All week long after the exchange-traded fund decision the crypto-community has been engulfed in the scaling debate. Basically the conversation taking place is a debate on how to best scale bitcoin for the future with faster transaction times and cheaper fees. Currently there are different solutions being discussed such as raising the block size with an implementation call Bitcoin Unlimited or more conservative methods like Segregated Witness.
While the debate took place bitcoin markets suffered from some volatility as the beginning of the week Bitcoin's price was relatively in the $1,100 range. The decentralized currency has since dipped to a low of $900 per BTC but is rebounding back at the time of writing. Technical indicators show buyers are coming back into the market after large traders have been waiting on the sidelines.
Coinmama’s Week in Review
Ethereum Has A Price Field Day
The alternative cryptocurrency Ethereum made some waves this week as the price per ether smashed the $50 range. Ethereum has moved forward gaining a 4.5 billion dollar market capitalization. The cryptocurrency has had an exceptional year with its climbing price and investors flocking towards the protocol. Ethereum has also gained attention from large tech companies like Microsoft and well known financial conglomerates have been eying Ethereum as well. Currently the digital asset ether is pushing significant volume at $200 million per day and is capturing quite a bit of bitcoin’s market dominance.
Deloitte’s Restaurant Enables People to Pay with Bitcoin
Deloitte Canada delighted bitcoiners this week when it announced its Toronto restaurant Bistro 1858 will now accept bitcoin for service. Deloitte is one of the "Big Four" accounting firms globally and the UK-incorporated multinational professional services has offices all around the world. Deloitte Canada made bitcoin headlines last year when the department installed a bitcoin ATM in the office lobby and showed clients interested in blockchain the technology first hand. “After placing a BTM in our offices and seeing Deloitte personnel downloading a wallet and buying their first fraction of a bitcoin, it seemed natural to enable the next step of the use case under our own roof,” explained Ian Chan, a partner at Deloitte.
Bats BZX Exchange Petitions U.S. Securities and Exchange Commission
The exchange Bats BZX Exchange has submitted a petition to the U.S. regulatory agency concerning the recent ETF rejection. The intention of the petition is to get to the bottom of the exact reasons why the SEC agency disapproved the fund. The regulatory agency explained it was due to bitcoin’s lack of regulations and other concerns. “Notice of intention to petition for review of order disapproving a proposed rule change,” explains the Bats Exchange. The notice for petition to review was submitted on March 17 by the law firm Schiff Hardin LLP.
Bitcoin Core Releases Roadmap
Core developers have released a roadmap with a few different changes to the code. Developers are currently proposing to replace Bitcoin’s ECDSA signatures and utilize Schnorr signatures instead. Schnorr signatures uses a particular discrete logarithm which encompasses a signature scheme using a secure random oracle model. The proposal claims there will be improved node infrastructure and superior bandwidth core developers explain. "Assuming every historical signature would be reduced to 1 byte, except for one per transaction, analysis suggest[s] the method would result in at least a 25% reduction in terms of storage and bandwidth," details the recently published core roadmap.
China’s Central Bank Sends Proposal to Chinese Bitcoin Exchanges
According to regional reports the People’s Bank of China (PBOC) are getting more strict towards Chinese bitcoin trading platforms. The PBOC wants exchanges to follow more detailed anti-money laundering (AML) procedures in the future and have written a proposed draft of guidelines in which the exchanges are reviewing. One of the AML guidelines is pretty extreme as it requires “on-site” verification for those depositing and withdrawing large amounts of bitcoins. Alongside this other forms of “remote-video” identity verification may also be imposed. Currently Chinese bitcoin exchanges have suspended bitcoin withdrawals for the last thirty days and are expected to lift the suspension as soon as the PBOC negotiations complete.
At press time bitcoin’s price continues to chug forward as it nears the psychological 4-digit range once again. The scaling debate is sure to be heavily discussed over the course of the next few weeks and many hope the community comes to a resolution. Currently bitcoin markets are on the rebound and altcoin markets like Ethereum are still resting at all time highs. Next week is sure to be another eventful time in the cryptocurrency ecosystem and Coinmama will be there every step of the way.
Tune in next week as Coinmama crawls the web for the hottest bitcoin topics and stories.