Electroneum (ETN), VeChain (VET), Docademic (MTC): What the Future says about these coins

It is not an ironical perceptive that the future of cryptographic currencies took a nosedive from the start of the year 2018. Investors and Hodlers were disappointed with the turn of events as the green lights of 2017 did not reflect in the year. Rather, the red light trailed many of the coins. As the year 2019 starts off, analysts are back to the drawing table. The futuristic tendency of cryptocurrencies is under focus, and there is a spotlight on Electroneum (ETN), VeChain (VET), and Docademic (MTC).

Electroneum (ETN) is Moving up the Ladder

Bitcoin (BTC) was the standards for cryptocurrencies. Since the invention of altcoins, but its glory seems to be waning at the moment. Electroneum (ETN) is a viable coin that has been making steady progress up the ladder of cryptocurrencies. As it stands, the 16-month old coin is sitting among the top 100 coins in the table by market cap.

What propels the coin? While looking at what the future has to say about the coin, it is important to realize that it fills a gap. Bitcoin’s (BTC) got a little dwindle after Ripple’s (XRP) cross-border solutions came up. In the same vein, Electroneum (ETN) is changing the game with the concept of mobile mining. This development lets you mine the ETN token easily after installing the coin’s mobile app unlike the rigorous, expensive and energy consuming mining of BTC.

In spite of being far from the top ten crypto coins, ETN has been a major challenge for the table toppers, and it has the framework to clinch the spot in few months. A close look at its startup and steady progress in less than two (2) years of launch shows that the coin is futuristic.

Also, the publicities from the PR team also helped its fortunes. As the blockchain community looks forward to market recovery and fourth blockchain, Electroneum’s (ETN) can become a model for crypto mining.

As such, ETN might soon light the tunnel end.

VeChain (VET) is Gaining Fame

The second quarter of 2018 saw to the rebranding of VeChain (VEN) to VeChain Thor (VET). Soon after this, it entered a partnership with the automobile firm, BMW. In addition, is also collaborating with the University of Oxford for further development of the platform.

Countless of retail stores have adopted the technology offered by the cryptographic project in order to monitor their good and observe the authenticity of other product.

Vechain (VET) is at the moment swimming up the stream with partnerships and listings from reputable firms around the world. Recently, three leading wine makers in Italy adopted a blockchain solution, MY Story, co-developed by Vechain (VET) and DNVGL to let their customers know the history behind every wine.

The future does not look bleak for the coin as more mergers are coming. For instance, VET has found its way into Coinnest, a South Korean Cryptocurrency Exchange.

Docademic (MTC) Disrupts the Medical Industry

Docademic (MTC), a healthcare-based ICO is changing the face of the medical industry. Curaizon offers a similar solution. However, Docademic’s helps a patient keep his medical history securely on the blockchain network.

The futuristic tendencies of the coin are not in a contest. A popular crypto visionary, John McAfee shows interest in the coin, releasing statements in favor of the coin due to Docademic’s potency, viability and real world use case.

Docademic (MTC) is already trading on viable crypto exchanges such as IDEX and HiBTC. The most fascinating feature of the coin is the non-identifiable IDs for patients who sign up to the network. In addition, Docademic makes patients have access to A.I-driven treatments.

The coin’s blockchain also lets patients store their data and retrieve the same without hassles. Why them would you think of a shady future for such highly decorated cryptographic project.

The Future is Bright

The number of altcoins is over 2,000. Out of this lot, coins that are more viable have real-world applications. Docademic (MTC) repositions the medical industry and helps patients get real-time medical treatments. On its part, Electroneum (ETN) reduces the hassles of token acquisition. Users can mine from their mobile devices.

Finally, VeChain’s (VET) solutions is transposing the IoT industry. There are rumors that more IoT devices will be in the public domain later in 2019. When this comes into force, VeChain (VET) will have more use cases to check out then ever expected.


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Author: Esme Anderson
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Signs That China Is Bullish On Cryptocurrency Future

Over the last two or three years, China’s relationship with blockchain technology and cryptocurrencies can be easily regarded as a love-hate one.

However, as of late, there have been numerous reports hinting at the incredible attention the Chinese government towards cryptocurrencies. In fact, there have been numerous reports of a cryptocurrency launched by the Chinese communist government.

Considering China’s economic power, its international prowess, and its immense population, there’s no wonder that such a cryptocurrency could very well surpass Ethereum and even Bitcoin in popularity.

Before we dive deeper into the subject and analyze all the signs that China is bullish on cryptocurrencies, we will discuss China’s past events related to crypto, to the country’s current stance regarding cryptocurrencies and blockchain, as well as previous developments regarding legislative decisions.

Past Legislative Decisions Regarding Cryptos

If you’ve been passionate about crypto for the last two years, you probably remember that one of China’s most controversial legislative decisions regarding cryptocurrencies was to ban ICOs and any activity if any entity is raising virtual currencies.

The Chinese government declared then that the selling and distribution of tokens is an illegal fundraising method and, hence, a form of financial fraud punishable by law. Things didn’t stop here, as the Chinese government also blocked all websites related to crypto trading and ICOs, including foreign platforms. Still, regulatory bodies have been more favorable.

Following these decisions, advertisements for cryptos were also removed from the mainstream media. Back in April 2018, China put a halt to hosted blockchain events as well. So, considering all these aggressive and extreme decisions that display a rather bad stance on blockchain technology and cryptocurrency, it’s surprising that China is, in fact, bullish on blockchain and cryptocurrency developments.

China’s Current Stance On Cryptocurrencies

According to People’s Bank of China (PBOC), cryptocurrency investments (at least uncontrolled ones) can harm the Chinese economy and potentially pose a risk for the Yuan.

In short, the government has made its stance on crypto very clear: it doesn’t want them, and will not tolerate them, especially if they are external and not entirely controlled by the ruling power of China.

Be that as it may, the PBOC also released various statements saying that the research and development of cryptocurrency and blockchain technology is a top priority for China. This means that China’s central bank acknowledges the fact that crypto will replace paper money inevitably and this requires some research in order to take the best possible decision.

Interestingly enough, it is said that the Chinese government has invested and backed up various local crypto projects, such as Xiong’An Global Blockchain Innovation Fund, which supports many blockchain startups. According to several sources, the government offered at least $3 billion to fund emerging blockchain projects.

President Xi Jinping has also made a public televised appearance and called blockchain a “breakthrough” technology.

Why China Might Need Its Own Cryptocurrency

Despite all the bans and the controversial attitude towards blockchains, the national cryptocurrency started to circulate in two Chinese cities (Shenzhen and Guiyang). The national cryptocurrency in China is far from being a secret, as Zhang Yifeng, the chief of science and technology at the Banknote Blockchain Technology Institute admitted on numerous occasions that China is working on it.

The PBOC needs a digital coin in order to bring all cryptocurrencies back under the state control. It’s worth noting that, before the ban, China actually had one of the largest trading volumes of all countries. Not only that, but China also has a big number of crypto enthusiasts and crypto miners, not to mention crypto mining farms.

Ether and Bitcoin (as well as other cryptos) are still used in China to conduct illegal transactions and money laundering operations. The Chinese government wants to introduce its own cryptocurrency to solve these problems and also to make miners switch to mining a government-backed cryptocurrency. With these moves, the Chinese government hopes to reinstate control over all financial operations within the country.

There’s still not much information whether the coin will be ChinaCoin or CryptoYuan, but one thing is for sure: China will join the ranks of Russia and Venezuela who both have the same types of financial aspirations.

One interesting point of view is related to what effect will this cryptocurrency have on the crypto market once it hits mainstream adoption in China. There are those who are afraid that this Chinese cryptocurrency will actually crash the Bitcoin, Ripple, and Ethereum-powered market.

Conclusion

Considering everything that’s been said, it’s safe to say that China is not truly bearish or bullish on cryptocurrencies. The government does indeed accept the inevitability of crypto dominance over other traditional payment systems, but it still wants to retain full control over all transactions within the country.

In fact, China is very bullish on blockchain development and the government seems to have a long-term plan that started with the banning of cryptocurrencies last year. China’s authority finance institutions have announced that cryptocurrency and blockchain development will be a top priority for 2018 and, so far, everything acted out accordingly.

Many crypto experts agree that China will either “break” the crypto market or lead the charge towards a new bull market. It’s important not to forget that China’s influence on the international cryptocurrency market is immense.


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Author: UseTheBitcoin
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Insights on the Future of Cryptocurrency as 2018 Draws to an End

The idea of cryptocurrencies (digital currencies that are cryptographically encrypted) has been moving around in the academic circles since the 1970s. The idea, however, took on form and shape with the arrival of Bitcoin in 2009. Over the last 9 years, Bitcoin has grown on to be disruptive in the fields of monetary policy, finance, economics, and e-commerce – and it has spawned an industry of more than 2,000 coins, tokens, and altcoins in what is being generally referred to as the cryptocurrency market.

 

Future of Cryptocurrency

Interestingly, the cryptocurrency market peaked last year when the price of Bitcoin rallied more than 1400% to $19,000 and the market cap of the cryptocurrency market skyrocketed to almost $700B. However, in the year-to-date period, the trading price of Bitcoin has crashed about 53% to about $6,500 and the market cap of the crypto market has declined more than 56% to $209B.

Now, no one knows for sure how cryptocurrencies will fare going forward. There’s an ongoing debate on whether cryptocurrencies will become the future of money or whether the idea will eventually fade into oblivion if it is unable to build up a critical mass. This piece provides insights into how the fate of cryptocurrencies might pan out going forward.

Bitcoin is still the king of crypto

Bitcoin is still the biggest and most popular cryptocurrency in the market; in fact, the first interaction that most people have with cryptocurrency and blockchain technology can be traced to Bitcoin. Bitcoin currently has a dominance of about 53% of the cryptocurrency market; hence, its price often determines how other coins and the general cryptocurrency market will fare. Going forward, the realities of the market suggests that the dominance of Bitcoin might not increase but it will most likely remain unchallenged. Of course, some coins are correlated to Bitcoin and some other coins have inverse relationship with Bitcoin; nonetheless, smart cryptocurrency traders and investors will do well to pay attention to Bitcoin in formulating strategies about how they want to play other coins.

Massive changes are coming to cryptocurrency exchanges

Cryptocurrencies exchanges serve the dual function of facilitating the exchange, buying, selling, and trading of cryptocurrencies – they are a large cog in the wheel of the cryptocurrency industry. Ironically, most of the cryptocurrency exchanges in the market are centralized in nature—in sharp contrast to the decentralized nature of cryptocurrencies and blockchain technology. The centralized nature of these exchanges has made them prone to data breaches, hacks, and outright heists. Going forward, there will be growing demand for DEX Exchanges, which are decentralized in nature and maintain a public ledger of transactions through consensus.

The volatility of the markets won’t die anytime soon

Cryptocurrencies are inherently volatile, and their volatility is one of the reasons fortunes are made (and lost) in the market. One of the main reasons behind the volatility in cryptocurrencies are that they are still in the early adoption phase and there’s a huge upside potential if they could break out into the mass market. However, every bit of news about cryptocurrencies will either hint at the possibility of stunted growth (and the prices fall) or hint at the possibility of reaching the mass market (and prices rise). The volatility in the crypto markets will continue to be felt since news moves the market and the volatility won’t likely stop until there’s mass-market momentum.

Institutional investors will bring more funds and insist on sanity in the market

In the early day s of cryptocurrency, traditional financial institution and government financial agencies were quick to denounce, criticize, and vilify cryptocurrency enthusiasts. The crypto market has however proven to be incredibly adept and resilient in the face of these attacks. Now, the perception of traditional financial institutions about cryptocurrency is changing. Going forward, stakeholders can expect to see an increasing inflow of funds from Wall Street into the crypto market as crypto funds, ETFs, and other investment vehicles debut. However, the inflow of Wall Street will also require increased transparency, accountability, and regulations.


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Author: Guest Author
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How the Electric Vehicle Industry Provides a Roadmap for Bitcoin and Cryptocurrency Startups

Startups focused on cryptocurrency and blockchain – which are different kinds of digital cash and the platform that allows this cash to be exchanged — are enormously hot right now. Investments in these companies nearly doubled in 2017 compared to the previous year and have only been increasing in 2018. In late May, Binance, the world’s largest cryptocurrency exchange, announced it was launching a $1 billion venture fund for blockchain and cryptocurrency startups.

For all the excitement surrounding this promising technology, the industry confronts an obstacle that is common to many emerging technologies – very few people have a strong grasp of what blockchain and cryptocurrency actually are.

Executives who are approached to work for these startups have usually heard of Bitcoin, the most well-known cryptocurrency, and they may vaguely know blockchain has something to do with securing digital currency. However, they often have a fleeting grasp of the nuances and possibilities of this dynamic industry. Their haziness and lack of knowledge can be a formidable challenge to startups that want to land key talent in a competitive hiring market.

Blockchain and cryptocurrency companies can take a lesson from the past , using the model that was employed by the electric vehicle (EV) industry a decade ago.

Lots of Questions

The situation with blockchain and cryptocurrency is reminiscent of how EVs were viewed in 2010. Back then, the mention of electric vehicles would immediately trigger a host of basic questions:

  • Are electric cars safe?
  • How far can they drive before they conk out?
  • How long will the battery last?
  • How expensive are these things?
  • Where the heck am I supposed to charge them?

When approached by recruiters in the emerging EV industry, prospects had the same concerns that many people now have with blockchain and cryptocurrency – specifically, what is it, and will people actually buy it?

Of course, today it is clear they would buy electric vehicles. A recent report from the research firm Frost and Sullivan determined that global sales of EVs are expected to climb from 1.2 million in 2017 to 1.6 million in 2018, and then jump to 2 million in 2019. Porsche wants to make half of its cars electric by 2025. BMW and other leading automobile makers have announced aggressive plans for introducing electric vehicles. Today, no one bats an eye when they see an EV parked at a charging station at the local supermarket.

Getting Educational

The acceptance of the EV industry was not a matter of happenstance, but rather the result of a savvy approach to introducing new technology that confused and even worried people. The learnings that came out of the EV industry are ones that blockchain and cryptocurrency startups should be following today as they search for investors and talent.

Every time EV companies communicated with the world – from their web site to their marketing materials to their outreach to prospective talent – they took an educational approach. The early evangelists for EVs never once forgot the majority of people were not steeped in the technical details of their offering.  Every interaction was couched in terms of EV 101.

This provided a foundation that inspired people, resulting in a popular groundswell that continued with documentaries like “Who Killed the Electric Car?” that helped propel the industry forward. This foundation, built bit by bit through relentless, ongoing education, allowed EV companies to approach talent in a different way because the technology did not seem so foreign. As a result, EV companies could sell the dream of what they were trying to accomplish.

In the same way, bitcoin and cryptocurrency companies can only help prospective employees appreciate the unique opportunity they offer if they understand the industry first. The firms’ recruitment materials and job descriptions should lay all that out, providing the context for candidates to appreciate the dream they could be a part of.

Beyond the Buzzwords

Like with bitcoin and cryptocurrency today, exactly what talent the EV needed in 2010 was unclear. With industries that are building technology from scratch, there is not a standard resume for who constitutes an ideal employee. Because few people have direct experience working with emerging technology, recruiters must be creative, and figure out the mindsets and problem-solving skills that will be necessary as the industry evolves.

In the case of electric cars, some of the most successful technical employees came from the medical device field, which had many parallels to EVs. They both manufactured in high volume, using similar materials, while adhering to rigorous safety standards.

In their search for talent, blockchain and cryptocurrency startups need to take a similar tact as the EV industry , determining their unique needs and finding employees whose hobbies or parallel industries have allowed them to develop the desired skill sets. Workers who have been part of emerging industries, and already operated on the frontier of technology, are more likely to understand the early adopter market, and have a desire to be trailblazers in another new arena.  This type of recruitment requires a deeper level of thought and evangelism, where the companies connect the dots for themselves and for candidates about the vast opportunities that are before them.

At the moment, bitcoin and cryptocurrency are still an emerging industry that remains amorphous to many people. The terms bitcoin and cryptocurrency still reside in the land of buzzwords, which makes people curious but also wary.  While that presents challenges, it also gives a huge advantage to the startups that approach this smartly since they can move ahead of the pack and differentiate themselves from competitors.  In the same way, candidates have a huge career opportunity to get in on the ground floor of an emerging industry, positioning themselves as an expert and veteran after only a few years on the job.

This strategy requires a delicate balance of simplicity and sermonizing, clarity and passion. Fortunately, there is a roadmap for how to do it well: Follow the electric car down the highway to success.


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Author: Marissa Peretz
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Bitcoin: An Extraordinarily Scarce Commodity

The debate about what Bitcoin (BTC-USD) actually is from the U.S.’s regulatory standpoint is finally over. The Commodity Futures Trading Commission (CFTC) recently officially classified Bitcoin as a commodity, which essentially means it assumes regulatory responsibility over the digital asset.

So, why is this significant you ask? Well, now that Bitcoin is officially classified as a commodity, it is likely only a matter of time before various Bitcoin-backed ETFs and Bitcoin-related ETNs are introduced by various instructions. This should enable Bitcoin to become a widely traded investment vehicle on a worldwide scale.

Moreover, there are not that many Bitcoins around relative to other commodities, and its supply is ultimately capped at just 21 million. Additionally, unlike other commodities, Bitcoin can be used as a currency globally. Therefore, as worldwide popularity and demand accelerates, Bitcoin’s price is very likely to go much higher over the next few years.

If Bitcoin is a Commodity, it’s an Extremely Scarce One

There are currently about 17,307,500 Bitcoins that exist in total. This means that about 80% of all Bitcoins that will ever exist have already been mined. Also, fewer and fewer of the 3,692,500 unmined Bitcoins will be coming online between now and the estimated year 2140, when the last Bitcoin is expected to get mined.

On May 28th, 2020, about 87.5% of all Bitcoins will be mined, and by 2022 about 90% of all possible Bitcoins will exist in “circulation”. After that, it gets increasingly more difficult to mine the digital commodity, and the last 10% of Bitcoins will take approximately 120 years to bring to market.

So, we can expect about 19 million total Bitcoins to exist in the global market place over the next 5-10 years.

The Lost Bitcoins

Would you believe that millions of Bitcoins are lost forever? Just like gold bars can be lost at sea during a storm, and millions of dollars can be burned in a bank fire, Bitcoins can also disappear forever. This can happen due to carelessness, lost wallet addresses, transactional errors, and other human based errors. In fact, a reputable data forensics and research firm Chainalysis estimates that about 3.8 million Bitcoins are lost for good, and can therefore be eliminated from circulation statistics. By the way, at current market value, that is about $24.7 billion worth of lost Bitcoins.

Source: Fortune

There Are Not That Many Bitcoins to Go Around

Consequently, there will be even fewer Bitcoins available for purchase or trade in upcoming decades, not 19 million, but closer to only 15 million Bitcoins for the entire population of the world. This implies that only about 0.2% of the world’s population will be able to own 1 Bitcoin. Even if we break Bitcoins down to 1/10th, only about 2% of the world’s existing population could ever own 10% of one Bitcoin.

The Whales Control a Lot of Bitcoins

However, another factor to consider is that the approximate 15 million Bitcoins available for “circulation” in future years will not simply be available for anyone to buy at any time. Many of the existing Bitcoins are held by whale “HODLers” who may choose to hold (or HODL) on to most their existing Bitcoins for an extended period of time. In fact, the Bitcoin market is still controlled by a relatively small group of investors. About 40% of all Bitcoins were estimated to belong to just 1,000 individuals in 2017.

Furthermore, the top 100 richest Bitcoin addresses show a concentration of nearly 3.4 million Bitcoins. This suggests that just 100 people, possibly fewer (due to possibility of multiple addresses owned by one user) control about 23% of all Bitcoins in circulation right now.

Why is all this important? Because, as Bitcoin becomes more popularized as a coveted and scarce commodity in the future, retail and institutional investors alike will rush into the market, and will quickly realize that there are far fewer Bitcoins to go around than most people had anticipated.

Fewer Bitcoins are Available for Trade

Just because there will be around 15 million Bitcoins in “circulation” does not mean that these Bitcoins will be available for trade. Many people HODL, and will continue to HODL for many more years. It’s difficult to quantify, but there are certainly far fewer Bitcoins available for trade on exchanges at any given time than the actual number of Bitcoins in existence or in circulation.

If you factor in an estimate for all the Bitcoins being HODLed, being reserved for future commercial transactions, being amassed as store of value instruments, held on cold storage devices, paper wallets, and other non-exchange storage platforms, likely a relatively small percentage of Bitcoins, perhaps 10-20% or so are available for trade on exchanges at any given moment. This implies that maybe about 1.5-3 million Bitcoins are available for trade at any given moment.

Naturally, once the price goes up substantially, more Bitcoins will come onto exchanges and the dynamic may change a bit. But the point is that there are very few Bitcoins available for trade relative to rapidly increasing demand.

Also, if we look at Bitcoin’s trading volume, it is still incredibly low. In the last 24 hours, fewer than 50K Bitcoins were traded in the entire world. In the last week, only about 400,000 were traded, and if we look back at the past month, fewer than 2 million Bitcoins were traded in the entire world. So, with approximately 13.5 million Bitcoins currently in circulation, only about 2 million were traded in 30 days. That is not a lot of volume, and it suggests that once institutional money and an increased number of retail investors rush into the market, prices will likely skyrocket.

In my view, there are essentially two types of people right now. Those who understand Bitcoin; in other words, believe that it will be a lasting and crucial component of the future digital financial system. And those who don’t see the significance of Bitcoin yet, but will likely be introduced to its importance relatively soon.

It is very likely that in the near future waves of institutional and retail buyers will enter the Bitcoin market and will drive prices significantly higher from current levels. Here is why:

Very Few People Own Bitcoin, But More Young People

According to a recent study, only about 5% of Americans own any Bitcoin. Now, America is the largest, and one of the most progressive and accepting markets for Bitcoin, yet roughly 95% of Americans have no exposure to it, yet. It is important to note that numbers are much higher amongst millennials, with nearly 20% having bought cryptos.

This suggests that younger people are likely the early adopters and could become lifelong users of Bitcoin, and cryptocurrencies in general. As this trend progresses, larger percentages of millennials, and of the overall population will likely become exposed to Bitcoin.

Also, statistics point to an average Bitcoin investment of about $3,453 amongst Americans. This suggests that the 5% of Americans who own Bitcoin may actually own about 8 million of them. This is almost 50% of all existing Bitcoins, owned by a very concentrated percentage of the U.S. population.

So, what will happen when the remaining 95% of Americans decide they want to own some Bitcoin? Or a portion of the remaining 99.8% of the world’s population decide they want to own Bitcoin?

This is another illustration of just how scarce Bitcoin is as a commodity, and as more institutions and individuals decide to own Bitcoin in the future, its price is very likely to appreciate rapidly.

Bitcoin: Officially a Commodity

So, the CFTC has officially recognized Bitcoin as a commodity, but what does this mean to investors? Possibly the most crucial implication is that a Bitcoin ETF, or likely a series of Bitcoin-backed ETFs and Bitcoin-related ETNs are only a matter of time of now. One of the reasons the SEC has been skeptical about approving Bitcoin-related ETFs is because of regulatory concerns. Well, now that Bitcoin is officially under the CFTC’s regulatory umbrella, the SEC is far likelier to begin approving Bitcoin ETFs going forward.

Implications of a Bitcoin ETF

The implications of widely adopted and easily traded Bitcoin ETFs are vast. Firstly, many investors don’t have easy access to Bitcoin right now. To own actual Bitcoin, you need to create an account on a cryptocurrency exchange, purchase Bitcoin, take additional steps to store it safely, and so on. Since this is all a relatively new phenomenon, many people don’t trust crypto exchanges, and some likely don’t understand, or even want to understand the entire process.

Some investors can trade Bitcoin via futures contracts. But once again, most retail investors and everyday people don’t trade futures contracts. Also, Bitcoin futures trade fewer than or around 1,000 contracts per day, which is miniscule compared to other commodities like gold, which traded over 250,000 contracts last Friday, or even silver which traded around 60,000.

Therefore, it seems that many market participants are forced to miss out on the Bitcoin opportunity. What is the answer to this problem? Bitcoin ETFs. This is why VanEck and many other prominent ETF providers are pushing the SEC to approve multiple Bitcoin-backed ETFs. Recently, the head of digital asset strategy at VanEck reiterated that the company’s commitment to bring a liquid, insured and appropriately regulated physically backed ETF was resolute. VanEck’s proposal for a physically backed Bitcoin ETF is only one of nine proposals being brought forth to the SEC at this time.

Bitcoin-Backed ETFs Require Bitcoins

The thing about physically backed Bitcoin ETFs is that the fund needs to buy Bitcoins. Once again, the problem is that there are not that many Bitcoins to go around. For instance, the Grayscale Bitcoin Investment Trust (OTCQX:GBTC), which is the nearest thing in the U.S. to a Bitcoin ETF, owns roughly 200,000 Bitcoins in its trust. We can probably expect VanEck and other ETF providers to use similar allocation sizes when building their funds as well.

So, essentially for every physically backed Bitcoin ETF that we see coming online, we can probably expect about 200,000 Bitcoins to be bought up by the fund. This effectively takes additional Bitcoins out of circulation. So as soon as ETFs start becoming approved, expect Bitcoin’s price to start moving much higher.

However, increased demand due to increased institutional ownership, ETF rollouts, and more overall demand from a commodity standpoint is just part of the equation. Expect demand increases from a functional, medium of exchange aspect as well.

Very Few People Use Bitcoin Today, But More Could Use It Tomorrow

Despite the deafening Bitcoin noise at the end of last year, still very few people around the world use Bitcoin. A recent study performed by University of Cambridge found that only around 3 million people worldwide are using Bitcoin on a regular basis. This is only about 0.04% of the world’s entire population. This gives you an idea of how early in the Bitcoin/cryptocurrency cycle the world is still in right now.

However, an increasing number of forward looking companies are already accepting Bitcoin as a legitimate form of payment for countless products and services. Some of the most prominent names accepting Bitcoin include Microsoft (MSFT), Overstock.com (OSTK), Expedia (EXPE), DISH Network (DISH), Shopify (SHOP), and many others.

The unique thing about Bitcoin is that yes, Bitcoin is officially a commodity in the U.S., but it can also be used as a currency globally. Moreover, Bitcoin’s “official” classification varies from country to country, and nations like Great Britain, and many others, officially classify Bitcoin as a form of currency.

Bitcoin’s Price Should Go Much Higher Long Term

From a demand standpoint, Bitcoin is likely to benefit twofold. On the one hand, Bitcoin is a commodity, which is used as a store of value, is packaged in futures contracts and should soon see physically backed ETFs roll out. This should create significant demand from a store of value/trading vehicle standpoint.

Additionally, Bitcoin is classified and is used as a currency in many places. Furthermore, an increasing number of major corporations are starting to accept Bitcoin as a legitimate payment method for goods and services. This trend is likely to continue and should create further demand from a functional and transactional standpoint.

However, the supply of Bitcoins is extraordinarily limited. Most of the easy Bitcoins have been mined and the mining process becomes increasingly more difficult from here, essentially capping most of the supply at just 19 million in the next several years. Furthermore, lost Bitcoins, HODLers, and other factors subtract even more Bitcoins from the supply part of the equation.

Ultimately, there are not that many Bitcoins to go around, and even fewer available for trade on exchanges at any given moment. Therefore, as demand from institutional players as well as from retail investors picks up in the next bull cycle, Bitcoin’s price is very likely to go much higher from current levels.

Why Bitcoin is Different

Many commodities have elastic supply, meaning supply can increase or decrease relative to demand. Gold, silver, and most other commodities can be derived from the earth in a seemingly unlimited capacity. This phenomenon keeps prices in equilibrium. But Bitcoin is much different, unlike other commodities only a finite number can ever exist, and therefore its price has almost an unlimited capacity to appreciate over the years going forward.

Risks Do Exist

Unlike other traditional commodities that can be touched, smelt, consumed, or utilized, Bitcoin exists essentially as code in digital form, and can only be used in conjunction with the internet. Coupled with immense potential, significant risks also arise.

Detrimental Government Regulation

In my view, the number one long-term threat Bitcoin faces is detrimental government regulation or an all out Bitcoin ban. If major Bitcoin friendly governments like the U.S., E.U., Japan, South Korea, and others follow the footsteps of China and essentially make Bitcoin use and trading illegal, it could have catastrophic consequences for Bitcoin’s price. Demand would likely plummet and when demand for a commodity decreases so does its price, drastically at times. This seems unlikely due to the progressive steps taken in the U.S., E.U. and other areas concerning Bitcoin, but the threat does exist, especially if Bitcoin ever starts to seriously challenge the current fiat financial status quo.

Continued Functionality Issues

Another risk factor is the concern that Bitcoin may never become a widely used transactional currency due to its issues with speed and scale. Yes, the Lightning Network (LN) promises to solve many of the issues associated with speed, cost, and scale, but there is no guarantee that the LN will become widely adopted, even over time.

Therefore, there is the risk that newer and more efficient digital currencies like LiteCoin, Bitcoin Cash and others will make Bitcoin somewhat obsolete as an actual medium of exchange for the masses.

Continued Security Breaches and Fraudulent Activity

Continued security breaches in the Bitcoin world concerning exchanges and individual wallets is a constant concern. If significant breaches continue, investors and users may start to lose confidence in the system and demand could decrease as a result.

Likewise for fraud cases. In an industry that is relatively loosely regulated, substantial fraudulent activity is a persistent risk. Just like with security breaches, when people get ripped off, it reflects poorly on the entire industry and demand along with prices can suffer.

One Million and One Cryptocurrencies

Another concern is the seemingly endless supply of new cryptocurrencies. There are now over 2,000 different cryptocurrencies listed on CoinMarketcap.com. The risk is that the market may become oversaturated with digital assets which could lead to a crash, or to a devaluation of many digital assets, including Bitcoin.

Loss of Interest Amongst the Masses

There is always the simple risk of loss of interest amongst the masses. There is a chance that Bitcoin will forever remain a niche phenomenon, a novelty, as JPMorgan’s Jamie Dimon puts it. In this case, Bitcoin may not experience substantial demand, and the price would very likely cascade much lower over time.

Bitcoin is Not for Everyone

The bottom line is that Bitcoin is not for everyone. I view it as an investment for people with a relatively high risk tolerance, and even then, maybe only 5-10% of a portfolio’s holdings should be allocated to digital assets.

Bitcoin is still a relatively new phenomenon and no one truly knows exactly how it is going to play out over the long term. The truth is that 10 years from now one Bitcoin could be worth $1 million, or it could be worthless, and given the number of uncertainties, neither outcome should really shock people.


Source
Author: Victor Dergunov
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Bitcoin Is Not Dead…

The sense of urgency is everywhere I look. Bitcoin is dying, and it’s time get a new job. The warnings are stark. Bitcoin’s price has lost 70% since its $20,000 peak last year, the Securities and Exchange Commission has rejected every bitcoin ETF it’s seen so far and Goldman Sachs has delayed its much touted roll-out of bitcoin trading.

Bill Clinton’s former senior economist Nouriel Roubini can’t seem to stop talking about the “useless” cryptocurrency and even the controversial Wolf of Wall Street Jordan Belfort who plead guilty to fraud relating to stock market manipulation has said that bitcoin is headed for the scrapyard.

As bitcoin and its cryptocurrency peers including ethereum, XRP and others have exploded into the public conscious over the past year the warnings must indeed seem dire. But this is not new. Bitcoin may eventually fail, blockchain could prove to be a bunch of smoke and mirrors, but it hasn’t yet, and what we’re experiencing right now is just a lot of more of what has already happened.

The first recorded claim of bitcoin’s demise was in 2010, on a little-known blog that found itself posted on a record of “bitcoin obituaries” collected by bitcoin information site, 99Bitcoins. While I consider myself among the first wave of bitcoin writers, having written my first article on the subject in 2011, this historic claim of bitcoin’s death came when the cryptocurrency was only valued at $0.23. It is now worth almost $7,000.

The year I wrote my first article on bitcoin the nascent cryptocurrency was declared dead an additional six more times as its price fluctuated between $3.12 and $19.73. In total, the site tracks 309 deaths of bitcoin, the most recent of which was a 24-page take-down by the Economist, which ventured that not only is bitcoin useless, but blockchain was probably on its way out too.

Over that time, I’ve seen bitcoin battle it out with the first early forks, or copies, of the open source code that sought to create value from the original code first written by Satoshi Nakamoto. Back then, the widely held belief was that in the end there would be only one cryptocurrency, a Swiss Army knife of global finance that would evolve to include the best of all possible cryptocurrencies until old-fashioned fiat currency issued by central banks was as dead as a cowrie shell strung around the neck of a Papua New Guinea tribesman.

Then, ethereum started its rise in popularity in 2014 and many deemed the cryptocurrency with a coding language that could be used to write decentralized applications a death knell to bitcoin. Others hearkened the end of previously unregulated bitcoin when the IRS said owners would have to pay taxes on earnings. When the largest bitcoin exchange in the world Mt Gox was forced closed by a massive $500 million hack many a skeptics declared the cryptocurrency dead. When the Silk Road marketplace for buying illicit goods was shut down by the FBI bitcoin experienced what many believed was a catastrophic collapse in price falling all the way down to $418, and many declared the cryptocurrency’s only use case – buying drugs – a lost cause.

So bad has the current state of cryptocurrency become that a new website dedicated to “DeadCoins” lists more than 900 cryptocurrencies that are no longer active, are scams, or were never anything more than a joke. But from that first claim of bitcoin’s death, bitcoin has risen 2.8 million percent to $6,477 with a total value of $111 billion. Ethereum is valued at $23 billion and XRP is $11 billion, with a total cryptocurrency market cap of $204 billion.

What is perhaps the biggest difference between this most recent cry of the death of bitcoin is the negative focus on blockchain itself. If bitcoin caused users to question the role of banks in global finance, any number of other middlemen – from central securities depositories to land-titling registries – might also be reimagined. But this latest round of skeptics has cast doubt on these and other possible use cases as well.

Lending support to concerns that even blockchain is dying is a Deloitte report from last year that found of almost 27,000 Github projects more than 90% were no longer active. Yet the number is only slightly higher than the failure rate of any startup, according to a 2012 Harvard Business School report and right on par with the conventional wisdom that says 90% of all startups fail.

So, what’s going on here? Why is an entire industry being declared dead when its startups rather predictably fail? Why don’t we declare restaurants dead or healthcare dead or technology dead because a high percentage of their startups fail? It’s hard to say for sure. But one obvious possibility is that the the vested interests for blockchain to succeed or fail are strong.

Traditional economists who have spent their career studying the status quo run the risk of seeing their life’s work get tossed in the proverbial dust bin in a decentralized world. Any financial institution or middleman making money now runs the risk of seeing profits fall if counterparties can more easily connect directly using open source technology, and have spent money accordingly on defensive exploration.

On the flip side enterprises have continued to hire thousands of staff to build and sell the new decentralized systems, blockchain chain developers have invested months and years on learning the technology and untold droves of investors who have been prevented from investing in startups by regulations and other barriers have thrown their hard-earned money into the chance to participate in a new paradigm.

If either of these groups is proved wrong they have a lot too lose. Another possibility though, is that we’re just on a totally different time frame than any of us realize.

Friends of mine who write computer code talk about being able to recognize whether a person learned to code when they were a child or an adult based on how elegant the solution is. The younger the person when they learned to write, the more imaginative and simpler the solution. In blockchain, everyone currently in the workforce learned to code as an adult. They grew up in a centralized world and only started studying the computer languages to decentralize it after their worldview began to solidify. The real innovation, I believe, won’t come until young people who grew up with decentralized possibilities, and learned to write smart contract code while their minds were still forming start to implement their ideas in the work force.

In the meantime, so long as some people choose to place their trust in the cryptography and electricity that powers blockchain instead of middlemen bitcoin and its descendants will remain alive and well.


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Author: Michael del Castillo
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TokenPay (TPAY) Says “HODLing Is Not The Purpose Of Crypto”

TokenPay (TPAY) has come out again, this time to dash the hope of HODLers, saying HODLing is not the purpose cryptocurrency. In a well-crafted enlightenment messages shared on its medium page, TokenPay stands to make changes to some “myths” in the cryptocurrency space.

LIONBIT

Through its Twitter handle, TokenPay has been issuing blistering statements criticizing some ethos in the cryptocurrency community. The cryptocurrency’s recent message started off by saying the ease of integration and clear hype factor made most major crypto exchanges to be predominantly littered with ERC-20 tokens.

“Not only does an ERC-20 token not represent company “stock”, but it is actually even more sinister. This egregious invention has no blockchain or technological utility other than its ease of integration and tradability on unlicensed and unregulated crypto exchanges. It is a proverbial casino chip. There is nothing wrong with gambling, as long as the game is fair. But the crypto market is rigged.”

The blockchain platform then linked the present situation with that of Amazon, remembering the wondering crypto lovers of the 90% stock loss witnessed in a year by the e-commerce company, but still survives and stays among the best.

Adoption Matters Than Anything Else.

To TokenPay, which brands itself “Adoption Maximalists”, mass acceptance of cryptocurrency is germane than any other thing, pointing that real time settlement is very important.

TIP

Most Crypto Are Poorly Designed: Bitcoin Is Slow.

TokenPay condemned most of the cryptocurrencies, saying they are poorly designed.

“One of the dirty little secrets of the crypto industry is that there is really no benefit to transacting in most of the coins or tokens.”

As usual, TPAY berated Bitcoin again, pointing that it is slow and costly. The crypto firm said Ethereum isn’t scalable and has multiple bugs. The team said about NEO, recognizing that their blockchain failed recently.

HODLing is Not the Purpose of Crypto? Then What Is?

TokenPay is no bothered about the present condition of the cryptocurrency market. The cryptocurrency sees beyond HODLing saying real life use cases will birth a reformed crypto society.

The firm brags that it has “conducted in excess of a million dollars of real world transactions with various suppliers using TPAY as a method of payment”, and so is more concerned about adoption.

“To us it is an amazing achievement. But instead of embracing the real world adoption of TPAY, there exists a cancerous element of the crypto community that equates price of the coin with the success of an enterprise. There is zero correlation, in fact the inverse in many cases may have more relevance.”


IZX

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Ripple’s (XRP) xRapid Bags Three New Partnerships

Ripple (XRP) enthusiasts have long been complaining that Ripple, the overseer of the altcoin finds more use cases for the cryptocoin, saying many of the partnerships sealed by the company were not in favour of XRP.

Now, Ripple (XRP) has danced to their tune. The blockchain company announced that xRapid, which is one of the most viable tools for cross-border payments, and majorly powered by XRP, has sealed a deal with three exchanges.

LIONBIT

The decision is born of the fact that the success of xRapid depends on a healthy ecosystem of digital asset exchange partners across the world. These exchanges will give room for xRapid payments to be moved from one currency to XRP, and then into another as fast as possible.

In a release by Ripple, the blockchain technology indicated that Bittrex is going to act as the preferred digital asset exchange for xRapid. The exchange will cater for transactions performed through US Dollars.

Also, Bitso and Coins.ph are preferred for Mexican Pesos and Philippine Pesos respectively.

TIP

A statement by Cory Johnson, Chief Market Strategist at Ripple, “Bittrex is one of the biggest names in digital asset trading in the U.S. The same goes for Bitso in Mexico and Coins.ph in the Philippines. That makes today’s announcement an important development for xRapid.”

“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”

Meanwhile the CEO of Coins.ph, Ron Hose said, “We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10M+ overseas Filipino workers”.

So, below is what the company feels xRapid payment flow will look like from the U.S. to Mexico:

  • A financial institution, that has an account with Bittrex, initiates a payment in US dollars via xRapid which is instantly converted into XRP on Bittrex.
  • The payment amount in XRP is settled over the XRP Ledger.
  • Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account.

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How Low Can Bitcoin Go? Many Crypto Coins Could Soon Become ‘Worthless’

In November last year, as the price of a bitcoin reached $20,000, cryptocurrency advocate John McAfee hit the headlines by claiming on Twitter that he would eat his own penis should his prediction about the coin—that it would reach $1 million by 2020—not come true.

The outspoken nature of the claim was par for the course at the time. During the last few months of the year, crypto prices were skyrocketing. Despite warnings it was a bubble, investors with no prior knowledge of financial technology were rushing to get in on the action, pouring money into little-known startup ventures that promised them easy riches and quick rewards.

LIONBIT

If it seemed too good to be true—that’s maybe because it was. Experts this week warned the market—often defined by its volatility—remains in a state of flux. But what comes next?

“How low [the price] can go is anyone’s guess,” Niels Pedersen, senior fintech lecturer at the Manchester Metropolitan University, told Newsweek. “If cryptocurrencies become mainstream, then prices could go a lot higher. If not, many become worthless. Even if you believe in cryptocurrency, picking the long-term winner is like looking for a needle in a haystack.”

This week, bitcoin tanked to under $6,000, nearly the lowest point of 2018. Ethereum, the second most popular crypto by market capitalization, dropped to below $300 for the first time since November. Websites that track the value of these coins in real-time—including CryptoCompare and Coindesk—showed a downward trend was emerging across most coins.

“The crypto market seems to have hit panic mode, with prices falling significantly across the board,” said Matthew Newton, analyst at investment platform eToro. “As we see in the case of Ether, investors are increasing liquidations of their ICO holdings, with significant drops in price and increased volumes. This has had a knock-on effect on the rest of the market.”

Bloomberg reported this week that ICOs (Initial Coin Offerings)—which are a new form of crowdfunding used by fintech startups to raise capital—were “cashing out” their stored funds.

“They’re selling too early and causing a lot of pressure in the market,” crypto hedge fund manager Biswa Das told Bloomberg. “The market is so fragile that it causes a lot of pressure.”

There are additional market pressures that will impact values, perhaps driving prices down. U.S. authorities are probing some trading exchanges for signs of market manipulation. A number of ICOs have run off with investors’ funds. There has been a ton of negative press. And several high-profile cyberattacks ravaged fintech businesses across the world.

But experts are reluctant to put a number on how low bitcoin may go. It may be unknowable. In many cases, those with industry knowledge have a vested interest in its continued success.

TIP

The Low Point

Coindesk this week suggested it would bottom out at $5,650, at least in the short term. It said if that number was “breached” there may be a snowball effect, dropping prices closer to $5,300.

While the bitcoin price spiked again to more than $6,000 on Wednesday, some experts suggest the “madness” of 2017 may never be seen again.

“Many ICOs completed last year were weak, leading to widespread declines in value for ICO tokens,” said Daniel Wolfe, CEO of Tradingene. He told Newsweek: “This has led to increased caution from investors. The change represents a welcome, and likely permanent, respite from the madness of 2017 when tens of millions were raised by projects with little more than a website.”

Predicting the Future

But the jury is far from unanimous. In February this year, American economist Nouriel Roubini tweeted that bitcoin could soon crash to zero, effectively becoming worthless.

Other experts were confident that it would soon massively spike to $25,000. This week, PayPal’s former boss declared that bitcoin had “no value” as a payment method. Crypto CEO Danial Daychopan told Newsweek that bitcoin’s value will reach £50,000 in the next two years.

Danny Scott, CEO of trading platform CoinCorner, said the bottom is around $6,000. “We have seen strong support at this figure over the last couple of months and believe support will continue,” he claimed. “However, it is not possible to predict with any meaningful accuracy when this price point may be tested.” It will be above $15,000 by December, he said.

The trend is clear: There is no solid answer, there is merely speculation.

“I don’t think anyone can give a reliable forecast on bitcoin today,” said Ilia Kolochenko, the CEO of internet security company High-Tech Bridge. “As seen in the past, immense fluctuations were suddenly caused by cybercriminals, governments and alternative currencies.

“Despite a current semblance of relative stability, bitcoin being a puppet of market speculators and cyber gangs means it can abruptly drop or skyrocket,” he added. “You can make a lot of money speculating with bitcoin these days, but be prepared for the risk of losing it all.”

Multiple sources said that short term predictions are unhelpful, but most retain hope. “The overall trend in the value of bitcoin is still heading north,” Daychopan, of crypto firm Plutus, asserted.

On Wednesday, 24 hours after the market downturn, bitcoin was valued at $6,300.


Here at Dollar Destruction, we endeavor to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Jason Murdock
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Crypto Has A Killer App-Crypto Is Ready For A Design Movement.

When I started at Coinbase a year ago, it quickly became clear that there are a thousand big problems to solve in crypto–and very few of them had been considered by a designer. I shared this thought with one of my design heroes, John Maeda. Where should I begin? He looked at me thoughtfully and said, “It sounds like what you need is a design movement.”

Within a few weeks, I could tell: He was right.

Lesson From the Past: Road Signs in England

To start talking about why design matters in crypto, let’s shift back for a moment to the 1930s. Back then, this is what most road signs in England looked like: dense word layout, complicated symbols, and a lot of information. This worked when the top speed of a car was 30 mph.

When we got to the 1950s, the top speed of a car jumped to 75 mph and highways were appearing across the country, but the signs had not changed. Crashes were frequent and roads were dangerous–there were even protests petitioning to add speed limits to roads.

The speed of automobiles was a technology that was literally moving faster than design. A design movement–the creation of something that didn’t exist before–was needed.

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Creating a New System

The task to create a road signage system for this new fast-paced world fell upon two designers, Margaret Calvert and Jock Kinneir. To define their goal for this project, they posed two simple questions:

  • What do you need to know while traveling at high speeds?
  • At what distance do you need to know it?

This was new territory at the time. Calvert said, “It required completely radical thinking. The information wasn’t there in terms of reading distance, clarity, and letter spaces.”

As someone at the start of a similarly large and foreign design challenge, I find it refreshing to learn about the rigor they applied to their process. Calvert and Kinneir spent years testing for legibility in all different conditions. They would create prototype signs and prop them up against trees to determine the most effective background colors and reading distances. They would then drive past their prototypes at 60 mph. At night. In the rain. When safety is concerned, all edge cases matter.

Here is a side-by-side comparison of their signage, before and after. There are noticeable differences in letter shapes, color, and clear symbols that were isolated from the rest of the graphic. One worked for the past, one continues to work for the future.

By 1959, the new signage system was rolling out everywhere, and nations all over the world adopted the same system as they built their own highways. This set the precedent for what road signs still look like today.

Fast-Forward to Today: The World of Blockchain

Like the road signs of the 1950s, technology in the world of blockchain is moving faster than ever and our signage hasn’t kept up. We’re at the very beginning–we’re defining new paradigms that will help millions of people use the technology safely and effectively.

Here are just a few specific examples of the design challenges we face.

For one, the industry does a terrible job of explaining itself. If you search the web for “blockchain,” this is the kind of information you find:

[Image: courtesy of the author]

This is a diagram of private key encryption. Which is important technology. But how important is it to know the intricacies of how it works? I’ll be the first to say that I find it intimidating and confusing, and I think it’s okay to admit that. At a high level, there are essentially three main concepts you need to know–bitcoin, cryptocurrency, and blockchain.

TIP

Cryptocurrency is digital money. It’s not controlled by any government or institution. It doesn’t have borders. It’s decentralized and available to everyone.

Bitcoin was the first cryptocurrency. Now there are hundreds of others, but it’s still the most stable and widely used.

Blockchain describes the underlying technology powering cryptocurrencies. A blockchain is a public log of everyone’s transactions.

If you don’t get it yet, that’s okay. Count yourself wiser if you now know that they aren’t interchangeable words for the same thing.

As we build products at Coinbase, we’re facing a new set of interesting design challenges. Above all, we want to make this transformative new technology accessible to as many people in the world as possible. Here are three specific challenges we’re taking on to start:

Design Challenge 1: Considering a new form of “address”

Most of us think of an address as a number and a street. We know that if we mail something to that address, you’ll eventually receive it.

1234 Main St.

Then came the invention of the telephone. Every house with a landline received a new kind of address: a set of numbers –10 digits, in the U.S.

(415) 555–2646

Then of course, emails came to be, and we now had to associate how to reach you to an even more technical sequence of characters.

yourname@gmail.com

So what does a bitcoin address look like?

1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2

The strangest of them yet, a string of 34 nonsensical characters. While this makes sense for machines to parse, it’s not as easy for humans. If you get this address wrong, you might accidentally send away your bitcoin. These are not easy problems to explain, let alone to prevent.

Design Challenge 2: There are no easy analogs for crypto–not even stocks

The existing frameworks people use when thinking about buying and selling stocks don’t always translate to crypto. The question I hear most frequently is, “Do I have to buy a whole bitcoin?” When people buy stock, they buy a whole share. But that’s not how crypto works.

You can buy a whole bitcoin, but you can also buy half, or any portion, down to its smallest unit, the satoshi. One satoshi is 1/100,000,000 of a bitcoin. In U.S. dollar terms, that’s about 1/100th of a penny. Many people think they can’t afford bitcoin because it appears to be more expensive than other cryptocurrencies, but that’s not the case.

Design Challenge 3: Creating meaning out of very long numbers

Because it’s possible to buy and sell tiny fractions of coins, we now have issues such as how to display very long decimal numbers–and make them mean something. As it turns out, the number that takes up the most visual space is actually the smallest in value, and by quite a lot! How do we, at a glance, communicate that value clearly?

Broader Questions

I find that some of the most interesting questions are the ones that are the most abstract and don’t have easy solutions.

  • How do we design intangible money?
  • How do we build trust in a concept, instead of a company?
  • How do we make it all simple enough so a child can understand?

These are the questions we ask ourselves frequently at Coinbase as we think through solutions. Children have a basic understanding of money, banks, and exchange of value. If we’re trying to do those same things with blockchain, we should be able to explain those concepts to them as well.

Creating a Design Movement in Crypto

Blockchain today is often compared to the internet in the 1990s. When the internet first came about, you couldn’t have predicted that 20 years later people would be using it to share their houses and cars (thanks to Airbnb and Lyft). The builders of the web didn’t have to know what all the possibilities were–they were just a group of passionate people who believed that this technology was important and transformational to society, and they pulled together to work to make it a reality.

The opportunities in crypto are equally inspiring, and we can’t predict them all. That’s why it’s so important that we get more curious and thoughtful people into the space, and early on. Alongside all the brilliant protocol developers, investors, and entrepreneurs–we need more people thinking about guidance, education, and use cases–people who can make technical ideas accessible to all.

In other words, we have the highways, and the cars are getting super fast, but our signs have not caught up. These are totally new problems. And we work on them because we see the possibilities and believe the solutions can have a meaningful and massively positive impact for the world.


Here at Dollar Destruction, we endeavor to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Connie Yang
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