📰 29/8/2018 Square Inc. presents crypto payments; Bithumb restarts registrations of new users; Bitcoin's hashrate jumps to 62 quintillion: news
📌 Bithumb restarts registrations of new users
Rumors/media: Bithumb can resume real-name registration of new users
As you remember, Bithumb, the South Korean exchange, suspended registration of new users on July 31, due to disagreements with Nonghyup Bank. The change in the terms of contract caused this dispute between two companies; after the day when Bithumb got hacked, the bank requested more favourable terms of cooperation. But, it seems that the local media began to spread a rumour about the re-starting of registrations on the exchange.
According to sources, traders will be able to open personal virtual bank accounts on the platform already on the 30th, or a bit later. However, so far this information has not been commented officially.
// Today Bithumb is one of the largest Asian crypto-exchanges with a market share of at least 4% and a daily volume of 350 million (in the last 24 hours).
📌 Square presents crypto payment network
"Bitcoin accepted here": crypto-payments may become available in every store?
Square, Inc. the largest technology company from the United States, which provides a digital payment system and card readers, won a patent for its own crypto payment network. The firm first filed for the patent in Sept. 2017, and only on August 21, the company disclosed the official data of application approval by the U.S. Patent & Trademark Office (USPTO).
Square's crypto payment system will use its internal ledger;
Most of the risks associated with this type of payments are assumed to become a Square's undertaking, but not the merchant's headache.
The Square crypto payments will be available throughout America? Theoretically, it is quite possible, given the wide coverage of the market by the company itself. But, a number of Bitcoin's translation problems, such as their speed, for example, may slow down the Square a little, despite representatives statements that the company has moved very far in this matter. At the moment we have just only a patent for this technology, its further use is not mentioned.
💰Market Cap: $227 235 084 503
💵24h Vol: $13 680 002 858
📊 Prices TOP 29.08.2018
↗️↘️Bitcoin: $6 973
↗️↘️ETH: $287
↗️↘️XRP: $0,343086
↗️↘️BCH: $550
↗️↘️EOS: $5,94
↗️↘️XLM: $0,225329
↗️↘️LTC: $61,14
↗️↘️USDT: $0,99
↗️↘️ADA: $0,102861
↗️↘️IOTA: $0,738061
📌 Bitcoin's hashrate jumps to 62 quintillion
Bitcoin's hashrate (growth) exceeded 35% in two days, and 50% in 30 days
The Bitcoin's hashrate growth has increased fastly during this year, since last September, from less than 10 quintillion to 62 quintillion (today's value). Moreover, the local dynamics is quite strong, for example, within the last 30 days, BTC hashrate has increased by 50%, and for the last two days - by 35%. All this only points to the growing power of the network; but, what's interesting, many experts/members of the crypto community started to connect the growth of hashrate potential with the new (expected) BTC price heights.
What could form such an opinion? Of course, a fairly solid jump in hashrate has occurred in the conditions of the Bitcoin's recovering. When this message was written, the price of one coin was $7100 and a little bit more. It seems that mining returns positions, and also attracts new players, including the largest ones. On the other hand, many thinkers see this as systemic growth.
| Hash Rate Unit | Hash | Hashes Per Second |
|---|---|---|
| 1 kH/s | 1,000 | One Thousand |
| 1 MH/s | 1,000,000 | One Million |
| 1 GH/s | 1,000,000,000 | One Billion |
| 1 TH/s | 1,000,000,000,000 | One Trillion |
| 1 PH/s | 1,000,000,000,000,000 | One Quadrillion |
| 1 EH/s | 1,000,000,000,000,000,000 | One Quintillion |
| 1 ZH/s | 1,000,000,000,000,000,000,000 | One Sextillion |
Know more: Blockstream announces Spark GUI (implemented Lightning Network) interface.
📌 Even the classical economist defends cryptocurrencies
Barbara Kolm: «if we don’t back up our currencies with something solid and secure, we need to move on and at least allow them to compete»
Barbara Kolm, Founding Director of the Austrian Economics Center express her opinion of cryptocurrencies during the last discussion with Naomi Brockwell, YouTube interviewer. Interestingly, that even in spite of quite extensive experience in the economy (as we can understand, classical Austrian), the economist categorically does not accept the unconditional position of a dollar.
Kolm declares that the prerequisites for creating a distributed economy firstly appeared even in the 70s, therefore, there are at least several reasons why the society can say "yes" to virtual currencies. She says:
“You don’t have that with governments. They’re not thinking, ‘oh what’s good money that we could create for people that we know consumers would like?
They don’t really care about people’s experience with money. So what’s interesting to me is seeing all of these cryptocurrencies emerge that are specifically tailored to what consumers want from a currency.”
In addition, referring to Hayek's words, the economist makes a connection between the free market and the choice that people can make by using crypto-currencies. In order not to miss this information, let's see the Friedrich August Hayek opinion (1899 — 1992):
“If we want free enterprise and a market economy to survive (as even the supporters of a so-called ‘mixed economy’ presumably also wish), we have no choice but to replace the governmental currency monopoly and national currency systems by free competition.”
- The Denationalization of Money, 1976
To know more, what the decentralization of money can be, look at this book. Of course, today many theoretical things become reality. Therefore, the topic of self-issued money is not so new. Simply, earlier people did not have access to the technologies like the society does at this time, and the policy was completely different; perhaps, over time, market mechanisms will interact more freely. That's all for today, thanks for reading!
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