Explosive Price Surge: $100 Bitcoin Bought in 2010 Now Worth $75 Mln

Explosive Price Surge: $100 Bitcoin Bought in 2010 Now Worth $75 Mln

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Earlier this week, CNBC, one of the few mainstream media outlets that have been offering extensive coverage on Bitcoin over the past few months, revealed that $100 worth of Bitcoin purchased in 2010 is now worth $75 mln. In a relatively short span of seven years, Bitcoin price surged from around $0.003 to a staggering $2,389. That is a 796,000x return as an investment. In fact, today, on May 24, Bitcoin price hit a new all-time high at $2,392 and is continuously demonstrating a rising demand from both casual and institutional investors. Bitcoin price hits new all-time high again for the second time this week at $2,392. Important to note, China made a strong comeback. pic.twitter.com/S8mceNDTqM — Joseph Young (@iamjosephyoung) May 24, 2017 The majority of mainstream media analysts suggest that Bitcoin price is completely speculative in the sense that investors are purchasing Bitcoin solely expecting a massive return in value. However, as Coingreed previously reported, prominent investors including GoldSilver.com founder Mike Maloney are encouraging investors to hold Bitcoin as a mandatory asset to hedge against inevitable global economic uncertainty and financial instability, not just as a large return investment. Bitcoin as digital currency and digital cash On the contrary, …

Bringing In and Breaking Out: 10 Bitcoin and Blockchain Predictions for 2017

Bringing In and Breaking Out: 10 Bitcoin and Blockchain Predictions for 2017

admin Bitcoin Awareness, Bitcoin Bank, Bitcoin Lifestyle, Bitcoin Services, Blockchain, Blockchain News, blockchain technology, CoinGreed, Cryptography, Ethereum News, Gold, Smart Contracts, World Politics 0 Comments

Blockchain had a good run in 2016 with a lot going on, including over $1.5 bln invested in startups, Bitcoin breaking out of the $700 resistance level and the likes of IBM and Microsoft betting the shop on this new pervasive technology. We saw Barclays Bank’s first live commercial banking transaction, Hyperledger’s very promising Corda technology coming of age and, of course, more attacks requiring more forks. In addition, the Scaling Conference in Milan showcased some amazing projects that bode well for Blockchain’s amazing future. So what does 2017 hold for the Bitcoin Blockchain? On par with gold Bitcoin will continue its rise from its three-year high to reach parity with gold, continuing the trend post the devaluation of the yuan, the withdrawal of large Indian notes, as well as the Trump and Brexit effect. Breaking out As 2016 was the year of the Proof of Concept, 2017 will be the year when Blockchain breaks out of the lab and into production environments. Forks Ethereum will continue to fork under constant attacks and will get stronger as Casper comes of age. Furthermore, Ether will continue to struggle to break through the $1 bln market capitalization. Smart contracts Banks will try …

Blockchain’s Perfect Storm: Removing Money Laundering from the Financial System

Blockchain’s Perfect Storm: Removing Money Laundering from the Financial System

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Today, banks and financial markets refuse to share information that can prevent money launderers and fraudsters from operating in the shadows, in the gaps between market participants. But now the situation is changing. As Grant Blaisdell, co-founder and COO of Coinfirm.io says: “Blockchain has the potential to completely eliminate fraud, money laundering and criminal activity from our financial and banking systems.” This is the first in a three-part report that looks at Anti-money laundering (AML) and the efforts of the Blockchain community to bring everyone together to rid the financial markets of fraudsters, criminals and those who seek to use the financial system for the bad ends. Compliance costs skyrocket Remembering back to 2012, HSBC had to pay the U.S. authorities $1.9 bln in fines for not identifying and distinguishing bad actors from good, through the handling of a huge volume of questionable transactions from unreliable sources. The question remains: did they really know or were the systems that are meant to flag the risks inadequate? How did HSBC get this so wrong over a long period across many sovereign jurisdictions? Does this continue to highlight the fundamental issue for banks and all financial institutions the challenge to accurately identify each party …

Stellar Launches SWIFT-like Blockchain-Backed Money Transfer Network

Stellar Launches SWIFT-like Blockchain-Backed Money Transfer Network

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Stellar is launching one of the first Blockchain applications which may hold the potential to affect a large number of people outside the digital currency space, through its global money transfernetwork aimed at some of the world’s largest remittance markets. It has been described by CTO Jed McCaleb as an open-source SWIFT-like network that allows connected organizations to transact with one another thus helping to reduce the friction that contributes to higher fees. The platform also connects diverse financial systems with one technical integration. He says to Cointelegraph: “Given the diverse nature of global financial services today, this interoperability can substantially lower global remittance costs by making transactions that cross national boundaries, currencies and financial institutions much more efficient. Transactions processed on the Stellar network take only 3-5 seconds to complete, and are extremely low-cost, regardless of the size of the payment amount, attributes that make the platform uniquely suitable for international remittances.” Cross-border payments Stellar has partnered four key institutions to enable low-cost global money transfers to India, the Philippines and Europe as well as cross-border M-PESA payments to and from Kenya, Ghana and Nigeria. These new partnerships are particularly meaningful to the company because it is one of …

Blockchain Proven to be Faster Than Wire Transfers in Banking Payment Test

Blockchain Proven to be Faster Than Wire Transfers in Banking Payment Test

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Bitcoin and its revolutionary Blockchain technology have many advantages over the status quo. This ranges from better security, lower costs and superior inclusion. Another advantage is the speed of transactions, as the legacy banking system has been using the wire transfer method for generations. Now, results from a test run by a group of banking interests in Japan have revealed that Bitcoin’s Blockchain technology is more than ready to drag the current monetary transfer system into the 21st century. According to the Asian Nikkei Review, the unnamed “megabanks,” the Deloitte Tohmatsu accounting group and the Bitcoin exchange bitFlyer have been running Blockchain tests for a considerable part of 2016, with the final tests concluding in September. The goal was to see if Bitcoin’s Blockchain technology could hold up to the rigors and speed requirements of the current currency transfer systems. You could say that these tests were successful. “Blockchain’s low processing speed was seen as a major drawback of the technology,” said the Asian Nikkei Times. “But researchers were able to conduct 1,500 transactions per second using Blockchain, on par with the nearly 1,400 transactions the current interbank wire system is capable of handling at peak times.” The banks again were …

Blockchain-based BitLendingClub Shuts Down, Cites Regulatory Pressure

Blockchain-based BitLendingClub Shuts Down, Cites Regulatory Pressure

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The world’s largest Blockchain lending marketplace, BitLendingClub, has announced its sudden shutdown due to what it describes as regulatory pressure. The Bulgarian-registered startup has operated since 2014 and has funded almost 10 thousand loans worth in excess of $7 mln. Now, its operations are ceasing, with existing users retaining minimal functionality in order to move funds out. “We’ve worked extremely hard to build a platform and a community which is uniquely positioned to provide the Bitcoin ecosystem with a greatly needed service,” a blog post released today states. The company adds: “However, over the last year or so, the regulatory pressures has been increasing to the point that it is no longer feasible to maintain the operation of the platform. We are regretfully announcing that we will have to begin (sic) terminating the services effective immediately.” The functionality will begin to be reduced from next week. The burden of compliance The move reflects the continued difficulties faced by cryptocurrency-based finance startups with regards to legislation. While the EU has been fairly accommodating to disruptive finance overall, as witnessed in activity in the Netherlands, ensuring businesses conform to the requirements can overbearingly restrict functionality. BitLendingClub said the shutdown was part of the …