a Budding Industry” which postulates that the industry would grow to $50 billion by the year 2026.

However, because cannabis is still illegal under federal law, most legal dispensaries are having to conduct purely cash-based business, given most banks and other financial institutions will not allow them access to financial services as a result of regulatory constrictions. This leaves weed retailers vulnerable to theft, which criminals have exploited, as evidenced by statistics on dispensary robberies. The blockchain industry is looking to remedy this. Due to the decentralized nature and inherent security of the blockchain, it offers a unique selling proposition as a payments solution for the cannabis industry.

Dennis Rodman Gives PotCoin a New High

PotCoin was created in 2014 to cater to the needs of the unbanked cannabis industry. The coin works on a proof of stake system with an Annual Percentage Interest (APR) of five percent. The coin also boasts fast processing time with relatively low fees. Though the coin has exhibited steady growth in its three years of existence, there has been a substantial spike in its price this week due to its sponsorship of retired Basketball star and Hall-of-Famer Dennis Rodman’s trip to North Korea.

According to PotCoin spokesperson Shawn Perez, the main reason for the sponsorship of Rodman’s trip was to support “Dennis Rodman's mission to bring peace to the world." Though the visit does not seem to have any visible ties to the cannabis industry, PotCoin has benefitted from the media attention that has surrounded Rodman’s journey to North Korea. According to Coin Market Cap, the coin has shown over 70 percent growth, from just below $0.10 to $0.17 since the sponsorship was announced.

POSaBIT

Washington-based bitcoin startup POSaBIT has created a financial platform that allows customers at weed retailers to make purchases using their regular credit cards. The platform uses bitcoin as an intermediate payment system. Jon Baugher, co-founder of POSaBIT explained: “There’s no industry – whether it’s the production and sale of cannabis or the production and sale of a cup of coffee – that can operate safely, transparently or effectively without access to banks or other financial institutions and traditional services. That’s where we thought we could leverage the use of digital currency.” The technology facilitates customers’ quick and easy access to bitcoin at the point of sale who can then use the digital currency anywhere that it is accepted. The platform is already in use by 30 dispensaries in the state of Washington.

The platform is attractive to cash-only merchants who want to accept another form of payment, retailers that want to be seen as more technologically savvy so as to differentiate themselves from the competition, and for small businesses that want to maximize profits by capitalizing on digital currencies’ low transaction fees. The technology is compliant with Know Your Customer (KYC), Anti-Money Laundering (AML), and Office of Foreign Assets Control (OFAC) regulations while complying with laws regulating the cannabis trade. Since the platform reduces the reliance on cash as a medium of exchange, it is making dispensaries safer working environments for employees as there is less of an incentive for theft.

SinglePoint and First Bitcoin Capital

Holding company SinglePoint and blockchain technology provider First Bitcoin Capital announced a partnership on June 6. The joint venture agreement aims to create an efficient and workable payments solution for cannabis retailers using blockchain technology. Greg Lambrecht, SinglePoint CEO, explained: "In January 2014 SinglePoint announced and started working on a bitcoin payment solution, shortly after we recognized the issue of minimal user adoption of digital currency. The payments industry has rapidly changed since that time. There is now tremendous momentum and demand for bitcoin acceptance as an alternative form of payment.

This Joint Venture with First Bitcoin Capital is perfect timing. Bitcoin payments are catching on, and cannabis dispensaries need a solution fast." SinglePoint has previously worked with leading companies such as AT&T, T-Mobile, Sprint and Verizon on technology integration systems that have allowed for a more robust use of communication technology as a payment solution. The company now hopes to use this experience to create a workable solution for weed retailers.

Greg Rubin of First Bitcoin Capital stated: "We are optimistic that our partnership with SinglePoint will produce positive cash flow to our bottom line. Between the two of our companies, we will have the ability to develop a best in class solution, and SinglePoint will be able to help in distribution. We look forward to providing cutting-edge products and services to all states through the establishment of this new venture." “As with the massive and widespread adoption of Bitcoin worldwide, the two companies will pursue opportunities to leverage their payment technology background and develop a proprietary solution specifically for high-risk payment verticals including the cannabis industry.” the press release adds.

The two companies believe they have found a way for a smooth customer experience at the point of sale at weed dispensaries. Using SinglePoints’ technology integration experience and First Bitcoin Capital’s tech background, the company will create an “all-encompassing payment solution” for the retail cannabis industry. The platform will be easy to integrate into the existing point of sale machinery through a simple download. With the retail cannabis industry set to grow quickly in the coming years and the continuing lack of regulatory support at the federal level, it seems like the industry will have to rely on blockchain technology and digital currencies to facilitate easy trade and to securely store its profits.

Chuck Reynolds


Marketing Dept
Contributor

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Alan Zibluk Market Hive Founding Member

Global Bitcoin ATM Proliferation Nearly Doubled During May

Global Bitcoin ATM Proliferation Nearly Doubled During May

The global proliferation of bitcoin ATMs nearly doubled during May when compared with April. The United States and Canada saw increases in the number of bitcoin ATMs by almost 8%, whilst Russia’s bitcoin ATM presence evaporated following the withdrawal of Bitlish.

Also Read: South Korea to Dispose of 216 Bitcoins in First Public Auction 

Coinatmradar Reported an Overall Growth in the Number of Bitcoin ATMs of 6.7% Internationally

May saw significant price gains. Last month also saw a considerable expansion in the number of bitcoin ATMs internationally.

Coinatmradar reported an overall growth in the number of bitcoin ATMs of 6.7 percent internationally, as May saw 95 new bitcoin ATMs installed. 17 bitcoin ATMs were closed bringing the total of reported bitcoin ATMs to 1236.

Global Bitcoin ATM Proliferation Nearly Doubled During May

The majority of the growth took place in North America, with America seeing 7.9% (+55 ATMs), and Canada seeing the growth of 7.8% (+12 ATMs). The United Kingdom saw growth of 11.5% (+7 ATMs), and Japan saw growth of 36.4% (+4 bitcoin ATMs).

Bitlish closed its three ATMs located in St. Petersburg, which were the sole bitcoin ATMs in Russia reported to the site Coinatmradar. Bitlish’s exit from the Russian market comes amidst claims that it plans to install 5,000 new bitcoin ATMs across Europe – although the company’s hasty exodus has left some analysts skeptical regarding how long the ATMs are likely to remain open.

North America Currently Host 75% Percent of All Bitcoin ATMs Globally

As indicated by Coinatmradar, The United States currently holds a significant lead over countries for the number of active ATMs, with 851 currently in operation. Canada is second with 167 ATM locations, followed by the United Kingdom (68 ATMs), Spain (34 ATMs), Austria (25 ATMs), and Finland (21 ATMs).

Global Bitcoin ATM Proliferation Nearly Doubled During May

North America currently host 75% percent of all bitcoin ATMs as reported by Coinatmradar. European ATMs accounts for 20% per cent of the total.

Coinatmradar’s data almost entirely pertains to major companies issuing bitcoin ATMs, and thus is likely an inacurate representation of the number of bitcoin ATMs that are independently or privately installed.

Although the number of ATMs issued by major companies in a region is a narrow indicator by which to judge the development of its cryptocurrency economy, this data suggests that much of the developing world still has a long way to go in developing its cryptocurrency economy and infrastructure.

Do you think that more bitcoin atms is a good thing for the cryptocurrency economy? Tell us your thoughts below!


Images courtesy of Shutterstock

Chris Corey 

CMO Markethive Inc

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Alan Zibluk Market Hive Founding Member

Billionaire Investor Sets Example Investing in Altcoin ICO

Billionaire Investor Sets Example Investing in Altcoin ICO

    

A billionaire investor best known for buying roughly 30,000 Bitcoins

as part of the first government auction of the digital currency in 2014, is setting precedent as he stands behind a crypto token to be launched by a new startup. Tim Draper told Reuters in an interview that his participation in the initial coin offering (ICO) of Tezos slated later this month will be his first. The new Blockchain platform launched by a husband-and-wife team with extensive Wall Street and hedge fund backgrounds will launch the ICO on May 22.

Tezos incentive

According to information on its website, Tezos takes a fundamentally different approach by creating governance rules for stakeholders to approve of protocol upgrades. They are then deployed on the network automatically. When a developer proposes a protocol upgrade, they can attach an invoice to be paid out to their address upon approval and inclusion of their upgrade. This approach provides a strong incentive for participation in the Tezos core development and further decentralizes the maintenance of the network. It compensates developers with tokens that have immediate value rather than forcing them to seek corporate sponsorships, foundation salaries or work for Internet fame alone.

Draper’s confidence

As a new way of moving and storing money, Draper had told Fox Business in an interview in 2015 that Bitcoin is going to hit $10,000 in the following three years (by 2018). While the Bitcoin ecosystem looks forward to the feasibility of the prediction considering what is probable within the timeframe, it would seem that Draper’s confidence in the unfolding reality around him of what the top digital currency could bring to the table is still sound. This makes his disclosed interest in another aspect of the digital currency sphere – his plan to participate in a token offering and his choice of Tezos as a particular startup to invest in considering it’s a formation of a “husband and wife” team – a point to note.

With its family makeup, the success of the startup’s ICO will be a sheer example of the opportunities the crypto economy could offer the smallest unit of a society – after all, there are businesses owned and run by couples or a family. It would also show that the potential for Bitcoin, as a growing digital currency in various households, is huge in this kind of a business setup. Hence, Draper’s support for the adaptation of the cryptocurrency concept into the family-based business world could be precedential.

"The best thing I can do is lead by example," Draper said in his interview.

"Over time, I actually feel that some of these tokens are going to improve the world and I want to make sure those tokens get promoted as well. I think Tezos is one of those tokens."

Unlike most traditional venture capital firms which are prohibited by agreements with investors from deploying cash into such high-risk assets as digital currencies, Draper said his firm is doing this with Tezos because there is money for such non-traditional investments. In addition, they had anticipated “that certain things are going to happen and finance is going to be transformed."

Chuck Reynolds
Contributor
Please click either Link to Learn more about -Bitcoin.

 

Alan Zibluk Market Hive Founding Member

Australia Will Recognize Bitcoin as Money and Protect Bitcoin Businesses, No Taxes

Australia Will Recognize Bitcoin as Money and Protect Bitcoin Businesses, No Taxes

    

The Commonwealth Scientific and Industrial Research Organisation

UPD: The Commonwealth Scientific and Industrial Research Organisation (CSIRO), the federal government agency for scientific research in Australia, stated that Blockchain technology will have a profound impact on the Australian economy. Bitcoin will be treated as money in Australia by July 1, 2017, and will be exempt from goods and services tax (GST). Bitcoin traders and investors will not be taxed for purchasing and selling Bitcoin through regulated exchanges and trading platforms. Over the past two years, the Australian Bitcoin exchange market significantly fell behind growing markets such as South Korea, Japan and South Korea, that control more than half of the global Bitcoin exchange market share.

Two majors factors which drove startups, exchanges and businesses dealing with Bitcoin and other digital currencies in Australia away from the country where the termination of banking services by leading Australian banks due to their anti-competitive nature and the double taxation of Bitcoin trading by the Australian government. Starting July 1 however, double taxation and trading and goods and services taxation on Bitcoin will be exempted. In its 2017 to 2018 budget for “Backing innovation and FinTech,”

The Australian government wrote:

“The Government will make it easier for new innovative digital currency businesses to operate in Australia. From 1 July 2017, purchases of digital currency will no longer be subject to the GST, allowing digital currencies to be treated just like money for GST purposes. Currently, consumers who use digital currencies can effectively bear GST twice: once on the purchase of the digital currency and once again on its use in exchange for other goods and services subject to the GST.”

The government will also protect Bitcoin businesses and exchanges

More importantly, the Australian government’s new vision to spur the growth of fintech and the digital currency market would most likely prevent local banks and financial institutions for unfairly denying banking services to Bitcoin businesses and exchanges. If the above mentioned issues can be resolved by July 1, the Australian Bitcoin market could potentially experience a rapid growth in terms of user base and trading volumes.

The document further read:

“Innovation will drive productivity growth in Australia. That is why the Government’s $1.1 bln National Innovation and Science Agenda (NISA) is designed to enable Australia to take full advantage of new economic opportunities. The Government is committed to establishing Australia as a leading global financial technology (fintech) hub and is announcing a new package that aims to position our local fintech industry as a world leader.”

At the Blockchain NZ conference held in Auckland, New Zealand earlier this week, Bitcoin and security expert Andreas Antonopoulos emphasized the Australian government’s uninvolvement in its local Bitcoin market and the impact of such actions on Bitcoin businesses and exchanges. More to that, Antonopoulos criticized the local government’s taxation policy on Bitcoin, which essentially drove away businesses and users from Australia to other countries.

“Governments can choose to either do nothing – which is okay, make things worse for cryptocurrency trading – like what Australia did by imposing sales taxes on all cryptocurrency transactions, or they can make things easier for companies by reining in the banks and encouraging companies by creating a level playing field,” Antonopoulos said. With Australia’s new policy, the Bitcoin ecosystem in the country could change drastically. Banks will start offering services to Bitcoin exchanges and traders will not be taxed with GST upon the purchase of Bitcoin.

Chuck Reynolds
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Market Hive Founding Member

Japanese Exchanges Say Volumes are Real Pushing Bitcoin Price Up

Japanese Exchanges Say Volumes are Real Pushing Bitcoin Price Up

    

Over the past few months,

the Japanese Bitcoin exchange market led an upward momentum for the global Bitcoin exchange market, continuously pushing Bitcoin price to new highs. In a period of 30 days, Bitcoin price increased from $1,200 to $1,760, recording a 32 percent monthly increase in value. Cointelegraph particularly provided extensive coverage of the Japanese exchange market’s overwhelming performance and influence over the global exchange. The demand toward Bitcoin in Japan significantly increased following the legalization of Bitcoin and the acceptance of Bitcoin payments by the country’s single most influential electronics retailer Bic Camera. Also, some of the largest multi-billion dollar corporations have announced the launch of their independent Bitcoin and digital currency exchanges.

Absence of fees raises concerns

One criticism over Bitcoin’s recent price surge has been the absence of fees in the Japanese Bitcoin exchange market. Some analysts suspected that the Japanese exchange market’s decision to exclude fees could have a similar effect the Chinese Bitcoin exchange had on the global exchange market. In an interview, Japan’s two largest Bitcoin exchanges QUOINE and BitFlyer clarified that the Japanese Bitcoin exchange market does in fact have fees in place. Yuzo Kano, the CEO of BitFlyer, the world’s largest Bitcoin exchange which controls over 67 percent of the Japanese Bitcoin exchange market share

stated:

“We charge trading fees for BTC and ‘swap point’ for FX. So it’s a different situation from China before this January. We are seeing funds inflowing not only to BTC but also all crypto markets.”

Mike Kayamori, CEO of QUOINE, which also controls around 10 percent of the Japanese Bitcoin exchange market share further emphasized that fees are charged for all traders other than spot trading of BTC/JPY. Thus, the claims of analysts that there currently is instability in Bitcoin price due to the low fees or absence of fees on Japanese Bitcoin exchange market are false.

Kayamori says:

“At QUOINE, we are charging fees on all trades other than spot trading of BTC/JPY. Every other currency pair, as well as margin trading, there is a fee. And our spreads are quite large, hence our volume is actually lower in April/May than it was March.”

Bitcoin as an alternative investment

Jon Southurst, a journalist based in Tokyo, noted that high profile and institutional investors along with casual traders are seeking out for alternative investments such as Bitcoin due to the government’s quantitative easing practice. On April 24, Cointelegraph reported that Bitcoin price could surge as the Japanese government moved on to print massive amounts of cash. At the time, Holger Zschaepitz, the senior editor of the financial desk and market maniac at

Welt, stated:

“For such reasons, it can be concluded that the current surge in Bitcoin price and the rising demand toward Bitcoin in Japan are well supported and justified.”

Chuck Reynolds
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Market Hive Founding Member

Clock Ticking for Altcoins as Bitcoin Breaks $1.3 bln 24h Trade Volume

Clock Ticking for Altcoins as Bitcoin Breaks $1.3 bln 24h Trade Volume

    

As the 24-hour transaction volume of the top digital currency Bitcoin

reached a historical high of $1.3 bln this week, the days of altcoins that solve no substantial problem may soon be over – or tested to a point of failure. The rising Bitcoin price which seldom reflects negatively on most alternative currencies is going to tell on their success. For those who have noticed, the more Bitcoin rises, the lowermost altcoins go – even the super altcoins. This could be as a result of the established fact that one has to buy Bitcoin to get into altcoins and vice versa to opt out. Or it could be as a result of a reduced confidence in what some – if not most – of these altcoins have to offer. There are also words of some being scams and others being clones of another or serving the same purpose with another.

Time for altcoins show what they are worth

Whatever is the case of every altcoin, what they really stand for would be tested in due course unless the rise of Bitcoin gets stalled. Their existence could be affected negatively unless they evolve to be a true representation of their initial ideas and market more to show off their achievements. New ideas are popping up every day and some would definitely become obsolete. The thought that the market decides really needs to be given consideration now especially as there is a growing notion that an altcoin bubble is in the making and it could pop at some point. Bitcoin’s rise is setting a standard that altcoins need to rise up to so as to wax stronger as well.

Bitcoin’s superiority

The reality of each and every passing year that Bitcoin has survived without being crushed to the ground- some investors report huge returns on their investments along the way- is sinking into the minds of more people. The confidence level in the currency has risen and new users are coming into the cryptocurrency world. It’s truly decentralized nature also makes its extremely difficult for its protocol to be changed by anyone or some developers unlike it’s the case with some altcoins – a good side to the SegWit/scalability standoff. Now aiming for the $2,000 price tag, the Bitcoin scarcity factor seems to be kicking in and pushing for demands that increase its value – remember last year’s block reward halving. It throws a greater challenge to altcoins and their need to brace up for what could be coming.

Chuck Reynolds
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Market Hive Founding Member

Japan to Roll Out Fixed Deposit Interest for Bitcoin

Japan to Roll Out Fixed Deposit Interest for Bitcoin

    

From one first to the next,

Japan will soon offer Bitcoin users fixed term deposits with interest. The Financial Services Agency has yet to push for regulation as it watches from the sidelines of what could seriously challenge the traditional banks fixed term deposits. Asian Nikkei reports that digital currency users and traders will soon be able to earn interest from the exchange. This fixed deposit interest accruing account is the first of its kind being made available in Japan.

Four fixed deposit options

Coincheck, founded by Koichiro Wada and Yusuke Otsuka has operated as an exchange since 2014 exchanging up to $160 mln worth of transactions per month. Its track record helps build credibility for clients interested in the interest accruing accounts that will be rolled out. The company will roll out four fixed deposit options. A 14-day option with a one percent annual interest accrual, 30-day option with a two percent annual accrual and a 90-day option with three annual percent interest. The longest time deposit and highest interest accrual will be for a 12 month fixed deposit netting five percent interest gain. This can prove a popular option as traditional banks in Japan moved their interest rates to 0.00 percent earlier this year.

Impact on demand for Bitcoin

Japan’s Financial Services Agency declared that the deposits are exempt from banking regulations as Bitcoin is not yet legal tender. There is speculation that they might change their stance on regulation if Bitcoin becomes a widespread method of payment. With multiple parties applying for exchange licenses to operate in Japan, it is likely that competing exchanges will offer the same value-added benefit to their customers. The scaling adoption of Bitcoin as a means of payment in physical stores drove up the price of the currency to record highs. If digital currency deposits succeed as fixed deposit accounts, there is no doubt that the demand will rise even further.

Chuck Reynolds
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Market Hive Founding Member

Force Behind Ethereum Classic Price Wave: Community

Force Behind Ethereum Classic
Price Wave: Community

    

For over a month, Ethereum Classic price has surged

impressively to the admiration of community members who care to observe. The fallout of Ether rose from $1 to $7 and has now sunk into the $6 zone. It is overwhelming to notice ETC competing with fast-growing Dash over a position on CoinMarketCap. All indications point to a community that did not regret parting ways with its elder brother, Ethereum.

ETC's newfound strength

Cointelegraph decided to find out from the ETC community the secret behind the unprecedented rapid flourish it is experiencing. Carlo Vicari, a team member of the community, believes in their platform and

The community behind it:

"Our community is growing beyond compare, and we are euphoric with the enthusiasm from new community members as well."

When asked if ETC had reached its potential, he had this to say: "I don't think ETC has realized its full potential yet at all. I'm triumphal with how far the project has come but I'd say it's more like ETC is finding its footing with the enthusiasm from new community members as well as a stable foundation to jump off, not necessarily full potential."

Community expectation

On the issue of what Ethereum community members, especially holders, should expect in the coming months, the spokesperson of ETC explained he is not much of a price speculator and avoids statements like that since they can be taken out of context. "I'll say that I'm proud of the community and really excited about the future," Vicari says. He believes Blockchain technology is going to change the world in profound ways but the world is only just beginning to comprehend. Based on that, he thinks ETC will prove itself to be a major part of the Blockchain revolution, which has barely even started.

Pump and dump

One frequent speculation in this space is whenever an altcoin surges, there are accusations of pump and dump. This is so common it becomes difficult for some people to determine real growth from the deceptive ones. But Vicari says everyone who is part of the ETC community knows ETC is not a "pump and dump" altcoin. Furthermore, every project (even Bitcoin) is called a "pump and dump" or a "Ponzi" so his outfit really doesn't pay much attention to people throwing stones.

ETC vs. Dash

Again, Vicari, who also doubles as the community manager for IOHK, will not comment on who will win in the ongoing battle between ETC and Dash to take over the number six spot on CoinMarketCap. "You'll need to ask one of the traders about that," he responded. "I try not to think in terms of price or market cap." Indeed, the eagle has landed and Ethereum Classic is on fire. Obviously the fire cannot be quenched at the moment, but as usual, time will tell.

Chuck Reynolds
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Market Hive Founding Member

Bitcoin Advocate Charlie Shrem Joins Multi-Platform Wallet Jaxx as Business Development Director

Bitcoin Advocate Charlie Shrem Joins Multi-Platform Wallet Jaxx as Business Development Director

    

Charlie Shrem, a founding member of Bitcoin Foundation,

has been announced as the business development director for Jaxx, a multi-coin, multi-platform cryptocurrency wallet. The unexpected onboarding might influence more users to migrate to Jaxx. It seems Shrem is on a roll now and one good thing follows another as he gains more influence – shortly after backing a Dash debit card, he is now putting his energy into the wallet side of digital currencies. Decentral, the company behind Jaxx’s wallet, states that Shrem will lead the company’s efforts as a director of business and community development.

Shrem told Cointelegraph:

“Right now, Jaxx is a multi-token wallet that works across all platforms and you only need one backup phrase. My goal is to increase this to over 30 tokens we support and the ability to trade fully between them within the app. Doing this removes reliance on exchanges which are unsafe, as we've seen. My role is creating and managing partnerships.”

Jaxx’s CEO Anthony Di Iorio and Shrem are known to have been close friends for years, although the news is still somewhat of a surprise to many. “I’ve always been attracted to Decentral’s mission to build the universal Blockchain interface for the masses. Jaxx is helping to advance the entire ecosystem by providing users with a simple way to control their digital assets,” Shrem said regarding the functionality of Jaxx.

Multi-functional future

Jaxx has been steadily gaining support and interest from influential leaders such as Erik Voorhees and has integrated the ShapeShift exchange into the wallet, making it an easily accessible platform for digital currency holders dealing with multiple currencies while keeping their assets off an exchange and on their own software wallet as an added benefit.

On Jaxx’s functionality, Shrem states:

“I’m convinced this multi-platform multi-asset command center will do for Blockchain technology what the browser once did for the Internet.”

With the exponential growth seen in altcoins over the past year, multi-functional wallets are clearly the way forward. Although similar options like Exodus exist, users might put their trust into a key figure such as Shrem.

Meaning business

In April, Shrem appeared at BlockShow Europe, giving an exclusive for Cointelegraph, where he explained how the

altcoin/Bitcoin pairs work:

“People are going to Dash, Ether, Ripple, but you are not seeing money exit the crypto. If you are looking at the market capitalization of all crypto for the last five years, you’ll notice that it is constantly up. It is super positive, Bitcoin is a reserve currency, you don’t see much USD to Dash trading pair, you see Dash/BTC, you see Steem/BTC, Bitcoin is like the reserve currency of all of these altcoins.”

Chuck Reynolds
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Market Hive Founding Member

Bitcoin Is Good Long Term Investment: Major Silicon Valley Startup CEO

Bitcoin Is Good Long Term Investment: Major Silicon Valley Startup CEO

    

Fintech startup focuses on processing global bank transfers

Michael Dunworth, the CEO of Wyre, a fintech startup which focuses on processing global bank transfers, recently stated that financial advisors must consider Bitcoin as an asset class.

As described by Bitcoin developer Andrew DeSantis,

“Bitcoin is a decentralized timestamp and messaging protocol that when implemented and stable results in a value storage system.”

Thus, depending on the usage, Bitcoin can be used as digital gold, settlement network and digital cash or currency.

Safe haven asset

In China and other countries, institutional investors and high profile traders utilize Bitcoin as a safe haven asset and wealth management product (WMP). In terms of economic uncertainty and currency curbs, investors refer to Bitcoin to protect their wealth and assets. Such use case of Bitcoin was also emphasized by early Facebook investor and Golden State Warriors NBA team owner Chamath Palihapitiya when he stated:

“Reiterating my belief about Bitcoin. It's the ultimate insurance policy against autocracy, currency curbs and other forms of value destruction.” Dunworth, who recently secured a $5.8 mln Series A funding round led by Amphora Capital for Wyre, expressed his optimism toward Bitcoin urging financial advisors to consider the abovementioned qualities of Bitcoin and categorize Bitcoin as an asset class. Most importantly, Bitcoin is one of the few currencies or assets that are completely and solely dependent on the market, while most of the assets in the public market are directly affected by the performance of reserve currencies and the global economy.

Volatility

At the netwealth group study tour, a four-day fintech program attended by Australia-based financial advisers with a combined Funds Under Administration (FUA) of $14 bln,

Dunworth stated:

“There's a huge amount of technological growth that is yet to happen, with a very wide impact internationally. The scope for opportunity is huge…if someone told you back in 1991 that you could invest in this thing called 'the Internet', you would do it knowing what we all know now about it. We are at that same [early] stage with Bitcoin.”

Dunworth reaffirmed that while Bitcoin’s short-term volatility rate remains high, it still makes an excellent long-term investment for a wide range of clients and investors. “A lot of people say that Bitcoin is very volatile. It is in the short term but if I were doing fund management for my client, I see it as a very good long-term investment,” noted Dunworth.

The volatility rate of Bitcoin is a measurement of growth which doesn’t and can’t accurately depict the value of Bitcoin. Bitcoin has a fixed cap of supply established at 21 million. As long as the demand is sustained or continues to increase, Bitcoin price will also maintain an upward trend. Although many experts in the past did mention that the high volatility rate of Bitcoin is a negative component as a digital currency and technologically, Bitcoin is still in the early phase of development. As time passes, the volatility rate of Bitcoin will decrease as scaling solutions are implemented and the network is optimized.

Chuck Reynolds
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Market Hive Founding Member