A lot of best cryptocurrency news sites have reported that Amazon’s acceptance of Bitcoin or lack thereof will be a significant milestone for cryptocurrency. Especially after a new Amazon crypto patent went viral, showing that the company may be interested in a Bitcoin integration.
After filing a patent involving cryptographic proof-of-work, Amazon is apparently prepared to invest in a system that underpins Bitcoin and most major cryptocurrencies. As we already know, proof-of-work is a concept that was first invented by Adam Back as part of hashcash – mostly as an attempt to make it very expensive to conduct denial-of-service attacks.
The new Amazon crypto patent is described in the patent application submitted by the company as following:
“Computer networks have evolved to provide sophisticated functionality in a large variety of contexts. Providing such functionality, however, often involves complex systems that malicious entities may try to exploit. One such attack involves denial-of-service attacks, which can be disruptive to computer systems on a network. In a distributed denial-of-service attack, for instance, large numbers of requests are sent to a computer system to attempt to overload the computer system. One way to mitigate against such attacks is to configure a service such that requests to the service incur some sort of expense, thereby providing disincentive to participating in the attack. One such expense involves imposing a condition that a client submitting a request expend more computational resources (e.g., CPU cycles) to cause the request to be fulfilled.”
The revelation of the Amazon crypto patent has obviously sparked a lot of rumors on the market. Even though blockchain-related patents from major companies are not a new topic (with Bank of America and financial companies stepping in the place), Amazon’s patent has special relevance according to many crypto supporters.
One of them is Pomp, who took the news to Twitter:
BREAKING: Amazon has filed a patent in the US for a proof-of-work system that leverages cryptography.
There’s not a large company in the world who isn’t going to join the revolution.
THE VIRUS IS SPREADING 🔥
— Pomp 🌪 (@APompliano) May 16, 2019
However, other analysts featured in the latest cryptocurrency news showed that the Amazon crypto patent does not actually mean that the company is stepping in the cryptocurrency market. In fact, the patent is purely for a proof-of-work system which will presumably play a role in Amazon’s web services division.
Amazon interacts with a lot of cryptocurrencies like Bitcoin now in a number of ways, as the altcoin news have showed so far. Its marketplace mostly contains crypto-related products which is how this Amazon crypto patent is of big relevancy for the company.
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“Blockchain can change the world if we let it. […] Our nation pioneered the Internet. We use smartphones all day every day to move money, to buy goods and services, to share our innermost thoughts, and participate in public life. So it’s pure cognitive dissonance to believe that we cannot extend this further into our democracy and our economy.”Another presidential candidate Andrew Yang is also accepting crypto donations but he is slowly losing his support after tweeting that ‘’cash is king.’’ Both of the candidates are a long-shot in the race against Trump but they are hoping to get the vote of the crypto community. Swalwell offers broad ‘’support’’ for the blockchain technology and Yang has an entire policy platform based on the idea of crypto. As mentioned in the coming altcoin news, Swalwell will not accept corporate ‘’PAC money’’ in his campaign. Politicians were quick to demand a well-regulated and established crypto economy while there was almost no improvement in the regulatory sector in the country. The nature of the federal government towards cryptocurrencies has made other countries become the perfect crypto hub for crypto companies. Experts around the world think that a summary ban on crypto could increase the prices for cryptocurrencies and the demand would also increase. However, the more things are urging to change, the more nobody does anything about the crypto climate.
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‘’We’re always looking for ways to improve and expand our services [and] we have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.’’Currently, crypto payments are only limited to bill payment and AY&T didn’t explain whether the customers will be able to use their crypto to purchase smartphones and other accessories online or at the stores. All of the customers who are interested in making a crypto payment should simply select the BitPay option as a preferred payment option when they login to their accounts or simply go through the myAT&T app. As reported in the latest cryptocurrency news previously, AT&T is not the first US-based titan corporation that started accepting crypto payments. Some of the companies that allowed this option include Overstock, Subway, Shopify, Expedia and Microsoft which only makes up the small percentage of multinational corporations which accept crypto payments. Recently, Whole Foods and other major food retailers started accepting bitcoin through a third-party payment partnership. AT&T telecom giant and its dominance on the market and brand recognition in the telecom sector will surely make a positive influence on the market for the entire crypto sector, not just bitcoin. As we can expect, not everyone is thrilled about the new decision of the company. For example, Morgan Creek Digital co-founder Anthony Pompliano tweeted the news earlier and expressing his support and a number of skeptics bombarded his tweet disagreeing with him and the aT&T announcement. However, this decision is expected to increase the level of mass adoption for Bitcoin but we could also expect to see some movements in the price for the cryptocurrency giant as well.
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“BTC 30%+ pullback coming? Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak all-time high. There were at least nine 30%+ pullbacks from last cycle accumulation and uptrend Plenty of buying opportunities ahead, don’t let it shake you.’’Over the night, the value of the entire crypto market dropped by around $12 billion from the previous $249 billion and reached $237 billion. In the past 30 days, the price of the number one crypto asset started climbing from $5,100 and reached $8,000 which an increase of $3,000. This is a massive monthly gain against the US dollar by 56 percent. On another occasion, bitcoin came out as a winner in the short-term gains since it corrected itself by 20-30 percent as mentioned in the latest cryptocurrency news. The 20-30 percent correction could have meant a drop to the $6,000 price range which some technical analysts believe could happen in the previous weeks. Similarly, another crypto trader better known as ‘’Mayne’’ suggested that a drop below the $7,500 could lead the major asset to plunge below the $7,000 support level. He said:
“BTC – Need to hold $7,884 and red OB for upside target $9k+. Break below red OB I expect $7,300 and maybe lower to $6,400. ETH – USD pair needs to break and close thru $260 to get to $300. BTC pair had a nice reaction of range low if we can hold EQ and flip grey OB looks good.’’The expected bitcoin drop from its position is considered as a healthy step for bitcoin that could strengthen the foundation for the market to start a strong upside movement soon. The founder of Morgan Creek Digital stated that the average return for bitcoin over the past years could appeal to institutions that have billions of dollars to pour in the asset.
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