Weekly news (Bitcoin, Blockchain and FinTech)
This past week, the Bitcoin world has seen a lot of activity that has the entire community abuzz with talk and speculation. Everything from closed door meetings in China, surprise investments and governmental agencies showing interest in the digital currency are fanning the flames of talk, rumors and speculations. We have seen some very drastic peaks and dips in the value of Bitcoin as a result of all of the media attention within the Bitcoin community and it does not look like the next week will be much different. So, let’s recap the past week’s most important and game changing stories.
Bitcoin Surpasses the $1,000.00 mark
This past week saw the price of Bitcoin reach and then surpass the $1,000.00 USD mark. While it did not remain above that mark for a long period of time, it proved what the speculators have been saying all year. It was no surprise to many in the Bitcoin community that the digital currency would break that barrier. The nay-sayers on the other side were left speechless for sure, although the number of those that never thought Bitcoin would reach that mark became less and less throughout the past few months as it became more evident that Bitcoin would actually reach the $1,000.00 mark.
China curtails Bitcoin start-ups
This past week in China, closed door meetings took place between several Bitcoin start-ups and Chinese regulators to discuss the way that Bitcoin was being marketed within the nation. The meetings ended with a lot of regulations placed upon the way that the start-ups marketed their services to potentially new customers. New rules were put into place that forced many to totally revamp their marketing strategies or have them totally pulled.
It appears that the Chinese government is afraid that Bitcoin will be too much competition for the Yuan, but whatever the reasons may be, it is clear that several Chinese bitcoin market have totally changed their approaches to the way they do business following the meetings.
It appeared that the closed door meetings were cut and dry, simple regulatory meetings that could be expected anywhere. However, after further tid-bits were leaked, it seems that China is taking a hard stance on making sure that the Bitcoin exchanges within its jurisdiction were operating on a more professional and legal level. Exchanges were warned against using techniques and methods that would ultimately be considered as a mean of fraudulent activity. This is really good new, all thing considered, but amid that news, the value of Bitcoin dipped to below $900, dropping a total of 12% due to the news of stricter regulations within the world’s most populace nation.
US Department of Energy on board the block chain train
It was announced that the United States Department of Energy has begun to pursue research on how the Block Chain can be utilized in the areas of cybersecurity, as well as the funding or distribution of power. This is another announcement in a long line of announcements from various departments within the United States government about utilizing Bitcoin, the block chain and other cryptocurrency technologies as a way to implement these strategies into the nations huge infrastructure.
Over the past year, The United States government has taken more and more steps that are leading to full adoption of Bitcoin and the technologies that support it.
Blockchain Internet getting closer to reality after huge investment.
The internet itself may be getting a revamp, or at least a newer version, thanks to Blockstack; a company that seeks to use the block chain technology to use as a foundation for the entire internet experience. The company got several steps closer to making their plan a reality this past week through a $4-million-dollar investment according to the SEC.
The technology, built upon the existing block chain would create a whole new internet of things for users and would provide exceptionally more security than is currently available. The company is currently trying to increase the number of people it has involved in it development, as well as building a community of users that would help to expand and grow the idea into a reality. The influx of funds is definitely a step in the right direction.
A crazy week
The last week has seen its share of drama, excitement and price fluctuations that are worth talking about. What will the next week bring? The answer, while unknown at this very moment, will be one of speculation, values and the ever present growing pains that could be expected with any new and emerging currency, let alone one that is on a worldwide stage, such a Bitcoin is. The one thing we know for sure is that Bitcoin is now a major force within the world and one that even the most powerful governments are taking seriously.
Bitcoin may be the digital currency of the future, in fact it may be the currency of the future and the only way it will get there I to ride these ups and downs and all we can do is to hold on tight, not jump ship and have faith in the block chain and the technology that powers it. For all of the holders of Bitcoin, this may seem like a nauseous ride, but in the end, it will be a ride we will all be glad that we decided to take.
Gene is an avid Bitcoin enthusiast and computer programmer who is currently studying to be a software engineer. He is 40 years old and lives in Daytona Beach, Florida with his girlfriend and their son.