Can Bitcoin Lose All Its Value?

We have already got used to extreme volatility of many virtual currencies and first of all Bitcoin. It seems that not so long ago the rate was breaking records one after another, having reached its all time high of $20 thousand, and today it is trying to keep $8 thousand, if to say nothing of smaller daily fluctuations. However, can world’s first virtual currency lose all its value and cost zero? The Coin Shark will tell, whether Bitcoin can go full down and whether we should expect that to happen.

The answer basically lies in bitcoin’s prospective to be massively used and finally become a kind of a proper currency which, moreover, bases its value not upon world supplies (as gold) or state authority and economy (as fiat money), but upon mathematically sound  and utile ways to transfer information.

A major american bank holding company Morgan Stanley has issued a note where a group of company’s specialists headed by James Fawcett  analyzed the cryptocurrency market and concluded that Bitcoin can lose its value completely if people don’t use it as a mean of payment worldwide, – reports Business Insider. It is also mentioned that only a few of hundreds major online retailers currently accept Bitcoin.

However, there are many agent services that accept BTC payments and enable users to spend their virtual currency even on platforms where it is not accepted directly. Generally, we can observe the growing liquidity of the virtual currency, so if the coins themselves will be alright, the number of places to spend Bitcoin will increase. However, it will probably never be a good bargain to buy milk or bread with bitcoin, but that’s the issue we are going to talk next.

Bitcoin has several technical problems  that by the way some altcoins are trying to solve. A confirmation time basically depends on a transaction fee, which means that cheap transactions are going to take more and more time. The time of transaction also increases respectively to the growing bitcoin price and the more users are there in the system the more time they have to wait for their transactions.

It probably does not mean that bitcoin is self-defeating and especially in the short term. However, these problems definitely threaten the massive adoption of this cryptocurrency.

Early in 2018, full-time Chair of European Securities and Market Authority Steven Maijoor told Bloomberg, that crypto investors had to be ready to lose all their money invested in Bitcoin. The reason would be the extreme volatility that would never let Bitcoin become a proper currency.

Anyway, even if these problems potentially cut down on Bitcoin’s rate it will hardly decrease to zero, as long as the cryptocurrency market exists. Today BTC dominates among all other virtual currencies (there are currently more than 1500 of them) by more than 40%, and even if other altcoins that are technically better developed someday squeeze their grandparent, they won’t probably destroy it completely. However, even if it happens, it will be such a distant future that in terms of the cryptocurrency market, one can only make predictions and speculate.

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Elon Musk: Bitcoin Is Good, But Not For Tesla

Elon Musk has recently made a statement showing his attitude towards cryptocurrency and financial world as a whole. He supports Bitcoin, yet, it will not bring good for Tesla.

Elon Musk is a well-known technology entrepreneur and engineer with a fortune of $22.8 billion, he projects, like SpaceX, Tesla, PayPal, cover different areas of live, meanwhile they are competing to other companies at a high level. Musk is also a socially active person, he likes to post tweets sharing his thoughts about what is happening in the world. Though, sometimes it may bring consequences, like it was in July last year, when the SEC sent a request to Tesla regarding tweets of Elon Musk.

Furthermore, he freely expresses his attitude towards cryptocurrency. Once he even claimed how many Bitcoins he actually possessed. The Twitter community blowed up every time when Musk speaks about cryptocurrency. For instance, in October 2018, Elon posted a tweet about his love for anime and offered a subscriber to buy Bitcoins.

Twitter even blocked his account for a certain period of time to make sure he was the author. So, this time the world has gone mad, when Musk expressed his feelings about financial system and Bitcoin, in particular,  in the podcast “On the Road to Full Autonomy With Elon Musk.”

“Paper money is going away. Crypto is a far better way to transfer value than pieces of paper, that’s for sure,” he said. “Bitcoin’s structure is brilliant but I don’t think it would be a good use of Tesla’s resources to get involved in crypto.”

Furthermore, Musk added that Bitcoin has its pros and cons, yet, what he is really concerned about is crypto mining, to create one Bitcoin, people use high-powered computers to solve a complex math problem.

“We’re really just trying to accelerate the advance of sustainable energy, and I think one of the down sides of crypto is that computationally it’s quite energy intensive. There had to be some kind of constraints on the creation of crypto. But it’s very energy intensive to create slightly incremental Bitcoin, at this point.”

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Is The World Not Ready for the Power of Blockchain Yet?

The blockchain technology undoubtedly has a huge potential for companies specializing in various fields and areas. On a daily basis, we witness enterprises all over the world incorporate blockchain for security, cross-border payments, storing data and many other purposes.

Blockchain is used in the healthcare sector, studied in universities and even used to combat crimes against humanity, like child labor and drug trafficking. However, if we take a closer look at the statistics, we will be surprised to find out that most businesses are not yet at the stage of development to start using blockchain.

According to the research made by the software company Globant, among the participants of the survey, less than a half (46%) are actually ready to apply the blockchain technology right away.

Our report reveals organizations are eager to invest in blockchain solutions to improve their internal operations. Enthusiasm toward blockchain has yet to translate into readiness, however,” is mentioned in the report.

As for the statistical results of the survey, here it is worth pointing out the following bullet points:

  • 64% of the respondents are willing to incorporate blockchain and invest into blockchain solutions, but have not undertaken anything specific yet;
  • 61% are already actively researching the technology and the ways of applying it for their businesses;
  • Only 28% have selected their first or subsequent blockchain vendor.

Out of the respondents whose businesses have already started researching blockchain:

  • 42% are in the discovery phase;
  • 30% are still unsure of which blockchain provider to choose;
  • 19% have chosen their first vendor;
  • 9% have already moved on to another provider.

Thus, we can clearly see that although the interest in blockchain is obviously present and growing with every single day, however, it is still quite far from being fully incorporated by the businesses worldwide.

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Cryptocurrency Prices Today, February 20: Bitcoin Is Growing Steadily

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency Rate

According to the Coin360 online platform, Bitcoin (BTC) added 1.1% over the past 24 hours. The price at the time of writing is $3958 per coin.

Cryptocurrencies are in a stable green zone:

Bitcoin Cash added 0.46% over the past 24 hours and costs $145 per coin;

Ripple increased by 0.53% and its cost is $0.33;

EOS raised by 12% and its price is $3.95;

Litecoin grew by 6.5% and its price is $50;

Cardano plus 1.8% and its cost is $0.046;

Stellar increased by 4.7% and costs $0.091;

IOTA added 1.7% and its value is $0.30;

Dash grew by 0.3% and its price is $87;

Monero became more expensive by 1.1% and costs $52.

Over the past 24 hours, Ethereum has lost 0.17%. The coin rate is $146 per coin.

The total market capitalization is $135 billion. Bitcoin’s share is 51.7% of the total. In monetary terms, this is $69 billion.

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Chinese Fudan University Opens Up a Research Center Devoted to Blockchain

One of the oldest and most prestigious educational establishments in China, Fudan University, located in Shanghai, is moving with the times. Just like their colleagues from universities in Tokyo, Stanford and other cities around the world, Fudan scientists decided to try out the potential of the blockchain technology.

The university partnered up with a couple major companies in Shanghai, one of them being Shanghai Zhongren Information Technology Co., Ltd, and launched Shanghai Blockchain Engineering Technology Research Center.

The new blockchain hub will function not only to benefit Fudan University, but also for the sake of the whole city.

Professor Lu Haibin, the newly appointed Director of the Blockchain Research Center of Fudan University, introduced it during the official opening:

The Blockchain Research Center will carry out basic research, demonstration of possible application and training talented people with the help of the blockchain technology, strengthen the combination of production, study and research, and serve Shanghai’s economic development.

Frankly speaking, this is not the first time that a Chinese higher educational establishment opened up a similar center. The fintech research department of the Tsinghua University in Beijing cooperated with the blockchain payment solution producer Ripple and established a special scholarship for gifted students in this area called the Blockchain Technology Research Scholarship Program.

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Cryptocurrency Prices Today, February 19: EOS Has Increased By More Than 20%, BTC Approaches At $4000

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency Rate

According to the Coingecko online platform, Bitcoin (BTC) added 4.1% over the past 24 hours. The price at the time of writing is $3896 per coin.

Cryptocurrencies are growing rapidly:

Bitcoin Cash added 11% over the past 24 hours and costs $145 per coin;

Ripple increased by 8% and costs $0.33;

EOS raised by 21% and its price is $3.57;

Litecoin grew by 6% and its value is $47;

Cardano plus  7% and costs $0.046;

Stellar fell by  9% and its price is $0.087;

IOTA added 7% and its cost is $0.30;

Dash raised by  8% and its price is $87;

Monero became more expensive by 5% and costs $51.

Over the past 24 hours, Ethereum has added 5.6%. The coin rate is $146 per coin.

The total market capitalization is $132 billion. Bitcoin’s share is 51.8% of the total. In monetary terms, it is $68 billion.

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The Recent Filing of Apple to SEC Suggests Its Interest in the Blockchain Technology

It has been detected that one of the latest listing of Apple submitted to the Securities and Exchange Commission called “Conflict Minerals Report” mentioned the blockchain technology as one of the methods to deal with the issue stated there.

The issue itself regarded the mining, production and shipment of minerals used to produce smartphones and other electronic devices.

We have covered the topic earlier and informed you about the company Ford that cooperated with IBM and other giants in order to combat child labor in Africa. Their primary goal was to focus on cobalt mines in Congo, where minors were and maybe still are working illegally.

Meanwhile, Apple has some big plans on that cobalt, since this mineral is crucial for the company to manufacture their devices. However, using cobalt from the infamous mines in Congo would mean direct support of the human rights abuse.

Many experts have repeatedly pointed out that the supply chains of Apple were involved in multiple scandals involving the violation of human basic rights. Thus, the company had to make sure it got rid of the “dirty” reputation.

Apple is deeply committed to upholding human rights across its global network of suppliers that support the manufacturing of its mobile communication and media devices, personal computers, and related accessories. Apple works to safeguard the well-being of people involved in its supply chain and to protect the places where materials are sourced,” the filing reads.

Conflict Minerals Report was mainly about the work ethics of Apple and the possible ways to ensure the legitimacy of supply chains, using the blockchain technology, as well as educating other businesses how to use blockchain for security purposes.

Thus, we might draw a conclusion that Apple is getting closer to using the blockchain technology, even though it is indirect so far. Bigger step towards using the potential of blockchain might follow soon.

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