Digital Currency Past Present Future - Weekly Update
This week seems like a lull in the highly volatile cryptocurrencies market. Prices are moving sideways and most investors are on the sidelines WATCHING, SNIFFING, SPYING.
Let's see what cooking in the crypto world right now:
emCash is Dubai’s First Official State Cryptocurrency
Does this sounds familiar? Yes it is! After Japan's announcement last week, Dubai is the second country to announce its plan to launch its own cryptocurrency.
The government of Dubai has revealed details of its own blockchain-based cryptocurrency, called emCash.
In major news coming out of the UAE, the government of the city of Dubai will develop and implement emCash, an encrypted blockchain-powered digital currency that will enable citizens to pay for government and non-government services alike.
The digital currency will be developed with a partnership between Emcredit, a subsidiary of Dubai Economy and UK-based blockchain startup Object Tech. Dubai Economy is the government body responsible to plan and implement the economic agenda of the emirate of Dubai. Full article here.
Bitcoin Fees Chasing Businesses Away, Dash, Litecoin Benefit
In Bitcoin’s early days, one of its selling points was the ability to move money globally, with little to no fees. That is no longer the case, as the cost of moving Bitcoin can sometimes exceed the costs of PayPal and Western Union.
Commerce companies are struggling to use Bitcoin for its intended purpose, as a currency, even as fees erode their profit margins.
Exodus away from Bitcoin
There have been instances where major retailers have moved away from Bitcoin, for their own reasons, but now there are even cases of Blockchain businesses leaving the leader cryptocurrency behind.
Social platform Yours Inc. has recently moved away from using Bitcoin as a payment method due to its high fees. Owner Ryan Charles explains:
“Bitcoin is now in a situation where the fees are very high and are likely to continue to increase, so it’s not even competitive with PayPal or Western Union in most cases.”
Yours Inc. is a company that is built around writers receiving small payments from readers of their posts, but because of the small amounts, Bitcoin fees were killing the idea. The company switched to Litecoin for payments. Full article here.
Bitcoin may soon be a 'rational, expected' part of a portfolio, Bitstamp's Dan Morehead says
Dan Morehead, chairman of digital currency exchange Bitstamp, said bitcoin and other digital currencies will likely become assets serious investors will want in their portfolios.
"Bitcoin's essentially going to revolutionize currency, or money," Morehead said on Wednesday at the Sohn Investment Conference in San Francisco, which was attended by portfolio managers and asset allocators.
"If it does work, the upside is so high, it's a rational, expected thing to have in your portfolio," he said.
Bitcoin is "going to disrupt money just like voice-over IP" took away the dominance of giant telecommunications companies on communication, he said. VOIP, or voice over internet protocol, is the technology that allows real-time voice calls over the internet. Full article here
China State News Calls for 'Iron Fist' Regulation of Bitcoin Exchanges
Is China bowing to bitcoin? The Chinese government's media arm, the Xinhua News Agency, has defended regulators' recent decision to outlaw token sales, or ICOs, and the voluntary closure of bitcoin exchanges that followed.
Heavily critical of cryptocurrency exchanges, Xinhua said they had become a favourite among criminals across the world in an article today. Exchanges, it continued, are known to have "concocted pyramid schemes" and "engaged in illegal activities" – criminal activity "disguised as scientific and technological innovation."
The solution? These entities must be met with "iron fist governance," according to the news agency, which also praised authorities' "zero tolerance" to the financial risks and illicit activities.
The article follows a statement by authorities in early September, which prohibited the sale of blockchain tokens as a method of fundraising. In the following month, a number of exchanges, citing the statement, announced they would voluntarily close their doors. Full article here.
Meanwhile, here's a nice video on Central Bank Scam which explain why bitcoin is such a disruptive force.
Authors get paid when people like you upvote their post. If you enjoyed what you read here, create your account today and start earning FREE STEEM!