In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies.
Fascinating news, for the first time, a country is creating a Cryptocurrency for official use.
A partnership has been set up to develop and implement emCash, an encrypted digital currency, which people can use to pay for various government and non-government services in Dubai.
According to state news agency WAM, Emcredit, a subsidiary of Dubai Economy, and the UK-based Object Tech Group Ltd will work together to establish contactless payments.
Based on the latest blockchain technology, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments.
emPay will allow the UAE residents to make varied payments through the near field communication (NFC) option on their smartphones.
I guess it was inevitable, but to see it admitted publicly is a surprise to me! Big financial business mining Cryptocoins?
One of Fidelity’s projects is mining bitcoin and ethereum, which Johnson said was started for educational purposes, but now turns a tidy profit. “We set up a small bitcoin and ethereum mining operation…that miraculously now is actually making a lot of money,” she said.
Read more about it over at the Quartz Article
Outstanding news for Bitcoin today, from Finland.
“Bitcoin is a monopoly run by a protocol, not by a managing organization. Familiar monopolies are run by managing organizations with discretion to determine and then change prices, offerings and rules. Monopolies are often regulated to prevent or at least mitigate their abuse of power”
So, it may surprise some of you to know that there are other Crypto currencies other than Bitcoin. One of the most dominant is a coin called Ethereum, which has a feature allowing sub-coins/aka-tokens to be created by anyone. This, in turn has opened up the door to abuse. Take a few minutes to read the article below, and walk the brave new world of digital money with the same care you would your real money. Be safe!
Last Thursday the United States Commodities Futures Trading Commission (CFTC) settled charges against a small and now-defunct operation in San Francisco called Coinflip, which marketed bitcoin derivatives. In the process, the CFTC asserted for the first time that bitcoin is a “commodity”.
What does that determination mean for the bitcoin ecosystem and what does this new kind of enforcement action mean for the future?
This is big news! The NYSE is now tracking Bitcoin as an index! One more good reason to stop by our ATM, and buy some Bitcoins today!
“The New York Stock Exchange (NYSE) has today announced the launch of a bitcoin price index (NYXBT).
NYXBT will represent the daily US dollar value of one bitcoin at 4pm (BST) and will be published on the NYSE Global Index Feed (GIF).
For a limited period it will also be viewable on the NYSE’s website.
Thomas Farley, NYSE group president, said in a statement:
“Bitcoin values are quickly becoming a data point that our customers want to follow as they consider transacting, trading or investing with this emerging asset class.”
This is big news… Payment processor “Stripe” one of the first processors to enable merchants to process credit cards with their Ipad/iphone/android plus tiny plugin card reader, has added Bitcoin support to the payment apps:
- Anyone can sign up to accept bitcoin — there’s no waiting period (which is still the case with other products)
- If you’re already a Stripe Checkout user, adding bitcoin is just one line of code
- Bitcoin transactions will appear side-by-side with fiat currencies in the Stripe dashboard, making it simple to manage
- Bitcoin transactions will have clear, public pricing (0.5% per transaction)
Great quote, and it puts the potential of bitcoin into simpler terms…Electronic money for an internet age. Email used to be the “new” thing.. back up not very far, and your grandparents had no idea what email was.. Today the internet is used by millions of all ages.
Bitcoin allows you to send money instantly, electronically, across all corners of the planet.
I was reading a great article last night on Business Insider, by Wences Casares, in which he postulates that Bitcoin may end up being a bigger deal than the Internet was!
Bigger than the internet
That’s why I think bitcoin is important: It’s relevant, and I think it will take time, just like the internet took time. But it may have more impact than the internet. If you go to Africa or Latin America, parts of Asia, and you sit down with not even a poor person, just an average person, and you ask, “Look, what would you prefer — free access to information [which they’re getting now with their phones] or a secure place to store the fruits of your labor and to receive and make payment?”
If they didn’t have either, which was true until recently, they would choose the second because it is more relevant to them. Right? So for 5 billion people, I think that bitcoin will be more relevant than the internet.