Teenage bitcoin millionaire can see the cryptocurrency’s value shooting as high as $1 million

Teenage bitcoin millionaire can see the cryptocurrency's value shooting as high as $1 million

Teenage bitcoin millionaire can see the cryptocurrency’s value shooting as high as $1 million

If this teen entrepreneur, high-school dropout and bitcoin millionaire has any predictive powers at all, then we’ve hardly seen the top of the market for the hot cybercurrency.

Meet Erik Finman, who started picking up bitcoin at $12 apiece back in May 2011, when he was just 12, riding a hot tip from hits brother Scott and a $1,000 gift from his grandmother, he told CNBC. He’s now the owner of a reported 403 bitcoins, and while the cybercurrency has been on a bit of a bumpy ride lately, at a Wednesday morning price BTCUSD, -0.48% of $2,773.54 each, the now 18-year-old Idahoan’s stash is worth $1.1 million and change.

“Personally I think bitcoin is going to be worth a couple hundred thousand to a million dollars a coin.”

Erik Finman

 

Finman cashed out his first bitcoin investment back in 2013 and started Botangle, an online education company that provides tools for locating instructors in subjects they need or wish to learn about.

He wasn’t a fan of high school and convinced his parents, both Ph.D.’s, to let him drop out at 15.

His teachers clearly weren’t seeing his potential. “One teacher told me to drop out and work at McDonald’s because that was all I would amount to for the rest of my life. I guess I did the dropout part,” the young bitcoin millionaire said. He didn’t really want to go to college, either, and won a bet with his parents that if he was worth a million dollars by 18, he could skip it. He was, and so he did.

Finman encountered discouragement from an Uber executive, who, instead of listening to his Botangle pitch, told him he should count on college rather than racking up millions. But the teen did end up successfully selling his company’s technology, for a cool price of 300 bitcoin, reportedly. He has said he turned down a $100,000 offer.

Bitcoin prices have soared more than 300% in the span of a year, with the bulk of the gain coming during May and June. Ethereum, one of its chief rivals, has also seen big gains. Bitcoin tapped $3,000 last week, before a pullback last week that saw it shed billions in market cap.
 

David Ogden
Entrepreneur

 

Author: Barbara Kollmeyer
Markets Reporter

Alan Zibluk Markethive Founding Member

Ripple Cryptocurrency Aims to Make Global Assets Liquid

Ripple Cryptocurrency Aims to Make Global Assets Liquid

Ripple Cryptocurrency Aims to Make Global Assets Liquid

 

One one level, Ripple is another cryptocurrency in an ever-growing list of fledgling products, hoping to earn a place in the wider world of business and finance. While the value of Ripple's currency, XRP, is well below $1 per unit, making it a mere fraction of the value of Ethereum or Bitcoin, Ripple nonetheless sports the third-largest portion of market capitalization as compared with the rest of the cryptocurrency industry. But aside from its growing position as a currency, Ripple is drawing more and more attention from banks and financial institutions around the world for another crucial reason, too: the blockchain technology behind the currency itself.

Ripple Aims to Build an "Internet of Value"

A recent profile on Ripple by American Banker reveals that the San Francisco-based startup has its sights set on creating an "internet of value," a worldwide network system for financial transactions. Ripple's goal is nothing less than the ultimate freeing of monetary value, allowing assets to flow instantly and seamlessly between mobile systems, public blockchains, and bank ledgers. The goal is a massive one, and yet Stefan Thomas, Ripple's chief technology officer, stands behind his company's ability to enhance banking around the world. "We're not the disruptors, we're not the guys who come in and tear everything down," he stresses.

But in the Meantime…

For the time being, though, Ripple seems to occupy at least two different spaces. First comes the chryptocurrency side, and success in that area has not come as quickly as some would have liked. John Light, a consultant working with multiple startups that have integrated Ripple's technology into their systems, indicated that Ripple has "had something of an identity crisis about who their customer is, and what problem they are trying to solve."

First, the company aimed to build a new currency that would improve upon Bitcoin. This was a key component of the instantaneous transactions goal, as Bitcoin has been racked with problems relating to the system's processing capacity which has left some users waiting for days for their transactions to clear. Beyond that, though, Ripple differed from Bitcoin and other digital currencies further, even at its earliest stages. Ripple's leaders disagreed with other chryptocurrency enthusiasts who suggested that the new currencies could replace banks or even government currencies. Rather, Ripple aimed from the beginning to work with banks to make global assets even more liquid.

With roughly 60 financial institutions around the world sporting Ripple technology, the company is seeing its vision begin to take shape. However, the fact that the currency itself has not gone away makes the list of offerings that Ripple presents somewhat confusing. If banks and investors around the world are to continue to gain interest in Ripple, it seems that the company will be best served by streamlining its offerings further into the future.

David Ogden
Entrepreneur

 

Author: Nathan Reiff

 

Alan Zibluk Markethive Founding Member

How To Grow Bitcoin

Grow Your Bitcoin

How to grow Bitcoin

 

Bitcoin is the leading chryptocurrency and is starting to change the way people use money and invest in the future. The coin is a limited resource which some compare to Gold and certainly at the moment it is holding its own value wise.

Unlike traditional coins chryptocurrencies have many more decimal places which mean you can purchase sell or earn a bit of a coin, just like in ancient times where physical coins were cut into pieces.

Bitcoins have become popular in developing countries, where they are perceived to be better value and safer to use than traditional currencies which are controlled by Governments

I started earning bitcoin a few month ago, completing online survey and earning 74to 359+ bits for 5-30 minutes work. It may not be much, but I puts you on the road to prosperity. Currently I have some 100 ukpd worth of coins in my wallet.

Rather than leaving you Bitcoin in a wallet, You can invest and trade them online, which can be risky if you do not know what to do, the basic aim is to buy on the lows and sell on the highs.

You will see many companies which offer to multiply you coins by hype methods offering high returns which are not sustainable and often lose down without notice.

I have found two companies who actually trade chryptocurrencies using specialized trading algorithms, which greatly reduce the risk of loss. One company has a excellent track record, however you need to keep you coins invested for a year, compounding your gains.

The second company based in the Far East has only been trading for a short while but is very reactive to changing conditions, which have forced its competitors to shut down, it also transfers the interest you earn into your personal wallet, which is then under your own control.

There will be many people who claim that both of these companies are a scam, but frankly most do not know what they are talking about. I used to be a currency trader many years ago and know for a fact that automated trading programs do work. Chryptocurrencies are more volatile so one can see that doubling your money in 60 days is not an unreasonable target.

 

David Ogden
Entrepreneur

Alan Zibluk Markethive Founding Member

Ethereum Tokens Are All the Rage. But What Are They Anyway

Ethereum Tokens Are All the Rage. But What Are They Anyway

Ethereum Tokens Are All the Rage. But What Are They Anyway

Ethereum wants to create an ecosystem where everything works together seamlessly as part of its vision for a 'world computer' – and that includes the tokens required to power it.

Launched in 2014 by a band of coders and an upstart teenager, ethereum was designed to make it possible for anyone to code nearly any type of app and deploy that on a blockchain. Many of these decentralized apps (or 'dapps' for short) needed their own token that could, among other things, be sold and traded easily.

To that end, nearly 18 months ago, the ERC-20 token standard was born.

It's hard to overstate how important that interface has been. By defining a common set of rules for ethereum-based tokens to adhere to, ERC-20 allows developers of wallets, exchanges and other smart contracts, to know in advance how any new token based on the standard will behave.

This way, they can design their apps to work with these tokens out of the box, without having to reinvent the wheel each time a new token system comes along.

As a result, almost all of the major tokens on the ethereum blockchain today, including those sold in the recent surge of ethereum-based initial coin offerings (ICOs), are ERC-20 compliant.

 

Tokens 101

Before delving deeper, it's important to spell out what a token actually is and how it differs from ether, the native currency driving the ethereum blockchain.

As they relate to the ethereum network, tokens are digital assets that can represent anything from loyalty points to vouchers and IOUs to actual objects in the physical world. Tokens can also be tools, such as in-game items, for interacting with other smart contracts.

But put simply, a token is nothing more than a smart contract running on top of the ethereum blockchain. As such, it is a set of code (functions) with an associated database. The code describes the behavior of the token, and the database is basically a table with rows and columns tracking who owns how many tokens.

If a user or another smart contract within ethereum sends a message to that token's contract in the form of a 'transaction,' the code updates its database.

So, for instance, when a wallet app sends a message to a token's contract to transfer funds from Alice to Bob, this happens:

First, the token's contract checks that the message was signed by Alice and that Alice has enough funds to cover the payment

Then, it moves funds from Alice's to Bob's account in the database

Finally, it sends a response, letting the wallet know the transaction was a success.

In contrast to tokens, ether is hard coded into the ethereum blockchain. It is sold and traded as a cryptocurrency, and it also powers the ethereum network by allowing users to pay for smart contract transaction fees. (All computations on the ethereum network have a 'gas' cost.)

When you send tokens to an exchange, for example, you pay for that transaction (in this case, a request to the token's contract to update its database) in ether. This payment is then collected by a miner who confirms the transaction in a block, which then gets added to the blockchain.

Early on in ethereum's history, standards were part of the overall plan to create a user friendly and broadly accessible system. But like all standards, ERC-20 took time to evolve over a series of long discussions and careful considerations.

So, sometime before DevCon1, the first big ethereum conference in 2015, Vitalik Buterin, the founder of ethereum, introduced the initial standards token.

Later that year, Fabian Vogelstellar, one of the developers working on ethereum's Mist wallet, took that standard, changed a few things, and proposed it to the community as ERC-20 to initiate a formal conversation around how the standard should be implemented.

Then in April, due to changes in how the Ethereum Foundation was organizing its GitHub, the ERC-20 standard was moved to a Github pull request.
 

What's inside?

ERC-20 defines a set of six functions that other smart contracts within the ethereum ecosystem will understand and recognize.

These include, for instance, how to transfer a token (by the owner or on behalf of the owner) and how to access data (name, symbol, supply, balance) about the token. The standard also describes two events – signals that a smart contract can fire – that other smart contracts 'listen' for.

Together, these functions and events make ethereum tokens work the same almost everywhere within the ethereum ecosystem. As a result, nearly all wallets that support ether, including Jaxx, MyEtherWallet.com and the official ethereum wallet, now also support ERC-20 compliant tokens.

According to Vogelstellar, who spoke to CoinDesk about the importance of ethereum's token standard, this interoperability lays the groundwork for big changes to come.
 

He said:

"I believe we are just at the beginning of tokenizing everything. Maybe in the future, you will be able to buy a share of the chair you are sitting on, the paint inside your house or a fraction of equity in a huge building complex."

 

Bumps in the road

One thing to keep in mind, though, is that ERC-20 is formally a draft, meaning it is not being enforced and still needs to be fully blessed by the ethereum community. Regardless, Vogelstellar said, every new token will likely conform to its set of rules.

He cautioned, however, that the standard is still young, so there will be bumps in the road. One of those bumps is that sending tokens directly to a token's smart contract will result in a loss of money. That is because a token's contract only tracks and allocates money. When you send tokens to another user from a wallet, for example, that wallet calls on the token's contract to update the database.

As a result, if you attempt to transfer tokens directly to a token's contract, the money is 'lost' since the token's contract cannot respond.

So far, $70,000 worth of tokens have been lost in this manner.

But solutions are in the works. As an extension to ERC-20, ERC-223 attempts to resolve the issue by suggesting a token's contract implement a tokenFallback function to prevent the contract from holding tokens sent directly to it accidentally.

Vogelstellar argued this is all just part of developing a solid system, though, saying:

"Driving with these prototypes can be rocky at times, but ultimately they provide the necessary learning that will bring us to the future of blockchain and smart contract interactions."

 

David Ogden
Entrepreneur

 

Author: Amy Castor

 

Alan Zibluk Markethive Founding Member

Top 3 Reasons Not to Use an Exchange Wallet to Participate in a Cryptocurrency ICO

Top 3 Reasons Not to Use an Exchange Wallet to Participate in a Cryptocurrency ICO

Top 3 Reasons Not to Use an Exchange Wallet to Participate in a Cryptocurrency ICO

Even though cryptocurrency ICOs have been going on for quite some time now, a lot of basic questions continue to show up. It appears there is a lot of confusion as to why one should never send funds to an ICO from their exchange wallet directly. There are several good reasons as to why this should not be done, though, as we outline below.

3. TRANSACTION DELAYS CAN COST MONEY

Contrary to what some people may think, exchange wallets do not always send out withdrawals right away. In some cases, it can take an hour or longer until your withdrawal is effectively processed. Depending on which cryptocurrency we are talking about, it may take even longer to get the necessary network confirmations. This is anything but a fun experience, especially when it comes to dealing with a cryptocurrency ICO.

These ICOs often provide early investors with some sort of a bonus. Having to wait until the exchange sends out your funds can result in buying less ICO tokens than initially anticipated. It is not something anyone wants to deal with. Even if an ICO is scheduled to last multiple days, there is no reason not to transfer funds to your own wallet first before participating in a crowdsale.

2. AN EXCHANGE WALLET IS NOT YOUR WALLET

It may be hard for novice users to understand this principle, but a cryptocurrency wallet is not like a bank account. With a bank account, you rely on a third-party service provider to safeguard your funds. That is exactly what exchange wallets are, yet they do not let users spend their funds as they want. You always need “permission” from the exchange wallet service provider to move funds around, which is both annoying and risky.

There is a big difference between an exchange wallet and a private wallet. With a private wallet, you are the only one controlling the wallet address and its associated private key. An exchange wallet is generated on your behalf, yet you have no control over it whatsoever. Although you can freely use an exchange wallet, it is not your digital property by any means. Unless you own its private key, it’s not yours, nor is any of the money associated with it.

1. YOU WON’T GET YOUR TOKENS (RIGHT AWAY)

Perhaps the biggest complication that arises when using an exchange wallet is how the purchased ICO tokens are not yours to control by any means. In most cases, a cryptocurrency ICO smart contract will send money back to the address the deposit was made from. If that wallet is an exchange wallet, the exchange is the actual owner of the tokens you purchased using their wallet. That is a rather disturbing way of buying ICO tokens, yet the end user cannot claim ownership of the tokens, as they do not own the wallet’s private key.

Granted, in some cases, exchanges will eventually support these ICO tokens and return the purchased amount to the customer. However, one has to keep in mind they have no legal obligation to do so by any means. If you send money to a cryptocurrency ICO address from a wallet, you do not fully control as the sole owner, it is your own fault. All ICOs clearly warn users not to send funds from an exchange to avoid any complications.

 

David Ogden
Entrepreneur

 

Author: JP Buntinx

Alan Zibluk Markethive Founding Member

Bitcoin prices likely to continue wild ride

Bitcoin prices likely to continue wild ride

Bitcoin prices likely to continue wild ride

SAN FRANCISCO — What goes precipitously up, often comes crashing down to earth.

So it was with bitcoin on Thursday, when the price of the digital currency plunged 19% — its steepest drop in more than two years — after a record run. The volatility remained on full display late Thursday and, as of Friday evening, bitcoin rebounded to $2,484.59.

The cryptocurrency, which flirted with $3,000 on Monday, sunk as low as $2,076.16 in intraday trading early Thursday amid a confluence of bad omens. Tech stocks have recently taken a thumping over concerns about their lofty valuations. Ominous reports from Goldman Sachs and Morgan Stanley suggested bitcoin was due for a reversal in price and required government regulation. The Federal Reserve hiked interest rates Wednesday.

Compounding worries, digital currency exchange Coinbase experienced an outage Monday because of high-trading volume. Another exchange, Bitfinex, on Tuesday said it was under DDOS attack.

Meanwhile, prices for digital currencies ripple and NEM declined the past week, though Ethereum, the second-largest currency, has soared 20% on speculation it will be the top currency. At $371.36, it lags far behind bitcoin in value.

CryptoCurrency Market Capitalizations

"Bitcoin and other digital currencies are experiencing rapid growth these days," says Guy Zyskind, CEO of Enigma, a start-up in cryptocurrency investing. "For this to be sustainable over time, the market has to correct itself from time to time."

The market's wild ride this week underscores "the ebbs and flows of an entirely new asset class," says Bill Barhydt, CEO of Abra, a peer-to-peer payment service.

"While the bitcoin price will likely recover and continue to rise, what we should see in the future is bitcoin becoming a solid store of value, much like gold," says Mihir Magudia, executive director of LEOcoin Foundation. "It will be relatively easy to liquidate but will not be used to commonly pay for goods and services."

David Ogden
Entrepreneur

 

Author: Jon Swartz , USA TODAY

 

 

Alan Zibluk Markethive Founding Member

The Cannabis Industry, the Blockchain, and Dennis Rodman Gives PotCoin a New High

The Cannabis Industry, the Blockchain, and Dennis Rodman Gives PotCoin
a New High

Cannabis has been legalized in numerous states

across the United States. However, the cannabis industry is still plagued with limited access to banking services as traditional banks want to avoid dealing with businesses that engage in business activities that are still largely illegal under federal law. That is where cryptocurrencies could offer a solution.

Due to the loosening of anti-cannabis laws across America, the legal weed retail industry has grown quickly over the years and is expected to keep growing rapidly as more states debate and decide on its legality. Both the medicinal and recreational use of cannabis has been legalized in Alaska, California, Colorado, Oregon, Washington, Nevada, Massachusetts, Maine, and the District of Columbia, while the medical use of cannabis has also been legalized in an additional 20 states across the US. In late 2016, leading investment bank Cowen and Company published a report on the Cannabis industry titled, “The Cannabis Compendium: Cross-Sector Views on a Budding Industry” which postulates that the industry would grow to $50 billion by the year 2026.

However, because cannabis is still illegal under federal law, most legal dispensaries are having to conduct purely cash-based business, given most banks and other financial institutions will not allow them access to financial services as a result of regulatory constrictions. This leaves weed retailers vulnerable to theft, which criminals have exploited, as evidenced by statistics on dispensary robberies. The blockchain industry is looking to remedy this. Due to the decentralized nature and inherent security of the blockchain, it offers a unique selling proposition as a payments solution for the cannabis industry.

Dennis Rodman Gives PotCoin a New High

PotCoin was created in 2014 to cater to the needs of the unbanked cannabis industry. The coin works on a proof of stake system with an Annual Percentage Interest (APR) of five percent. The coin also boasts fast processing time with relatively low fees. Though the coin has exhibited steady growth in its three years of existence, there has been a substantial spike in its price this week due to its sponsorship of retired Basketball star and Hall-of-Famer Dennis Rodman’s trip to North Korea.

According to PotCoin spokesperson Shawn Perez, the main reason for the sponsorship of Rodman’s trip was to support “Dennis Rodman's mission to bring peace to the world." Though the visit does not seem to have any visible ties to the cannabis industry, PotCoin has benefitted from the media attention that has surrounded Rodman’s journey to North Korea. According to Coin Market Cap, the coin has shown over 70 percent growth, from just below $0.10 to $0.17 since the sponsorship was announced.

POSaBIT

Washington-based bitcoin startup POSaBIT has created a financial platform that allows customers at weed retailers to make purchases using their regular credit cards. The platform uses bitcoin as an intermediate payment system. Jon Baugher, co-founder of POSaBIT explained: “There’s no industry – whether it’s the production and sale of cannabis or the production and sale of a cup of coffee – that can operate safely, transparently or effectively without access to banks or other financial institutions and traditional services. That’s where we thought we could leverage the use of digital currency.” The technology facilitates customers’ quick and easy access to bitcoin at the point of sale who can then use the digital currency anywhere that it is accepted. The platform is already in use by 30 dispensaries in the state of Washington.

The platform is attractive to cash-only merchants who want to accept another form of payment, retailers that want to be seen as more technologically savvy so as to differentiate themselves from the competition, and for small businesses that want to maximize profits by capitalizing on digital currencies’ low transaction fees. The technology is compliant with Know Your Customer (KYC), Anti-Money Laundering (AML), and Office of Foreign Assets Control (OFAC) regulations while complying with laws regulating the cannabis trade. Since the platform reduces the reliance on cash as a medium of exchange, it is making dispensaries safer working environments for employees as there is less of an incentive for theft.

SinglePoint and First Bitcoin Capital

Holding company SinglePoint and blockchain technology provider First Bitcoin Capital announced a partnership on June 6. The joint venture agreement aims to create an efficient and workable payments solution for cannabis retailers using blockchain technology. Greg Lambrecht, SinglePoint CEO, explained: "In January 2014 SinglePoint announced and started working on a bitcoin payment solution, shortly after we recognized the issue of minimal user adoption of digital currency. The payments industry has rapidly changed since that time. There is now tremendous momentum and demand for bitcoin acceptance as an alternative form of payment.

This Joint Venture with First Bitcoin Capital is perfect timing. Bitcoin payments are catching on, and cannabis dispensaries need a solution fast." SinglePoint has previously worked with leading companies such as AT&T, T-Mobile, Sprint and Verizon on technology integration systems that have allowed for a more robust use of communication technology as a payment solution. The company now hopes to use this experience to create a workable solution for weed retailers.

Greg Rubin of First Bitcoin Capital stated: "We are optimistic that our partnership with SinglePoint will produce positive cash flow to our bottom line. Between the two of our companies, we will have the ability to develop a best in class solution, and SinglePoint will be able to help in distribution. We look forward to providing cutting-edge products and services to all states through the establishment of this new venture." “As with the massive and widespread adoption of Bitcoin worldwide, the two companies will pursue opportunities to leverage their payment technology background and develop a proprietary solution specifically for high-risk payment verticals including the cannabis industry.” the press release adds.

The two companies believe they have found a way for a smooth customer experience at the point of sale at weed dispensaries. Using SinglePoints’ technology integration experience and First Bitcoin Capital’s tech background, the company will create an “all-encompassing payment solution” for the retail cannabis industry. The platform will be easy to integrate into the existing point of sale machinery through a simple download. With the retail cannabis industry set to grow quickly in the coming years and the continuing lack of regulatory support at the federal level, it seems like the industry will have to rely on blockchain technology and digital currencies to facilitate easy trade and to securely store its profits.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Markethive Founding Member

Traders Plan for Correction as Crypto Market Falls Below $100 Billion

Traders Plan for Correction as Crypto Market Falls Below $100 Billion

Traders Plan for Correction as Crypto Market Falls Below $100 Billion

The total value of all publicly traded cryptocurrencies may be at an all-time high, but trader confidence isn't keeping pace.

After rising more than 1,500% from just over $7bn on 1st January, the market is beginning to show signs that its rapid ascent in 2017 may be slowing.

According data from CoinMarketCap, the cryptocurrency asset class fell from a high of $117bn yesterday to just under $100bn today, a period in which more than 80 of the top 100 cryptocurrencies have seen double-digit declines.

While this decline may just be a speed bump in the world of cryptocurrencies, some analysts report it is sufficient enough that they are beginning to reassess their positions in light of recent activity.

Hedging for a crash?

Indeed, several traders spoke with CoinDesk about the strategies they're currently using to hedge against a potential decline in cryptocurrency prices, with some indicating they're employing simple strategies by reducing their holdings.

For example, Charlie Shrem, a bitcoin entrepreneur and over-the-counter (OTC) trader, is in this camp. He reported he's been buying more bitcoin lately, with "less than 10%" of his portfolio in alternative assets.

Marius Rupsys, a cryptocurrency trader and co-founder of fintech startup InvoicePool, took a bolder approach, telling CoinDesk he liquidated his entire cryptocurrency portfolio and has started shorting bitcoin, actively betting its price will go down.

Rupsys predicted:

"There should be larger correction at some point which will cause altcoins to fall and bitcoin to fall at the same time."

While several traders identified portfolio management and active trading strategies as ways to hedge against a cryptocurrency price crash, cryptocurrency trader Kong Gao offered a different solution.

One way to hedge against this decline, he said, is to begin mining on alternative asset protocols, and simply hold the coins they receive instead of selling them.

Irrational exuberance

Elsewhere, Rupsys spoke to how he believes the increasing price has been largely caused by highly optimistic newcomers, a prospect that leads him to believe the bull run could soon fade.

"Many of these new traders are retail traders that have little knowledge of crypto-assets or trading in general," Rupsys told CoinDesk.

He added, many people have contacted him interested in getting rich quick.

Tim Enneking, managing director of cryptocurrency hedger fund, Crypto Asset Management, also spoke to the exuberance in the market.

While cryptocurrencies have been experiencing sharp gains, they will reverse direction at some point, Enneking predicted. Crypto Asset Management has set up stop loss orders to liquidate positions in certain cryptocurrencies should these digital assets suffer an "abrupt crash", he said.

And according to Charles Hayter, co-founder and CEO of cryptocurrency exchange CryptoCompare, a crash is likely. The attention alternative asset protocols have gained lately have highlighted some of this overconfidence, he said.

While there may be no clear signs yet, Hayter is still putting his money where his mouth is, noting CryptoCompare is going so far as to reallocate its active positions in the market.
 

David Ogden
Entrepreneur

 

Author: Charles Bovaird

Alan Zibluk Markethive Founding Member

Global Bitcoin ATM Proliferation Nearly Doubled During May

Global Bitcoin ATM Proliferation Nearly Doubled During May

The global proliferation of bitcoin ATMs nearly doubled during May when compared with April. The United States and Canada saw increases in the number of bitcoin ATMs by almost 8%, whilst Russia’s bitcoin ATM presence evaporated following the withdrawal of Bitlish.

Also Read: South Korea to Dispose of 216 Bitcoins in First Public Auction 

Coinatmradar Reported an Overall Growth in the Number of Bitcoin ATMs of 6.7% Internationally

May saw significant price gains. Last month also saw a considerable expansion in the number of bitcoin ATMs internationally.

Coinatmradar reported an overall growth in the number of bitcoin ATMs of 6.7 percent internationally, as May saw 95 new bitcoin ATMs installed. 17 bitcoin ATMs were closed bringing the total of reported bitcoin ATMs to 1236.

Global Bitcoin ATM Proliferation Nearly Doubled During May

The majority of the growth took place in North America, with America seeing 7.9% (+55 ATMs), and Canada seeing the growth of 7.8% (+12 ATMs). The United Kingdom saw growth of 11.5% (+7 ATMs), and Japan saw growth of 36.4% (+4 bitcoin ATMs).

Bitlish closed its three ATMs located in St. Petersburg, which were the sole bitcoin ATMs in Russia reported to the site Coinatmradar. Bitlish’s exit from the Russian market comes amidst claims that it plans to install 5,000 new bitcoin ATMs across Europe – although the company’s hasty exodus has left some analysts skeptical regarding how long the ATMs are likely to remain open.

North America Currently Host 75% Percent of All Bitcoin ATMs Globally

As indicated by Coinatmradar, The United States currently holds a significant lead over countries for the number of active ATMs, with 851 currently in operation. Canada is second with 167 ATM locations, followed by the United Kingdom (68 ATMs), Spain (34 ATMs), Austria (25 ATMs), and Finland (21 ATMs).

Global Bitcoin ATM Proliferation Nearly Doubled During May

North America currently host 75% percent of all bitcoin ATMs as reported by Coinatmradar. European ATMs accounts for 20% per cent of the total.

Coinatmradar’s data almost entirely pertains to major companies issuing bitcoin ATMs, and thus is likely an inacurate representation of the number of bitcoin ATMs that are independently or privately installed.

Although the number of ATMs issued by major companies in a region is a narrow indicator by which to judge the development of its cryptocurrency economy, this data suggests that much of the developing world still has a long way to go in developing its cryptocurrency economy and infrastructure.

Do you think that more bitcoin atms is a good thing for the cryptocurrency economy? Tell us your thoughts below!


Images courtesy of Shutterstock

Chris Corey 

CMO Markethive Inc

To learn more about Bitcoin Click here

Alan Zibluk Markethive Founding Member

Getting High on Cryptocurrencies

Getting High on Cryptocurrencies

Getting High on Cryptocurrencies

There are now four times as many cryptocurrencies in circulation as fiat currencies.That's amazing. And encouraging.According to the Swiss Association for Standardization, which maintains the International Standards Organization database, there are 177 national currencies currently in use. That list generously includes four precious-metals and four bond-market units (codes XBA to XBD, for the curious).NUMBER OF DIGITAL CURRENCIES753The CoinMarketCap website lists 753 cryptocurrencies, all the way from Bitcoin and Ethereum down to StrongHands and Paccoin (current value: $0.00000014).With a retired basketball star promoting one such incarnation — tied to marijuana — on a recent trip to a repressive Asian nation lying to the north of South Korea, I'm tempted to call Peak Crypto.But let's not kid ourselves: The madness is far from over. Bitcoin skeptics have been eating their words ever since the leading digital currency reached $1,000. January seems like such a long time ago now that Bitcoin is trading above $2,700.

Bruised Bears

Although Bitcoin has climbed 300 percent in the past 12 months, giving its "coins" in circulation a value of $45 billion, Satoshi Nakamoto's brainchild is actually declining in relative importance. From more than 95 percent in late 2013, Bitcoin now accounts for 39 percent of the value of all cryptocurrency in circulation. Ethereum has caught up fast, from 3.9 percent at the start of the year to 31 percent of the total now, according to CoinMarketCap. Ripple is in third place at around 8.8 percent after briefly overtaking Ethereum last month.

VIRTUAL VALUE

The other 20 percent of cryptocurrency value is unevenly distributed among the 750 wannabes along a very long tail. It's possible some will rise to a level of legitimacy that will make them viable in the long term. Many are betting not on mass uptake but on niche acceptance — one pitches itself as the payments platform for online games; another limits the amount of coins to the number of kilometers between Earth and its moon; one seeks to be the official currency of a fictitious nation.

Market Force

Bitcoin remains the world's biggest cryptocurrency, but its dominance has waned

Yet Bitcoin itself remains so niche that the WannaCry hackers reaped a minuscule harvest after infecting more than 200,000 computers, because they insisted on being paid in the cryptocurrency.Just because the boom is ridiculous doesn't mean it lacks momentum — it just tells you that consolidation also is inevitable. Not in the traditional M&A sense, but in the way that messenger apps like AIM, ICQ, Yahoo and MSN quietly gave way to WhatsApp and WeChat, which then led to the ubiquity of instant-messaging technology.Morgan Stanley posited last week that government acceptance will be key to Bitcoin's continued rise, with the flipside being some kind of regulation of the currency. That's probably right, and if proponents of cryptocurrencies think they'll achieve widespread uptake without a nod from the authorities, they're probably smoking something.

David Ogden
Entrepreneur

Author : Tim Culpan

 

 

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