Despite Demand - Cryptocurrencies Remain in a Bubble - Future Still Foggy
By Robert Cardworthy, Editor-in-Chief, PYRPTS.com
Bitcoin is up nearly 200% and Ethereum, another cryptocurrency, has surged more than 3,000% this year.
The future of bitcoin is still very cloudy, but a recent resurgence of interest has lead to some interesting developments.
Cryptobuyer, a leading cryptocurrency and Latin American (LAC) digital asset specialist, has become the first company to install Bitcoin ATMs (BTMs) in a commercial bank. Two of its BTMs are now installed in the premises of Banistmo Bank’s headquarters.
The company plans to install more than 20 of these Bitcoin ATMs across Panama and rest of South America as the first phase of its effort to create a cryptocurrency ATM network in the region.
The Global Business Developer at DASH, Daniel Diaz also took part in the panel and spoke about the advantages of DASH as one of the most promising cryptocurrencies.
Bitcoin is a decentralized cryptocurrency, purely peer-to-peer version of electronic cash used for online transactions through digital unit of exchange, where a user can make transaction without any middlemen. Transactions made are processed through private network of computers, linked through shared program and simultaneously it gets verified and recorded in public distributed ledger, called the book chain.
Bitcoin is the most prominent triple entry bookkeeping system in existence. Some of the key benefits of using bitcoin are: there are no intermediaries or third party involved in, to interrupt, lesser transaction fees, multimode payments methods, daily cash outs and others.
Bitcoin has paved the way for increased mainstream acceptance for the digital currency, which even has the potential for transforming global financial transactions. In current scenario, most of the online merchants and startup companies have already started enjoying the anonymity and efficiency of bitcoin payments, which allows them to cut overhead costs compared to credit or debit cards transactions.
The Global Bitcoin Technology Market is estimated to grow at a CAGR of 7.26% over the period 2015 - 2020. Booming economy and growing disposable income among middle income group in developing world has led Bitcoin technologies to gain traction and to be used as one of the medium of exchange in the region.
However, the recent regulations and directives imposed by the European banking authorities has hugely impacted the Bitcoin market in Europe. Whereas, owing to large number of bitcoin users, the market will witness growth in the North America region.
Global Bitcoin technology market have been broadly segmented on the basis of denominations used, services offered, industry verticals and geography. As per denominations, the market have been segregated into bitcoin (BTC), millibitcoin (mBTC), microbitcoin (uBTC) and satoshi. Whereas per services it has been segmented by bitcoin exchanges, remittance services, and payment & wallet services.
Various industry verticals, where bitcoin are being used are mining, banking and financial services, entertainment and media.
Blog for Saturday, July 1, 2017