tl;dr
It may seem like a quiet day, but there is a lot going on in the crypto space. Here is what I am looking at:1. Russia is moving quickly to recognize Bitcoin as a currency. I have been speaking about this for a while now. We can easily see why Russia would want to recognize Bitcoin as a currency. It ...
It may seem like a quiet day, but there is a lot going on in the crypto space. Here is what I am looking at:
1. Russia is moving quickly to recognize Bitcoin as a currency. I have been speaking about this for a while now. We can easily see why Russia would want to recognize Bitcoin as a currency. It is because you can easily move that money around the world, even if you were cut off from the international banking system SWIFT. Something else Russia is doing is courting crypto miners. If I was a crypto miner, I would be wondering one thing. Will my coins be safe in that country and still be mine. I am still unsure if China didn't hold some of the coins mined there before kicking out the miners. I would then be wondering if Russia would do that. Even though they are going to allow cryptocurrencies in their country they are saying that any transaction over $8000 must registered. More importantly, they are saying that all coin transaction must be handled by a government approved crypto exchange (most likely meaning a bank). You know the old saying, "If it walks like a duckā¦.".
2. Apple has just announced they are going to implement a tap to pay function with their Appley Pay service on iPhones. Here is what everyone is very interested in. They noted the new feature will, of course work with debit and credit cards, but they also added it will also work with "other digital wallets". That last note has a lot of people speculating since Apple did not define what they mean by "other digital wallets". This move is a clear entry into the point of sale or PoS space as the service would mean merchants would be able to use their iPhone to easily get paid for products and services. Keep an eye on this space. Between Apple, Block, PayPal and others, I think there will be huge movements in the coming months.
3. Yesterday was a big day for Cardano. The blockchain has hit another milestone in transaction numbers after having implemented certain improvements. As of yesterday, the total Cardano transaction surpassed 30 million, adding over 110K transactions per day in February alone. I have been saying that I expect Cardano to make moves this year and they are quickly proving me right! Strap in, people. I believe there is far more to come!
4. Let's talk gold. Now, we all know I am a believer in the viability and usefulness of cryptocurrencies, especially Bitcoin. That said, I would like to put to bed the idea that gold is infinite as compared to Bitcoin being finite, as a lot of people are saying. Gold is finite, too. Yeah, most people think it can just be mined forever. The fact is there is only about 20% left of gold to mine in the world, as per a survey involving the US Geological Society. The fact is the total gold reserves (unmined) is on about 53K tonnes and at our present mining rate of about 2.5-3K tonnes mined per year, it will last less than 18 years. Then it is all done. Although gold has not done as well as Bitcoin over the past 10 years, I think as we move closer to the end of mining for gold the precious metal will become all the more precious.
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