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Biggest tech companies entering Cryptocurrency: BTC to the moon?

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World's biggest tech companies are entering into the cryptocurrency and blockchain space. Let's look at some of them and see how it would affect bitcoin.

Some of the world’s biggest technology companies are entering into the cryptocurrency and blockchain space. Let’s look at some of them and see how it would affect bitcoin and the overall cryptocurrency and blockchain industry:

Twitter:

Twitter CEO Jack Dorsey was on the Joe Rogan podcast this week talking about bitcoin as the money of the internet. What interesting about Jack Dorsey this week is that he admitted that he owns cryptocurrencies specifically bitcoin. This is not surprising considering that his cash app lets you send digital payments back and forth to people and lets you buy bitcoin so to see him only owning bitcoin is no real surprise. What’s more interesting is that Jack Dorsey took part in the lightning network torch relay which is something going around crypto twitter at the moment. Basically, people are sending bitcoin payments from one person to the next person adding a little more bitcoin on each time using the lightning network. He received that payment and send that payment ahead using the lightning network to Elizabeth Stark of lightning labs. To see this whole thing coming together like this is really encouraging. It’s really exciting to see the CEO of such a large tech company not only being a personal holder of bitcoin but also being very enthusiastic about the technology.

 

Facebook:

Facebook has acquired a company called ChainSpace which is a London based distributed ledger technology company. Facebook has been for a very long time expanding their overall approach to blockchain and Facebook has a lot of ways in which the blockchain technology could be very amazing for the company. Thinking about all the potential to improve privacy, security, monetization etc. The bottom line of Facebook could really be improved by blockchain technology. Estimates tell that they are around 60 people employed at Facebook specifically looking at blockchain technology. There was a piece of recent news about Facebook-owned Whatsapp will be releasing the Whatsapp coin. This is a very limited release to start with the only use case for people sending payments back and forth in India but it might expand over time to other countries as well if the initial trials go well. Acquiring ChainSpace is just the next step to that process for Facebook. Also interestingly there is a project called PledgeCamp and one of their key advisors is Randi Zuckerberg. There is although no announcement of any integration of Facebook with PledgeCamp but it does show that the people behind Facebook are looking at Blockchain startups and blockchain technology.

 

Google:

Google said this week that they are releasing a search engine tool that lets you search the eight top blockchains. They are also looking at how to bring all that data together, look at the metadata of it, understand what the best use cases are by looking at how actually the people are using blockchain today. It’s quite interesting to see Google spending a lot of time and effort focusing on that one area. Google also can increase their bottom line exponentially by using blockchain technology.

 

Telegram:

Telegram is finally getting to the point of launching their token. Telegram has prolonged suffered from a whole variety of different issues including scam accounts and all these different things but Telegram is taking this to the next step by launching their cryptocurrency. The in-app token will allow you to exchange value within the platform which would be really exciting to see.

 

Baidu:

Baidu, the Chinese internet giant is launching ZuperChain in the near future. Interesting to see that these Chinese tech giants are going forward with blockchain despite the government not liking cryptocurrency but they are not necessarily anti-blockchain.

Looking at all these giant companies getting into cryptocurrency and blockchain really exciting but all these giant companies bring a lot of their own set of troubles. Only a couple of weeks ago everyone was criticizing Jack Dorsey about censorship on Twitter. So we have to realize the limitations of these platforms. Twitter has the power to de-platform people and in certain cases, they do have to de-platform people and that’s the reality of Twitter. We cannot forget about the things that these big tech companies are doing just because they are now doing some positive things too. Facebook is the king of de-platforming and there is no indication that Facebook will magically start using bitcoin. So there is a double edge sword looking at these giant tech companies coming into the cryptocurrency and blockchain space because if there is a Facebook dollar would probably be very censorship pro. But regardless of the baggage that these giant tech companies bring along, the reality is that for a lot of people their first cryptocurrency experience may be because of one of these giant companies. So to see this happening is overall positive for the cryptocurrency economy.

 

What are your thoughts on these tech giants entering into the cryptocurrency and blockchain space? Tell us in the comments section below.

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#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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#Bitcoin

Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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#Bitcoin

China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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