by your friendly editor.
[box type=”shadow” align=”aligncenter” class=”” width=””]We all know how overwhelming cryptocurrency news can be. The volatile nature of it and our obsession with it only equates to endless articles being thrown at us.
But we also want to keep up with cryptocurrency, just like a certain reality show I’m low key obsessed with, cryptocurrency news is something I like to be constantly suffocated by.
I feel like my interest with cryptocurrency is like an E-list celebrity with paparazzi, don’t bug me too much, but also I’m constantly trying to get noticed.
So, I will be starting a series every week, to wrap up any major news in the crypto world. You’re welcome. [/box]
Bitcoin getting high
Bitcoin broke its own glass ceiling again. The high achieving mate we all met in University, Bitcoin is always surpassing itself.
Bitcoin passed US$16 000 (~AU$ 22 000), and now (at press time) it is still flirting around that price.
As much as the naysayers hate on Bitcoin and it’s volatile nature, Bitcoin is achieving despite all that negativity. Maybe there’s a lesson to be learnt here.
Nasdaq X Bitcoin
Nasdaq is planning to launch bitcoin futures by the second quarter of 2018. The Wall Street based is the second largest exchange operator and it’s giving the thumbs up to cryptocurrency by allowing investors to bet on the rise and fall of this volatile currency.
This comes after Nasdaq’s CEO Adena Friedman described initial coin offerings as “bleeding edge” in October.
“Nasdaq doesn’t tend to get engaged in the bleeding edge,” she added.
Well then, clearly that’s not the case anymore.
According to Bloomberg, Nasdaq contracts are also designed to handle bitcoin hard forks more elegantly.
Nasdaq’s product will reinvest proceeds from the spin-off back into the original bitcoin in a way meant to make the process more seamless for traders; a source told Bloomberg.
This might add some legitimisation to bitcoin, as big exchange operators are regulated, and right now bitcoin is largely unregulated.
This might relieve some anxiety among some who wants a more legitimate way to invest, but it also might not please those who are currently enjoying the thrills of the unregulated market.
World’s first bitcoin billionaire
As more categories are created to celebrate monetary achievements, more people will be given fancy titles.
Most recently, the Winklevoss twins became the world’s first bitcoin billionaire.
You know them as the twins who sued Mark Zuckerberg for stealing their idea of Harvard Connection which Zuckerberg called it The Facebook or if you are like me, they were hot Olympic rowers.
Not real housewives kind of major drama, but the twins received their settlement of US$ 65 million.
As reported, they used some that money to invest in bitcoin in 2013, apparently, they bought 100 000 bitcoin which is roughly 1 percent of all bitcoin that was floating around then.
So if you know math, you can do it yourself taking in the rise of bitcoin prices and the number of bitcoins they have in possession.
Now that this is a category, we shall see who makes up the list soon.
Steam says no to bitcoin
High fees and volatility is the reason for Steam to stop accepting bitcoin.
They started accepting bitcoin in April, but after eight months, the relationship is over.
In a statement, Steam said processing fees had skyrocketed this year resulting in high costs for purchasing games with bitcoin.
Volatility is of concern as well, being so volatile the price is constantly changing.
“The value of bitcoin is only guaranteed for a certain period of time so if the transaction doesn’t complete within that window of time, then the amount of bitcoin needed to cover the transaction can change.”
The press release was transparent and reasons were given in full detail, that is respectful towards their users.
Stating that re-evaluation will be done at a later time, it is nice to see that consumers are placed in the forefront.
Nothing major, here’s a chart.
Well, that’s all for this week. Tune back in next week and see what’s going on in the crypto world.
Warning: Buy Now, Pay Later racks up Debt nearing $1 billion over the coming Christmas holidays.
Instarent set to Disrupt with easy app Solution for Real Estate
Independent Reserve rolls out KPMG Crypto Tax Estimator in world first
Myriota and AIMS Partner in tech trial to track Health of Australia’s Tropical Waters