Today is the mark of nine years since Bitcoin exists. Nine years after Satoshi Nakamoto announced the creation of the ‘peer to peer electronic cash system’, we can’t say much but thank Nakamoto and the idea of a decentralized network that became increasingly popular over the past few years.
There is even a Bitcoin whitepaper available for everyone who wants to read on the same Bitcoin.org domain which offers a fascinating view into the project which as of October this year (2017) has a market cap of over $100 billion.
Nine Years Later And $100Bn Later
The idea of the Bitcoin originally was as an established peer to peer network that allows online payments to be sent directly from one party to another without the presence of a centralized authority or institution. This idea has grown a lot over time and is now entirely possible, thanks to digital signatures that provide part of the solution as well as third-parties that are exchanging payments between them in a revolutionary way.
According to facts, there are currently more than 3 million daily users of cryptocurrencies – a number which is expected to exceed 200 million by 2024. At its birthday, Bitcoin is proud to have crossed the $6k mark and had even reached an all-time high of $6300 last week.
Other Important Considerations
October 31st is also a date significant for other reasons. This year, it is the deadline by which China’s domestic market exchange must cease providing Bitcoin-to-fiat trading. This will eventually set the trajectory of Bitcoin for the future and prove that it is here to stay as a result of competition from its copies such as Bitcoin Cash, Bitcoin Silver and Bitcoin Gold, as well as SegWit2x.
What do you think about Bitcoin – nine years later? Are you satisfied from its presence – and willign to say ‘happy birthday Bitcoin’?
Let us know in the comments!
You Can Swap Leftover Euros For Bitcoin At The Amsterdam Airport
The international airport in Amsterdam named ‘Schipol’ has recently installed a cryptocurrency ATM that lets any passenger convert their Euros into Bitcoin or Ethereum.
The airport revealed the new system in an announcement on Wednesday, where it assessed the demand for the two most prominent cryptocurrencies over a six-month trial in an initiative that is the first of the kind in any European airport.
With a strategic location right near the airport’s departures terminal, the ATM lets outbound travelers convert the remainder of their Euros into one of the two largest cryptocurrencies by market cap. The exact location of the ATM is the Arrival Hall 2 which can also be accessed by the corridor to Departure Halls 1 and 2 – places where there is a frequent flow of departing passengers.
According to the director of consumer products and services at the Amsterdam Airport Schiphol, Tanja Dik:
“With the Bitcoin ATM, we hope to provide a useful service to passengers by allowing them to easily exchange ‘local’ euros for the ‘global’ cryptocurrencies Bitcoin and Ethereum. That can be beneficial if, for instance, it’s not possible to spend euros in their home country.”
Right now, the 2-way ATM accepts euro bills and has been installed in a partnership with ByeleX which is a Dutch software services company that offers crypto ATMs through a subsidiary named ‘Byecoin’.
The concept of allowing travelers to use cryptocurrencies at airports definitely negates the hassle of heightened conversion fees if the fiat money is being exchanged for any other national currency.
Meanwhile, the airport in Amsterdam is not the first one on the list to be linked to cryptocurrencies. Australia’s Brisbane airport – which is the country’s third busiest one by passenger traffic – also introduced crypto payments at a number of retail establishments earlier this year.
Bithumb Confirms The Theft: ‘The $30 Million Will Be Compensated To Investors’
The largest cryptocurrency exchange, Bithumb, has confirmed that their exchange was hacked and that around $30 million was lost, leading many investors to panic. The official confirmation came today, on June 21st, revealing that approximately $30 million was stolen and the amount could decrease after the different recovery efforts that the exchange is taking.
The team behind Bithumb has stated that the exchange fell victim to a hacking attack and lost $30 million in digital assets. In the statement, Bithumb said:
“We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.”
Almost immediately after this announcement was released, Bithumb retracted its statement without providing further clarification of the situation. One spokesperson from the company said that Bithumb retracted the statement because of the comprehensive investigation that has been undertaken before the statement should have been released.
Today, the team behind Bithumb officially confirmed that $30 million has been lost in the hacking attack and that the developers and security team behind the exchange already started the recovery process.
As the Bithumb team said:
“After the incident occured on June 20, Bithumb quickly followed the procedure to immediately report [the] incident to KISA announcing that about 35 billion Korean Won worth amount of cryptocurrency was stolen. However, as we undergo recovery process on each cryptocurrency, the overall scale of damage is getting reduced. Hence, we expect that the overall damage will be less than the amount we initially expected,”
The method of recovering a portion of the stolen funds has been finally found. Bithumb has officially stated that it will fully compensate the losses of its investors with company funds. The statement reads the following:
“Bithumb has been administering company’s asset and customers’ asset, and all customers cryptocurrencies, as well as KRW asset, are safely stored on cold wallet and bank respectively. Moreover, we would like to ensure that Bithumb currently has about 500 billion KRW worth of company’s fund. The amount of damage that occured this time will be fully covered by Bithumb’s own company fund.”
By the end of 2017, the exchange disclosed its holdings being over a billion dollars – and its net profit being around $300 million. This makes Bithumb one of the largest exchanges in the world.
15% Of Metropolitan Bank’s Deposits Are Owned By Crypto Investors
The popular commercial bank based in New York, Metropolitan Bank, recently revealed that more than 15% of the bank’s deposits are made by cryptocurrency investors and clients. The bank also said that they are willing to continue the support for digital asset traders.
The CTO of Metropolitan Bank, Nick Rosenberg, recently stated the following in an interview with Leigh Cuen of Coindesk:
“We’re certainly very interested in growing this vertical. We’ve learned that it’s a serious industry. There are some very smart people involved. There are some very interesting ideas coming out that could really change the way people do business.”
Rosenberg also admitted that the bank recently learned how serious the cryptocurrency market is and how important it is for banks to support it. On top of that, recognizing the rapid growth rate of digital asset exchanges and the entire market have made it harder for commercial banks to dismiss the cryptocurrency market and be left behind.
Joe Ciccolo who is the president of compliance service provider BitAML shared similar thoughts about banks adopting cryptocurrencies. He said that banks like Metropolitan Bank in the US and Shinhan Bank of South Korea must take the compliance risks involved in dealing with this growing industry.
In his own words, Ciccolo stated:
“It’s very difficult for a bank to maintain a pro-bitcoin stance. If you have a new officer come into a financial institution, they may take the opportunity to put a different stance on high-risk customers such as crypto companies,”
Currently, there are many major commercial banks who are aware that digital asset investors need places to store the billions of dollars that they own in a safe manner. This is where the cryptocurrency market comes as useful – especially in a period where many financial institutions are sitting on the sidelines.
Meet Poketoshi, The Game That Brings Nintendo’s Pokemon Onto The Bitcoin Lighting Network
One software engineer named Joao Almeida coming from Portugal, has recently created a new platform that allows people to play the iconic Nintendo Pokemon game on the Lighting Network (LN). The name of the game is ‘Poketoshi’ and the news about it have been reported in the Next Web today.
— João Almeida (@joaodealmeida94) June 19, 2018
As you probably know, the Lighting Network is a second-layer solution to Bitcoin’s scalability limitations. It is a network that opens the payment channels between users that keep the majority of the transactions off the chain, turning to the blockchain that underlies in it.
The ‘Poketoshi’ game uses this network along with the live streaming video platform Twitch which allows users to interact with the game in an online chat room – just like the existing ‘Twitch Plays Pokemon’ series.
It is also a game that implements a Lighting Network-enabled virtual controller so that users can enter their gaming commands. The game ‘charges’ 10 Satoshi per command with one Satoshi being equal to one hundred millionth of a single Bitcoin.
The payments on the platform will be facilitated through OpenNode, which is a Lighting-enabled Bitcoin payment processor. As such, the game is a playful way of testing the Lighting protocol’s ambition to facilitate off-chain instant BTC payments at high volume.
According to The Next Web, there are several users of the game which are making allusions to the rivalry between Bitcoin Cash (BCH) as well as LN advocates which argue that the BCH hard fork is a better answer to Bitcoin’s scalability compared to LN’s second layer solution.
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