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Top news and views about #Bitcoin and #Cryptocurrency for 19 May 2017 #Blockchain #Crypto
Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.
Digital Currency Group CEO Barry Silbert has said miners equivalent to almost 80% of the Bitcoin hashrate support SegWit and 2MB blocks.
Having publicly stated his own preference for Bitcoin scaling, Silbert then reported he had signed up “over 50 bitcoin companies from ~20 countries” to support the same.
Later Wednesday, Silbert confirmed “78.3%” of the total hashrate was now coming from miners wanting his scaling solution.
The findings gathered significant responses from the community, from which emerged more of the confrontational exchanges seen throughout the scaling debate.
Full story at http://bit.ly/2qD02ke
The price of bitcoin has hit a new high on the CoinDesk Bitcoin Price Index (BPI), reaching an $1,902 average across global exchanges.
While one in a string of new all-time highs the digital currency has so far set in 2017, this one is perhaps notable as it means the price is now within striking distance of $2,000, a figure that would effectively find the asset doubling in value in 2017.
Bitcoin traded for just over $1,000 on 1st January, but has edged up sharply amid increasing media exposure for its technology and those in the wider blockchain tech sector. Indeed, on at least two exchanges – Poloniex and Bitfinex – the price was even hovering just over $1,960.
Year-over-year, the price of bitcoin is up 300%, having risen to $1,900, up from $453 on 18th May, 2016. At press time, bitcoin's market capitalization (the value of all bitcoins in existence) was $31bn.
Full story at http://bit.ly/2qDjqhg
After peaking at $1,840, Bitcoin price stabilized in the $1,820 region earlier today on May 18. The recent surge of Bitcoin price seems to be largely affected by the economic uncertainty of the US, caused by troubles surrounding the Trump administration.
Donald Trump sent jitters down the spine of the world’s political and financial elite from the day of his inauguration when Bitcoin price immediately shot upward.
Bloomberg reported that major US stock indexes had their worst session in eight months while world’s 500 most valuable billionaires have lost $35 bln due to the Trump administration’s turmoil and the US economy’s underwhelming performance.
Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg shed $3.7 bln as the Dow Jones Industrial Average dropped by more than 370 points.
Full story at http://bit.ly/2qD3QlB
Bitcoin politics plays too big a role in its scalability dispute, meanwhile, unconfirmed transactions queue and increasing fees scare investors away. It has become the most critical problem encountered by Bitcoin ever.
Despite having dragged over a long period of time, the block size and scaling problem of Bitcoin have never been as bad as is being experienced within the community presently.
A lot of users have complained of transactions that remain unconfirmed for several days. With the current rate of Bitcoin volatility, what this implies is that the value of a given transaction may change drastically between the time of initiation and when it is eventually confirmed. A situation which makes it extremely difficult for the cryptocurrency to be used as a convenient medium for everyday transactions.
Transaction fees, on the other hand, keep rising exponentially, raising doubts among users about the original functionality and perceived advantage of Bitcoin over other means of payment and transfer of value.
Full story at http://bit.ly/2qDdR28
Marek "Slush" Palatinus, the lead architect of popular Bitcoin hardware wallet manufacturer Trezor and the CEO of the firm’s parent company Satoshi Labs, stated that he is not against the execution of a hard fork and the concept of big blocks. However, he is against the Bitcoin Unlimited software.
On May 12, Slush wrote:
“Bitcoin Unlimited proposed consensus mechanism for blocksize, but then they found it doesn't work and propose flag day for hard fork. To clarify, I'm not against hard forks and bigger blocks, but Bitcoin Unlimited is comedy show.”
In other words, Slush is not fundamentally against the execution of hard forks. In some instances, hard forks present some benefits and advantages over soft forks.
Full story at http://bit.ly/2qgfzGB
The total market capitalization of all cryptocurrencies reached an all-time high today, passing $60bn as the innovative assets continued to draw robust inflows.
This figure reached $63.6bn at one point during the day's trading, according to online data service Coinmarketcap, a figured represented a weekly, monthly and quarterly increase of roughly 18%, 115% and 220%, respectively.
While analysts cited different variables as fueling these gains, one factor they noted was growing awareness of cryptocurrencies, one that is finding them emerge as a more diverse set of investments than observed previously.
Full story at http://bit.ly/2qD1Ae6
Major European retailer Alza has begun accepting Bitcoin and installing Bitcoin ATMs in its outlets in Prague and Bratislava.
According to Czech news outlet Lupa, Alza is facilitating Bitcoin payments online throughout its international empire, which also includes Austria, Germany and the UK.
The publication further quotes a spokesman who stated the move is due to interest from both international and domestic customers.
“Prague is already one of Bitcoin's most important centers in Europe today. By introducing trading in bitcoins, we are supporting the growing popularity of this form of payment and the potential of new technology,” Jan Sadílek, Alza’s head of internet marketing, continued.
Full story at http://bit.ly/2qCVCK8
The US Bitcoin exchange market briefly overtook Japan to become the largest Bitcoin exchange market in the world, amidst serious economic uncertainty.
According to various analysts including Lukman Otunuga, currency broker FXTM’s research analyst, the Trump administration’s troubles with former FBI Director James Comey’s memo and the call for impeachment by the Democratic Party have led to wide fluctuations on the US stock market.
"With a growing chorus of Democrats accusing Trump of obstructing justice and even calling for his impeachment, the Trump administration could come to an early season finale,” said Otunuga.
"Even mainstream media analysts have emphasized that Bitcoin, alongside gold, has demonstrated a surge in demand as investors started to seek out for alternative and safe haven assets to protect their wealth."
Full story at http://bit.ly/2qD6pUA
Prepared by @SydesJokes