Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.
A digital cryptocurrency is soaring in value after it sponsored Dennis Rodman’s trip to North Korea
Potcoin is a digital cryptocurrency - much like bitcoin - that was specifically developed to remove the need for cash transactions between marijuana consumers and dispensaries.
If Potcoin was going for publicity, it certainly paid off: Potcoin's value soared almost 97% to over 18 US cents on Tuesday.
Marijuana is illegal under federal law, so the majority of banks won't take cash or open lines of credit for marijuana businesses.
Rodman was photographed wearing a Potcoin T-shirt as he arrived in North Korea.
Full story at http://read.bi/2rxyNeS
Bitcoin Loses 13.7 Percent in 24 Hours, Monero Leaves Top 10
The latest cryptocurrency slide has seen Bitcoin and others lose more than 15 percent and Monero leave the top 10.
Data from CoinMarketCap shows the effects of Bitcoin’s depreciation on Wednesday and Thursday, with every premier altcoin following it downhill.
While commentators scramble to look for an underlying cause, much like previous recent bouts of volatility, it would appear markets remain shy of the $3,000 barrier, which has proven significant.
The downturn, however, coincided with pro-hard fork Bitmain’s announcement it would oppose the implementation of the increasingly popular user-activated soft fork (UASF) as a means to bring about a solution to Bitcoin’s scaling dilemma.
Full story at http://bit.ly/2rxXV55
Head of Bundesbank Proposes Digital Currency To Compete With Bitcoin
Jens Weidmann, the head of Germany’s central bank Bundesbank and one of the most powerful bankers in Europe, proposed the development of central bank-issued digital currencies to compete with Bitcoin.
Weidmann argued that Bitcoin could potentially worsen future financial crisis due to its decentralized nature and the non-existence of central entities within the Bitcoin network.
Although Weidmann’s recognition of the explosive growth of the Fintech and cryptocurrency markets should be appreciated, he is dismissive of the structure of Bitcoin and the characteristics of decentralized cryptocurrencies that make settlement networks such as Bitcoin valuable.
To this date, only a very limited group of traders, experts, analysts, investors and users understand the technical intricacies of Bitcoin. While Bitcoin’s concept is simple in theory, it has been difficult for the vast majority of people within the traditional finance sector to understand because they have learned to deal with centralized monetary systems and financial networks.
Full story at http://bit.ly/2rxyEYS
How cryptocurrency ethereum looks set to overtake bitcoin — in one chart
Just as Wall Street is paying more attention to bitcoin, a rival is increasingly threatening to become the top dog among cryptocurrencies.
Ethereum’s market capitalization is nearing bitcoin’s, as shown in the chart below from CoinMarketCap.
As of Wednesday, bitcoin BTCUSD, +3.15% (shown in orange on the chart) accounted for 39% of the combined market capitalization for all cryptocurrencies, down sharply from 87% on Feb. 25.
Blame the erosion on ethereum (shown in purple), which now makes up 31% of the total market cap, up from just 5% less than four months ago.
Full story at http://on.mktw.net/2rxOyT2
Apple Co-Founder Steve Wozniak Took Interest in Bitcoin When It Was Still Priced at $700
Apple co-founder Steve Wozniak revealed in an interview with CNBC that he too, invested in Bitcoins back to when the price per coin was at $700.
Since early 2017, Bitcoin has tripled its price and recently reaching an all time high of above $3,000. Though there are still several uncertainties and speculations that Bitcoin is a bubble, Wozniak seems to believe that Bitcoin has some growth factor to it.
Wozniak stated during the interview that he wasn’t investing in Bitcoins for monetary gains. Instead, he is curious as to how the technology works and how other people can make money through it. At that time when he invested, Wozniak made his first investment when Bitcoin was at $700 to which the price dropped at $350.
He was also curious as to how Bitcoin could be used for buying and selling goods as well as how it is being used to pay for services.
Full story at http://bit.ly/2rxI06T
Bitcoin Scaling: How to Give Everyone More Control
Politics has gripped bitcoin – it's about the only thing people have been wanting to talk about for the past few years.
I've written before about how the bitcoin ecosystem is like the three branches of government, with developers being the legislative branch, miners serving as the executive branch and users being the judicial branch. I've also written about how bitcoin changes through consensus, and how consensus is not supposed to be easy.
In this article, I examine an alternative path to the current political stalemate and how that can help empower developers, miners and users.
Full story at http://bit.ly/2rxHxl2
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