CryptoWise Weekly Blog #2: Bitcoin News, Altcoin News and Investment Tips!
Welcome back to the CryptoWise Blog!
Bitcoin News:
Bitcoin at beginning of the week : $5788
End of the week: $5961
Also throughout the week reaching a high of over 6100$
We're a few days away from the Bitcoin Gold hard fork, something which in my opinion is not necessary at all. Even this article is struggling to understand what is going on.
https://coinsutra.com/bitcoin-gold/
"Its only been 9 weeks since the Bitcoin Cash hard fork hard fork"
Its been 9 weeks! How can they be considering another hard fork so soon after the first one?
It says here that: "Bitcoin Gold is a new, would be cryptocurrency denoted, as of now, as BTG or “bgold”. It will be a fork of the original Bitcoin that Satoshi Nakamoto invented in 2008."
It goes on further to say
"The Bitcoin Gold project is being driven by some developers, miners, and their head Jack Liao, the CEO of the Hong Kong-based mining equipment manufacturing company, LightningAsic."
Then a few lines down says that "the official date for the fork is mentioned as 2017-10-25 (25th October 2017)."
Basically they believe there is a pyramid scheme in Bitcoin mining as the big farms have all the hashing power and they want it to be cheaper to get that hashing power, thus only allowing GPUs to mine it.
I don't believe we needed a fork for this, but hey, maybe it will do well.
Australia has been quite tight when it comes to Bitcoin regulations, they have been trying to pass a bill to allow exchanges to run in Australia for quite some time.
https://www.cryptocoinsnews.com/australias-bitcoin-regulation-bill-gets-green-light/
It says here that “Australian authorities are making progress with revisions to the AML/CTF bill which will include Bitcoin exchanges under the scope of Australian legislation for the first time” (Back to main screen) It goes into a bit more detail here by stating the exact things this bill will enable, for example:
- “The bill will enable new powers conferred on AUSTRAC’s chief executive, enabling the official to “make rules to expand or narrow the scope of the digital currency definition.”
- A number of civil penalties will be introduced for unregistered operators of digital currency exchange services, all of which are subject to strict liability.
- A new designated service and register to regulate digital currency exchanges will be established within six months of the bill’s legislation.
Altcoin News:
In altcoin news, Putin has stated that Russia will have a national cryptocurrency dubbed the “cryptoruble”, this is huge as it would be the first country to have a national cryptocurrency.
https://www.cryptocoinsnews.com/putins-orders-russia-will-national-cryptocurrency-cryptoruble/
It says here that “according to Russian publication AIF, a closed-doors meeting between President Putin and Moscow’s political elite at the city’s Capital Club led to Putin making the significant decision to have Russia issue its own cryptocurrency, dubbed the ‘cryptoruble’. Details of the meeting were revealed by Russian minister of Communications and Mass Communications”
The senior government official also claimed the cryptoruble will be developed and issued ‘quickly’ by the Russian state. While details of the technology used for the cryptocurrency remain scarce it was added that the cryptocurrency cannot be mined.
Out of all the countries I thought would make a national cryptocurrency, I didn’t think Russia would be the ones to take that step forwards. However this will be great if it all goes to plan.
Stellar’s price rose more than 100% after the announcement that they will be partnering with IBM and KlickEX to develop a blockchain-based cross-border payments solution.
https://www.cryptocoinsnews.com/stellar-price-doubles-following-ibm-partnership-announcement/
It says here that: “Monday morning, IBM announced a blockchain-banking solution intended to help financial institutions process cross-border payments more efficiently, reducing both the cost and settlement time of transactions. The platform is being developed in partnership with fintech startup Stellar, as well as KlickEx, a cross-border payments system tailored for emerging markets.”
They then go on to give an example of its use
“IBM gives the hypothetical example of a Samoan farmer who will be able to use the platform to enter into a trade contract with a buyer based out of Indonesia. The blockchain will record data at every step of the transaction, from stipulating the terms of the contract to managing collateral and obtaining letters of credit to finalizing payment.”
The reason for them developing this as currently cross-border payments take days to clear, which is what this blockchain-based solution will fix.
Stellar has an immediate rise as at the start of the day it was trading at 0.0177$ and increased all the way up to 0.0491$ in just six hours.
This is the sort of things we need to use blockchain for, solving real world problems.
In more altcoin news Ethereum has activated the Byzantium hard fork.
https://www.cryptocoinsnews.com/byzantium-hard-fork-activates-ethereum-network/
It says here that “Ethereum’s Byzantium hard fork went into effect Monday morning, initiating the first phase of the platform’s latest protocol upgrade.”
“The Byzantium fork is considered to be the first half of Metropolis, a protocol upgrade that has been planned since 2015. It introduces nine ethereum improvement protocols (EIPs) designed to enhance the network’s privacy, scalability, and security. The second phase does not yet have an official release date but is tentatively scheduled for 2018.”
So far it has been a success, so good on the developers for the success of the hard fork.
The SmartBillions ICO for the first blockchain based lottery has begun and in its first day became a huge success.
It says here that "the first day of the revolutionary global Ethereum lottery ICO can now be announced a major success – more than 705 ETH was raised and 884,319 SMART Tokens were transferred to the Investors. SmartBillions is the first fully decentralized and transparent lottery managed by an Ethereum smart contract. All bets and results are public and recorded on the Ethereum blockchain without third-party involvement."
Not only this but
"Prior to the ICO, the SmartBillions team hosted a two week hackathon to test the security of the smart contract, which proved a success."
This token should definitely be watched closely, as it should rise in value over the next few weeks.
Bitcoin Price Prediction:
In terms of bitcoin price predictions I reckon this week due to Bitcoin Gold it should hit $6250 then when the hard fork happens should drop to around $5750. Once people dump their Bitcoin Gold we should see Bitcoin return to $6250.
Investment Tips:
In terms of investment tips I reckon SmartCash will be a good coin to hold as if you hold over 1000 smart in your account by the 24th of this month you will receive a proportion of the smart rewards next month on the 25th of November. So it will be good to get in before then.
Giveaway:
Up until the 31st of October we are doing a giveaway for the chance to win between 0.01 BTC to 0.05 BTC plus some CryptGany subscriptions to be won too.
If you would like a chance to enter the giveaway, be sure to click the link below:
https://twitter.com/TheLeetleCrypto/status/919106764225830913
Links:
Twitter: https://twitter.com/CryptoWiseNews
YouTube: https://www.youtube.com/channel/UCpJWm-RAJF-l5tSMx5t1mpQ
Good information Kai. We will do a lot this week to make episode 3 perfect.