What is an Atomic Swap?

So, if someone needs to exchange Bitcoin for Litecoin, simply find someone who needs your Bitcoin and is willing to deliver Litecoin to change.

Definition

Atomic swap is a technology that facilitates the exchange of two cryptocurrencies different through the use of a contract smartphone, which allows users to make exchanges from your wallet and personal in a transaction a peer-to-peer. The first described a protocol the Atomic Swap was probably Land Nolan in 2013. But already in 2012, Daniel Larimer had submitted its P2PTradeX, a protocol exchange with no confidence that have been considered by many as the prototype of the Atomic Swap. Since then, there are many developers who have experimented with these protocols that have played an important role in communities such as Bitcoin, Litecoin, Decred and Komodo. As is known, the first Atomic Swap were in 2014, but it was in 2017 when it was publicly acknowledged with the first exchanges with success among cryptocurrencies. We trade BTC/LTC and LTC/DCR.

How it works the protocol Atomic Swap

As we have already said, is a protocol designed to facilitate the exchange of cryptocurrencies different. So, if someone needs to exchange Bitcoin for Litecoin, simply find someone who needs your Bitcoin and is willing to deliver Litecoin to change. This exchange is possible thanks to a contract smart contrat), designed for a transaction peer-to-peer.

Atomic Swap in practice

We think Andrew you need to swap your LTC for BTC, and Ruben has BTC. Alice is willing to receive the LTC of Andrew, and then Andrew puts his LTC in one direction Smart Contrat, which pretend as a safety deposit box. At the time that Andrés generates your safety deposit box you must create an access key; this key should be share Ruben by using a cryptographic hash. But Ruben can’t still access to the cryptocurrencies because it just has the hash, but not the key. Then Ruben uses the hash received from Andres to generate another Smart Contrat to deposit their BTC. Now for Andrew to withdraw the BTC you need to use the same key that you used Reuben, and in doing so reveals to him the key to Reuben. So, just Andrew to claim the BTC, Ruben you can check out the LTC by completing the exchange. This distribution of keys is known as the Hashlock.

How to occur the Atomic Swap

These transactions carry the name atomic, because it will only be completed if the parties perform what corresponds to him to each one. On the contrary, if one of the parties gives up and does not comply, the contract is dissolved, and the funds are returned automatically, providing strong security to the parties. These contracts can be done in two ways, within the blockhain and out of her. On Chain: these Atomic Swap occur within networks of any criptomoneda, that is to say, within the blockchain, whether it be Bitcoin, Litecoin or another. Off Chain: for these Atomic Swap is made must take place on a second layer, and is usually done through exchange, bi-directional, very similar to those that are made through connections of the Lightning network. Usually these exchanges are performed through contracts smart multifirmas and contracts hash time-limited (HTLC)

Wallet for Atomic Swap review

Atomic Wallet is one of the wallets decentralized most popular, designed specifically for the use of this protocol to the blockchain. Available for Windows, Mac OS and Linux. Has available the protocol to be used with more than 300 cryptocurrencies, for fast and secure transfers thanks to the design the own company, Atomic Distributed Orderbook. Between the cryptocurrencies available for Atomic swaps include: Bitcoin, Ethereum, Litecoin, Ripple, Dash, Zcash, Monero, and an extensive list of tokens ERC20. For the security of the storage of funds, the portfolio Now provides the customer with all of their private keys, so that is the only one able to control them. The following two tabs change content below. Creative editor and trader of cryptocurrencies, currencies, fiat, and commodities.

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Best Bitcoin Cloud Mining Websites in 2020 – Complete Guide

Originally provided cloud mining contracts for Bitcoin, Ethereum, Zcash, DASH and Litecoin (support for Script, SHA-256, ETHASH, EQUIHASH, X11 …
Best Bitcoin Cloud Mining WebsitesBest Bitcoin Cloud Mining Websites

Crypto mining represents a good way of lining your virtual wallets with various types of cryptocurrency. Naturally, turning profit from anything isn’t easy; to mine cryptocurrency successfully, you need to invest heavily into hardware and know-how required to operate said hardware.

Knowing how to set up a crypto miner and paying for the electricity it spends aren’t the only parts of the equation, with the last one including following the market and determining which coins to mine. This element also requires significant resource (namely your time) dedication as well.

Some people like to avoid the first part and only focus solely on hunting for mining opportunities. But even when you find a good cryptocurrency to mine, you’ll still need to somehow find the hash rate required to mine said currency.

This is where cloud mining services jump in: with the help of these, you can basically borrow hash rate online and direct it to mine the currency of your choice. As such, you can become a crypto miner while avoiding all the pains of installing and managing your own hardware.

This practice comes with its own advantages and drawbacks. While the entry cost is much lower and the service is in general accessible to a wider pool of individuals, your profits will be lesser than if you were to mine with your own hardware.

Additionally, you don’t own any hardware so you cannot sell it if you eventually decide to cut costs. Finally, cloud mining is a hotbed of illegal activity, as malicious individuals look to create fake cloud mining websites and take advantage of those looking for the service.

In this article we’ll give you a quick overview of some of the more reputable cloud mining services on the market. Any potential cloud miner should research these services in depth and determine if they can help him turn a profit; online profit calculators (which most of these services have built-in already) can give said miner a better idea of one service’s profitability.

At this moment in time and with these current crypto prices, cloud mining doesn’t seem like a very profitable endeavor; still, it’s not impossible to find a diamond in the rough and achieve some financial gains with properly directed rented hash power.

Before we move on to the top cloud mining sites list, here is a comprehensive overview of what coins are worth mining these days. These cryptocoins are easy to mine and give best returns.

Best cloud mining contracts 2020

NiceHash

NiceHash is an online crypto mining marketplace which connects sellers and buyers of computer hashing power. Exchange of hashing power goes through “mining contracts”, where buyers set their terms (like the amount of hash they need, how long they need it, and the price they are willing to pay for it) and sellers then choose if they’ll accept them or not.

NiceHash-LogoNiceHash-Logo

The entire economy of this marketplace is “powered” by Bitcoin, with buyers using it to purchase the hashing power and sellers getting compensated in Bitcoin for their resources. This is an important thing to understand; you don’t get paid in cryptocurrency you decide to mine/your hardware is pointed towards, but in Bitcoin. Hashing power sellers that sign up for NiceHash can choose to provide their service with all sorts of hardware, including CPU, GPU, and ASIC. NiceHash itself claims it doesn’t own any mining hardware.

There is a total of 34 mining algorithms supported by the service, including SHA-256 (Bitcoin’s algorithm), DaggerHashimoto, Sia, CryptoNight, Blake, Equihash, Scrypt, Keccak, Lyra2RE and 2REv2, X11, X13, X15 and others. The number of mining pools that can be mined on is also significant, as all mining pools that follow stratum protocol specifications are supported.

The service operates from Europe under the “NiceHash” name while their USA servers operate under the name of WestHash. The servers are located in Amsterdam, San Jose (USA), Hong Kong (China), Tokyo (Japan), Chennai (India), and Sao Paulo (Brazil).

HashFlare

Cloud mining service located in Tallinn, Estonia, operates on a similar principle to all other cloud mining services. HashFlare does apparently own some of the mining hardware they use to provide the market with hashing power. That being said, they do allow outside miners to contribute to the cloud as well.


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hashflarehashflare

Originally provided cloud mining contracts for Bitcoin, Ethereum, Zcash, DASH and Litecoin (support for Script, SHA-256, ETHASH, EQUIHASH, X11 algorithms). Payouts were originally made in the currency you mined, with the exception of Litecoin (which was paid out in BTC). At the moment, they only have a limited amount of Ethereum smart contracts on offer.

The service isn’t exactly known as very reliable in the community. A Trustpilot rating of 2.8 out of 10 (214 reviews) and bittrust rating of 2.1 out of 5 (816 reviews) that there have been plenty of individuals who got burned by HashFlare. And the service did face several major scandals in the past, from retroactively introducing KYC/AML requirements, over shutting down Bitcoin mining on their platform, to randomly cancelling people’s contracts for no apparent reason.

Some have reported earnings from mining with HashFlare so it remains unclear if the service is reputable or not (even though the amount of red flags suggests you should avoid it).

Hashing24

Operating from offices in UK, Thailand, and Ukraine (with data centers holding their mining devices located across Georgia and Iceland), this mining service existed on the market since 2016. It’s also closely tied to the BitFury mining chip-making project which gives the service most of the hashing power it sells and an added level of legitimacy.

hashing24 hashing24

It only supports Bitcoin mining and offers one-time-pay, lifetime mining contracts. These have all currently been bought out but the website hosts auctions where you can buy a contract from an existing client. Overall, Hashing24 appears to be a reputable cloud mining service, one that may be somewhat overpriced with the current Bitcoin prices though.

Genesis Mining

Founded in 2013, the service owns mining farms across Europe, USA and Asia. Some consider it to be among the most reputable mining services out there and the fact that it’s registered with the SEC as a Bitcoin mining fund certainly helps that. Others feel that the service isnt that good, as its Trustpilot rating might indicate.

Genesis-MiningGenesis-Mining

Keep note, Trustpilot and other rating aggregation websites can have skewed ratings due to bots and competitors trying to intentionally keep them down. The service claims to have over 300 thousand registered users on their books.

Genesis Mining service includes either open-ended or lifetime contracts for mining Bitcoin’s SHA-256, Scrypt, X11, Cryptonight, Equihahs, Ethash. It supports Bitcoin mining and offers Ethereum, Litecoin, Dash, Monero, Zcash mining contracts to top it all off.

You can also choose the currency you want to get your payments in; for example, you can choose to mine Ether but have your mined coins traded instantly on an exchange by the service to an ERC-20 token, and then receive payouts in said token.

IQ Mining

As its name might suggest, the service markets itself as the “smart” cloud mining solution, one that automatically switches between mining different coins, thus ensuring you the best possible profit over time. Founded in 2016, it boasts with having nearly 100 thousand registered users (with about 4000 of those being active on a daily level).

iqmining iqmining

It is a pay-as-you-go cloud mining platform, allowing youdifferent mining plans and contracts that can have your hash power ultimatelyhop between a really diverse selection of 150 altcoins. The hardware used toprovide hash power is apparently owned by them and anything you mine out willbe paid to you in Bitcoin. Ethereum, Litecoin, Monero, Dash, Zcash are amongthe mineable currencies.

Nuvoo Mining

Canadian mining endeavor founded on 2016, Nuvoo takes advantage of the country’s access to cheap, environmentally-friendly electricity and offers hardware lined up across several mining farms to its customers. Nuvoo Mining offers Bitcoin, Litecoin and Ethereum mining (meaning it supports SHA256, Scrypt and Ethash algorithms). No matter what they mine, clients will get their payments in Bitcoin only.

nuvoo mining nuvoo mining

The contractsoffered by this service are open and users can mine as long as it’s profitable.Some drawbacks of this service include the fact that they don’t publish whichmining pools they use and the fact that they lack a native wallet client.Overall, the service has received mostly favorable reviews from the community.

MiningRigRentals

MiningRigRentals operates since 2014 and is certainly a website that will impress you with its massive offer of crypto mining algorithms. SHA-256, Scrypt, X11, BCD, Dagger-Hashimoto, Equihash, Qubit, Cryptonote and all sorts of its variations, you name the algorithm you’ll likely find it here.

Sometimes you’ll find an algorithm that doesn’t have available rigs for rent but the big ones will almost certainly have hundreds on offer. This website is a marketplace which allows both hardware owners to rent out their hash power and miners to purchase someone else’s hash power.

The service claims that it has been developed from the ground up by miners for the mining community, and from everything we saw it definitely looks like that.

There are very few user restrictions and the website has an impressive Help section which can take you through any potential issue you may come across while mining. Only downsides we could think of include somewhat high fees and a simply-looking website (which can be a positive sign for some more ascetic individuals).

CCG Mining

CCG Mining was founded in 2016 in UK and apparently has its hardware situated in two Polish mining farms. They claim to be a real company with real people behind it and the project’s team page does imply that (even though simple Google searches for their employees don’t reveal much about them).

One of the project’s defining services is the fact that they sell mining rigs to interested customers; currently there are three pre-built mining rigs on offer with AMD and NVIDIA GPUs installed. Their rig prices are a bit steep though and you could probably do much better pricewise if you simply assemble one from the used hardware market.

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The service lets you mine coins like BTC, ETH, ZCASH, MONERO, DASH, LTC, and LBRY. Contracts are open-ended and run up to 2 years, which could potentially net you a decent profit. You can purchase either one of their pre-determined contracts or set up your own custom one.

They claim to have over 45 000 private clients and over 850 business clients and want to become Europe’s leading hash rate provider. A potential issue with the service could be the fact that the person who registered its domain decided to stay private.

AGIO Crypto

AGIO CRYPTO is a project providing cloud mining services since 2017. It has its own data centers in Russia and Ukraine, and is a reseller of the capacities of mining industry giants — Bitmain and SaintBitts – which are located in Island and China.

Some of the most powerful ASIC devices out there, such as Antminer S9 (14 TH/s, 1450 W), Antminer L3+ (504 MH/s, 800 W), Antminer E3 (180 MH/s, 800 W), and Innosilicon A4+ (620 MH/s, 750W), currently provide the hashing power this project sells to the market. Besides providing clear purchase documents for their devices, AGIO apparently has a work license given to it by the Saint Vincent and the Grenadines registrar of international business companies.

The service offers dedicated cloud mining servers for mining Bitcoin, Litecoin, Ethereum. They also have something they call Mining Profitability Booster technology which can apparently increase your mining profitability by 200%.

MPB is an indicator that informs customers about the most favorable moment for the sale of the earned cryptocurrency. With MPB technology, users do not need to constantly monitor the market and analyze the data. Contracts are of the lifetime type and can be purchased with either USD or EUR. They are currently out of stock but there is a waiting list you can apply to.

MinerGate

MinerGate is a popular online crypto mining marketplace, one which apparently contains more than 3.5 million active clients. Some even consider it the ”friendliest” cloud mining solution on the market. On this service, you’ll find pools for cryptocurrencies such as Monero, Grin, Bitcoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Gold, Zcash, Bytecoin, Monero Classic. It even offers support for merged mining.

MinerGate isdefinitely one of the more established projects out there, having their ownblockchain explorers, profitability calculators, pool stat trackers and servicemonitors. They even offer integration with the Lumi Wallet and have their ownnative MinerGate token which acts as development fuel, loyalty tool and supportfor EOS network.

Hashnest

Cloud service backedby the much-maligned Bitmain mining hardware producer. It is located inChina but has offices and representatives all around the world. It wasintroduced to the market in April 2014. While some reviews suggest it’s adecent, trusted option, others have apparently been burned by the service. Thisdoesn’t stop them from using the “best cryptocurrency mining platform” monikerto describe themselves.

By default, all miners are directed to Antpool, which is a part of the BitMain Corporation. The company has a number of Bitcoin mining farms located in China and Iceland, most of which are not available for viewing for “customer protection and security reasons”. They do claim that they currently own the world’s largest Bitcoin mining farm.

Final verdict – which one is the best cloud mining platform?

Before we wrap this up, one important remark to highlight:

Majority of cloud mining contracts are scams. Why?

Because there are no guarantees that the company actually has the hardware for mining or that it will pay out your commissions. History teaches us that our first assumption about any crypto service is that it is a scam and then we search for arguments of contrary. Bottom line – be very careful and vigilant in your research.

So keep in mind: 99% of cloud mining platforms are scams.

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CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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Highlights of a decade

Distributed Ledger Technology, the most famous of which is blockchain. DLT/Blockchain is a method for recording and therefore transferring assets or …
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The break-neck pace of the 2010s was largely driven by technological and unexpected political shifts. We’ve consolidated a list of the highlights of the last decade which we believe had a real impact.

The mobile payments revolution

The smartphone is inextricably linked to most of the leaps forward in consumer payments, not least NFC technology that facilitated the huge growth enjoyed by Apple Pay, Samsung Pay and Android Pay. However, it was the humble QR code – a square barcode-like system that failed to catch on in the West – that revolutionised the Chinese payments landscape in the last decade thanks to mobile wallets such as Alipay. It signalled a new frontier of payment tech in China upon its launch in 2009 when it spun out of Taobao, the Alibaba P2P eCommerce site, to the point that it now owns over half of the Chinese domestic payments market and the former enjoys over 700m monthly active users. This ubiquity eventually resulted in Alipay becoming one of only a few so-called ‘Super Apps’, surpassing 230 million daily active users with 120,00 lite apps by Spring of 2019, hosting a range of other ‘mini-programs’ within its ecosystem covering ordering a taxi to wealth management, lots of which support Alipay payments in-app.

The evolution of payment of digital money

Distributed Ledger Technology, the most famous of which is blockchain. DLT/Blockchain is a method for recording and therefore transferring assets or contracts within the digital age. It facilitates the instant transfer of assets around the world and has been deployed by various financial houses and exchanges. The speculative bubble that surrounded Bitcoin largely put paid to it as a means of payment, meaning Ripple has probably become the most successful application f the technology within the payments space. To put the potential benefits of DLT in perspective, even the archaic institution that is SWIFT knows it is the future and is slowly adopting the technology.

Unbundling and ‘re-bundling’ Financial Services

Whilst integrating one API might seem pedestrian or the bare minimum in 2020, the rise of tech within finance upstarts heralded the start of a promise that will likely only be made good on over the next decade. At the start of the 2010s, we began to see the unbundling of financial services and banking into API-driven narrower ‘vertical slices’ such as PayTech, WealthTech, LendTech and InsureTech, for example. Towards the end of the ’10s, we saw a dramatic re-convergence of those narrow slices into ‘re-bundling’ of financial services, as each provider began to partner with other FinTech’s to incorporate supplementary services alongside their core offerings or offered an open ‘ecosystem’ for users and consumers to select a ‘pick n mix’ of their providers.

UK Bank of England in flux

Mark Carney was appointed the Governor of the Bank of England in 2011, amid the downturn following the banking crisis. Under Mervyn Kin’s tenure, Carney’s predecessor Mervyn had allowed inflation to spike to circa 5% which, at the time, was viewed as transitory. Against a backdrop of challenges with inflation, historic low-interest rates and a program of asset purchases already underway, Carney did not have many tools left at his disposal to effect change. Part of what Carney did was to introduce the concept of forward guidance to the market, giving clear indications on future policy directions to give the markets reassurance. The UK economy re-emerged as one of the fastest-growing countries in Europe and made a robust recovery from the financial crisis until the Brexit uncertainty hit.

Eurozone challenges

Mario Draghi (head of the European Central Bank) promises to do “whatever it take” to support the Euro. In the contagion that followed the 2007/2008 financial crisis, the sovereign debt crisis engulfed the Eurozone as a group of countries were bailed out to avoid a default on their debts – Portugal, Ireland, Greece and Spain were all forced to take funds from the ECB and to adopt austerity measures, causing deep political unrest and resentment of the Eurozone within these countries. The subsequent populist movement has pushed against the very notion of the EU and the political ramifications are still being felt today. EBPEUR finished the 2010’s at pretty much the same level it started at, which is remarkable given the events that unfolded and the periods of intense volatility along the way.

The US economy on the edge

The Federal Reserve Board (FED) continues Quantitative Easing (QE) with QE2 and QE3. Having deployed “extraordinary measures” in the wake of the 2007/2008 financial crisis, the FED decided to double down on this strategy in November 2010 by announcing a fresh US$600bn in purchases. In 2012, they announced QE3, an open-ended US$40bn per month of purchases. These purchases sparked the bull run in equities that drove the index to record highs. The FED tried to wean the US economy off stimulus by tapering the purchases of assets and raised interest rates briefly. Trump has introduced fiscal policies to support the economy and, in a largely unprecedented move in recent times, applied overt political pressure to the FED to reverse its rate hike.

Changing financial regulations

Over the last decade, we have seen increasing consumer protection via regulation in the shape of:

  • The Payment Services Directive (PSD2)
  • General Data Protection Regulation (GDPR)
  • Markets in Financial Instruments Directive 2 (MIFID2)
  • The 4th EU AML Directive

All of these have required Payment Institutions (PIs) to adopt new measures and controls to keep our clients, their funds and the financial system itself safe.

Rise of the FinTech

In 2010, the Foreign Exchange (FX) market was still dominated by the banks and a few telephone-based brokers. Online dealing platforms were beginning to be launched by the early adopters, but most transactions were completed over the phone. After which, there was a steady increase of disruptive FX companies and wider payment solution-based start-ups reshaping the business landscape – ensuring the growth of FinTech companies.

What about pricing?

Aside from the advances in products and ecosystems we’ve covered above, the last ten years also marked a change in the wind when it came to pricing transparency and simplicity, of which FinTechs have been at the vanguard. In a bid to shake up the status quo of large, slow, opaque players charging unclear fees and trading on the promise of ‘service’, these nimble tech-first businesses ostensibly had either lower overheads by offering an intuitive simple product or proposition, or were content in loss-leading for the first few years to gain a foothold in the market. Thankfully, in some cases, it’s not a choice between a company with an innovative product or competitive pricing.

For example, at WorldFirst we launched a straightforward and transparent pricing structure last year, allowing businesses to access FX costs from as low as 0.15%.

Now that 2020 has begun, we’re keeping an eye on the following:

  • Digital technologies such as cloud computing
  • Machine learning and blockchain are set to have the biggest impact on regulation and competition trends
  • The same can be said for AI, particularly AI personalisation. This will allow industries to use real-time data to make dedicated customer recommendations backed by insights
  • Mobile P2P payments and digital remittance services will continue to drive the growth in smartphone payments which will be driven by customer buying behaviour and their consumption. The key term for 2020 is ‘customer-centricity’.

If you plan on trading in 2020, contact us today to find out how WorldFirst could help you. For up-to-date market news, you can subscribe to our economic updates written by our team of forex correspondents.

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Crypto’s Favorite Presidential Candidate Andrew Yang Ends White House Bid

While Bitcoin, crypto, and blockchain are all about decentralizing power, many … making a reference to blockchain and distributed ledger technology.

While Bitcoin, crypto, and blockchain are all about decentralizing power, many in this budding industry have over the past few months found themselves uncharacteristically excited about a certain presidential candidate: Andrew Yang, a businessman and job creator who has worked with individuals in Silicon Valley before.

Although few knew of Yang before he announced his bid for the White House, he quickly grew a large following online, especially in the crypto community, due to his stances on how technology will change the world’s economies and how governments could mitigate the risk that comes with these changes.

Unfortunately, after an unfortunate showing in the New Hampshire Democratic Primary, Yang revealed that he would be ending his presidential bid.

In his last rally (for the time being), Yang said that per the numbers his campaign was receiving from the ballots, it was clear that he would not win the presidency, no matter what he did:

While there is great work left to be done, you know I am the math guy, and it is clear tonight from the numbers that we are not going to win this race.

As Yang polled as high as being the fourth most favored candidate just weeks ago, this move to drop out of the race shocked many, though the businessman asserted that he does not want to continue to take donations and support when he knows he is unlikely to make it far.

Crypto Community Mourns Loss of Yang Candidacy

The crypto community was quick to mourn the loss of this candidate, who was the only one in the race who was talking about Bitcoin, crypto assets, and the blockchain revolution, especially in regards to how these technologies could positively affect America moving forward.

Prominent industry marketer and commentator Nathaniel Whittemore thanked Yang for his run, specifically citing the candidate’s propensity to talk about automation, Yang’s understanding of the internet, his being genuine, and Yang’s decision to engage “seriously with new economic paradigms like Bitcoin.”

Others in this community echoed Whittemore’s disappointment that the crypto-friendly candidate has ended his bid.

So @AndrewYang is ending his presidential run.

Let’s thank him for being the only candidate who:

+discussed automation

+engaged seriously with new economic paradigms like #Bitcoin

+understood the internet

+seemed like an actual person most of the time. #YangGang for life. pic.twitter.com/tdRIptLgko

— Nathaniel Whittemore (@nlw) February 12, 2020

This is for good reasons: as aforementioned, Yang is a fan of Bitcoin. He, in a Bloomberg interview last month, said that innovators in this space are being hampered due to poor regulation:

“It’s bad for innovators who want to invest in this space. So that would be my priority: clear and transparent rules so everyone knows where they can head in the future and so we can maintain competitiveness [in crypto].”

That’s wasn’t all he had to say on cryptocurrency. In the same Bloomberg interview, Yang said that the aforementioned uniform regulation is needed due to the “high potential” of cryptocurrency and the “technology underlying this,” evidently making a reference to blockchain and distributed ledger technology.

He went as far as to say that regulation will not “impede” cryptocurrency, effectively stating that Bitcoin is impossible to stop.

Photo by René DeAnda on Unsplash

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Bitcoin Price Hits $10320 as Fed Chairman Confirms Crypto Is a Threat to US Dollar

“A ledger where you know everybody’s payments is not something that would … He also stressed the urgency of making quick progress on blockchain …

Bitcoin price and the overall crypto market reacted positively after Fed Chairman Jerome Powell recently stressed on the importance of private crypto-based transactions. He said that the Fed is working on a number of projects for digital currencies.

Bitcoin price surged over 5% on Tuesday, February 11, pushing it to a five-month high above $10,300 levels. With this move, BTC has surged nearly 50% since the beginning of 2020. At press time, BTC is trading 5.6% up for a price of $10, 304 with a market cap of $187 billion.

This latest price surge comes after the Federal Reserve chairman Jerome Powell expressed his interest in digital currencies. Congressman Bill Foster raised concerns about China’s aggressive push to the use of digital currencies. Responding to this, Powell said that the Fed has several projects underway.

This was enough to usher a fresh optimism in the crypto market. Apart from Bitcoin, a majority of the top-ten cryptocurrencies are showing gains between 5-10%. The overall cryptocurrency market cap added $20 billion soon after Powell’s comments, taking it to above $300 billion.

Powell Stresses Need for Private Crypto Transactions

Speaking on the issue of the American economy and its privacy policy, Jerome Powell also stressed the need for private crypto transactions. “A ledger where you know everybody’s payments is not something that would be particularly attractive in the context of the U.S.,” he said.

BREAKING: Fed Chairman Jerome Powell just came out in favor of private transactions for digital currencies.

He specifically said “A ledger where you know everybody’s payments is not something that would be particularly attractive in the context of the US.”

Game on 🙏🏽

— Pomp 🌪 (@APompliano) February 11, 2020

The Feb Chairman also assured that the U.S. is taking sufficient measures to keep with the pace of China’s development. Powell said that the Fed is currently investing a larger amount in digital currency developments. The cryptocurrency market took Powell’s comments is positive as the market surged soon after.

Besides, Powell also acknowledged that Facebook‘s entry in the crypto space with its native Libra cryptocurrency has been a game-changer. Facebook announced its Libra cryptocurrency in June 2019 but is yet to get regulatory approval for the same.

However, Powell admits that his agency understands the importance of digital currencies. And now it is working on further progress in this direction. He also stressed the urgency of making quick progress on blockchain development.

But Powell remains a bit skeptical about the implementation of the Digital Dollar due to privacy concerns. He added:

“The idea of having a ledger where you record everyone’s payments isn’t particularly attractive in the U.S.; it’s not a problem in China”.

It will be interesting to see how the Fed works out its way to accommodate digital currencies in the country’s financial ecosystem. One thing is sure that digital currencies have a huge role to play in the global economy for the next decade.

Altcoins, Bitcoin (BTC), Cryptocurrency News, News

Bhushan Akolkar
Author: Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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