Welcome to Daily News Roundup 28th Oct, 2017
Here, we cover the most important news of the day in brief. We also provide insights on their probable effect on the cryptocurrency market and its future. Subscribe us to stay informed.
#1 Segwit2x incoming
- The planned mid-november hard fork is in full steam.
- It will enhance the network to a 2MB transaction block size.
- This is supposed to enable higher transaction throughput.
Exchanges and wallets have been issuing clarifications on how they would consider naming the coins after the chain split. Most probably the chain with the highest accumulated difficulty would be treated as the real Bitcoin.
#2 Blockchain in business
- Blockchain technology is being increasingly adopted by business to offer valuable services.
- With the smart contracts agreements and their settlements are to be revelunasied.
- Distributed ledger feature increases the transparent and can reduce the costs in many ways.
- Swift investment flows across borders is another major feature possible though blockchain.
As noted previously, as business adopt blockchain, cryptocurrencies are bound to become mainstream.
#3 Bitcoin’s total market value could overtake Apple within five years
- Ronnie Moas has predicted in July that Bitcoin would reach $5,000 in few months and it did.
- He expects Bitcoin to reach $7,500 by the end of the year and $20,000 per coin in three years.
- Bitcoin’s market value is about $96 Billion and Apple’s market cap is about $842.19 Billion.
Even a conservative estimate would put Bitcoin at $8000 by mid next year. The combined value of BTC, BTG and B2X might even be much more.
#4 Catalonia Considering Cryptocurrency Post-Independence
- Catalonia region of Spain has been seeking independence from Spain. It is a small but economically flourishing region. It seeks to use a national cryptocurrency.
- The ease with which it can establish itself as a country can increase with this move.
- Russian and Kazakhstan have also been considering a national cryptocurrency.
Blockchain-based residency system and currency systems are gaining much traction.
#5 UBS CEO Says Blockchain Will ‘Reshape’ Banking
- Companies, institutions are looking to Blockchain to increase efficiency and decrease costs.
- Shift cross border settlements would be a boon for businesses.
As Blockchain use becomes more mainstream there will be a rub off on cryptocurrencies.
Disclaimer: Our views are only in good faith and should not be regarded as “investment advice” and Coin Frog cannot be subjected to any kind of liability.