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Craig Wright: Smart Contracts Are What’s Needed For Patreon Alternatives

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Craig Wright

The lead scientists from the blockchain firm nChain, Craig Wright, is in the latest Bitcoin news for indicating that the most dominant cryptocurrency could one day emerge as a major means of making automated payments for subscription services such as Patreon.

Wright was first asked by a YouTuber named ‘Philosophie Workout’ about whether it would be ever possible to pay for subscription services such as Patreon on a regular basis. He answered in the affirmative, stating:

“What we need are people creating new apps, new smart contracts, new formats…”

The chief nChain scientist also added that with the pre-signed transactions on Bitcoin, it is possible for subscribers to automate the payments that they need to make for subscription services, all in order for content creators to benefit from the work.

Wright also pointed to the naysayers out there, proving them wrong:

“It can’t be done, people say. Well, of course it can. You just need to have a different template. I need to have one where it is signed to you so I pay 0.1 BTC every month. Or I can have a tokenized amount of US dollars that get paid to you every month or bitcoin. All these things are possible. But someone just needs to start thinking that they are possible and allowable…”

This news comes less than a month after Bitcoin SV (Satoshi Vision) which is officially backed by Wright, split from Bitcoin Cash. According to Wright, Bitcoin SV will be processing terabyte-sized blocks in two years.

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Aggregate Crypto Market Cap Is $205BLN, 0.25% Of Global Stock Market

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aggregate crypto market
The aggregate crypto market capitalization of all digital assets is now at $205 billion which seems like a lot. However, the global stock market is valued at $82.2 trillion in the aggregate which is about 40,000 percent higher than crypto. In the upcoming cryptocurrency news, we take a closer look at the analysis.With the creation of Bitcoin, the entire industry was spawned and blockchains along with crypto were widely used by individuals around the world, while the nascent market still remains small. As per the eToro senior analyst who is also the founder of quantum Economics Mati Greenspan, the aggregate crypto market is standing at $205 billion which is only 0.25% of the global stock market. The question remains: how can Bitcoin start boosting the market share of stocks and if it can, why is it good?Bitcoin already had a great decade by surging about thousands of percent since the ‘’IPO.’’ Though some say that the price increase is just starting, according to previous reports, Wences Casares the chief executive of Xapo earlier this year, there was an essay titled ‘’The case for a small allocation to Bitcoin’’ which can sum up most of the topics. The bitcoin adopter who is at the top of the Libra board claimed that while Bitcoin has a 20 percent chance of failure from his perspective saying that it remains an experiment with a 50 percent certainty that the cryptocurrency will succeed beyond the initial predictions.He also noted that BTC existed for 10 years with zero interruption concerts and that Bitcoin has a rapidly growing user base and an active use cases. Casares adds that if Bitcoin manages to get valued at a drastically higher price than it is now, it could reach up to $1 million per bitcoin. This price prediction would also correlate with one of the $18 trillion market capitalizations for bitcoin alone which means that it would be smaller than global stocks but still significant.It’s still not clear on what the growth of the altcoin will be but there are many theories. One of the theories believes that the system surrounding fiat money will collapse on itself in the upcoming decades which will lead to ‘’hyperbitcoinization.’’ One of the largest banks in Europe, Deutsche Bank stated that there are a lot of risk factors in the current fiat system and that it is fragile saying that crypto is inevitable and we will see that in 2020.
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Fiat Money System Is Weak, Crypto Is Inevitable: Deutsche Bank

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fiat money system
The fiat money system looks fragile and weak and over the next decade, some of the people will begin to demand alternative currencies such as gold and crypto as per the reports by the banking giant Deutsche Bank as we are reading today in the crypto news.The report by Imagine 2030 added that it would not be surprising if a new mainstream cryptocurrency will emerge in the upcoming decade:
"While critics bemoan cryptocurrencies as constrained by regulatory hurdles, we believe the incentives of governments and card providers are such that digital currencies are inevitable.’’
While the cryptocurrencies didn’t manage to lift off as a means of payment despite their benefits including speed, security, low fees and ease of storage, this can easily change in the future because the fiat money system is fragile. If the governments decide to back crypto and consumers demand them even more, the trends will continue and there will even be around 200 million blockchain wallet users until 2030 and crypto could replace cash as per the researchers. The report said:
"According to dbDig [Deutsche Bank Data Innovation Group] primary research, nearly two-thirds of consumers prefer dematerialized to cash payments and a third are concerned by anonymity. These are the two things that cryptocurrencies do best.’’
China and India will have a very important role as well since both of the countries banned the purchase and sale of crypto but the things are moving quite quickly. In the meantime, the researchers noted that cryptocurrencies have to surpass some major issued in order to become widespread. At first, they have to become legitimate for governments and regulators which means the prices have to be more stable. They also have to allow global reach in the payment market. in order to do this, the alliances have to be forged with key stakeholders with apps such as Google Pay, Apple Pay, and Visa.To allow smooth transmissions towards the fully digitalized platform, the overall financial system has to be ready to overcome any kind of electricity shutdown or a hack. In the meantime, the traditional banking giant says that the ‘’fiat money system should be inherently unstable and prone to high inflation all other things being equal’’:
"Politically it is always too tempting to create money when nothing is backing it. That this current fiat system has survived so long has required a fortuitous set of global forces across multiple decades that have created sizeable natural offsetting disinflationary forces.’’
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Six Altcoins Which Are Rallying Now And Putting BTC In Shadow

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six altcoins
The latest altcoin news and rumors are showing that there are so many cryptocurrencies which are able to dethrone Bitcoin (BTC) now - well, at least in terms of surges. Today's analysis features six altcoins which recently made impressive gains and rose more than the most dominant coin out there.Currently, some of the best altrnative coins are Matic Network (MATIC), WePower (WPR), Zilliqa (ZIL), Verge (XVG), Fantom (FTM) and ChainLink (LINK). All of them have potential to move upwards and make gains. We are listing the idea on each one below.MATIC/BTCMatic is the first of the six altcoins which has risen over the past weeks. It missed multiple entries by a few sats at each level of support. The idea is that MATIC can post gains soon and its technicals look impressive. For now, MATIC is stable but away from the bullish zone.LINK/USDChainlink is definitely one of the hottest altcoins now. The latest cryptocurrencies news show that LINK versus USD is a pair worth grabbing. This cryptocurrency made one of the clearest short setups and followed through well. The price reached the bottom lately which is why analysts are suggesting buying LINK as soon as possible.ZIL/BTCZiliqa has a new momentum too. Most importantly, there is a break of the downtrend that ZIL has been experiencing for all of 2019. When the flip of the price occurred, it was the first sign that it is one of the six altcoins worth buying.XVG/BTCRising on the day to a price of $0.004522 and with a 2.84% increase, Verge is definitely a coin to watch. Its ascending channel over the past seven days is probably one of the best that we can see on the market. And for that reason, we do not expect the momentum to stop.FTM/BTCFor those of you who hear this altcoin for the first time, it is one that is trading at the 127th position at a price of $0.013. However, it is definitely one of the six altcoins to watch out for because if its recent rally - which could definitely repeat again.WPR/BTCWePower (WPR) is another altcoin that is not visible in the top 100. However, its momentum and general idea have allowed it to rise in the past few days. The WPR ERC-20 token functions as a payment and it has had a lot of ups lately.Whether it is these six altcoins or another set with a couple of these, investing in altcoins is good at this time! 
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BitMEX Open Interest Is Still Dictating The Crypto Market Volatility

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Bitmex open interest
For some time Bitcoin price is traded at a tight range. Even, the few surges that happened from time to time, had for the biggest cryptocurrency the result of falling in the current range, over and over again. It seems as BitMEX Open interest is still responsible for the market volatility so let’s find out more in the coming altcoin news.It is likely that the asset remains in this range until the open interest on BitMEX reaches above 100,000 Bitcoin (BTC), which looks like it is the trigger for the most powerful and biggest price movements on the coin’s daily charts.It is not rational to deny that the BitMEX open interest is one of the most mighty entities in the cryptocurrency sector and that the movements on the margin trading platform could make trends when he most important price action occurs. According to one important crypto analyst, every moment open interest on BitMEX makes 100,000 Bitcoin (BTC) or more, the result is an extremely tough price movement in both up or down direction, making the trend for weeks to come.The previous time this happened the price of Bitcoin has fallen from about $9,000 to as low as $6,500 before recovering to current levels. At this time open interest is growing again, but there is still a long way to go before it comes to the key trigger level of 100,000 Bitcoin (BTC). It is expected by the analyst that, the first crypto asset in the world, Bitcoin (BTC) will continue to move until open interest rushes in a return of volatility.The mere fact that BitMEX is having such a big influence over the cryptocurrency sector in continuation is confusing and concerning. Besides the fact that there are many platforms of the same kind that offer the same or similar services, like Deribit, PrimeXBT, and the recently debuted DueDEX – a platform that is not a DEX- BitMEX was blamed for many violence’s, from counter trading against its clients to serving customers outside their jurisdiction.BitMEX is also the main focus of an investigation by the CFTC of the United States, and in the last half of October scared investors on Halloween when the exchange sent a notice to its clients without the much necessary blind-carbon-copying their client’s email addresses, jeopardizing them for potential cybercrimes. 
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