Tag Archives: CryptoCurrency

Bitcoin Rebounds From Two-Month Low to Top $1,000

Bitcoin Rebounds From Two-Month Low to Top $1,000

 

 

After falling to their lowest level in more than two months this weekend, bitcoin prices breached $1,000 again today.

Overall, the digital currency rose as much as 7.5% during the session, climbing from a low of $958.77 to as much as $1,030.78, according to the CoinDesk Bitcoin Price Index (BPI). At the time of the report, bitcoin was trading at $1,023.95.

For bitcoin, the turnaround followed its decline to as little as $891.51 on 25th March, its lowest average price since 25th January, BPI figures show.

Notably, the figure was nearly 50% below the all-time high of more than $1,300 that the cryptocurrency reached earlier this month, then fueled by anticipation for the SEC's ruling on a proposed bitcoin ETF.

When explaining bitcoin's recent price moves, most analysts pointed to the the cryptocurrency's ongoing technical in-fighting as reason for the volatility.

Should the bitcoin network undergo a hard fork, it could potentially split into two separate blockchains (each with their own distinct tokens), prompting concerns among less tech-savvy investors.

Such an event could prove highly bearish for the price of both bitcoin tokens, analysts have warned. Investor and Civic CEO Vinny Lingham, in particular, has emphasized the sharp declines bitcoin could suffer following a hard fork.

Concerns about the growing popularity of Bitcoin Unlimited, an alternative software implementation and developer group that could push the move helped bring about the plunge, according to Petar Zivkovski, COO for leveraged digital currency trading platform Whaleclub.

He told CoinDesk:

"As Bitcoin Unlimited dominated social media conversation and the odds of a hard fork rose, BTC/USD price plummeted."

Harry Yeh, managing partner of investment manager Binary Financial, took a different approach by looking at market dynamics.

He reasons that smart money simply took advantage of this market sentiment, as traders either caught the bounce and sold or shorted the currency pair.

Still, the markets continue to be sharply volatile amid such moves, developments that could continue to stoke fears among casual bitcoin holders and users.

Such choppy waters, those surveyed suggested, could become the norm should bitcoin's scaling uncertainty continue.

Credit to Charles Bovaird for writing this article.  Charles Bovaird is a financial writer and consultant on securities markets and investing concepts. His work has appeared in Fortune, New York Post, Washington Post and elsewhere. Charles holds value in ether and bitcoin.

 

Judy Curtis,  
Contributor

 

Deloitte Accepts Bitcoin at its Restaurant Due to ‘A Lot of Requests’

Deloitte Accepts Bitcoin at its Restaurant Due to ‘A Lot of Requests’

 

Deloitte Canada announced this week that its Toronto office’s internal restaurant called Bistro 1858 now accepts bitcoin. Bitcoin.com talked to Iliana Oris Valiente, ‎Strategy and Execution Lead and co-founder at Rubix by Deloitte, to find out the reason behind this decision and how much interest in Bitcoin the firm is seeing.

Deloitte Accepts Bitcoin at its Prestigious Restaurant Due to 'A Lot of Requests from Within the Firm'Bistro 1858 is a private restaurant exclusively for Deloitte employees and their guests. There is a security guard at the entrance of the restaurant that will turn everyone else away, wrote the Toronto Star.

Unlike most private restaurants that are tucked away from public view, this restaurant is in, what the paper calls, “a most public place” in Toronto. It is located in the Bay Adelaide Center, in the city’s financial district. Its all-glass walls make the dining area visible to anyone passing by. The tower is located at the northwest corner of Yonge and Adelaide Street.

 

Most Visible Private Restaurant

“Bistro 1858 has a seating capacity of 75 with take-out options”, Valiente described to Bitcoin.com. “Breakfast and lunch ranges from approximately $3 to $12 for snacks and meals”, she said, adding that:

"Hundreds of Deloitte practitioners purchase their meals from Bistro 1858 every day."

 

 

Deloitte Professionals Excited to Use Bitcoin

The restaurant’s co-operators, Deloitte and Benchmark Hospitality, have selected Bitpay to accept and settle bitcoin payments. Deloitte does not offer its own wallet, the firm’s representative said. “There are many great Bitcoin wallets available out there so we didn’t find it necessary to recreate the wheel and build a new wallet”.

The restaurant does not offer any incentives such as discounts for customers paying with bitcoin. “Our practitioners are encouraged to share the news with their clients and host them at Bistro 1858”, Valiente explained, noting that:

"Many Deloitte professionals have shown excitement for the opportunity to start using bitcoin to buy their lunch and breakfast from Bistro 1858. If the usage of the BTM [Bitcoin ATM] machine we installed in the fall is any indication of how many people will start paying with bitcoin, we expect the number of users to grow continuously over the next few months."

 

Interest in Bitcoin within Deloitte

Last September, Deloitte became the first of the Big 4 consultancy firms to install a Deloitte Accepts Bitcoin at its Prestigious Restaurant Due to 'A Lot of Requests from Within the Firm'Bitcoin ATM. Located in its Toronto office, Deloitte’s BTM is operated by the firm’s blockchain team at Rubix.

Its fees are 4 percent to buy bitcoin and no fee for selling bitcoin, according to data from Coinatmradar. A mobile phone number and an ID are required to use the BTM and there is a daily limit of $100 per person.

“As the most successful large implementation of blockchain technology, Bitcoin is consistently a topic of discussion at Deloitte and with our clients”, Valiente revealed, adding that:

"When we installed our BTM in the fall we received a lot of requests from within the firm to bring bitcoin to our Bistro.[…] As the industry shifts and evolves we hope to continue to bring new and valuable initiatives to our firm and our clients."

 

Credit to Kevin Helms for writing this article.     Images courtesy of Shutterstock, Deloitte, and the Toronto Star 

 

Judy Curtis,  
Contributor

 

Mobi is Killer App for Bitcoin: Bobby Lee of BTCC

Mobi is Killer App for Bitcoin: Bobby Lee of BTCC

BTCC, the company behind the oldest Bitcoin exchange in China, is once again expanding its footprint globally. This time with a multi-currency Bitcoin wallet Mobi, which they believe will be the killer app for payments.

Headquartered in Hong Kong, BTCC plays a major role in nearly every segment of the Bitcoin ecosystem from digital currency exchanges, mining pools, physical Bitcoins and now a mobile wallet like no other on the market yet.

 

What is Mobi?

Released the 20th of March 2017, Mobi is available for download from both iOS and Android and has an instant in-app conversion of over 150 different currencies including the pound, dollar, euro, gold and silver.

It also includes an optional Visa debit card and enables payments to Twitter replacing ChangeTip but focusing on larger payments. Uniquely, Mobi allows customers to send money in any currency, including Bitcoin to any of Twitter's 319 mln users.

Mobi will also appeal to Bitcoin users and those looking to hedge or speculate on Bitcoin and other currencies’ price movements by allowing instant in-app conversions between Bitcoin and 154 currencies with no trading fee.

Innovations in the payments industry have been led by Chinese companies for quite some time with the likes of AliPay and WeChat, although Bobby Lee, CEO of BTCC, believes Mobi will succeed where the other Chinese payment technologies have not.

Bobby Lee says:

“Mobi is the only app that supports instant conversion, storage and transfer of 100+ currencies so it can be used worldwide compared to AliPay and WeChat which only supports CNY, and can only be used in China. With Mobi you can send any form of money to anyone, anywhere. Mobi eliminates friction in money transfers, making money truly global.”

 

Private Blockchain

All Mobi accounts are linked to the users’ mobile number, so all that is needed to use it is a smartphone. Mobi users can instantly transfer funds to any of the two bln other global smartphone users using Mobi’s private Blockchain. Mobi also supports Bitcoin transfers on the Bitcoin public Blockchain.

The optional debit card is linked to users’ Mobi accounts allowing them to withdraw fiat in any currency at ATMs worldwide as well as enabling the spending of funds at any retail point of sale that supports Visa. The debit card automatically deducts funds from the customer's’ wallet balance.

Mobi also offers support for 15 languages including English, French, German, Japanese, Korean, Portuguese, Russian and Spanish.

Lee concludes:

“Mobi will take Bitcoin mainstream with mobile number accounts, Twitter payments, 100+ currencies and a Visa debit card. Mobi is the killer app for Bitcoin.”

Credit is given to Niall Maye,  of The Cointelegraph, for writing this article. 

 

Judy Curtis,  
Contributor