Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.
Bitcoin Regains 40% Crypto Market Dominance As Ethereum, Other Altcoins Plummet
Bitcoin’s crypto market dominance has recovered above 40 percent as Ethereum’s deep falls caused its presence to reduce sharply.
Data from Coinmarketcap shows an uptick of around two percent over the past 24 hours for Bitcoin, despite its price also slipping downwards.
Bitcoin’s share of the cryptocurrency market had bottomed out at as little as 37 percent last week amid Ethereum’s ICO frenzy.
The largest altcoin’s rapid losses over the weekend, which continue today, soon reversed the trend, however, Ethereum currently trading at around just $250.
Full story at http://bit.ly/2tkKyoM
Source: CoinTelegraph
Bitcoin Shows What Banking Should Be: American Banker
American Banker, a daily trade newspaper that has been covering the financial sector since 1836, recently featured an analytical piece by its editor-in-chief Marc Hochstein entitled “How I missed the point of bitcoin,” to demonstrate how Bitcoin has shown what global banking should be.
In 2012, Hochstein noted in an article entitled “Lightning fast, dirt cheap: bitcoin shows what banking could be,” that a new peer to peer digital cash system has emerged. Five years ago, Hochstein praised the Bitcoin network’s ability to settle transactions with low fees and at fast speeds without the necessity and involvement of intermediaries or mediators.
The decentralized nature of Bitcoin remains identical but what has changed in Bitcoin is its fee and settlement speed. Due to the explosive growth of the Bitcoin network and its market, average Bitcoin transaction fees have increased beyond $2.5. In addition, at certain periods wherein the Bitcoin mempool, the holding area of Bitcoin transactions for the miners, is full of unconfirmed transactions, the confirmation of transactions can take hours.
However, Hochstein remains optimistic towards the core principles and functions of Bitcoin that include the settlement of transactions and transfer of data in a decentralized, transparent and fair manner. Although Bitcoin transactions can cost up to $2.5, scaling solutions such as the Bitcoin Core development team’s transaction malleability fix segregated witness (SegWit) are imminent.
Full story at http://bit.ly/2tkAeNO
Source: CoinTelegraph
Poland’s Largest Food Delivery with 5000+ Restaurants Starts Accepting Bitcoin
Pyszne.pl is Poland’s largest service for ordering food online. In 2016, the site reported having approximately 883,000 active customers, 4.3 million orders, and an average order size of 9.55 euros. It has partnered with 5,062 restaurants, ranging from pizza, sushi, kebab, dumplings and other dishes, all of which offer delivery.
In 2014, Pyszne.pl was acquired by Takeaway.com, one of the largest online food ordering websites in the world. Headquartered in Amsterdam, Takeaway.com is active in 10 countries, has 28,800 restaurants, and 8.9 million active customers. Pyszne.pl is Takeaway.com’s fastest growing brand and the only one in Poland. In 2016, it grew 150% annually in terms of gross merchandise volume. Takeaway.com wrote:
"Poland [Pyszne.pl] continues to be our fastest-growing market delivering another year of triple-digit order growth…we have achieved twelve times order growth in Poland and cemented ourselves as the clear number one in a fast-growing market. Our brand is multiple times larger than the number two based on orders."
In addition, the company detailed, “Poland is also home to our fourth largest office,” which is located in Warsaw. “Our Polish business became our third largest market in 2016.”
Full story at http://bit.ly/2tkD4lM
Source: Bitcoin News
Burger King to Accept Bitcoin in Russia This Summer
Russian Burger King restaurants are due to start accepting Bitcoin as a payment method this summer, reports state on Wednesday.
According to local news resources, a Moscow branch of the burger chain has started piloting Bitcoin payments, with officials now confirming a nationwide rollout.
Uznay Vse states the unnamed branch accepted a Bitcoin transaction on Tuesday this week, which represents “the first official reports of Bitcoin payments for goods and services in Russia.”
Burger King has also begun the hunt for an IT professional able to implement the relevant software.
Full story at http://bit.ly/2tl5Bb4
Source: CoinTelegraph
Bitcoin QA: How is fungibility tied to privacy?
Published on 27 Jun 2017
Fungibility is simply that it doesn't matter where any given unit of currency came from; one unit is worth as much as any other unit. For example, it doesn't matter, upon presentation, the euro you hold was stolen two transactions ago. No one can say "I will take that euro but not that euro." This was settled as a matter of law in the 16th century. The reason we have fungibility is because otherwise the currency wouldn't work; if every time you received a euro, you had to open a database and check the provenance, currency wouldn't work. Not just because you would have to track a database that was perfect and always updated, but because no euro would be worth one euro. Every euro would be weighted by how liquid it is, whether you can use it and it will be accepted. Fungibility is understanding by law, practice, and technology that every unit is treated as indistinguishable. Bitcoin is somewhat fungible. You can trace the provenance of every coin; by custom we don't do that but we are beginning to see some companies do it, which is a problem. If accounts start being frozen because of where bitcoins came from three transactions ago, that's a problem. Fungibility is tied to privacy and anonymity. There are systems being made where you can't tell the amount being transacted, who the sender and receiver are. Banning technology, especially open-source technology, because criminals use it only usually affects the people who aren't criminals: the innocent and the idiots. People should be able to protect their money from predators, from corporations, from tyrannical governments.
Full story at http://bit.ly/2tnpZZ1
Source: SydesJokes Blog
New York Preschools Accept Bitcoin and Ether for Tuition Payments
Two private preschools in New York City now accept bitcoin and two other cryptocurrencies for tuition payments, according to their co-founder.
Montessori Schools, based in the Flatiron and SoHo neighborhoods of Manhattan, began accepting bitcoin, ether and litecoin in June. Payments are accepted by way of an integration with digital currency startup Coinbase, which automatically converts the crypto payments to US dollars.
The preschools ascribe to the Montessori philosophy of education, an approach to learning developed in the early 20th century by Maria Montessori. According to online materials, tuition at the schools can run as high as $30,950 per annum – worth roughly 12.3 BTC at current prices.
Marco Ciocco, co-founder and chairman of the schools, told CoinDesk that the move to accept digital currencies for tuition payments began more than a year ago, following requests from parents. As more requests came in, Ciocco said, school officials started to seriously weigh how it could work.
Full story at http://bit.ly/2tpc04N
Source: CoinDesk
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