Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Submit PR
  • Advertisement
CLOSE

Bitcoin News

Bitcoin Specialist Jeff Garzik Exposes The Crypto ‘Economic Paradox’

Published

on

blockchain specialist

One of the early BTC developers and a true Bitcoin specialist named Jeff Garzik is in the latest cryptocurrency news for revealing his unique take on cryptocurrencies. As Garzik noted, the flagship cryptocurrency faces a lot of challenges today – one of which is the “economic paradox” that threatens to delay the Bitcoin development.

Garzik was a guest in an exclusive interview with a news site. The Bitcoin specialist was featured as one of Satoshi Nakamoto’s earliest collaborators and a founder of the crypto startup Bloq. In the interview, Garzik admits his highly “predictable” answer when it comes to the biggest challenge for Bitcoin – which is “scaling” according to him.

However, Garzik’s statement pinpointed an even bigger problem as the best cryptocurrency news sites noted. The Bitcoin specialist said:

“The pace of innovation of the core of Bitcoin is slow and it’s a real challenge,” he told CCN from the Bloq room at Consensus 2019. “If you onboard a bunch of people on Lightning, stuff like that, the transaction fees go up to the point where [most people] just can’t afford to use bitcoin.”

What’s interesting is the fact that one of the favorite statistics that Garzik used is that an individual that earns $32,000 annually is in the top 1% worldwide. As such, he fears that the Bitcoin transaction fees are a risk for anyone who doesn’t live in the US or EU. As a Bitcoin specialist, he knows this best and stated:

“That’s the top 1% worldwide. And so that tells you that, if you have to pay $10 for a Lightning transaction, that leaves Bitcoin to [people in] the US and EU and that’s it. We just excluded the rest of the world due to transaction fees.”

In that manner, Garzik said that Bitcoin’s core layer must be scaled to reduce fees. The Bitcoin expert also talked about another problem referring to scaling technologies – the one which he labeled the “economic paradox” on Bitcoin.

“It’s an economic problem of funding,” says Garzik, who has served as an advisor to BitFury, Bitpay, Chain.com, Netki, WayPaver Labs, and more. “It’s almost a paradox. If you’re a Zcash, for example, then in every single block, 10% of the new tokens minted go to a dev team fund to create sustainability. And so that’s good for the long-term sustainability picture, but it has a downside. It’s a centralized fund, and it goes to a centralized team or whoever is holding the keys.”

With this statement, Garzik was also featured in the altcoin news, scratching the surface of possibilities for the most dominant cryptocurrency and the ones around it.

 

Share This With Your Friends

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Continue Reading
Comments

Bitcoin News

Bitcoin Retests The $11,000 Range Holding A Strong Low Volume

Published

on

By

bitcoin retests
Bitcoin retests the $11,000 position since over the past three days it has been trading between $10,400 and $11,000 as it was shown in the previous altcoin news analysis. The traders are waiting for a decision as BTC is still trading in a tight range. On the 4-hour charts, the price of bitcoin can be seen developing a breakout since it reached the point on the 18th of July. It is still no surprise that over the weekend, the volume has still been very low and as a result, the price action started trading within a tight range. The momentum indicator is showing that the cryptocurrency crossed to the upside despite the low volume which shows that the bulls are back in control. Starting tomorrow, it will be a very important day for Bitcoin since this is usually when the volume is rushed back into the market and tries to consolidate until the weekend comes. This usually ends up in a major movement which sets the tone for the next week. We could also expect to see a pull-back to $10,100 point before continuing the bullish trend but more information is expected after Monday’s trading session. For now, it looks like no matter the direction and how volatile the bitcoin price action is, bitcoin retests the $11,000 price range and other altcoins are continuing to create lower dips resulting in little tradeable opportunities. On the 1 hour charts, the 50MA and 200EMA are going very close to each other which is very uncommon for the last couple of months, especially for Bitcoin. This could also be a sign of a major suppression or a big move ahead. It is still hard to understand which direction will Bitcoin take and how will its price develop but the consensus and trend are still bullish up to the $8,800 point as mentioned in the analysis previously in the latest cryptocurrency news. The Maxx Momentum is trading very closely to the median 0.0 line which is aligned nicely with both of the moving averages. The analysts are confident that the next few weeks there will be a clear decision as to which direction bitcoin will take on to next.
`
Continue Reading

Bitcoin News

Bakkt BTC Futures Reached “Critical Mass” And Expected To Launch Soon

Published

on

By

bakkt btc futures
The latest cryptocurrency news show that a new delay on the Bakkt BTC futures launch may be on its way, after it apparently reached "critical mass". In the coming week, Bakkt is expected to test-launch its Bitcoin (BTC) futures product. And while many have begun to doubt its viability as a medium for institutional adoption, this may not be the reality we are facing. Earlier this week, the team at Fundstrat Global Advisors (a market analysis firm) with roots in the crypto space, attended the Bakkt Institutional Digital Asset Summit that was hosted by the New York Stock Exchange (NYSE). The Bakkt BTC futures launch was described as a hug catalyst by many.
"We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH," one of the tweets which went viral on many best cryptocurrency news sites reads.
As per analysis from Sam Doctor of Fundstrat, institutions and other entities in attendance were not only bullish on Bakkt but the broader Bitcoin and cryptocurrency market, too. In a recent Fundstrat research note to Twitter, Doctor explained that his first-hand experience of the event slated to be the first US regulated vehicle of its sort that is physically delivered. He pointed out to the Bakkt BTC futures, saying:
“As we have written before, Bakkt tackles many of the barriers to adoption for traditional investors seeking to expand their mandate to include crypto.”
He also went on to write that there “appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch,” noting that the firm's sales team is starting to ramp up discussions with everyone from brokers and market makers. The news comes hot on the heels for Bakkt BTC futures. Earlier this year, the company made a series of hire as their "Careers" page noted. One job listing called for a mobile app developer which sparked a further discussion about Bakkt's plans post-Bitcoin futures. An excerpt from Bakkt.com reads:
“Whether between consumers and merchants or peers, the ability to conduct transactions in digital assets holds promise as a these new global currencies evolve beyond a store of value or speculative assets, and as distributed ledger technology scales. Bakkt is working with leading merchants who recognize the potential of digital assets.”
Earlier reports have suggested that Starbucks may be one of the users of Bakkt's eventual payments solution which is most likely to involve Bitcoin. Currently, the Bitcoin and altcoin news show stability on the market after the wide breakout.
`
Continue Reading

Bitcoin News

Bitcoin Retook $11,000 But Dropped Overnight

Published

on

By

Bitcoin is in the latest cryptocurrency news again. The price of the most dominant cryptocurrency was in the gaining mode yesterday when Bitcoin retook the $11,000 price mark and traders got whiplash from the dramatic swings. However, BTC has lost a lot of points overnight and is trading back to just over $10,600 at press time. Not too long ago, the CEO of Galaxy Digital Michael Novogratz predicted that BTC would be range-bound for a while. He suggested that the market would hover between $10,000 and $14,000 which was true. Now, he is offering another bit of advice to investors who may be obsessed with checking the market price for millions of times per day. Now that Bitcoin retook $11,000, a fan asked Novogratz what would happen if Bitcoin fell to $100. To this, the controversial BTC bull took the bait and set the record straight, saying:
"If goes to $100, it is game over. IT WON’T. It’s already established itself as a store of value. Stop wasting your time with these tweets and go outside and enjoy the summer. is consolidating before its next move higher. Let it work for you."
Hopefully the fan took the former hedge fund trader's advice because the price of Bitcoin rose about 5% at its best levels today. What's also hot in the altcoin news is Libra's pain which is seen as Bitcoin gains. The long-expected cryptocurrency and the rumors around it made a lot of waves in the community, leading Bitcoin to surge, fall, surge and fall. Even though many think that David Marcus has been the face of Libra, CNBC recently reported that a 26 year old named Morgan Beller is the actual head of strategy at Calibra (Libra's wallet) and was the main inspiration behind Facebook's crypto aspirations. The fact that Bitcoin retook the $11,000 level is also somehow linked to this. “Morgan was really the first one, at least to my understanding. She’s done a fantastic job of getting other people in the cryptocurrency communities to get on board with Libra. She has a very outsize value-add from that alone.” one researcher at CNBC stated. The Bitcoin price is off the highs on the day and is right now hovering at $10,600 on many exchanges which is why it is featured on many best cryptocurrency news sites.
`
Continue Reading

Bitcoin News

Banks Are Afraid Of BTC And They Are Chasing Their Customers Away

Published

on

By

banks are afraid
Banks are afraid of bitcoin and many of them are deciding to cut down all relation with cryptocurrencies which is not a good choice for some users who decided to cut ties with the banks who avoid bitcoin. Let’s see in the altcoin news below what exactly is happening. Founder and partner at Morgan Creek Digital Anthony Pompliano noted on Twitter that he received an email from an upset client that was sent to the CEO of the Royal Bank of Canada and the letter is an example of how people are getting tired with the poor service that the banks provide especially towards the crypto investors. At the beginning of the email, you can see how the customers cut ties with the bank saying:
 “[Our] recent experience with RBC has been nothing short of horrible, and we just can’t deal with all the nonsense anymore.”
Apparently, the user was very disappointed for a longer period of time and the banks deciding to stop serving users that make business with bitcoin was the last drop for the user. The email continues with more frustration saying:
 “We need our bank to be a partner we can rely on who will help us be successful both personally and in business.”
According to the client, banks are afraid of Bitcoin and the RBC was the perfect example of it. The person than listed the problems that he faced with the bank including the prolonged process involved in day-to-day checking on top of the difficulties during the process of opening an account for a family trust that runs a daycare. After sharing his story, he noted that the bank flagged him as suspicious since he owned cryptocurrencies and then he wrote:
 “There is absolutely no way we can continue doing business with an institution who believes [they] can dictate what we can and cannot do with our money. Ironically, banks have been fined billions of dollars over the last few years over this.”
As noted in the latest cryptocurrency news, Anthony Pompliano’s tweet received more than 3,000 likes and 900 retweets.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





ADVERTISEMENT

cryptocurrency review

ADVERTISEMENT

Join us on Facebook

Recent Posts

ADVERTISEMENT

UPCOMING EVENTS RECOMMEND BY DC FORECASTS

august

No Events

NEWS CATEGORIES

ADVERTISEMENT

Trending Worldwide

X
X