Mayor Francis Suarez wants to turn Miami into Bitcoin territory

Miami might turn out to be the subsequent “Silicon Valley” for cryptocurrency corporations, as the town’s mayor plans. Francis Suárez, who has served within the place since 2017, has met with a number of key figures within the Bitcoin ecosystem in the USA, together with the Winklevoss brothers.

Tyler and Cameron Winklevoss, founders of New York change Gemini, had an interview with the mayor this week to focus on the way forward for the cryptocurrency market in Miami. A recording of the assembly was posted on Francis Suárez’s official twitter, the place the mayor prompt the chance for each entrepreneurs to arrange a Gemini most important workplace for Latin American shoppers.

The proposal could be linked by the current favorable narrative for cryptocurrencies that the Suárez authorities has fostered in Miami. The mayor acknowledged by the top of 2020 that he’s contemplating investing 1% of the town’s treasury in bitcoin. He additionally described the cryptocurrency as one of many “most secure” investments of the previous yr, as reported by CriptoNoticias.

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How businesses can use bitcoin

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By crossing the $ 40,000 threshold, bitcoin has doubled its all-time high of 2018. Will this unexpected rise change the feelings of business leaders? “The current increase is the result of the arrival of hedge funds”, explains Paul Desprairies, head of the blockchain lab of the Finnegan group. And these are arriving en masse in the United States due to a relaxation of banking regulations vis-à-vis cryptocurrencies. The OCC (office of the comptroller of the currency) has just released a note that clarifies what US banks are now allowed to do. “This opens up immense prospects, continues Paul Desprairies, American banks will be able to offer cryptocurrency services equivalent to what can be done with conventional currencies, with the added benefits of being completely digital.”

Scenting for a good deal, hedge funds anticipated legislative easing and rushed into bitcoin. “Their presence could stabilize prices, believes Paul Desprairies because they have the means to buy back when the price drops.” This theoretical possibility, however, did not prevent bitcoin from losing 6,000 do.

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After recent price spike, the energy to produce bitcoin could power a country of more than 200 million people

As bitcoin advances to new records, it is also devouring the energy of a country with more than 200 million people.

The Center for Alternative Finance at the University of Cambridge tries to track energy consumption with bitcoin. While the exact consumption can never be known, a hunch can be produced by tracking the total number of hashes produced by the miners and looking at the efficiency of bitcoin mining equipment. The hash rate is the unit of measurement of the bitcoin network's processing power.

The recent price hike - bitcoin BTCUSD, 0.84% rose 276% this year, trading around $27,000 on Tuesday - made using less efficient equipment more profitable.

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Digital Yuan and e-Krona: the revolutions of China and Sweden

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Both were two of the most talked about topics of this decidedly surprising 2020 for the cryptocurrency industry. They have a common feature: they have not yet seen the light of day, although they are in advanced testing phases. 2021 could be the year of its launch and, in any case, it will be something that can change the financial and cryptocurrency sector.

Let’s start by saying that what we call Digital Yuan should actually be called DC / EP, an acronym for Digital Currency Electronic Payment. It is a “cryptocurrency” that will be issued directly by the Chinese central bank (PBoC, People’s Bank of China), it will serve mainly as a means of payment. It is not a real cryptocurrency, but a digital currency. Cryptocurrencies, in fact, by definition, are pseudo-anonymous and decentralized, that is, without an entity that controls them. The digital yuan, in contrast, is issued by a central entity that can track movements and transactions, presenting a serious problem: user privacy.

Anyway, China is testing it in order to digitize the payment system, in addition to reaching the so-called no bank account.

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Bitcoin Wave This Time Sees Mature Investor Participation

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Ashish Nitin Patel made his first bet on bitcoin in late 2017 amidst the brouhaha around cryptocurrencies. He jumped in to make a quick buck, like most investors back in the day. But, as he learned more about the value proposition of the digital tokens, Patel stuck around.

“Initially the intention was a short-term investment, but now I firmly believe that some good projects (hedge funds, ETFs) can deliver good gains of about 5-10X over a long period of 1-3 years,” says the 28-year-old tech professional.

After its first run-up three years ago, bitcoin, the most popular cryptocurrency, is making headlines again on gaining nearly 242 per cent year to date, to trade at all time high levels of about USD 24,000. In the last four months alone, bitcoin’s price has surged by nearly 104 per cent.

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The Biden Administration May Change The World With New Encryption Regulations

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Devoid of any regulatory framework in the last four years, we have been operating in limbo when it comes to developing and advancing encryption products. Innovators in the fintech and blockchain industries have the ability and vision to create products that solve real problems for everyone, from individuals to big banks and governments, but without a clear path forward, these products cannot grow and scale to their full potential.

Regulation should not be a guessing game. Since 2019, when the Securities and Exchange Commission declared that neither Bitcoin (BTC) nor Ethereum (ETH) are securities, the sector is stagnant. Without clarity, blockchain innovation will be limited to just two currencies - the industry is much bigger than that. The lack of regulation stifles the immense potential that encryption and blockchain provide.

A new administration presents a new opportunity for elected officials across the political spectrum to develop clear policies and regulations that allow banks, fintechs and corporations to custody and use encryption to improve efficiency and provide a better customer experience.

Read the full story at: techcrunch.com.

Bitcoin’s Price At $100,000 Is Overly Conservative, Says Network Analyst Willy Woo

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Regarding the 2019 bull run from $4,000 to $14,000 in a matter of months, Woo noted that the fundamental investment flow couldn't bear that increase and said it took a while for the price to hit rock bottom in 2020. The liquidation of broad-based assets amid the coronavirus outbreak also played a major role in the 2020 fall, according to the analyst.

In an article posted on its website in late October, "although there has been a frightening momentary price collapse to $3,800, it was caused by a cascade of speculative long positions being settled on derivative exchanges by short-term traders," Woo wrote. "Meanwhile, investors were accumulating bitcoins from spot exchanges on a scale never seen before, dismissing any idea that BTC is not an inflationary hedge or safe haven asset."

Looking forward to the possible 2021 price action, Woo said he expects short-term speculators to account for their profits at the end of January and sees the price moving sideways for a short period after that. The network analyst believes there will be a supply shock with greater institutional interest and will need a $500,000 increase in market capitalization to raise BTC to $100,000. From there, the lack of supply is expected to keep the price rising exponentially. "I would rate $200,000 up to as an ideal point. $300,000 is not out of the question, and I don't ridicule $1,000,000," Concluded Woo.

Read the full story at: forexcrunch.com.

India Is Now Asia’s Second-Largest Bitcoin Market, While Pandemic Fuels Encryption

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On Tuesday (December 15), the Paxful bitcoin market analyzed data from bitcoins traded through its 2015-20 platform in 28 countries. According to the data, India ranks second, after China, as one of the leading Bitcoin trading countries in Asia, both in terms of the volume of bitcoins traded and in value. From 2015-20, India traded 10,017 bitcoins worth $94.7 Mn, second only to China, which traded 20,553 bitcoins worth $181 Mn. Data is publicly available on Coin Dance.

Interestingly, of the total value of bitcoins traded since 2015, $74.9 Mn has been traded this year alone, an increase of 347% over 2019. A total of 7,236.50 bitcoins were traded in India in 2020, a 234% increase over 2019. Brian McCabe, paxful's head of market insights, added that "the recession caused by COVID-19 made people look for financial alternatives, making money, moving money, etc. and saw encryption as that."

Other data from Paxful reveal that the number of bitcoins traded in India through its platform has steadily increased since January, peaking in August when 1,039.6 bitcoins worth $12.4 million were traded in India. This year, with the Supreme Court overturning the Reserve Bank of India's banking ban on cryptocurrencies, crypto exchanges in India have gained new life. A few months after SC's trial in March, India's crypto exchanges such as WazirX and CoinDCX, among many others, witnessed an increase in trading volumes and exclusive registrations.

Read the full story at: inc42.com.

How Bitcoin Is Growing With The Advancement Of Technology

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Bitcoin (BTC) is perhaps the best known cryptocurrency today. It has established itself as a reliable means of exchange. That's why the digital currency has attracted thousands of users worldwide. If you're in the North America region, here's a guide on how to buy bitcoin in Canada.

PayPal, a global online payment system, has also entered the cryptocurrency market. Users can now buy, sell and store BTC and Bitcoin Cash (the first altcoin) in their accounts. As the PayPal is a leading company in the fintech industry, this development will certainly pave the way for more people to trust and use cryptocurrency.

Although the price of BTC has been relatively volatile, its value has stabilized somewhat since last year. It is natural for assets to go through turbulent times, mainly because their value depends heavily on the perceptions and attitudes of traders and investors.

Read the full story at: techgenyz.com.

Becoming Self-Sovereign: How To Set Up a Bitcoin Node With Lightning

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Managing a node is a fundamental part of being financially self-sovereign. Users who run these nodes can trust that they are correct. They don't need to trust anyone to get this information, such as a malicious agent who might want to provide a user with incorrect information. If a user accepts bitcoin payments but does not run their own node, they are relying on information about the payment of someone else's node. This data can be spoofed.

RaspiBlitz is a specialized software that will automate many of the steps needed to create our node, helping users build their own. Once the node is configured, the RaspiBlitz software will open a graphical interface to use the node - to make payments with it, for example. Finally, RaspiBlitz also offers a set of detailed instructions, which we will follow in this article to get our Bitcoin and Lighting nodes up and running.

The initial instructions involve equipping the knot with protective gear so it doesn't break - after all, it's a newborn Bitcoin node! The more processing a Raspberry Pi performs, the more likely it is to overheat, which can cause permanent hardware damage. Therefore, keeping it cool is essential. RaspiBlitz instructions recommend wrapping your Pi in a heatsink box that will absorb heat.

Read the full story at: finance.yahoo.com.