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Saturday, October 7, 2017

Cryptocurrency News for 7 Oct 2017

 

Despite Potential Forks and Volatility, Bitcoin Price Eyeing $6,000 in 2017

Despite Potential Forks and Volatility, Bitcoin Price Eyeing $6,000 in 2017

 

There are a few rocky months left in the year for Bitcoin, but experts are starting to predict that the digital currency could still rally another 40 percent to end on $6,000 for the year.

Many have had stabs at predicting the Bitcoin price at the end of this year of rapid rise, from stock picker Ronnie Moas who said he sees Bitcoin reaching $5,000 by the end of the year - although it already crossed that boundary recently.

Bitcoin has seen a lot of activity in the third quarter of this year, from dramatic rises to forks and bans on ICOs. However, despite the ups and downs, it has been a growing market overall.

Bitcoin was up over 74 percent in September, but the shifting landscape of governmental regulation and technology decisions has seen it bounce up and down recently.


Full story at http://bit.ly/2gi7mhq


Source: CoinTelegraph


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Russia’s Central Bank Pushes for National Cryptocurrency

Russia’s Central Bank Pushes for National Cryptocurrency

 

According to Deputy Governor of the Central Bank of the Russian Federation, Olga Skorobogatova, the bank sees many benefits of a national cryptocurrency, Tassreported on Thursday.

At a press conference for the Finopolis Forum of Innovative Financial Technologies, she told reporters that “the creation of a national cryptocurrency stimulates the growth of non-cash payments and electronic payments, including, possibly, cross-border payments,” the publication wrote.

Claiming that it would solve the issue of avoiding cash, she added:

"It is becoming more convenient for all users to pay for goods and services through electronic wallets, and the digital currency can play the role of a catalyst for using it for payments in a broader sense."


Full story at http://bit.ly/2wDM83O


Source: Bitcoin News


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Two Hurdles? Bitcoin Faces Resistance Ahead of $4,500

Two Hurdles? Bitcoin Faces Resistance Ahead of $4,500

 

Bitcoin bulls may soon be breathing a sigh of relief.

Having defended the 50-day moving average support, the price of bitcoin rose to a four-day high of $4,407 today. Week-over-week, the bitcoin-U.S. dollar (BTC/USD) exchange rate is now up 5.84 percent.

Brushing aside uncertainty surrounding a possible upcoming fork, bitcoin is looking northward ahead of the weekend and, should it cut through key technical hurdles ahead, it could be poised to push higher.


Full story at http://bit.ly/2wDdmY8


Source: CoinDesk


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Will Bitcoin Gold Return Power to Ordinary Users?

Will Bitcoin Gold Return Power to Ordinary Users?

 

Before the dust has even settled on Bitcoin’s civil war, which saw an acrimonious disagreement about how Bitcoin should handle its scaling debate, the major digital currency could be splitting again.

Bitcoin Cash was threatened, laughed off, created, boomed, and them fizzled out as Bitcoin carried on its merry mooning way, now with more capacity because of SegWit. Bitcoin Cash was the alternative to SegWit where blocks were blown up to monstrous proportions.

Bitcoin Gold, as the new potential hard forking currency will be called, is now an attempt to wrest the lucrative mining component of Bitcoin out of the hands of the giant firms that have monopolised the creation of the digital currency.


Full story at http://bit.ly/2wDrNeC


Source: CoinTelegraph


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Japan’s Finance Industry Embraces Bitcoin Mining

Japan’s Finance Industry Embraces Bitcoin Mining

 

An Asia Nikkei article summarized: “Some of the middlemen that cryptocurrencies were designed to cut out are getting into the virtual mining business. With Japanese eagerly buying into bitcoin and similar currencies, SBI Holdings, GMO Internet and other online securities companies hope to turn mining into a new revenue source.”Japan's Finance Industry Embraces Bitcoin Mining

Kevin Helms, writing for news.Bitcoin.com, covered GMO’s foray into bitcoin mining last September when the company announced it. He said, “Japan’s leading internet conglomerate and bitcoin exchange operator GMO has announced that it is expanding into the businesses of bitcoin mining and chip manufacturing. The company revealed plans to produce and sell 7nm semiconductor chips and run a mining facility in Northern Europe.”

With greater adoption and usage occurring in the bitcoin ecosystem, the mining rewards for bitcoin are also becoming extremely lucrative. However, an individual or organization must have a lot of dedicated resources to get involved. Currently, large mining pools are a necessary prerequisite to generating massive revenue. Combined, miners across the world collect $7.84 million a day.

"According to Blockchain, a British startup, miners across the globe collectively make $7.84 million a day — 10 times more than two years ago."


Full story at http://bit.ly/2wDIeaW


Source: Bitcoin News


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Calm Before the Fork? Segwit2x Goes Silent as Bitcoin Split Looms

Calm Before the Fork? Segwit2x Goes Silent as Bitcoin Split Looms

 

"It's sort of like the quiet tension before a battle."

That's how Jean-Pierre Rupp, a developer at bitcoin wallet provider Blockchain, described the current state of Segwit2x development. With the code labeled "production ready," and the work of contributors like Rupp nearly complete, the main step left is the activation of the code, scheduled for late November.

That's when the next stage of bitcoin's scaling debate, as they say, will come to a head.

First proposed at a private meeting of industry players in May, Segwit2x was intended to forge a compromise in bitcoin's long-raging scaling debate. Still, it has attracted opposition, primarily for its approach to upgrading the bitcoin software. Chief among concerns is its use of a hard fork to increase the block size, a contentious mechanism due to the fact it could result in the creation of two competing bitcoin assets, or perhaps a single one that no longer interests a certain portion of users.


Full story at http://bit.ly/2wEaHgN


Source: CoinDesk


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