💵 Today's Crypto Updates: February 21st 📈
Today's Crypto Updates:
- Crypto Market In The Red Despite Bitcoin Transaction Fees Dropping, Dominance Rising
- Coinbase And Bitfinex Integrate Bitcoin Scaling Upgrade SegWit
- PayPal Exec Says ‘Very High Likelihood’ Bitcoin Will Become Popular Payment Method
- Bitcoin Will One Day Be Worth 40 Times Price It Is Now: Gemini Exchange's Cameron Winklevoss
Summary Of Today's News:
After a strong week of rebounding prices, the markets are bleeding. Bitcoin dominance is growing while transaction times and fees are shrinking. PayPal exec thinks Bitcoin will be used for payments in the future. Gemini exchange co-founder thinks Bitcoin price will be much higher one day.
1. Crypto Market In The Red Despite Bitcoin Transaction Fees Dropping, Dominance Rising
Key Highlights:
"While Bitcoin (BTC) dominance is up and Bitcoin transaction fees are down, the crypto market is seeing an overall downturn by press time, Wednesday, Feb. 21, with all of the top 30 coins on CoinMarketCap in the red"
"Bitcoin dominance, or BTC’s market cap as a share of the total market cap for all cryptocurrencies, is at a monthly highly today of around 39.4 percent, corresponding with the recent sharp drop in Bitcoin transaction fees."
Crypto Phil's Take:
The markets may be all red today but lets remember that we've just seen a nice rebound from a low of around $6000 for Bitcoin. Anyone that just thought this was going to go up forever hasn't been in Crypto very long.
2. Coinbase And Bitfinex Integrate Bitcoin Scaling Upgrade SegWit
Source: https://cointelegraph.com/news/coinbase-and-bitfinex-integrate-bitcoin-scaling-upgrade-segwit
Key Highlights:
"Crypto exchange platforms Coinbase and Bitfinex both announced yesterday, Feb. 20, that they are now ready to implement the Segregated Witness (SegWit) scalability upgrade for Bitcoin (BTC)."
"SegWit provides not only an immediate benefit for users, but also a foundation for future Bitcoin development. By supporting SegWit addresses, Bitfinex is tackling three of the biggest crypto-enthusiast concerns: transaction fees, transaction speed, and total network capacity."
Crypto Phil's Take:
This actually ties in with the first story I reported on above. Bitcoin fees and transaction times are reach lows we have not seen in quite some time. These big exchanges supporting SegWit is only going to further help lower fees and wait times. Great news for Bitcoin going forward.
3. PayPal Exec Says ‘Very High Likelihood’ Bitcoin Will Become Popular Payment Method
Key Highlights:
"PayPal’s chief financial officer, John Rainey, spoke positively of Bitcoin’s (BTC) use as a future popular option for payments during an interview with The Wall Street Journal"
"The technology, there is real merit to it. I do think, though, it will be years down the road before we see the kind of ubiquity and acceptance that make it a form of currency that is used every day."
Crypto Phil's Take:
I think we're still a ways off from Bitcoin being used a way to consistently pay people. The price just varies too much from day to day. However, I think as all cryptos develop further, we'll start to see payments with them become more and more common.
4. Bitcoin Will One Day Be Worth 40 Times Price It Is Now: Gemini Exchange's Cameron Winklevoss
Source:
Key Highlights:
- "We believe Bitcoin disrupts gold."
Crypto Phil's Take:
One of the cofounders of the popular U.S. based exchange, Gemini, thinks Bitcoin's price is going to be worth much more one day. What a surprise! Still, the Winklevoss twins have made a ton of money from Crypto and are clearly in it for the long haul. So it's probably not a bad idea to listen to what they have to say.
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Previous Crypto Updates:
💵 Crypto Updates: February 20th 📈
💵 Crypto Updates: February 19th 📈
💵 Crypto Updates: February 18th 📈
💵 Crypto Updates: February 17th 📈
💵 Crypto Updates: February 16th 📈
You got a 50.00% upvote from @puppybot courtesy of @phil917!
Thanks lil fella
Do you have any insight into the relationship between bitcoin and steem, and which is better to invest in for the long term (say 1-5 years) . I am aware that their values fluctuate in somewhat comparable patterns (as do all crypto), but I feel like steem will grow relatively slower in the long term. On the other hand, SP can validate the early investment in terms of higher rewards over time for blogging and curating. Thus, it appears as if they offset somewhat but that is from my novice perspective.
Well in my opinion, all altcoins are at least somewhat dependent on the Bitcoin price. So if Bitcoin goes up you can expect Steem to follow long term.
Additionally, I think Steem and Steemit provide some of the best examples of how cryptocurrencies can disrupt existing industries. It's a crypto that has a whole ecosystem actually functioning apps and websites around it. Not too many cryptos that are available on the market right now can say the same thing.
As for which one is a better buy long term, you'd probably be better off flipping a coin than asking me. My advice would be to hold some of both.
Thanks. I actually wonder if the correlation will decrease over time as other currency options are added to wallets such as coinbase. The fact that bitcoin is the overall index has to at least partially be attributed to it's age and accessibility.
Once Coinbase starts adding other coins I wouldn't be surprised if we start seeing Bitcoin's dominance get chipped away more and more. And I definitely agree about the age/accessibility.
This post has received a 0.59 % upvote from @booster thanks to: @phil917.
@booster, I accidentally submitted 2 bids for this article. I got the first upvote but obviously did not get the second bid. Can I please have a refund for the 7.699 steem bid I put in?
Thanks
Realmente puedo decir que la historia del Bitcoin y sus buenos analistas como los que preceden el articulo, hacen provocar comprar unos Bitcoin y enterrarlos en el buen sentido osea dejarlo por un tiempo como 20 años guardados y ver que pasa de aquí allá...
Pero esto vale para las otras 1550 criptomonedas...algunas con precios por unidad ínfimos...buen análisis y gracias por acercaros en sencillez al mundo crypto.