(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

Source: m.economictimes.com

8 Reasons Why This Could Be the Time to Take Bitcoin Seriously

8 Reasons Why This Could Be the Time to Take Bitcoin Seriously

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Despite recent price volatility and global macroeconomic uncertainty, 2020 is a big year for Bitcoin. Although a large number of businesses and private individuals are still apprehensive about adopting cryptocurrencies, the number of blockchain-dependent businesses and Bitcoin users is steadily rising — having more than quadrupled over the past three years.

There are several very good reasons why it’s fair to assume Bitcoin is not only here to stay but about to positively flourish.    

Related: Is Cryptocurrency Coming Back or Going Away for Good? 6 Experts Weigh In.

Bitcoin, due to blockchain technology, is decentralized. This means that there is no central authority — like a bank or state apparatus — in charge of the currency. Some argue that there are pros and cons to this, but one thing is certain — decentralization provides a higher level of security for the currency. The fact that Bitcoin is not centralized makes it less vulnerable to security threats and more resilient and efficient.

Additionally, while Bitcoin is more pseudonymous than anonymous, transactions are completed under a pseudonym but can still be linked to a physical user. Many users are uncomfortable entering their banking and personal details online, so Bitcoin offers an alternative that, at the very least, appears safer.

All that’s required to perform transactions with Bitcoin is a smartphone with internet access. Since no physical banking institutions are involved, cryptocurrencies like Bitcoin have an advantage, particularly in developing countries where traditional banking is lacking or underdeveloped, like in some areas of Africa. Since it’s easier to set up an internet connection than it is to create a physical banking network, Bitcoin is likely the currency of the future for many areas of the world.

As we become increasingly used to apps and software solutions for everyday tasks and problems, we’re beginning to expect that “there’s an app for that.”

If there’s an easier, more efficient way to conduct business or complete service through the use of technology, most people will take advantage of it. And Bitcoin — although its underlying technology is highly complex — is incredibly easy to use.

Anyone who’s ever completed an international bank transfer through traditional means can tell you that it’s not the easiest process — and certainly not the cheapest. Online platforms such as PayPal or TransferWise have made it both easier and cheaper than standard bank operations, but there are still fees and configuration issues involved.

Related: 4 Ways to Smartly Invest in Cryptocurrencies

Bitcoin, meanwhile, makes it possible to complete international transfers instantly and, most importantly, without third-party fees. This is particularly important for business owners. As markets become increasingly globalized, more and more customers are taking advantage of services and products provided by companies from abroad.

Let’s consider basic economics. Part of the design of Bitcoin involves a limit as to how many coins will ever exist — setting the cap at around 21 million. This was a conscious decision on the part of Satoshi Nakamoto, the entity behind the invention and deployment of Bitcoin.

This limit effectively makes Bitcoin inflation-resistant, giving it a major advantage over traditional currencies, all of which are subject to losing value at certain times. The anti-inflationary measures mean that Bitcoin will always retain its value, and also make it a viable alternative to traditional currencies in countries where hyperinflation is rampant, such as Venezuela.

In addition, the halving will occur this year, which will slow the rate of introduction of new Bitcoin into the ecosystem as the total supply marches ever closer to 21 million.

Using Bitcoin — including its implementation in everyday businesses -— doesn’t require any specific alterations or complex systems to be put into place. The cryptocurrency’s accompanying apps and software are compatible with existing technology — smartphones and computers — meaning that no additional investment is necessary to start using Bitcoin.

Bitcoin is valued not only as a currency but also as an investment — not unlike gold or other precious metals. Since Bitcoin appeared on the market, investors have expressed widely different opinions on the cryptocurrency as a potential investment. Some found it to be an ideal opportunity, many believed it too short-lived and/or volatile, and most knew too little about it to have an opinion.

A 2019 survey by Grayscale is highly illuminating on the subject. A sizeable portion of investors — 36 percent — stated that they would consider an investment in Bitcoin. Crucially, though, of the remaining 64 percent — those who wouldn’t consider investing in Bitcoin — a huge 89 percent said their lack of interest stems from having insufficient knowledge about cryptocurrencies.

It’s a logical prediction, therefore, that as the use of Bitcoin as a currency becomes more widespread and understanding of the nature of cryptocurrency more common, investors will be increasingly comfortable with considering it a worthy investment over the coming years.

Related: Bitcoin Ultimatum: A New Fork to Solve Old Problems

Superior is the keyword here because Bitcoin is no longer the only cryptocurrency around. Ethereum, for instance, was one of the first competitors to emerge, imitating the technology behind Bitcoin. However, for the competition to be a threat to Bitcoin, it would need to have some specific and tangible advantages.

Fiat currencies have failed because humans can’t help but print more money. There has never been a time where a deflationary alternative built on code and mathematics is needed. Bitcoin has a compelling use-case as a store of value, particularly in countries experiencing hyperinflation such as Iran, Turkey and Venezuela. Bitcoin also has a compelling use case in remittances, and greater adoption by financial institutions will help provide these services at more competitive rates.

One thing is certain: Bitcoin and digital currencies are here to stay.

Source: www.entrepreneur.com

Author: Oliver Isaacs

Cold Wallet Company Ballet Introduces New Product to Commemorate Bitcoin Pizza Day | Markets Insider

Cold Wallet Company Ballet Introduces New Product to Commemorate Bitcoin Pizza Day | Markets Insider

LAS VEGAS, May 22, 2020 /PRNewswire-PRWeb/ – Ballet today announced a new physical cryptocurrency collectible — the REAL Pizza wallet.

The REAL Pizza wallet is a stainless steel cold wallet with a design that commemorates Bitcoin Pizza Day.

On May 22, 2010, now known as Bitcoin Pizza Day, an early cryptocurrency enthusiast conducted the first documented purchase of a tangible object using cryptocurrency.

On that day, Laszlo Hanyecz persuaded another cryptocurrency aficionado, Jeremy Sturdivant, to accept 10,000 bitcoins in exchange for two large pizzas. At the time, 10,000 bitcoins were worth $41. That amount of bitcoin is now worth $94 million.

“Ballet’s new REAL Pizza wallet marks bitcoin’s uptrending history with a stylish and durable collectible that has a celebratory design,” said Ballet founder and CEO Bobby Lee. “We hope the community finds the limited-edition REAL Pizza wallet a unique expression of the exciting progress bitcoin has made over the past 10 years.”    

Lee also mentioned that Ballet has already found success as the continuation to BTCC Mint, BTCC’s physical bitcoin brand, which, over its three years of business, sold physical bitcoins worth more than $60 million dollars in today’s prices.

What cryptocurrency will become the main one in a year?

Ballet raised more than $3 million in seed round financing in 2019 led by Ribbit Capital—a prominent Silicon Valley venture capital firm that has invested in Coinbase, Revolut, Robinhood, Xapo, and many other early stage fintech companies. It was founded in September 2019.

The Ballet REAL Pizza wallet is available for preorder now: https://store.balletcrypto.com/products/real-pizza

Ballet provides simple and elegant cryptocurrency solutions backed up by robust and cutting-edge technology. The firm was founded by a group of experienced cryptocurrency experts from Asia, Europe, and the U.S.A, including Bobby Lee, the founder of China’s first cryptocurrency exchange. The company aims to boost cryptocurrency adoption to billions of users through intuitive, cutting-edge hardware wallet solutions. Ballet’s innovative physical wallets are a one-stop solution for managing multiple cryptocurrencies on the go, in the form of a physical asset. Ballet wallets are made through an innovative and secure multinational assembly process, in which private key components are generated in a two-step process on two different continents, ensuring safety and peace of mind for all its customers.

About Ballet REAL Wallets:

Ballet’s first product series is called REAL. REAL wallets give users full and permanent control of their cryptocurrency private keys, always allowing them access to their funds regardless of changes in wallet technology. REAL wallets are credit card-shaped and made of stainless-steel. The wallets allow users to store and access their cryptocurrency safely on the go. REAL wallets can also be used immediately, without any setup or complicated account registrations. They also support multiple cryptocurrencies such as bitcoin, ethereum, litecoin, XRP, and many others on a single wallet. Ballet products are accompanied by a free smartphone application that allows users to view and manage their assets. The wallet supports many popular cryptocurrencies, which are all stored on the same physical wallet using the same private key data. Ballet wallets are made using a secure multinational manufacturing process, in which two separate private key components are generated in a two-step process on two different continents. This wallet security feature ensures no Ballet employee ever can gains access to both pieces of the private key necessary for decrypting and accessing funds stored on Ballet wallets. The company also does not retain any of the private key data, giving users true security for their cryptocurrency assets.

About Bobby Lee:


SOURCE Ballet Crypto

Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.

Source: markets.businessinsider.com

Author: finanzen.net GmbH

Is COVID-19 the biggest opportunity in crypto asset trading?

Is COVID-19 the biggest opportunity in crypto asset trading?

(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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Source: economictimes.indiatimes.com

Blockchain Bites: Iran and Russia Revisit Crypto Regulations, Bitcoin Pizza Day 10 Years Later

Blockchain Bites: Iran and Russia Revisit Crypto Regulations, Bitcoin Pizza Day 10 Years Later

Laszlo Hanyecz has the honor of conducting the first commercial Bitcoin transaction: trading 10,000 bitcoin for about $30 worth of pizza.

Ten years later, those bitcoin would be worth $91 million. He apparently has no regrets. “It was a really interesting system but nobody’s using it,” Hanyecz said. “If nobody’s using it, it doesn’t matter if I have it all.” 

Related: 10 Years After Laszlo Hanyecz Bought Pizza With 10K Bitcoin, He Has No Regrets

This one transaction, conducted about a year after Bitcoin’s inception, was the proof-of-concept necessary for a whole emergent economy to blossom. Ten years – to the day – later Bitcoin is looked at as a legitimate hedge against the Fed, a means of payment and a veritable worldview. 

While Hanyecz has said if it wasn’t him it would have been someone else, today we recognize his sacrifice and experiment. 

Happy Bitcoin Pizza Day!

Related: Blockchain Bites: Satoshi’s Sword of Damocles

Next of Kin

  • The kin cryptocurrency may leave its own fork of Stellar for the Solana blockchain. “The fork of Stellar enabled Kin to reach millions of consumers, but we knew it would not be a long-term solution,” a draft Kin Improvement Proposal reads. “Stellar has five-second block times, so irrespective of network load, a consumer could be seeing five-second latency on their transactions – not what we would deem a great consumer experience.” The draft proposal claims switching to Solana would lead to an 84% reduction in kin’s latency.
  • The Kin Foundation published a transparency report Thursday, laying out its structure and operations, in a partnership with Messari and its disclosure database. Notably, 28 million users have acquired kin in the last three years across more than 50 different apps, and are spending 300 million kin per day, the report claims. The foundation’s tokens are vested at a rate of 20% per year.

  • Blockchain Bites: Bitcoin’s Difficulty Adjustment and More
  • First Mover: Bitcoin Just Got Easier to Mine, but for How Long?
  • Source: finance.yahoo.com

    Author: Daniel Kuhn

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