The Future of Money Sees Possible Scaling Compromise and Price Bounce
Last week while reporting on bitcoin’s price value heading downwards at 10 percent it eventually sunk to a low of 25 percent during the next 48 hours. The same thing took place with Ethereum markets as the price per ETH had also declined 25 percent lower than all-time highs prior. Both cryptocurrencies have regained their momentum upwards and have gradually increased in value over the course of the week. Often times, corrections in price have continued to lead to higher spikes than the previous runs before it.
Coinmama’s Weekly Roundup
The Community Sees the Scaling Solution Segwit2x Come to Play
It seems for now the bitcoin community may see some scaling action in the near future. Recently during the news publication, CoinDesk’s Consensus conference in New York a large group of industry leaders and miners agreed to a scaling compromise called Segwit2x. On June 16th the alpha code for this agreement was launched, and over 68 percent of the mining hashrate indicated support for this plan by signaling “NYA” within mined blocks. It’s not certain the code will be fully activated, but it seems to have given some people hope a compromise is coming. Segwit2x if successful will implement the Segregated Witness soft fork and increase the block size by to 2MB. This may add roughly 10,000 transactions per block which could ease congestion problems for the network.
Bank of Thailand Believes in Blockchain Innovation
The deputy chairman of Thailand’s central bank, Dr. Veerathai Santiprabhob, last week spoke very kindly towards distributed ledger technology and said the country should prepare for disruption. The deputy stated that in the future it is likely that blockchains will replace the need for third parties involved in the financial settlement and daily transactions. Santiprabhob believes emerging technologies are changing the world and blockchain concepts, and real-world use cases will be a big part of the evolution.
The Number of Global Bitcoin ATMs Spiked This Spring
According to statistics from the website CoinATMradar, last month bitcoin ATMs nearly jumped in the count. Over the past year, the rise of bitcoin teller machines has been growing exponentially. The ATM counter website reports there are now over 1230 devices that both sell and purchase bitcoins. North America leads the pack followed by Canada, the UK, and Japan. Further analysis details that the U.S. has close to 75 percent of Bitcoin ATMs claiming the lion’s share of worldwide machines.
Two Mega-Financial Institutions Sell Blockchain Insurance Policy
This past week the financial insurance provider American International Group (AIG) sold a blockchain based insurance policy to the bank Standard Chartered. The two very well known finance incumbents have partnered to initiate a record of insurance data utilizing distributed ledger technology. The President of AIG Multinational told the press that blockchain transactions cut the speed of settlement to mere fractions of today’s times. “There’s a lot of back and forth, and it’s all through email chains going around the world, instead of a centralized system — typically a multinational policy can take a lot of time because of local regulatory requirements. This system provides a lot of certainties more quickly,” explained Carol Barton, of AIG.
Japanese Capsule Hotels Now Accept Bitcoin
Bitcoin in Japan has been on fire lately as it seems the decentralized currency is taking the country by storm. Just recently the Capsule Hotel Anshin Oyado and Comics & Capsule Hotel Comicap have announced they will be accepting bitcoin payments. Capsule hotels are very popular in Japan and provide very small sleeping quarters for guests to stay overnight. Bitcoin demand in Japan has grown exponentially as lots of merchants from all across the country are beginning to accept it such as Peach Aviation, Bic Camera and much more.
Another exciting week has past and as said above the multi-billion dollar cryptocurrency and blockchain industry continues to grow. The price surpassing the $2600 range has got proponents and spectators excited and wondering how high the price may go this year. There have been multiple predicted outcomes of the price hitting $3000-4000 this year alongside much bigger predictions. At the moments cryptocurrencies continue to be extremely valuable as digital assets of are steadily becoming the future of money.
Coinmama’s weekly review is always on a mission to hunt for the latest topics 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.