There are more ways to pay for goods and services now than ever before, and as such paper money seems increasingly old-fashioned.
Japan has risen above the U.S. in the worldwide rankings for the largest bitcoinexchange market. The country now accounts for roughly 48 percent of the global market share, reaching a high of 51 percent over the weekend.
With the cryptocurrency market cap now estimated to be in the hundreds of billions of dollars and a sort of familiar frenzy kicking into overdrive, here’s another reminder that widespread adoption by the U.S. public has not yet materialized.
Bitcoin has been around since 2009, but it really wasn’t until recently that it finally hit the mainstream consciousness of investors and the general public. As of this writing 1 bitcoin is now worth over $5,600 USD. And its meteoric rise doesn’t look to be abating any time soon. Its potential to reshape how we understand and use money is real. But the big question is why are banks and governments so steadfastly against it?
Russia and China see a new way to completely control their financial systems.
Blockchain technology is being used to distribute the financial market, rather than keep it in the control of a few major companies. Now, a startup wants to do the same for artificial intelligence.
In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies.
Unverified rumors that Amazon (AMZN) will start accepting Bitcoin (COIN) (OTCQX:GBTC) have been shaking cryptocurrency communities lately. Though these rumors might prove to be untrue in the end, facts are that there seems to exist lots of demand for this new way of payment. There even was an online petition to convince Jeff Bezos to adopt Bitcoin as an accepted way of payment at Amazon.
Bitcoin may grab most of the headlines, but it’s far from the only cryptocurrency or cryptoasset. These others may even be more useful in the long run.
The local government in Dubai has officially launched its own cryptocurrency called emCash, according to announcements by local news media outlets. The cryptocurrency would be used for payment of governmental and nongovernmental services.
When blockchains first appeared nearly a decade ago as the technical backbone of Bitcoin, the world’s leading cryptocurrency, they seemed to offer the masses a way to cut out the financial middleman. But now the big banks and other industry players are finding ways to spin the new tool to their advantage.
We’ve officially hit peak ICO. Estonia, a small country in Northern Europe, just floated the idea of potentially raising money by issuing a token called “estcoins“.