Category Archives: Technical Analysis

Auto Added by WPeMatico

BitcoinNews.com Ethereum Market Analysis 20th January 2019

analysis

ETH
Throughout the week, Ether price traded in the 10% range. After a sharp growth which gave hope for a continuation of the trend, movement consolidation began and the same sharp fall was observed. If we analyze the marginal positions of buyers and sellers, the impression is that buyers were more confident throughout the consolidation except for today.

today

Margin positions of buyers weren’t visible and a harsh position closure happened when the price began to fall sharply. In general, it looks like an attempt to build a trend.

Sellers have a completely different situation. With any sharp upward movement of sellers, positions sharply closed. Only today, after yesterday’s attempt by buyers to continue the growth that ended with the test of USD 132, sellers tried to break through the price range of USD 115-120, as detailed in the previous analysis. Sellers created a flawed breakthrough in order to beat buyers from marginal positions. However, we could not observe this breakdown in other exchanges, so we will not take it into account in the analysis.

analysis

As far as the consolidation has not been broken yet and formed over the price zone of USD 115-120, there is a high probability that buyers will be able to keep the price and continue to grow from the price range of USD 115-120.
On 3D timeframe, it is clear that buyers are interested in this price zone and the fall is suspended.

suspended

However, if the fall of BTC continues, then there is a possible scenario of the continuation of the fall for ETH to USD 100-103 too. In this price zone, there is the basis of the “double bottom” figure which was formed before the growth on 17 December 2018. If buyers can keep this price zone, it will be a good signal for buyers to confidently continue to grow.

grow

Also, in this price zone, sellers will adjust growth from 17 December 17 to 78.6%. To maintain growth after the first impulse on 17 December, this is an allowable correction. If we disassemble the correction in detail, namely the wave Y which consists of waves a, b, c, then at a price of USD 103, the wave c = 0.618 * a:

a

Therefore, at the moment, there are two scenarios for us which differ only at the end point of the fall. The main target of growth after the correction is USD 250. Temporary stop is USD 160 and USD 200. The former is a critical point for our scenario. We will closely monitor how buyers are approaching this price to understand how high the chances are to continue to grow.

Hence, we are waiting for the completion of correction and active actions by buyers in the form of large volumes and aggressive candles!

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Bitcoin News

The post BitcoinNews.com Ethereum Market Analysis 20th January 2019 appeared first on BitcoinNews.com.

NASA Looks to Blockchain for Air Traffic Management

NASA Looks to Blockchain for Air Traffic Management

The United States National Aeronautics and Space Administration (NASA) is examining the potential of employing a management blockchain to enable secure, private and anonymous communication with air traffic services.

The prototype has already employed Hyperledger and has proven to researchers that this infrastructure would offer rapid deployment at an affordable cost. The paper published by NASA highlights the benefits of the system:

“This framework features certificate authority, smart contract support, and higher-bandwidth communication channels for private information that may be used for secure communication between any specific aircraft and any particular authorized member.”

Another system planned to be launched soon, the Automatic Dependent Surveillance System (ADS-B) which will be mandatory by 2020, has had teething problems. This is mainly due to its susceptibility to third-party spoofing, the reporting of false airport positions, as it publicly broadcasts aircraft positions. NASA researchers have suggested this privacy problem could be overcome by implementing cryptography.

The new Aviation Blockchain Infrastructure (ABI), based on Hyperledger Fabric and smart contracts, would allow control over what data is shared publicly or privately with authorized entities.

NASA has been making blockchain history since its announcement last year that it would fund and co-run a research project utilizing Ethereum blockchain smart contracts in safeguarding deep space travel. That project focused specifically on implementing the technology in improving space communications, ensuring navigations that take place are safer and more efficient. Even earlier in 2017, NASA awarded a USD 330,000 grant to support the development of a blockchain-based spacecraft system.

In December 2018, development firm Blockstream launched a fifth satellite which now broadcasts the Bitcoin blockchain back to Earth.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post NASA Looks to Blockchain for Air Traffic Management appeared first on BitcoinNews.com.

VeriBlock Fingered for Taking Free Rides on Bitcoin

VeriBlock Fingered for Taking Free Rides on Bitcoin

Bitcoin developers have been scratching their heads recently, noticing a large number of OP_RETURN transactions on the blockchain over the past few days. OP_RETURN is a type of Bitcoin transaction that is used for embedding data into the blockchain.

The culprit, according to analysts, has been a new blockchain project called VeriBlock, one that piggybacks on the Bitcoin blockchain in an effort to better secure alternative crypto asset networks.

Source of the now-highest volume of OP_RETURN outputs has been identified as @VeriBlock “proof of proof” miners. They are creating around 20% of all BTC transactions now. Seems inefficient to me; will be interesting to see if the incentives work long term. https://t.co/LpjyhGKg2b

— Jameson Lopp (@lopp) January 5, 2019

The new project is versatile, enabling the issue of new assets such as Tether or simply proving the existence of data such as “proof-of-existence”. More significantly in terms of its effect on the blockchain is that VeriBlock is now generating roughly 20% of daily Bitcoin transactions.

Embedding alternative data into the Bitcoin blockchain is not a new development, and there has been plenty of discussion in the past between developers whether these sorts of transactions should be encouraged at all. That debate led to the introduction of the OP_RETURN operator in Bitcoin Core 0.9.

Ethereum creator Vitalik Buterin claimed he avoided piggybacking on Bitcoin feeling that Bitcoin developers might limit the extent to which data can be embedded in the Bitcoin blockchain. There is a current debate on this current version and whether those like it should even be defined as spam, however, the nature of Bitcoin means that those happy to pay can get their transactions on the blockchain.

VeriBlock itself is currently making it more expensive to make actual money transfers on the Bitcoin network due to the limited availability of block space, but those willing to pay Bitcoin transaction fees are propping up the project.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post VeriBlock Fingered for Taking Free Rides on Bitcoin appeared first on BitcoinNews.com.

Ethereum Weekly Analysis: “Buy” in Order, Wait and Watch for Price Growth

ETH, analysis, ethereum, cryptocurrency

For the third week, prices in the crypto market are growing and delighting the eye of those who managed to buy on a local bottom when it seemed that the price would continue to fall vertically down and give hope for a bright future for investors who bought coins at more expensive prices. However, what scenarios of the price movement are possible in the next week and which of them is most likely to happen? Let’s try to figure it out with an example of the ETH coin.

The previous two-week candles closed with a growth prospect and on large volumes. Though, the first candle was able to absorb three and a half traders candles. The second candle, although it had a larger volume but did not close so confidently:

ETH, analysis, cryptocurrency, etherum, markets

If you compare the margin positions of sellers with the ETH chart, it is clear that the sellers began to close their positions and record profits since December 10, which helped the price to grow so rapidly, closing its positions with purchase orders:

cryptocurrency, markets, ethereum, eth, analysis

A certain part of the sellers opened their positions at a local minimum in the range of $120 to $85 and was forced to close these positions to the detriment of market orders for purchase:

cryptocurrency, markets, ethereum, eth, analysisDuring the marginal positions growth, buyers behave uncertainly. Pay attention to how different the closing positions on the first coin rollback are:

cryptocurrency, ethereum, markets, trading, analysis, eth

Buyers are diffident, so at the first opportunity, they sell.

The following week, buyers tried to break through the price range of $140-$160  but the price of a weekly candle closed below this price zone.

What is the price zone?

In May 2017, buyers needed a lot of efforts and volumes in order to break through the price zone upwards and then to keep it up. Only after that, the price continued to move upwards:

ethereum, markets, trading, analysis, eth

In July 2017, this price zone again rebounded and buyers began the final growth to $ 1,400. Therefore, for me, this is an important range that will show if buyers are able to continue the growth.

If you run a channel of falling wave price that began on May 5, you will find that buyers are now trying to break the upper trend line of this channel:

ethereum, markets, cryptocurrency, analysis, trading

The volumes are large but since December 24, they have started to fall. Consequently, there is a great chance of rebounding from the current price zone to $100-$112. This can be a good check of buyers, whether they are ready to keep the price to continue growth. If buyers keep this range I will wait for the breakdown of the trend line and the price range of $140-$160, with a maximum target of $245:

markets, cryptocurrency, ethereum, analysis, trading, eth

In these prices concentrated a great deal of liquidity and I’m not sure that buyers will be able to go up without a stop.

The second scenario is the breakdown of the price range $140-$160, but with this scenario, there is a risk of continuation of the coin fall after the $145 test as it was witnessed in April 2018:

cryptocurrency, markets, ethereum, analysis, eth

The irreversible growth in the bear market without a good set of positions may also dramatically change into a fall.

Buyers corrected the fall from November 8 by 50%

According to the wave analysis, if the fall on May 5th is considered the latest wave of global growth correction, then buyers have not corrected this decline by 23.6%

Therefore, the prospect of growth remains. But we must not forget that so far we continue to be in a bearish trend, even if buyers can break through $140-$160:

ethereum, markets, cryptocurrency, eth, analysis

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

About the Author: Peter Oleshchuk is a trader and technical analyst. 
He is studying and analyzing the crypto market for about 2 years.
Charts: TradingView

The post Ethereum Weekly Analysis: “Buy” in Order, Wait and Watch for Price Growth appeared first on BitcoinNews.com.

Bitcoin Weekly Analysis: A Positive Start for a New Year?

Happy new year! I believe we have productivity and approximation, and now let’s start the weekly analysis for Bitcoin!

Weekly candle closed at $3977. The previous weekly candle is much smaller in size and volumes.

During this week sellers stopped growth from December 15 and tried to change the local trend.

The start by sellers was very good. They tested $3700 almost without problems. If the buyers did not do anything in return there would be a high probability to update the minimum and stop at a price of $3040. In this case, the growth on December 15 meant correction of the entire fall which began on November 18. With such a weak correction, the minimum target for the continuation of the fall is at the range of $3,000.

However, there are several facts that allow me not to choose this scenario as the main one:

1) After sellers’ attempts to fix below the price zone of $3750-3850, buyers aggressively turned this price zone back and now the price is traded over this zone:

cryptocurrency, blockchain,

2) After the buyers returned the price above $3750-3850, the fall has ceased to be aggressive and compared with growth, this fall more resembles correction. If we analyze the marginal positions of buyers, it is clear that during this fall buyers are increasing their positions:

markets, analysis, cryptocurrency,

3) If you look at the volumes on which the growth began and compare them with candles, it becomes clear that the growth prospect is considerably larger than the price range of $4,300-4,400. On November 27,  volumes were large and buyers were aggressively bought. However, the sellers were strong and did not allow such a great rollback:

So for the moment, I have two scenarios.

The first scenario will work if buyers keep a price zone of $3750-3850. Then I expect a minimum growth of $ 4,800 with a final target of $5,400.

The second scenario is a continuation of the fall to 3660 with a maximum target of 3400. After, I will expect growth for approximately the same purposes as in the first version.

On wave analysis, I understand the growth of December 15 as the beginning of the fall correction which began on November 17th. At the price of $4370, the first correctional wave A was finished. After the correction of this wave, I am expecting a wave C, which at the price of $4800 will be equal to the wave A and at the price of 5400 $ will be equal to 1.618 * A:

Therefore, this week critical point is the price zone of $3750-3850. However, according to the current facts in two scenarios, I expect growth with a maximum target of $5,400.

Also, today the monthly candle is closed where we see a large shadow and large volumes. For me it is a sign that the chances of at least a local rollback are very large:

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Charts:TradingView

The post Bitcoin Weekly Analysis: A Positive Start for a New Year? appeared first on BitcoinNews.com.

Joe Lubin Sees “Bright Future” for Ethereum: “Sky Not Falling”

Joseph Lubin, Co-Founder of Ethereum and Founder of ConsenSys sees a “very bright” future for Ethereum.

The ConsenSys founder’s comments give some comfort to Ethereum investors after a tumultuous year on the markets, which is only just beginning to show a bullish side in the lead into Christmas. His comments were responding to criticism of a proposed final total of 60% of staff being laid off due to significant ConsenSys restructuring.

The “sky is not falling” said Lubin after staff was notified last month of “a sweeping plan to make ConsenSys more focused and competitive in an increasingly crowded field,” with the adoption of ConsenSys 2.0.

“It’s focusing, it’s adding rigor, it’s adding accountability, and it’s opening ConsenSys up more to the world,” assured Lubin, but with some home truths for investors:

“Excited as we are about ConsenSys 2.0, our first step in this direction has been a difficult one: we are streamlining several parts of the business including ConsenSys Solutions, spokes, and hub services, leading to a 13% reduction of mesh members… Projects will continue to be evaluated with rigor, as the cornerstone of ConsenSys 2.0 is technical excellence, coupled with innovative blockchain business models.”

The wave of negative responses and tweets which followed the announcement of ConsenSys 2.0 prompted an attack from the Ethereum co-founder, arguing:

“What I’ve witnessed among the chattering class the past few weeks in response to ConsenSys 2.0 is a rather typical tune: the alarmed, the eulogistic, and the gleeful.”

Lubin argued that layoffs are not necessarily the outcome of the restructuring of ConsenSys stating that in the last week the company has hired 15, and has other positions available which the company is posting opportunities for, commenting that, “Some within ConsenSys whose roles have been eliminated recently are looking to fill other roles at ConsenSys. This is a rebalancing of our activities and workforce.”

Rather than “the sky falling” Lubin asserts that Ethereum protocol development is accelerating, resulting in “the continued maturation of the token economy, which will see many exciting consumer utility tokens and tokenized security launches in the new year.”

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Joe Lubin Sees “Bright Future” for Ethereum: “Sky Not Falling” appeared first on BitcoinNews.com.

Cambridge: Crypto Users Double in 2018 Despite Price Plunge

Cambridge: Crypto Users Double in 2018 Despite Price Plunge

The latest 2nd Global Cryptoasset Benchmarking Study conducted by Cambridge University’s Centre for Alternative Finance has revealed that 2018 saw the number of cryptocurrency users nearly double in number.

The Cryptoasset Benchmarking Study is an in-depth study carried out by the Judge Business School, a subsidiary of Cambridge University in the UK.

The report revealed that the numbers of verified users rose from 18 million in January 2018 to 35 million in December. Individual accounts at the time of the release of the report had risen to a record 150 million, although indications are that only 38% of these accounts are considered active according to some exchanges’ definitions and criteria.

More users, more multi-coin support, more market integration

The increase is significant and does offer the industry some Christmas cheer given Bitcoin’s tumultuous annus horribilus, seeing it lose 80% of its value since last December. The report also indicates that multi-coin support is expanding which, at the end of 2017, was the staple of 47% of all service providers.

This has also seen a significant rise in numbers in 2018 as some 84% of providers are now supporting a range of cryptocurrencies. The development of common trading standards introduced largely through the development of Ethereum’s ERC-20 has been cited as having a pivotal role in the increase of these altcoin numbers, including forks and airdrops.

The cross-segment expansion observed in 2017 has continued: 57% of crypto asset service providers are now operating across at least two market segments to provide integrated services for their customers, compared to 31% in early 2017.

Miners embrace sustainable energy

An encouraging revelation from the report is that mining companies are listening to calls from governmental environment agencies to embrace renewable energy resources. Coinshares, crypto assets research and investment firm, listed on Stockholm’s NASDAQ/OMX exchange, conducted a survey recently in answer to critics’ continued arguments that Bitcoin mining is essentially an environmentally harmful activity due to its extreme use of electricity.

That report targeted China’s influence, as representing 60% of the world’s Bitcoin mining activity, and that measures where being taken to reduce impact by moving to renewables such as solar. The Chinese program of “curtailment”, largely conducted in regions where most Bitcoin mining takes place, was drawing companies to areas where renewable energy such as solar was being utilized.

The Cambridge report indicated that the majority of identified mining facilities use some share of renewable energy sources and that mining is less concentrated that some critics are maintaining, a fact which conflicts somewhat with the aforementioned Coinshares report. The new report indicates a more global distribution with operations now expanding to the USA and Canada.

The report indicated that exchanges were increasingly self-regulating in line with state regulators guidelines, demonstrating the degree to which the industry had matured over the past 12 months.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Cambridge: Crypto Users Double in 2018 Despite Price Plunge appeared first on BitcoinNews.com.

New Mastercard Patent Claims Crypto Transaction Anonymity

New Mastercard Patent Claims Crypto Transaction Anonymity

A patent application published today by the US Patent and Trademark Office shows that US credit card giant Mastercard claims that it has now found a way of keeping cryptocurrency transactions anonymous.

The patent claims that Mastercard’s system can mask both the point of origin and the number of transactions on the blockchain by using an intermediate address which will interact with the public key.

Once the transaction is stored, a whole new transaction and a digital signature are generated using a private key. The data, which includes the destination address and payment total, is then forwarded instead of the original. This method, according to Mastercard’s patent application, “would result in showing the user only transferring funds to and receiving funds from a small number of addresses that are also involved in a significantly large volume of transactions with various other users, thereby rendering the data innocuous.”

Mastercard has admitted that, despite its earlier condemnation of Bitcoin and past criticism of cryptocurrency’s viability as a payment system, the blockchain is increasingly being employed by users “flocking to various digital currencies”. Mastercard has clearly seen a developing market for supporting users who use cryptocurrency “for the anonymity that blockchain transactions can provide”. It adds:

“…it is often extremely difficult to identify the user behind a blockchain address, meaning that an individual can transfer or receive funds utilizing a blockchain while keeping a high level of anonymity.”

But it goes on to note that most blockchain ledgers are not anonymous and that currently transactions can be identified by using public data.

“For instance, such data may, as it is accumulated and analyzed, eventually reveal the user behind a wallet or at least provide information about them… However, the existing communications and attribution structure of blockchain technology such as Bitcoin require identification of where the transactions are emanating and terminating, in order to maintain the ledger.”

Until now, privacy coins like Monero and Zcash have incorporated features to hide their users’ transaction information, but not without gaining attention from the US Department of Homeland Security, which is continually developing new ways on keeping tabs on cryptocurrency transactions in its fight against money laundering.

This new patent offering ID anonymity is one that may not be welcomed by government law enforcement agencies but might encourage crypto users towards Mastercard; clearly the aim of the patent.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post New Mastercard Patent Claims Crypto Transaction Anonymity appeared first on BitcoinNews.com.

Crypto Reading Catch Up? Now Could Be the Perfect Time

Crypto Reading Catch Up? Now Could Be the Perfect Time

With cryptocurrencies currently languishing ahead their next step major step forward as international interest continues to grow, now might be the time to grab something to read, do some research, fill a few educational gaps, and prepare for the future as the industry gathers new momentum.

Whether it be a fiction or a non-fiction read, there is plenty out there on bookshelves for the discerning reader looking to expand their crypto knowledge. Even screenplays are becoming more frequent, often attracting familiar names from stage and screen. So where to begin then?

If it’s blockchain that holds a fascination, there are two books which have undeniable popularity: “The Internet of Money” by Andreas Antonopoulos and Nathaniel Popper‘s “Digital Gold”. These two promise an insightful read examining blockchain and Bitcoin from two entirely different angles and two very different writing styles.

Antonopoulos takes the reader into the world of blockchain, examining every detail and every aspect of what the technology can offer and how it functions, including advice that an enthusiastic reader might soon find themselves passing on to others. His quote, “First they ignore us, then they laugh at us, then they fight us, then we win”, has already become an industry catchall quote among enthusiasts for explaining how blockchain technology has forged new ground, often against the predictions of detractors and the actions of legislators, to become one of this century’s more notable and significant new technologies.

Popper’s “Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money” is simply a good read. Described by many as a “page-turner” and certainly written like a novel, the book examines the origins of Bitcoin and the mysteries surrounding its anonymous founder and its adherents, through the eyes of some of its central characters such as the Winklevoss twins, with the enigmatic Satoshi Nakamoto taking on the book’s pivotal role.

Another book, this time promising an all-you-need-to-know guide to crypto trading and investment, is Chris Burniske and Jack Tatar’s “Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond”. Although it a may lack the flair of Digital Gold, Cryptoassets is classed as a masterpiece in crypto writing and an all-encompassing guide for the serious investor. The book covers a framework for investigating and valuing crypto assets, practical guides to exchanges, wallets, capital market vehicles, and ICOs, and portfolio management techniques, complete with comprehensive references, charts, and tables.

“Blockchain Basics”, Saifedean Ammous‘s “The Bitcoin Standard”, “The Truth Machine”, “Mastering Bitcoin”, Sam and Alex Tapscott’s “Blockchain Revolution” and “The Age of Cryptocurrency” by Paul Vinya and Michael J Casey are others worthy of note as Christmas approaches or even possibly for revitalizing those new year’s plans for launching an ICO or simply that long-delayed cryptocurrency portfolio.

Whatever the project, these reads will move you further down the road to a greater understanding of the world’s fastest-growing financial technology.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy:https://pixabay.com/en/woman-reading-book-read-hammock-945427/

The post Crypto Reading Catch Up? Now Could Be the Perfect Time appeared first on BitcoinNews.com.

Blockchain Already Outstrips Internet Development, Says Expert

The UK’s Daily Telegraph reminds readers of where blockchain development is at this point by drawing a comparison to 1994 and the development of the internet to illustrate just exactly how fast it is becoming a part of everyday life.

It points out the disruptive nature of blockchain and the speed at which funds can be now sent anywhere in the world with complete security and how it will get faster and even more efficient. In terms of development, blockchain has already outpaced the development of the internet.

In 1994, the opening of the world’s first internet café in London — the Cafe Cyberia near Tottenham Court Rd in the heart of the city, heralded in the age of the net and mass adoption. Blockchain experts agree that this is about where the development of the technology is right now.

The blockchain’s ability to let anyone send digital value to anyone else around the world in a secure, efficient and affordable manner promises to have the same disruptive impact the internet has had on our world over the past 25 years.

In the blink of an eye, cryptocurrencies including the likes of Bitcoin, Ethereum and XRP are on the cusp of becoming household names. A vast number of sectors across all jurisdictions are already seeing witnessing the foundation that gave birth to these digital currencies become more significant.

Whether it be the financial sector, IT, research and development, supply chain, travel, commerce, defense, local and federal government administration, and even space travel, there is no sector where blockchain technology is not at least being considered. So much so, in fact, universities and educational establishments around the world, along with many of the world’s major banking systems, are knocking at its door.

It’s therefore hard to reconcile this rapid adoption with the fact that cryptocurrencies were only launched a few years ago. Given the rapidity of this development, compared to that of the internet it’s hardly surprising when prominent pundits and experts in the burgeoning industry make declarations, such as venture capital investor and cryptocurrency commentator Tim Draper. Earlier this year, he declared that Bitcoin could be bigger than the internet:

“It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”

Draper pointed out that eventually no one would be interested in holding cryptocurrency, arguing that “in five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto.”

The predictions are that, just as the internet created the email, which even now has become the “Wells Fargo Stagecoach” equivalent in terms of sending information, given the development of online chat and messaging apps, blockchain will spawn a vast array of alternative uses so far not even considered.

In only 10 years of existence, blockchain is at the level that the internet was about 35 years later, this suggests that the world is in for a fast and exciting ride on the blockchain trail.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Blockchain Already Outstrips Internet Development, Says Expert appeared first on BitcoinNews.com.