Cryptocurrency News for 21 Aug 2017
Bitcoin Cash Trading Volumes 20 Percent More Than Bitcoin: Reasons and Trends
While in terms of market capitalization Bitcoin Cash is still playing catch up with Bitcoin, in terms of trading volume Bitcoin-Cash has overtaken Bitcoin and currently, its trading volume is 20 percent over Bitcoin ($3.1 bln vs. $2.6 bln).
South Korea is the one country which is driving increased trading volumes of BCH. Bithumb, Coinone and Korbit account for $1.7 bln out of the $3.1 bln (55 percent of total volume) BCH trading volumes.
The increase in the USD price of BCH (From $300 a week back to over $800 currently) has also resulted in the USD value of BCH trades going up.
Unlike other countries where Bitcoin Cash is traded primarily against Bitcoin, in Korea BCH is primarily traded against the Korean Won.
Full story at http://bit.ly/2wfhPmZ
Source: CoinTelegraph
Former paypal COO David Sacks Discusses Bitcoin – Argues ICOs Are Threat to VCs
Former paypal COO, David Sacks, discussed bitcoin and cryptocurrency during a recent interview with CNBC. During the interview, Sacks articulated that bitcoin is fulfilling the vision for a digital payment network originally held by Paypal, and expressed his belief that cryptocurrencies pose a significant threat to the venture capital sector.
Silicon Valley veteran, David Sacks, discussed bitcoin and cryptocurrency at length during a recent CNBC interview. David Sacks is the former Paypal COO, founder of Yammer, and early investor into Facebook, Uber, and Airbnb.
Sacks describes "bitcoin [as] fulfilling PayPal’s original vision to create ‘the new world currency’." For sacks, Paypal’s belief was to get "enough people to participate" so that "money would never need to leave the system. PayPal could become the database of money." As with bitcoin today, Paypal "added features like interest and debit cards so you’d never have to withdraw funds to the legacy banking system." Sacks states that "cryptocurrencies like bitcoin are now fulfilling that original vision. They are doing it in a decentralized way... whereas PayPal tried to do it in a centralized way."
Sacks recently described bitcoin and cryptocurrency as potentially comprising ‘Web 3.0’ via Twitter. Addressing the comment, Sack told CNBC that "it feels like we are witnessing the birth of a new kind of web… Ultimately this is a technology for maximizing the efficiency of every asset, means of ownership, fluidity of markets, and mechanism of payments. The goal is the optimization and maximization of the world economy. That may make it the biggest revolution of all."
Full story at http://bit.ly/2x4Uthy
Source: Bitcoin News
Are Hardware Wallets Really Safe?
The solid reputation of hardware wallets as a secure and safe storage for digital currencies was put into question when a recent report as of mid-August 2017 claimed that Trezor, one of the most popular wallets, was successfully infiltrated by hackers.
Based on the report, Trezor devices are allegedly vulnerable to fairly simple hacks that allowed the theft or identification of private keys from said devices.
In its official blog, Trezor admitted the incident and explained how the attack worked. The company said that the seed for the private key was saved in flash memory and was relocated to the device’s random access memory (RAM) during use.
Someone who has access to the device and the firmware could have been able to extract the seed from the RAM.
Full story at http://bit.ly/2wf7hEl
Source: CoinTelegraph
Bitcoin Trades Sideways as Bitcoin Cash Price Drops to $800
Following the all-time highs set over the last week, bitcoin has been trading sideways for the last 48 hours, and prices are fluctuating in the $4,050 to $4,200 range.
Prices for the asset across global exchanges averaged $4,109 at press time, having opened the session at $4,206 and achieved a high of $4,208 at roughly 8:00 UTC, according to CoinDesk's Bitcoin Price Index.
The question everyone will be wondering now is, will the price go up or down when the next big movement kicks off? For that we'll just have to wait and see, but a Goldman Sachs analyst said, on August 14, that bitcoin could rise as high as $4,800 in the current bull market.
Elsewhere, the new bitcoin alternative, bitcoin cash, shocked observers briefly yesterday by setting its own all-time high of around $1,091, according to data from CoinMarketCap.
Full story at http://bit.ly/2x4LQn5
Source: CoinDesk
Government Agencies Adopting Bitcoin and Blockchain Technology
Government agencies are looking further into adopting blockchain technology and bitcoin. They hope to commandeer these protocols in order to protect the military from mass-hacking campaigns, counterintelligence, and otherwise hostile attacks on their systems. The Pentagon has especially shown recent interest in using cryptographically-guarded blockchains to aid their operations.
An August 17 Washington Times post elaborated on why governments need blockchain tech. It read, “Particularly alarming to U.S. defense analysts are Chinese intelligence collection operations aimed at commercial transactions, which have been highlighted as a growing threat to U.S. national security with the American military personnel, national security decision-makers and critical infrastructure entities increasingly targeted.”
The Pentagon and other agencies hope to use blockchain technology to take advantage of its tamper-resistant and immutable features. They believe these qualities can prevent malicious actors from either stealing their information, ransoming them, or eavesdropping. They also believe it will cut costs over the long term. This is why they have started to experiment with different implementations of various blockchain protocols.
The Washington Times article suggests the Pentagon and NATO have been working in secrecy to determine how best to utilize blockchain. NATO is particularly interested in making their intelligence processes more efficient, including financing and logistical work.
Full story at http://bit.ly/2x5hb9a
Source: Bitcoin News
CNBC Credits Bitcoin Cash Spike to Increased Mining Profits
Bitcoin Cash (BCH) had a stunning 48 hours, rising a stunning 375% from the lows of early August. The sudden and sharp increase left traders of Bitcoin stunned, as many had expected a BCH crisis to occur, especially with the complexity of use and service. However, this was not to be the case, as the cryptocurrency fork from Bitcoin pushed near all time highs of $944 each.
Much has been said regarding causes for the massive jump in price over the last couple of days. Clearly there are many causes. However, CNBC recently reported that, though many factors may be affecting the volatile pricing, one issue stands out - mining profits.
The article made it plain that the profitability of mining on the newly made chain increase exponentially. This increase led to a profit swap of up to 42 percent, as confirmed by BitcoinCashFans on Twitter.
Full story at http://bit.ly/2wePtJC
Source: CoinTelegraph
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Nice informative I learn lot of thing from your post thanks..
I am glad the posts are of use.
Upvote
Well kudos to Trezor for admitting the fault and issuing a fix immediately. No product is perfect but how you deal with mistakes says alot about how the company is run.
Yes needs total transparency. When companies try to hide things like this it comes back and hurts them more later.
Great Article!
The bitcoin is down but at the end of the year it will exceed one thousand dollars
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STOPnice compliment in your bitcoin observation
good read, thanks
Thanks. I try to make these articles as current as possible as Crypto market changes so quickly.
amazing and good for reading
Thanks I enjoy working on these digest posts and sharing them.