Is Bitcoin On the Brink of Mass Adoption? It’s Starting to Look That Way
The price of bitcoin has surprised everyone as the currency has surpassed the $4K per BTC price range. Just before the hard fork on August 1 the currency’s value was resting around $2700 per BTC at the time but shot upwards subsequently after the split. Since then the decentralized currency has climbed higher and higher reaching an all-time high of $4300 on August 14. Additionally, bitcoin trade volume between fiat currencies and cryptocurrencies is processing roughly $2.4B in trades over the course of the past 24-hours.
Coinmama’s Weekly Roundup
Central Bank of Ukraine Plans to Regulate Bitcoin
Bitcoin has been growing extremely popular in the Ukraine, and the country’s central bank announced cryptocurrency regulation would be coming soon. The talks of regulation follows the recent takedown of over 200 mining rigs confiscated from an abandoned swimming pool in Kiev. At the moment before new laws are drafted the Ukrainian central bank explains, “there is only one national currency, the hryvnia, and no other currency or substitute currency can be issued or used as a form of payment in Ukraine.” This means citizens of the region should wait until authorities from the country officially legalize the currency as a form of payment.
Cable Television Network HBO May Pay Hackers $250,000 Worth of Bitcoins
Last week the company HBO was breached for over 1.5TB of confidential data. The data included never before seen shows, movies, and scripts from the broadcast ‘Game of Thrones.’ Further the data also has hundreds of telephone numbers, emails and living addresses for many actresses and actors who’ve worked with the cable network in the past. According to reports, an IT employee who works for the cable network says HBO has made an offer to the hackers. “As a show of good faith on our side, we are willing to commit to making a bug bounty payment of $250,000 to you as soon as we can establish the necessary account and acquire bitcoin,” explains HBO’s email to the hackers.
Australian Senators Tell Reserve Bank of Australia to Embrace Bitcoin
This past week two Australian senators Sam Dastyari and Jane Hume have told the Australia’s central bank that they need to “embrace bitcoins as an official form of currency.” The senators warn that if the country does not grasp this emerging technology, it will be left in the dust by more forward leaning countries. “This will be a revolutionary leap for the Reserve Bank and for Australian financial institutions. What we want to do here in Parliament is to create the political environment to allow that leap to occur,” explains Australian senator Sam Dastyari.
Bitcoin Mining is Here to Stay Says Graphics Processing Unit Manufacturer
The large Graphics Processing Unit (GPU) manufacturer, Nvidia, is reaping the benefits of cryptocurrency popularity, especially the mining aspect stemming from Ethereum. According to the company the firm’s second-quarter earnings due to extreme GPU demand coming from cryptocurrency miners. Nvidia CEO, Jen-Hsun Huang, told the publication VentureBeat that,
“Cryptocurrency and blockchain are here to stay. Over time, it will become quite large. It is very clear that new currencies will come to market. It’s clear the GPU is fantastic at cryptography. The GPU is really quite well positioned.”
Russia’s Russian Ministry of Health May Deploy Distributed Ledger Technology
According to reports, the Russian Ministry of Health is researching and developing blockchain technology that will accomplish various tasks for the ministry. The financial institution Vnesheconombank (VEB) revealed how the project could provide better patient resources and history going forward. “The Centre will engage in the development of private blockchain using the concerted efforts of the VEB team and an international professional team capable of accomplishing the tasks set by the Ministry of Health. In its turn, the Ministry is to define areas of blockchain application. To ensure greater consistency of work, we invite the Ministry of Health to join the blockchain working group,” detailed Sergey Gorkov, chairman of VEB.
Enterprise Ethereum Alliance Adds Ten Legal Firms to the Consortium
The Enterprise Ethereum Alliance (EEA) is a large Consortium made up of well-known banking institutions and large tech companies. Companies within the EEA membership include Microsoft, Accenture, Bloq, Mastercard, and many more businesses. Now the EEA will incorporate ten law firms into the mix. The Enterprise Ethereum Alliance board of directors, Julio Faura, from Banco Santander told the publication Coindesk, “If we’re going to represent all of these things using smart contracts, and we’re going to mimic the same properties that we have in the corporate world using smart contracts, then it’s very important that we do it in a way that is compliant with today’s laws and today’s policies.”
This week has been quite amazing for bitcoiners worldwide as the value of BTC has increased substantially. Bitcoin and Ethereum markets continue to capture new investors and enthusiasts. Further, mainstream media has been very optimistic towards the future of this innovative decentralized technology. Additionally gaining $1000 in one week may indicate the point of the hundredth money effect as bitcoin mass adoption is on the brink of success.
Coinmama’s weekly review is always on a mission to find the very best topics of interest being discussed within the digital currency space. Follow us here every week to keep up-to-date with current events concerning Bitcoin, Ethereum, and blockchain technology innovation.