Bitcoin’s Trailblazing Success at Becoming Sound Money
At the moment all eyes have been focused on the price of Bitcoin and the second runner-up Ethereum. The price per ether has dipped since our last weekly report from $50 to $43 per token at press time. The cryptocurrency is still capturing $4 billion worth of the total market share and showing lots of volumes. Bitcoin’s price rise has been steady and slow over the past couple of weeks but has continued to ascend upwards.
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The Hong-Kong Based Bitfinex Pays Off Last Years Hack
Last year in August the trading platform Bitfinex was compromised for over $60 million worth of bitcoins. The market shuddered that summer as the price per BTC dropped around 20 percent on August 3rd. Over the course of the past eight months, the company created a token system to pay restitution towards its customers. This week the company has given the cryptocurrency community good faith as it has made good on its debt since last year’s hack. “We are deeply grateful for the patience and trust of our customers and shareholders as we worked towards—and have achieved—full recovery in just eight months,” explains the Hong Kong exchange.
Bitcoin Will Be Available to Use With Thousands of Japanese Merchants
In our weekly report last week Coinmama detailed how Japan has officially legalized bitcoin as payment. Now thanks to multiple Bitcoin-based companies in the region over 200 thousand stores will be open to bitcoin payments this summer. Already some merchants like the world famous Bic Camera store in Tokyo have already begun accepting the cryptocurrency. A media frenzy took place as the popular camera store opened its doors to the public and bitcoin. Furthermore, the company Recruit Lifestyle is implementing bitcoin into its point-of-sale (POS) app called Airregi which will allow thousands of Japanese merchant the ability to join the bitcoin movement.
The Central Bank of Hong Kong is Developing a Cryptocurrency
This week the Hong Kong Monetary Authority (HKMA) revealed a new distributed ledger currency system it is working on with the R3 Cev blockchain consortium. Furthermore, a few other Hong Kong-based financial institutions are participating in the blockchain experiment. Hong Kong’s central bank believes the first phase of development has been successful. “The first phase of the research, which explores the feasibility of [central bank-issued digital currency] in performing domestic inter-bank payments, inter-corporate payment in the wholesale market and delivery versus payment (DvP) debt securities settlement, is expected to be completed in the fourth quarter of this year. Subject to the findings of the first phase, HKMA will map out the next steps,” details Hong Kong’s Legislative Council Panel on Financial Affairs.
The Luxury German Automobile Company Porsche Goes Blockchain
Porsche, the luxury car manufacturer from Germany, has announced it is researching blockchain technology. Furthermore, the company is offering a €25,000 grand prize to developers who help get Porsche into the distributed ledger technology industry. “Porsche aims to obtain external input on the disruptive potential of the blockchain transaction system by collaborating with the startup scene,” Porsche explains. “The central question is to what extent the application of this technology in the value creation chain of the company makes sense. Moreover, other forms of potential long-term collaboration will be investigated.”
Megaupload and Bitcache Tease Revealed by Creator Kim Dotcom
The infamous Kim Dotcom revealed this week a sneak-peek at the Megaupload 2, Bitcache, and a new feature called Bitcontent. “Get ready Bitcoiners,” Dotcom exclaimed. “Bitcache will take Bitcoin to the mass market.” The reveal shows Kim Dotcom providing a small tutorial on how the system will work at his home office. Dotcom unveiled a bunch of feature services the application will wield such as giving users the ability to sell content utilizing bitcoins. Moreover, Dotcom details one of the most important aspects of his new platform will be a detail for privacy and security like no other application. “Your privacy and security matters,” Dotcom explains to his Twitter followers. “Bitcache will ultimately replace credit card payments on the Internet.”
IBM’s Supply Chain Distributed Ledger Platform
According to reports the multinational technology corporation IBM is steadfast towards creating blockchain technology standards with its new supply chain infrastructure. IBM collaborated with the China-based Hejia to create a blockchain system for the participants within the pharmaceutical supply chain. The Yijian Blockchain Technology Application System will monitor the pharmaceutical industry with deeper efficiency and verifiable authentic transactions. This, in turn, will create a drug supply chain void of issues like manipulation, missing shipments, and more. “Blockchain is perfect for the kind of flow that happens between three parties. It’s not a random thing, we see a pattern of this appearing again and again,” said Ramesh Gopinath, an IBM executive at the company’s Blockchain Solutions Lab.
The cryptocurrency and blockchain space has had yet another eventful week full of fascinating surprises and positive headlines. Bitcoin continues to remain resilient, and Coinmama will be following the economy that surrounds it with watchful eyes. So far its trailblazing mission of creating a better monetary system of sound money is coming to fruition.
Tune in next week as Coinmama crawls the web for the hottest bitcoin topics and stories.