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Coinbase CEO Brian Armstrong believes we will see a massive wave of adoption of cryptocurrencies. It will not be driven by investors looking to profit from new digital assets, but by users captured by new applications. Startups will use their own tokens to attract new users and captivate them.
Bitcoin negotiated at an incredible premium in Iran, as tensions with the US rise. It is approximately three times the current market value for BTC. Ethereum has just completed its hard fork, and it has not picked up steam. Bitcoin influencer Udi Wertheimer believes Tron will overtake Ethereum in 2020 as far as distributed apps are concerned.
The Ethereum Muir Glacier hard fork has just completed, and ETH slumps 30% due to inflation for then partially recovering. The sole purpose of the hard fork was to delay for two years the planned increase in the protocol level difficulty. As a result, the rate of emission of ETH, the cryptocurrency connected to the Ethereum network, will be higher than that of Bitcoin after May 2020. On such a date, Bitcoin will cut in half the rewards for its miners following the rigid planning of the BTC protocol. Ethereum, instead, will continue with its inflation rate for about two years and will be at the whim of its developers, miners, and marketers.
At the beginning of the new year, the Ethereum development team just completed another hard fork. All clients have managed to stay current, except one: nethermind. The only significant change in this hard fork is postponing the difficulty bomb for another 4 million blocks. It fixes an estimation error in the upgrade that happened a few weeks ago.
Despite its volatility, Bitcoin has gained markedly in 2019, recovering from the “winter” of 2018. It has also increased its dominance over other cryptocurrencies. It is definitely the most reliable asset in the crypto universe and the most promising for 2020. The biggest loser was, of course, Libra and the botched crypto project promoted by Facebook. For other winners and losers, see this article.
Around Christmas, Youtube launched a significant strike against multiple top content creators in the crypto-sphere. The reaction was strong and immediate and resulted, after some days of delay, in the reinstatement of most content. After a lot of queries, the platform has finally issued an apology stating that it was all a mistake. Some of the creators are unconvinced that just a mistake could produce such a targeted and sudden result. They rather believe it was intentional, but Youtube and Google decided to backpedal to avoid too much controversy. Several of them are looking with more interest in distributed content platforms.
Bitcoin Halving Not Significant For Investors. Price Is Now Strongly Driven By Derivatives Exchanges Like Bakkt.CryptoEnsemble Crypto Reports
Meltem Demirors is the chief strategy officer of Coin Shares, a company that manages digital assets on behalf of its clients. He believes the price of Bitcoin might not increase after the halving of the mining rewards, scheduled for May of 2020. Demirors considers Bitcoin as a digital commodity. In a typical scenario, the price of commodities is set by producers following the relationship between supply and demand. When derivative financial products enter the scene, prices fall under the control of speculative investors, After its launch in September of this year, the first BTC derivative exchange, Bakkt, has strongly influenced price values and will continue to do so in 2020.
The war on crypto started at Christmas by Youtube has been echoed by Google, which has banned from its Google Play store the main wallet app used by Ethereum users. The official motivation is that Metamask has violated the platform’s policy prohibiting mining on mobile.
One of the original Ethereum developers, Jeffrey Wilcke, sold 90K during Christmas. It is the equivalent of $ 11.5 million. Wickler originally developed components for the user interface and now is busy with a game development project of his own. Like several other Ethereum original developers, Wickler left early the project after obtaining a handsome payout. Right now, few developers are working at maintaining and developing the current version of Ethereum. Most of the focus is on Ethereum 2, which is not keeping up with the expected timeline.
Influencers Scream At Youtube's Sudden Removal Of Hundreds Of Crypto Videos. Youtube Apologizes And Slowly Puts Them Back, But The Damage Is Done.CryptoEnsemble Crypto Reports
Starting on December 23, Youtube began removing hundreds of videos related to the field of cryptocurrencies. Creators suddenly woke up to a screen telling them they had violated the “sales of regulated goods” rule and therefore, should refrain from posting content to Youtube. Some of the affected channels belong to industry influencers with hundreds of thousands of subscribers and millions of views. Hell broke loose, and the whole community mobilized against the video platform, which slowly reacted, claiming it was a mistake and started putting the content back.
Bitcoin Mining is a very competitive industry, and its sheer computational power increased eight times since 2017. The average cost of producing a Bitcoin today is $ 6,300, and some investors believe this is the lowest Bitcoin could ever go during a downturn. The recent price fluctuations seem to demonstrate this theory, yet the cost of mining is very different depending on where it happens. China and Saudi Arabia, for example, have plenty of low-cost electrical power, and miners can extract one Bitcoin for just $ 3,200. In January of this year, the price of BTC dropped all the way to $ 3,400, which seems to indicate the real lowest level. But the mining landscape has changed since then, and the hash rate has grown so much that Bitcoin is now by far the safest distributed network on the planet. BTC DominanceNo other cryptocurrency can come even close, and this might account for the fact that BTC has gained greater dominance in 2019. It went from about 50% to approximately 70% at the expense of Ethereum, XRP, Tether, and other “Alt-coins.” Tone Vays, a long-time Bitcoin investor and analyst, believes the dominance could actually increase in 2020, reaching 85%. It would mean a death blow to many smaller currencies that were created during the boom in 2017 and are already barely surviving. It might even entail a collapse of Ethereum, which hasn’t been doing well this year. You can, of course, find opposite opinions by other investors and observers. For one thing, the Bitcoin reward halving, which is scheduled for mid-May 2020 (countdown clock), might throw out of business a number of miners. The only one that would be able to survive is those who are already spending half of the money for mining one block. China already accounts for 66% of BTC mining activity in the world and is poised to gain even more share in 2020.
High School Dropout and Youngest Crypto Millionaire Transfers Crypto to Africa without Internet or a Smartphone, Just an Antenna and a Satellite.CryptoEnsemble Crypto Reports
Erik Finman, a 12-year-old kid from Idaho, bought $ 1,000 worth of Bitcoin in May 2011 when it was only worth $ 12. He used money that had been gifted to him by his grandmother. He also made a deal with his parents. He would skip college if he was successful in his investment. At the age of 18, he had become a millionaire. Now he’s is developing a system for transferring payment via satellite without the need for an Internet connection. A receiving antenna is enough to get the transfer and then convert it into cash locally.
Tim Draper believes that BTC could reach a quarter-million dollars valuation as early as November 2020. His prediction is also shared by Fundstrat analyst Tom Lee who is not so sure about the timeline.
Double spending is becoming a problem for Bitcoin Cash. In the last month, there have been more than 3,500 attempts to double spend on the BCH network. Some of them were successful: 337. It means that roughly 10% of transactions are double-spending. An example would be buying a pizza in a restaurant and then, immediately afterward, transfer the same amount back to a friend or us. In this way, the merchant would see the payment broadcasted to the network and would believe it to go through without waiting 10 minutes to receive the final confirmation. But the money would never get to him because it would be redirected by a second transaction a few minutes later. They are usually small amounts, for a worth of about $30, and some vendors are willing to live with a 10% loss as a cost of doing business. Yet others plan to drop Bitcoin and Bitcoin Cash payments altogether unless developers provide a real solution to double-spending. The double-spending happens because of a unique Bitcoin mechanism called Replace by Fee. When confronted with two or more unconfirmed transactions from the same address, miners can pick the transaction they prefer based on the fees paid to them. The problem can be solved by waiting long enough for confirmation or by using the Lightning Network, which is particularly suitable for paying meals. It is a complex network working in parallel to the main Bitcoin network and addresses the double-spending problem in small and quick transactions. But the Lightning Network has still some major technical problems to be addressed. There is a web site that tracks double spending on Bitcoin Cash, which you can use to figure out the current situation: doublespend.cash. It also provides some advice on how to fight double-spending. Price ChallengesBCH also shows some problems on price trends which have been down-trending since the beginning of the year. Technical analysis indicates that the price could decrease further.
The future of Ethereum is quite uncertain from the viewpoint of Coin Floor, a major cryptocurrency in the United Kingdom, Future hard forks make it unstable and unpredictable. Ethereum is still the second-largest cryptocurrency in the world and the major Bitcoin’s competitor. Coin Floor also stated that it would delist bitcoin cash (BCH) in the coming future.