Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.
3 Reasons Why Bitcoin Broke $2,000
The digital currency bitcoin is on another remarkable run, soaring nearly 65% in the last month, and smashing the symbolic $2,000 mark for the first time ever this week. Bitcoin has gone on tears in the past, but never quite like this.
So what's behind the latest bull run? It's hard to say for sure, since bitcoin is so unpredictable, but here are three factors that are contributing to bitcoin's boom.
The $2,000 bitcoin milestone comes amid a larger trend of investors clamoring for crypto-currency of all sorts. While digital money was once seen as the province of cranks and computers geeks, it's now so mainstream that investors see it as a new asset class and are creating hundred million dollar hedge funds to acquire it.
Meanwhile, others see digital currencies as an asset like gold, which can hold its value amid times of government instability. Recent political upheaval in Brazil and the United States, which led to drops in the dollar and the real, may have contributed to the recent uptick in bitcoin buying.
Full story at http://for.tn/2r9kv3w
Bitcoin ‘Will Be Worth $1 Mln In 10 Years’: Swiss-Based Bitcoin Wallet CEO
Swiss-Based Bitcoin Wallet Xapo CEO Wences Casares has made one of the most bullish Bitcoin price predictions yet at the Consensus 2017 conference in New York.
In comments at the event, Casares forecast one Bitcoin being worth a massive $1 mln in ten years’ time, taking attendees by surprise.
Bitcoin price predictions have been increasingly daring in recent months as Bitcoin breaks through one barrier after another - $1,200, $1,600, $1,800 and most recently $2,000.
In April, Blockchain CEO Peter Smith joined Snapchat investor Jeremy Liew in saying $500,000 would be the cost per coin by 2030. At the time, Bitcoin cost around $1,170 - around half its current price.
Full story at http://bit.ly/2rMNKpz
Bitcoin Enters Top 5 Google Searches, Ethereum At 18
Bitcoin has made the top 5 Google search requests Monday, according to data from Google Trends.
The results from the US indicate that ‘Bitcoin’ received over 200,000 searches, making it the fifth most popular term. Ethereum made the top 20 results, coming in at number 18.
The event marks continued mainstream exposure for the cryptocurrency. While Bitcoin came to prominence during the recent WannaCry cyberattack, interest appears to have remained as that story disappears from the headlines.
Monday is ‘sacred’ in Bitcoin circles for a different reason, May 22 being Bitcoin Pizza Day. A chapter in the virtual currency’s history which is also gaining mainstream notoriety, a flurry of media interest generally accompanies the date every year.
Full story at http://bit.ly/2qjrXnt
Bitcoin's meteoric rise took a hit overnight as the digital currency erased, then mostly recovered, about $200 in 12 hours.
The swing highlights how volatile the cryptocurrency can still be, even as some investors believe bitcoin can one day be a viable alternative to safety assets such as gold. A similarly rapid move of $200 in futures contracts for the precious metal would have caught the attention of global investors: Gold has traded in a range of about $150 so far this year.
Bitcoin was trading near $2,250 Tuesday as of 1:26 p.m. ET, according to CoinDesk. The digital currency earlier hit a fresh record of $2,291.09, following a drop below $2,100 overnight, the site showed.
Chris Burniske, blockchain products lead at ARK Investment Management, pointed out in a January white paper that bitcoin's daily volatility was about a fifth of what it was five years ago.
Full story at http://cnb.cx/2qjrXDZ
Bitcoin Price Hits $2,850 in South Korea, Extreme Premium
Bitcoin price reached $2,850 in South Korea on May 23, due to the rapidly rising demand for Bitcoin and other digital currencies such as Ethereum’s Ether (ETH).
While arbitrage opportunities in South Korea always existed since the launch of Korbit, Coinone and Coinhumb, the three leading Bitcoin exchanges in the country, the premium rate rarely went past 10 percent.
On May 23, the premium rate on South Korean Bitcoin exchanges nearly reached 30 percent, demonstrating a trading value of $2,850 for Bitcoin, while Bitcoin was being traded in the US and China for around $2,100.
The driving factor of this massive arbitrage opportunity and premium rate in South Korea is the country’s strict anti-money laundering policies. In South Korea, any type of gambling is illegal and because a large amount of black money consisted of revenues from overseas casinos and other businesses are sent back to South Korea on a regular basis. Authorities are strict on any transactions which goes past $10,000 in total value.
Full story at http://bit.ly/2qjrQIz
Bitcoin Transaction Fees Decrease by 34% With Reduction in Backlog
From a recommended 450 satoshis per byte, figures this week have fallen to just 300 according to unnamed sources quoted by crypto angel investor Alistair Milne.
Data from 21.co meanwhile also confirms a fall in the “fastest and cheapest” transaction fee, albeit not as drastic, current figures quoting 390 satoshis per byte versus a previous 450.
Milne added the proviso that the discount was in fact volatility, a characteristic detrimental to the Bitcoin network which would be solved by Layer 2 tech, specifically the Lightning Network.
Full story at http://bit.ly/2r9pIIt
This Might Be The Key Reason Behind Bitcoin, Altcoin Price Surge
The first two-quarters of the year 2017 have seen the crypto industry experience a massive growth in awareness and adoption.
From a perspective of economics, the high demand for Blockchain products, whether for preliminary investigations or systematic adoption has automatically generated an influx of capital which consequently reflects the value of the tokens of these Blockchains.
The growing Blockchain partnerships offers an explanation for the significant increase in market capitalization of various cryptocurrencies and the consequent surge in Bitcoin price and several top altcoins.
Full story at http://bit.ly/2rJNEiE
Three Services That Aim to Create Bitcoin Professionals and Experts
Bitcoin can be a very technical subject, and oftentimes people have to find various resources online to educate themselves. However, there are a few organizations that instruct cryptocurrency enthusiasts through training and curriculum in order to edify the growing field of bitcoin professionals.
As the bitcoin economy grows, there are many people looking to learn about the bitcoin protocol and the growing cryptocurrency ecosystem. A leading-edge network of professionals that understand the technology is needed to bolster the innovative technology into the future. In 2017, there are few ways an individual can become a certified bitcoin professional to advance their knowledge and careers.
One educational program called the Cryptocurrency Certification Consortium (C4) teaches students how to be certified bitcoin specialists. C4 has three types of courses that enable people to become either a Certified Bitcoin Professional (CBP), a Certified Bitcoin Expert, and a Certified Ethereum Developer.
A graduating CBP claims to give an individual a significant grasp at understanding the bitcoin protocol, transactions, and network operation. “CBPs are able to apply Bitcoin technology to their professional area of expertise and understand privacy aspects, double-spending, and other issues that relate to the currency,” explains the educational consortium. The cost to become a CBP involves two years of study at the cost of $95 for the course and a $30 renewal fee.
Full story at http://bit.ly/2rIe3gy
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