Welcome to the Daily Cryptocurrency News Roundup 5th Nov, 2017 edition.
Find the most important news of the day in brief with insights. Moreover, subscribe us to stay informed.
#1 TheMerkle – Monero’s Multisignature Implementation
- Monero’s multisignature implementation is currently being tested. Bitcoin already has this feature.
- Altcoin development has certainly shifted into higher gear this year. Most of the currencies in existence have no real purpose, but a few of them will actually stick around for the long run. Litecoin and Ethereum are on that list, for obvious reasons.
- The introduction of multisignature support for Monero will make it another contender to keep an eye on.
#2 NewsBTC – Centralized SegWit2x nodes are Spinning up a lot as of Late
- Adding a few hundred notes over a week means they are spun up on VPS servers once again. This also means the number of nodes will effectively drop off sooner or later.
- We have seen similar behavior with Bitcoin Classic not too long ago.It is evident someone wants to make SegWit2x look more appealing than it is. Support for this fork has diminished quite a bit as of late.
- A lot of companies are pulling support due to the fork not being viable”. If the chain will be mined, it will end up as an altcoin.There is more interest in Bitcoin Cash than SegWit2x right now.
- Node numbers are no more a metric of adoption. It is a fake number that has little meaning these days. It is a good tool for political reasons, but that is about it.
#3 CryptocoinsNews – Bitcoin Continues to Gain acceptance from retailers
- Virgin Galactic, Overstock.com, TigerDirect, Dish Network, Expedia.com, Newegg.com, Microsoft, eGifter, Gyft, Zynga, Starbucks, Subway, AutoPartsWay accept Bitcoin.
- The convenience of receiving payments within seconds, with minimal transaction fees, provides significant benefits to a business. More retailers, both physical and online, are accepting bitcoin as a form of payment from their customers.
#4 Bitcoinist – Bitcoin hits a new all-time high of $7,600 USD
- Some reasons why people are showing interest towards Bitcoin.
- Bitcoin is illiquid, which is a factor that in general discourages investing. It should be noted, however, that Bitcoin’s lack of liquidity is by design to make the cryptocurrency inflation-resistant and to incentivize miners. Thus, only 21 million bitcoins will ever be mined.
- Bitcoin represents a new paradigm shift. It is complex and very versatile. During its short existence, crisis situations and geopolitical events have prompted investors to use Bitcoin as a safe-haven currency, or as a foreign exchange hedge. In these cases, Bitcoin’s price has surged, greatly benefitting its holders.
#5 Bitcoin.com – Uruguay to roll out its digitization of the Uruguayan peso
- Uruguay’s Central Bank (BCU) formally presented rollout of its pioneering digitization of the Uruguayan peso on 3 November 2017.
- “This is not a new currency, it is the same Uruguayan peso that instead of having a physical support has a technological support,” said the president of the Central Bank.
- Many countries are planning to roll out the crypto version of their currencies.
#6 The Cointelegraph – Could Uncertainty Boost Bitcoin?
- Saudi Arabia arrests Billionaire Prince. Qatar under siege. Bahrain on the verge of collapse.
- Misconduct by governments, either in the political or monetary space, results in people trying to find safe havens for their wealth. Traditionally this has been gold, but Bitcoin is fast developing as an alternate safe haven, with its decentralized and boundary-less nature.
- The Middle East is strategically important, both because of its vast oil and natural gas reserves and the tremendous wealth of its citizens. If rich sheikhs in the Middle East think that parking a fraction of their wealth in Bitcoin makes sense given the uncertainty in the region, Bitcoin’s price could scale new highs.
#7 Bitcoin.com – Cryptocurrency Mining Malware Targets Australians via SMS
- Australians have increasingly become the target of an SMS-based bitcoin mining scam. The scam entices users with fictional free bitcoins that supposedly can be located at two shortened URLs; however, if visited, the USR will hijack that user’s computing power for the purpose of mining cryptocurrency on behalf of the scammers.
- People must seek out and discuss before acting out on such information.
#8 CryptocoinsNews – Bitcoin Dominance Index Surpasses 61% for First Time since March
- For the first time since March of this year, the bitcoin dominance index has surpassed 61 percent, further solidifying bitcoin’s position as the leading digital currency within the global cryptocurrency market.
#9 Bitcoin.com – Kenyan Miner Describes Cryptocurrency As “Biggest Wealth-Distribution System Ever”
- Eugene Mutai, a Kenyan cryptocurrency miner, recently described “the entire [cryptocurrency] ecosystem” as possibly comprising “the biggest wealth-distribution system ever” in an interview with local media.
- The young Kenyan climbed his way out of poverty to become an esteemed technology consultant and programmer, and is now using cryptocurrency as a vehicle to enter global financial markets.
#10 TheMerkle – What Crypto & Traditional Markets Can Learn From Each Other
- The barrier to entry for crypto markets are just so much lower than they are in other markets. This is something that traditional markets should do their best to rectify if they hope to attract investment by younger people or those with lower capital.
- The cryptocurrency markets should consider educational promotions so that potential investors better understand how cryptos work.
Disclaimer: This is not “investment advice.” Coin Frog does not bear any kind of liability. Moreover, always do your due diligence and form your own opinions.