Big money stays away from booming bitcoin

Big money stays away from booming bitcoin

David https://markethive.com/david-ogden

As Bitcoin Price Hits Record Highs, Australia’s Government Considers Digital Currencies and Tax Implications

As Bitcoin Price Hits Record Highs, Australia’s Government Considers Digital Currencies and Tax Implications

As bitcoin’s valued soared to record heights over the weekend,

the Australian government heard evidence on digital currencies and its tax implications. On Saturday, bitcoin’s value saw its value rise to $6,200 for the first time, pushing its market cap to $102.8 billion. With investor interest increasing in the cryptocurrency market, governments are turning their attention to the impact it presents. One of which is Australian’s House of Representatives Standing Committee on Tax and Revenue. Speaking to the Sydney Morning Herald, Kevin Hogan, the member for the Division of Page in NSW and chair of the committee, said that digital currencies would present risks to governments if they remain outside of regulation.

He said:

If people choose to go ‘off the grid’ and it is fully encrypted, that presents challenges.

Of course, while there are challenges that governments need to overcome, there are also opportunities too. Hogan believes that if the Tax Office embraces the blockchain, the collection and payments of taxes would be

more efficient.

If these cryptocurrencies emerge in greater numbers, certainly the government will need to adapt to some of that to make sure that the tax payment system is included in that.

The Chinese government is one authority that is utilising the distributed ledger to collect taxes and issue electronic invoices. In August, it was reported that Chinese authorities have ‘actively’ been exploring the application of the distributed ledger in the ‘fiscal and taxation business.’ This announcement from Australia comes at a time when authorities recently made progress with its anti-money laundering (AML) and counter-terrorism financing (CTF) bill, which included bitcoin exchanges under the remit of Australian legislation for the first time.

Part of a wider reform of the government’s AML and CTF laws, the objective is to provide more power to the Australian Transactions and Reporting Analysis Centre (AUSTRAC), the country’s financial intelligence agency and watchdog. It’s believed that the bill will be passed. Last week, David McKay, the Royal Bank of Canada’s CEO, said that while he would never call bitcoin a fraud, he does have concerns with it.

In a report, he said:

There are some real concerns about how the bitcoin is being used that we have to resolve.

In the past, Jamie Dimon, CEO of JPMorgan Chase, has called bitcoin is ‘a fraud,’ claiming that it’s ‘worth nothing.’

Chuck Reynolds


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Bitcoin Price Technical Analysis for 23rd October – Another Break, Another Pullback

Bitcoin Price Technical Analysis for 23rd October

Bitcoin Price Technical Analysis for 23rd October – Another Break, Another Pullback

Bitcoin price zoomed up to set new all-time highs and is pulling back to offer an opportunity to ride the rally.

Bitcoin Price Key Highlights

  • Bitcoin price surged to new highs at the $6200 area once more, indicating that bullish momentum is very strong.

  • Price has quickly pulled back after reaching this area, giving more bulls an opportunity to hop in the climb.

  • Applying the Fibonacci retracement tool on the breakout move shows nearby support levels.

  • Bitcoin price zoomed up to set new all-time highs and is pulling back to offer an opportunity to ride the rally.

 

Technical Indicators Signals

The 100 SMA is safely above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. The gap is even widening to reflect strengthening bullish pressure. The 100 SMA is also close to the ascending trend line connecting the latest lows of bitcoin price action, adding to its strength as a floor.

In addition, the 61.8% Fibonacci retracement level lines up with this trend line around the $5500 levels. This is also a short-term area of interest or former resistance that might hold as support.

If so, bitcoin price could bounce right back up to the $6214 highs and beyond. Stochastic has been on the move down but is pulling higher without even hitting oversold levels, which means that bulls are eager to charge. RSI, on the other hand, has plenty of room to fall so the correction could still materialize.

Market Factors

Dollar strength came into play late in the week but bitcoin price has been able to hold its ground on strengthening expectations that the November upgrade could turn out well. Apart from that, political risks all over the globe like in New Zealand and Europe could continue to keep investors interested in digital gold.

Reports that bitcoin is about to get regulated in Australia gave the cryptocurrency a boost as this could mean better infrastructure for firms in that area. Apart from that, there have been rumors that China could reverse its recent bitcoin ban, reviving demand and volumes for the cryptocurrency. Some predict that this could send bitcoin price up to $10,000 in the next six to 10 months.

Author Sarah Jenn

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David https://markethive.com/david-ogden

MasterCard Announces Blockchain B2B Payments Despite Rejection of Bitcoin

MasterCard Announces Blockchain B2B Payments Despite Rejection of Bitcoin

MasterCard recently announced a way for businesses

to make direct business to business (B2B) payments over their Blockchain technology-based network. The company has dubbed its offering “MasterCard Blockchain API,” and it will be debuted at the Money 20/20 Hackathon in Las Vegas in a few days. Testing and validation have been completed, and the tech will officially be ready for customers’ use beginning next week. The announcement is a bit ironic after the company’s wholesale rejection of Bitcoin. I guess as the old saying goes, “monkey see, monkey do.”

Advantage Blockchain

Blockchain technology has been raised as an excellent option for B2B transfers for a multitude of reasons. Blockchain transfers are fully private and secure, while at the same time offering flexibility and scalability for business transactions.

According to one executive:

“By combining Mastercard Blockchain technology with our settlement network and associated network rules, we have created a solution that is safe, secure, auditable and easy to scale.”

While the solution is a major coup for Blockchain technology in general, the credit giant’s announcement may be seen as copycatting the technology of other systems and platforms. Blockchain technology has, until the past couple of years, been relegated to the fringes of the tech conversation. The sudden interest and application from enterprise-level corporations shows an awareness of the power of the systems already designed by other companies.

Saudi Arabia’s IDB Plans Blockchain Financial Project
 

Institutional-level adoption cases for Blockchain technology

are cropping up everywhere. The most recent announcement comes from Saudi Arabia, where the Islamic Development Bank will use Blockchain-based financial platforms to reach out to Muslim customers. The Islamic Research and Training Institute is seeking to create platforms that are sharia-compliant via partnerships with Ateon and Belgium-based SettleMint.

According to the announcement:

“Involvement of the IDB, a multilateral development institution, could also encourage other fintech firms to incorporate Islamic finance to tap markets across the Middle East, Asia and Africa. Islamic finance follows religious principles such as a ban on gambling and outright speculation, but until now the sector has focused on traditional retail banking services.”

Global adoption growing

Recent announcements from other governments have indicated that Blockchain technology is making inroads into a variety of national and institutional arenas. The recent release of MasterCard’s B2B Blockchain technology-based payment platform indicates a widespread beginning for the adoption of Blockchain technology into various aspects of the financial sector.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
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Why MIT Implemented Bitcoin Blockchain to Distribute Diplomas Instead of Permissioned Ledgers

Why MIT Implemented Bitcoin Blockchain to Distribute Diplomas Instead of Permissioned Ledgers

Massachusetts Institute of Technology (MIT) has started to issue diplomas

through its Blockcerts platform, a Bitcoin Blockchain-based application which provides a tamper-resistant and immutable ledger for the distribution of academic credentials. Blockcerts, which was first introduced in 2016, was developed by Learning Machine in collaboration with the MIT Registrar’s Office, with the vision of creating an open infrastructure wherein graduates can receive diplomas that are easily accessible and verifiable.

The Blockcerts development team explained:

“Blockcerts provides a decentralized credentialing system. The Bitcoin Blockchain acts as the provider of trust, and credentials are tamper-resistant and verifiable. Blockcerts can be used in the context of academic, professional, and workforce credentialing.”

Merit of Using the Bitcoin Blockchain

Permissioned or centralized Blockchains are being employed by large-scale conglomerates and corporations such as Pfizer and Genentech, pharmaceutical giants with a combined market cap of $300 bln, because they require flexibility and the settlement of thousands of data points every second.

But, for documents like academic credentials and diplomas, the immutable and public Bitcoin Blockchain network can be used, as it does not demand high flexibility and high counts of data points to process. Hence, by creating academic credentials and diplomas at MIT and embedding them into Bitcoin transactions which are eventually sent to the Bitcoin public Blockchain, the Blockcerts app and MIT can allow both students and companies in the future to utilize the Bitcoin Blockchain to verify diplomas and credentials.

MIT Registrar and Senior Associate Dean Mary Callahan, stated:

“From the beginning, one of our primary motivations has been to empower students to be the curators of their own credentials. This pilot makes it possible for them to have ownership of their records and be able to share them in a secure way, with whomever they choose.”

Chris Jagers, co-founder and CEO of Learning Machine, the software development firm behind Blockcerts, further emphasized that platforms like Blockcerts are particularly important because even if the issuers of credentials, in this case MIT, terminate their operations or shut down, students and organizations can verify their credentials on the Bitcoin Blockchain,

which is unalterable in nature.

“MIT has issued official records in a format that can exist even if the institution goes away, even if we go away as a vendor. People can own and use their official records, which is a fundamental shift.”

Permissioned Blockchain is Not Needed

Blockcerts has also proven the commercial applicability of the Bitcoin Blockchain as an infrastructure for applications. Permissioned and centralized Blockchains are not necessary to process small amounts of data, especially if security is of the utmost importance for the clients. For MIT, the security and immutability of Bitcoin is especially crucial because academic credentials and diplomas are extremely valuable and important information for students and professionals. More importantly, the usage of a public Blockchain network allows the application to operate as open-source software.

The Blockcerts team said:

“At its core, Blockcerts is open. The software is open source and anyone is welcome to join the developer community. Only an open standard allows individuals to remain fully in control of their own academic history. That is important, because academic certificates are markers of our lives. They can be tickets to a better job or education, and we can use them to tell a story about who we are and how we have become that person.”

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

David https://markethive.com/david-ogden

Could Bitcoin’s Bubble Lead to Long Crypto Winter?

Could Bitcoin’s Bubble Lead to Long Crypto Winter?

In the mad mania for cryptocurrencies, there are some dissenting voices from old timers, calling this irrational exuberance. Could a crypto winter be in the offing?

Eerie similarities to 2013

A year after the block reward halving, with media buzzing about Bitcoin, and a multifold increase in price – this is not just a description of 2017 but also perfectly fits 2013. After the block reward halving in 2012, the price of Bitcoin shot up during the following year. The price increased from around $13 at the starting of 2013 to a peak of over $1200.

The reasons for this jump are manifold (including the bots – Willie and Markus, which bought Bitcoins on Mt. Gox), but the almost 100 fold increase in price was unprecedented. The 500% increase in price of Bitcoin in 2017 appears tame in comparison. Of course, the base effect does make such 100 fold increases in price almost impossible now, with Bitcoin's market capitalization crossing $100 Bn.

This time Is different

When comparisons to 2013 are made, the common refrain is “this time is different.” There is increased Bitcoin adoption, there is no Mt. Gox, the ecosystem is better developed, institutional money is coming in and so on. If time has taught us one thing, it is that history usually repeats itself. Or rather, as Mark Twain said, “History doesn’t repeat itself, but it often rhymes.”

A 500% increase in price in just a year is the sign of a bubble building up. There has been no catalyst driving the growth and a fear-of-missing-out mentality seems to be at play. Newbies are being attracted to Bitcoin (and ICOs) driven by the promise of massive gains. They believe that "this time is different."

House money at play

While traditional economists believe that the market is made up of rational investors, behavioural economists believe otherwise. People who have made windfall profits take higher risks than they normally would. This is similar to gamblers taking higher risks after winning, believing that they are playing with "house money."

With Bitcoin's rapid rise in price this year, a lot of investors have seen their portfolio appreciate rapidly in price. Rather than evaluating whether Bitcoin is overvalued and it is time to sell, these investors may be willing to hold longer because of their windfall profits.

2013 ended badly

The crash of 2013 was the first long term downtrend in Bitcoin's price. Although there were previous crashes with higher percentage drops (from $32 to $2), this was the first time that the price didn't recover quickly. Bitcoin's price had risen during every calendar year until 2013 and people believed the price would recover in 2014.

This was not to be. It would take more than three years for the price to cross the $1200 levels attained in November 2013. This year has been extremely strong so far, but a crash would be terribly painful. A lot of recent cryptocurrency converts could get hurt and it could take even longer to recover this time.

 

Author: Jacob J

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David https://markethive.com/david-ogden

Bank of America Files Patent for Blockchain-based Processing System

Bank of America Files Patent for Blockchain-based Processing System

Bank of America has filed a pair of patents for a Blockchain-based system

aimed to improve the tracking of file transfer processing in real time. Under the system, a Blockchain can be integrated with communications and memory devices to facilitate the data processing process. Based on the patent applications as of mid-October 2017, the bank proposes the use of a Blockchain to facilitate the transferring of large volumes of data while simultaneously tracking the data through the use of cryptographic keys during the transfer process.

The system will be able to handle two types of data processing, namely, the actual data transfer itself, and the log of the cryptographic keys identifying each data packet and its present processing stage.

Part of the patent applications read:

"The present invention is directed to providing a novel technical solution that reduces transactional and informational complexities and transforms the processing of electronic files and management of data contained within such files."

Bank of America’s research efforts on Blockchain

The latest applications are part of the major American bank’s effort to establish a portfolio of protected applications of Blockchain technology. The bank has already filed over 20 patents related to the technology or digital currencies since 2014 as of August. Among the patents filed are three patents based on the use of distributed ledgers to authenticate the veracity of information and the parties who handle it and two patents based on a peer-to-peer (P2P) payment system that is powered by a Blockchain. The mega-bank has also filed a batch of patents covering almost the entire cryptocurrency exchange and payment process including transaction validation, risk detection, real-time conversion, as well as online and offline storage.

World’s Largest Money Manager Says No Fair Value for Bitcoin

Richard Turnhill, the strategist for BlackRock Financial

and therefore the largest money manager in the world, owns no Bitcoin, and doesn’t know what a fair price would be. According to a recent interview, the analyst was quick to point out that commodities prices are based on inherent value, and he sees none in cryptocurrencies. The interview includes bullish predictions on effectively everything, from equities to stocks, with the final statement about Bitcoin being the only relatively negative comment. Turnhill made is clear that his position is one based on research.

Per the interview:

“I would say that cryptocurrencies show many characteristics of a bubble right now, which is [to say] you've seen spectacular price increases. The main argument for buying them is that prices have risen, and are therefore going to continue to rise over time. But there's no inherent right or wrong price for bitcoin. You could say 'what's the fair value?' you know, I'm an investor, I like to think about the fair value of stocks of bonds. I can't answer what's the fair value for bitcoin or any cryptocurrency. For that reason, I'm not an owner.”

General trends

The information from Turnhill reflects statements made last week by Larry Fink, BlackRock’s CEO, who said that Bitcoin was essentially only good for money laundering. Nonetheless, bulls point to the continued price increases, and other stock analysts see substantial gains ahead. While the rising price is certainly good, in the short term, long term increases in value will come as more people begin to understand the nature of Bitcoin, consensus systems, and how value is defined.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

 

David https://markethive.com/david-ogden

Digital Currency Looks to Solve Cannabis Industry’s Cash Problem

Digital Currency Looks to Solve Cannabis Industry’s Cash Problem

Digital currencies may solve some the legal cannabis industry’s

woes by becoming an alternative to cash payments. Despite recent state-level ballot initiatives across the US that legalizes marijuana in one form or another, the drug still remains illegal at the federal level. While it’s unlikely the feds are going to go after legal cannabis dispensaries any time soon, the legal murkiness does create one serious problem.

Cash-only

Banks won’t deal with cannabis dispensaries. Consider the ramifications. No banking means no payment processing, which means customers can’t use credit or debit cards to make purchases. According to a 2016 survey, 75 percent of customers prefer to pay with credit or debit cards, with only 11 percent preferring to pay with cash. Unfortunately, dispensaries can’t give customers what they want – payment methods other than cash – because banks won’t do business with them. Consequently, the customer is inconvenienced and the merchant loses potential sales.

A lack of banking causes even more serious problems. Since the industry is forced to accept only cash for payments, marijuana dispensaries are an excellent target for robbers and thieves due to the large amount of cash they keep on premises. There’s still a larger problem than that, which is perhaps the biggest of all: dispensaries have great difficulty paying their expenses. Utilities, tax assessors and vendors would much rather not be paid in cash, and some vendors may not even accept cash payments. The cost of protecting large sums of cash is prohibitive. The need for armored cars, safes and guards depletes the bottom line. It’s been estimated that cash handling expenses can amount to 10-15 percent of sales.

Changes are coming

Seeing an opportunity to gain access to a $6.7 bln market, the digital currency Dash partnered with Alt Thirty Six in April 2017. The Dash network, through its decentralized self-funding mechanism, is paying the company $496,000 to integrate Dash as a payment option in the cannabis industry’s point of sale (POS) systems. The vendor also has skin in the game, having spent nearly $700,000 of their own money developing the POS platform. As part of this arrangement, Dash will be the only digital currency offered by the point of sale platform. According to the budget proposal submitted to the

Dash network:

“We have three major verticals identified and solidified reseller partnerships that will adopt the Alt Thirty Six + Dash payment solutions:

  • Independent Software Vendors (ISV) – Music & celebrity apparel company (100+ online stores), online marketing automation partner (600+ clients), and more.
  • Value Added Reseller (VAR) –IBM, Sirius Computer Solutions, Industry Specific point-of-sale (POS) Partners
  • Ecommerce Retailers – Sirius Computer Solutions​”

The vendor has been making monthly progress reports to the Dash community and work continues apace. The platform’s initial release is scheduled for December of this year.

Going mainstream

The road to mainstream adoption of digital currency has to begin somewhere, and perhaps no other industry needs cryptocurrency as much as this one. Many have suggested that digital currencies could gain adoption by saving vendors money on credit card fees, and this is certainly possible. But such fees usually amount to no more than three percent.

With the legal marijuana industry, Dash has the potential to save merchants up to 15 percent, which would be a massive boon to their bottom line. Dash is suitable for point of sale use because of its InstantSend feature. Transactions sent via InstantSend are fully confirmed and irreversible in four seconds. Bitcoin transactions, by comparison, usually aren’t considered fully “settled” until six confirmations are received, which can take an hour or more.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

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Bitcoin breaks above $6,000, and $100 billion in value for the first time in its history

Bitcoin breaks above $6,000, and $100 billion in value for the first time in its history

Bitcoin breaks above $6,000, and $100 billion in value for the first time in its history

The world’s most prominent digital currency was on track to mark a fresh milestone on Friday, with bitcoin rallying and putting the cyber currency in position to hit a total market value of around $100 billion.

Such a valuation would place the No. 1 cryptographic currency above or on par with blue-chip companies on the Dow Jones Industrial Average DJIA, +0.71% like United Technologies Corp UTX, +1.21% with a market value at $96 billion, American Express Co. AXP, +0.21% at $82 billion, Caterpillar Inc. CAT, +0.45% at $77 billion and Travelers Cos. Inc. TRV, +0.11% at $36 billion.

To be sure, it is questionable to draw value parallels between the asset and more traditional companies, but it highlights the stratospheric rise of bitcoin BTCUSD, +3.00% which didn’t exist a decade ago:

Bitcoin surges on Friday to near a $100 billion valuation.

A single bitcoin also broke above a milestone of $6,000, reaching an intraday high of $6,064.14 Friday afternoon, according to research and data site CoinDesk.com. Bitcoin also boasted a market value of roughly $100.81 billion at its peak on the day, according to data site Coinmarketcap.com. The move comes just as the Dow cleared its own psychologically important level of 23,000 on Wednesday.

The Dow has enjoyed an impressive run-up of 17% year to date, the S&P 500 index SPX, +0.51% has climbed nearly 15% so far this year, while the Nasdaq Composite Index COMP, +0.36% has charged up more than 23% thus far in 2017.

However, those paper gains pale in comparison with bitcoin’s run-up. The cyber unit has surged a mind-numbing 520% over the past nine months from $968.23 on Dec. 31, 2016.

Iqbal Gandham, U.K managing director at eToro, a trading platform, said continued buying in bitcoin ahead of a hard fork later in October that will create another version of bitcoin is helping to stimulate investment. So-called Bitcoin Gold, designed to address challenges mining for bitcoin using computers to solve complex problems, will be launched on Oct. 25.

Then on Nov. 18, bitcoin will face a second version of Segregation Witness, or SegWit2x.

Both so-called hard forks are expected to create alternative versions of bitcoin, with owners of the core currency being granted the newer versions on a one-for-one basis.

Diminished expectations that China will ban cryptocurrency exchanges also has helped boost bitcoin’s value. Beijing is expected to require a license to operate bitcoin platforms rather than banning them outright, as had been feared earlier, according to recent reports.

“It’s the flow of positive news clarifying earlier rumors which is moving the price up,” Gandham said.

Jason English, vice president of protocol marketing at Sweetbridge, a blockchain related company, chalked recent moves higher to growing enthusiasm around bitcoin and other cyber units.

“It’s an exciting time to be in cryptocurrencies today,” he said. “More and more individuals and businesses are viewing bitcoin as a store of value that they should be exposed to”

Of course, there are no dearth of critics who see the rapid ascent of digital currencies as a bubble.

J.P. Morgan Chase & Co. JPM, +1.43% CEO Jamie Dimon has been one of the more vocal critics of the currency as a store of value.

“If you’re stupid enough to buy it, you’ll pay the price someday,” he said during a panel discussion last week. Meanwhile BlackRock’s head Larry Fink has described bitcoin as “an index to launder money.”

The No. 2 most prominent cryptocurrency, Ether tokens on the Ethereum blockchain, meanwhile, were also higher. One Ether token was recently valued at $307.
 

Author MARK DECAMBRE

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David https://markethive.com/david-ogden

Wall Street Can No Longer Dismiss Bitcoin, Demand is Too High

Wall Street Can No Longer Dismiss Bitcoin, Demand is Too High

It has become increasingly difficult for Wall Street to dismiss Bitcoin

and the cryptocurrency markets, given the $95 bln market cap of Bitcoin, rapidly rising user bases of cryptocurrencies, and the increasing mainstream adoption of Bitcoin as a robust store of value. Up until a few months ago, the vast majority of Wall Street analysts, bankers, and investors dismissed Bitcoin, describing it as a bubble, in an identical way the technology sector continued to condemn Amazon since its launch in 1997.

But, as the user base and market cap of Bitcoin and the rest of the cryptocurrency market soared, it has become challenging for Wall Street to blindly ignore the market, being fully aware that their failure to adopt Bitcoin and cryptocurrencies may result in the isolation of banks and financial institutions in the long-term from the promising cryptocurrency market.

Embracing Bitcoin

Many billionaire investors and major financial institutions such as Mike Novogratz, Kyle Bass, and Goldman Sachs have decided to embrace Bitcoin and the cryptocurrency market, rather than compete against it. Notably, earlier this month, the market cap of Bitcoin surpassed that of Goldman Sachs, nearing towards the $100 bln mark. Ami Ben David, co-founder of venture capital fund Spice, told FT

in an interview:

“A year ago they didn’t know about it, six months ago they thought it was a scam and now they realise they simply just don’t understand it and are starting to get nervous and want to learn about it. There is definitely an element of FOMO. People have been told by their advisers, ‘Don’t touch it! It’s a bubble!’, and now they are upset they might have already missed it.”

Acknowledging the rapid increase in demand for Bitcoin, Paul Vigna of The Wall Street Journal reported that Goldman Sachs has been preparing to launch a cryptocurrency trading platform to address the interest towards Bitcoin from its clients and consumers in the traditional finance sector. “Goldman’s effort involves both its currency-trading division and the bank’s strategic investment group, the people said. That suggests the firm believes Bitcoin’s future is more as a payment method rather than a store of value, like gold,” wrote Vigna.

Entrance of institutional investors

Last week, billionaire hedge fund legend Mike Novogratz revealed his newly established fund that will focus on Bitcoin and the cryptocurrency market in the next few years. He further emphasized in an interview with CNBC that along with major investment firms such as Fidelity, a few large institutional investors are preparing to engage in the Bitcoin and cryptocurrency markets. “I can hear the herd coming. I was just in San Francisco, met with a few big institutional investors and they’re still a ways away, but they’re coming. Lots of funds are being raised and so I’m pretty confident to say that it [Bitcoin price] is going higher,” said Novogratz.

Gates Foundation Launches Blockchain-based Mobile Payments Solution

The Bill and Melinda Gates Foundation has launched

the Mojaloop open-source payments software to provide an interoperability layer between financial institutions, payment providers, and other companies offering payment services to the poor and unbanked people around the world. The mobile payments system employs the Interledger technology that was developed by distributed ledger technology (DLT) startup Ripple.

According to the foundation’s deputy director of financial services for the poor, Kosta Peric, the new software is aimed at resolving the issues with respect to the interoperability of digital payments. He also issued an invitation to players in the banking and payments industries to

test the system.

"Interoperability of digital payments has been the toughest hurdle for the financial services industry to overcome. With Mojaloop, our technology partners have finally achieved a solution that can apply to any service, and we invite banks and the payments industry to explore and test this tool.”

Other partnerst

Aside from Ripple, the foundation was also supported by several financial technology companies in developing the software. The application was developed under the group’s Level One Project, which is an umbrella program for the foundation’s work with the unbanked, poor people that allowed it to explore disruptive technologies such as Blockchain. Under the project, several mobile phone technology providers, namely, Huawei, Ericsson, Mahindra Comviva, and Telepin, have contributed to the development of an open application programming interface (API) to speed the pace of integrations of digital payments services providers.

The Gates Foundation’s works on Blockchain

The Bill and Melinda Gates Foundation has been exploring ways to use the Blockchain technology under the Level One Project since 2015. Among the initiatives is the possible use of the technology to bridge or link the disconnected financial systems.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

David https://markethive.com/david-ogden