The past month has been a turbulent one for cryptocurrencies. While a setback is pushing prices further down and spreading fear among traders, light is shining brightly in the end of the tunnel. Let’s investigate more.
Facebook Ban on Crypto-Related Ads: FUD, More FUD
Three weeks ago, Facebook founder, Mark Zuckerberg, expressed a keen interest in crypto and blockchain, the technology enabling most cryptocurrencies.
Zuckerberg said in a Facebook post:
“There are important counter-trends – like encryption and cryptocurrency – that take power from centralized systems and put it back into people’s hands. I’m interested to study the positive and negative aspects of these technologies, and how best to use them in [Facebook].“
The updates sent shockwaves throughout the Internet and added to the FUD sparked by the Bitfinex and Tether controversy. With every incident, bitcoin seems to pay the ‘iron’ price, like the Greyjoy’s say. Needless to say, none of these incidents have to do with bitcoin.
Samsung Embarks on The Bitcoin Mining Chips Business
The Seoul-based tech giant, Samsung, has embarked on a crypto mining journey and will be mass-producing application-specific integrated circuits (ASICs) – this month. These chips are necessary in creating new bitcoins as well as verifying bitcoin transactions on blockchain. These miners are rewarded through incentives called Proof-of-Work.
Samsung’s shift toward manufacturing processors for the crypto-mining industry expands its broad range of chip products, which accounted for more than 60 percent of its 2017 operating revenue. Let’s hope it’s not another Galaxy 7 Note.
Square Cash App Releases Bitcoin Buy/Sell Option to Almost All Users
When I was in college, Square Cash was my favorite app to request payment from freeloaders. It’s an easy-to-use app used to exchange money and deposit it to directly to your bank account with no fees. Today, the app enabled a new capability to send/receive and even buy bitcoin. For regulatory purposes, trading is halted in New York, Georgia, Hawaii, and Wyoming. Nevertheless, buying your first bitcoin might be just around the corner.
Taipei Smart City Project Selects IOTA as a Partner
Taipei, Taiwan’s capital, has just selected IOTA to build the foundations of its new smart city project. IOTA’s co-founder, David Sønstebø, sees the adoption as a great step forward and seems very confident of its success. IOTA is praised for its “Tangle”, an infinitely scalable distributed ledger that improves on the current blockchain.
Undeniably, the Tangle is designed to be the backbone of the Internet of Things, a technology that holds the keys not only to smart cities but also to the future of manufacturing and sustainability. An exciting time to be alive and grateful.
Pictures: Pixabay, Shutterstock