Only 14M Bitcoin (BTC) Will Ever be In Circulation – Crypto Analyst

John P. Njui   •   BITCOIN (BTC) NEWS • MINING   •   SEPTEMBER 18, 2020

Quick take:

• Crypto analyst Timothy Peterson, explains that the supply of Bitcoin is shrinking on a daily basis
• He estimates that a total of 1,500 BTC is lost per day compared to about 900 BTC mined
• The maximum number of Bitcoin that will ever be in circulation is around 14 million
• Individuals lose their BTC through lost hardware, private keys, death, and sending to wrong addresses

The question as to how many Bitcoin may be lost forever has been answered by Timothy Peterson of Cane Island Alternative Advisors. Mr. Peterson shared his analysis via twitter by explaining that after halving, about 900 BTC are created on a daily basis. In the same time period, approximately 1,500 BTC are lost forever. Therefore, the supply of Bitcoin is actually contracting and not growing.

Below is his tweet explaining the shrinking supply of Bitcoin.

There Will Never Be More than 14 Million Bitcoin in Circulation

In the tweet, Mr. Peterson also shared a link to his research notes which includes one paper titled ‘There Will Never Be More Than 14 Million Bitcoins’.

As the title suggests, the research paper answers the question of how many Bitcoins have been lost by providing actual numbers and reasons why individuals lose their Bitcoin. According to Mr. Peterson, Bitcoins are lost in the following ways.

• Accidental lose (throwing away) of hardware
• Misplacement or total loss of private keys e.g Elon Musk
• Death of the owner of Bitcoins without a proper process of passing on the BTC to the next of kin e.g Mathew Mellon who held over $500 Million in XRP
• Sending to the wrong address, and the address is not accessible e.g users sending BTC to a dormant address with lots of Bitcoin in hopes of being rewarded. By ‘donating’ small amounts of BTC to a dormant whale address, some hope the owner will one day reward them with a handsome payout. Mr. Peterson compares the practice to a wishing well

Conclusion

Summing it up, the initial idea that there will only be 21 Million Bitcoin mined is enough to declare that BTC is very scarce.

Timothy Peterson has revised this idea of scarcity by pointing out only 14 Million Bitcoins will ever be in circulation due to the loss of millions of BTC over the years.

With this new information, investors and traders can now revise their idea of Bitcoin scarcity with a particular emphasis on the 7 Million BTC that will never be in circulation.

Markethive Advertisement

Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Bahamas Central Bank Set To Introduce A National Digital Currency Next Month

By Brenda Ngari – September 17, 2020

The Bahamas has seemingly beaten other major economies to the national digital currency punch. The nation’s central bank has revealed that it will be issuing a central bank-backed digital currency next month.

The Sand Dollar To Facilitate Financial Inclusion

Speaking to Bloomberg on September 15, Bahamas Central Bank’s assistant manager of eSolutions, Chaozhen Chen, observed that the goal of the ‘Sand Dollar’ is to streamline digital payments and settlements particularly in the country’s distant islands that play a key role in generating national income via tourism. Additionally, the digital currency will serve the unbanked and underbanked adults in the Caribbean nation with a population of 400,000.

“A lot of residents in those more remote islands don’t have access to digital payment infrastructure or banking infrastructure. We really had to customize the effort and the solution to what we need as a sovereign nation.”

The central bank will circulate Sand Dollars valued at $48,000 once the digital currency is launched in October. The CBDC will be pegged to the Bahamian dollar at 1:1, which will subsequently be pegged to the US dollar. 

Sweden’s digital currency will be accessible to users through mobile phones. In other words, the country’s residents will be able to easily transact with other people or businesses.

The Sand Dollar Will Be Regulated Just Like The Bahamian Dollar

The senior central bank official clarified that the roll-out of the nation’s digital currency does not come without rules. For one, the digital currency will be subjected to the same rules as the Bahamian dollar. This means that there be anti-money-laundering and Know Your Customer (KYC) procedures to be met during the creation of Sand Dollar accounts.

Moreover, Sand Dollars will be minted according to the available demand, and the digital currency will only be issued after physical Bahamian dollars are completely removed from circulation to avoid expanding the money supply.

The Bahamas Is Winning The Digital Currency Race

Several central banks across the globe have been exploring government-backed digital currencies. Notable efforts include those of China, South Korea, and Sweden, among several others. 

Nonetheless, it appears that the Bahamas is well ahead in the game. The country’s central bank first announced its interest in a central bank digital currency back in 2018. Last year, Bahamas assigned the responsibility of designing and implementing the digital currency to NZIA Limited.

Notably, Bahamas started testing the Sand Dollar on Exuma and Abaco islands in December 2019. With the imminent October launch, it seems the Bahamas will be the first nation in the world to launch a CBDC. Other countries have some catching up to do.

Markethive Advertisement

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

After Purchasing $250M Worth Of Bitcoin Last Month, MicroStrategy Is Looking To Increase Its Crypto Holdings

By Brenda Ngari – September 15, 2020

The past few weeks have been gut-wrenching for some investors, with the bitcoin price plunging from $12.5K highs to sub-$10K and then rebounding above $10,000. But despite the lack of a clear uptrend, institutional investors are still interested in buying the asset.

Business intelligence software firm MicroStrategy grabbed the headlines last month after purchasing 21,454 BTC valued at $250 million. At the time, the billion-dollar Virginia-based firm argued that bitcoin would be a great hedge against inflation as well as creating an opportunity for the company to earn a higher return than with other investments.

MicroStrategy CEO, Michael Saylor, had stated in August:

“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”

Most commentators believe bitcoin has become increasingly attractive to investors due to central banks’ liquidity injections in recent months as countries attempt to thwart the economic crisis sparked by COVID-19. Unlike fiat currencies that can be printed ad infinitum, BTC has a 21 million capped supply which makes it an exceptional hedge against the inevitable inflation.

In a filing with the United States Securities and Exchange Commission (SEC) on September 14, MicroStrategy has indicated that it could buy more bitcoin in the near future. This comes after the firm’s board officially acknowledged the bellwether cryptocurrency as its primary treasury asset in a September 11 meeting.

“Bitcoin serving as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for Cash Assets, including future potential share repurchase activity. As a result of this new policy, the Company’s holdings of bitcoin may increase beyond the $250 million investment that the Company disclosed on August 11, 2020.”

Now, this filing does not guarantee that MicroStrategy will make additional bitcoin purchases. However, after splashing an eye-popping $250M into the asset just last month, it is quite evident that the company is not having any second thoughts about that move despite the recent bitcoin market downturn.

Markethive Advertisement

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Why A Temporary Bear Market Won’t Pull Bitcoin Below $10,000 Again

By Adrian Klent – September 13, 2020

Cryptocurrency rating platform Weiss Crypto Ratings has averted the worries of many Bitcoin users who are all currently witnessing the bearish downtrend that struck the market a few days ago. In a notable tweet, Weiss is confident that the bear trend, speculated to die down quickly, isn’t strong enough to pull Bitcoin below $10,000 in the near term.

At press time, volatility is still high for the most valued digital asset which has declined by more than 10% since the month began. At the time of this writing, Bitcoin is worth $10,317 and according to Weiss, Bitcoin is holding strong at this point. A drop below $10,000 equals Bitcoin dropping by nearly 5.5% and trading at prior support around the $9500 and $9800 mark. But Weiss is certain that the possibility of a swift bearish turn is not in sight.

As the tweet reads:

“Bitcoin price balances at $10K. We don’t think BTC is going to go below 10k anytime soon.”

With reference to Ethereum, Weiss claims that the $10k BTC price peak is simply short term support. “It’s support, just like 350 was support for ETH. For BTC, we’re looking at least at a temporary short-term low.” Weiss asserted.

From the technicals on Bitstamp, a quick look at the 1-week chart will reveal that recapturing $11,000 is not impossible for the big bull. Evidently, the bulls are holding strong with a significant bullish reversal pattern preceding every bearish interference.

Since the 6th of September, every significant bearish trend has been diluted by the bulls who have managed to keep the market in moderation. Although the strength in defense has not been crucial enough to foster a correction in price movement, Bitcoin is well poised for a flip in price, at least to a prior resistance of $10,500 that could potentially become support if a notable upswing in price is realized.

Still, on the topic of Bitcoin being propitious, the number of wallet addresses holding at least 1 BTC has proliferated. 823,000 is now the new all-time high for 1-BTC wallet holders. Bitcoin isn’t the only cryptocurrency investors are tossing their coins into, Ethereum has also witnessed an impressive increase in addresses. And just like Bitcoin, Ethereum investors have turned a blind eye to the volatility in price.

It’s not certain when Bitcoin breaks the $12,000 rooftops as it did at the beginning of this month, but the rise in investment interest is yet another organic indicator that Bitcoin’s intrinsic value is as present as ever.

Markethive Advertisement

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Adrian Klent and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

DoJ Charges Russian National With Wire Fraud Conspiracy

By RTTNews Staff Writer | Published: 9/11/2020 10:09 AM ET

A Russian national was charged in the Eastern District of Virginia with wire fraud conspiracy for his alleged role in a conspiracy to use the stolen identities of real U.S. persons to open fraudulent accounts at banking and cryptocurrency exchanges, according to a statement by the U.S. Department of Justice (DoJ).

27-year old Artem Mikhaylovich Lifshits serves as a manager in “Project Lakhta,” a Russia-based effort to engage in political and electoral interference operations.

According to the criminal complaint, Lifshits conspired with other Project Lakhta members to steal identification of real U.S. persons and used them to open fraudulent bank and cryptocurrency exchange accounts in the victims’ names.

Lifshits and the conspirators allegedly used these fraudulently opened accounts to both promote Project Lakhta’s influence operations and for personal gains. However, the criminal complaint does not allege that any U.S. citizens knowingly participated in the operations.

Project Lakhta has engaged in disrupting the democratic process in the U.S. since at least May 2014 and spread distrust towards candidates for political office and the political system in general.

“This case demonstrates that federal law enforcement will work aggressively to investigate and hold accountable cyber criminals located in Russia and other countries, which serve as safe-havens for this type of criminal activity,” said Zachary Terwilliger, U.S. Attorney for the Eastern District of Virginia.

Additionally, the Department of Treasury’s Office of Foreign Assets Control (OFAC) has designated Lifshits and two other Project Lakhta actors for sanctions based on the malicious cyber-enabled activity outlined in the complaint.

The charges contained in the criminal complaint are merely accusations of committing a crime, and the defendants are presumed innocent unless and until proven guilty in court, the DoJ said.

For comments and feedback contact: editorial@rttnews.com

Markethive Advertisement

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Twitter CEO Jack Dorsey Thinks Bitcoin Remains The Best-Positioned To Serve As The Internet’s Native Currency

By Brenda Ngari – September 11, 2020

Bitcoin has been around for only eleven years and within that short period, it has received recognition from both fans and critics. In fact, the crypto has registered notable accomplishments, leaving other asset classes in the dust. However, being a virtual currency, bitcoin has drawn a lot of criticism from veteran investors, world leaders, and finance gurus.

Nevertheless, Twitter CEO Jack Dorsey is a huge bitcoin supporter. Dorsey said during a recent interview that the OG cryptocurrency has the potential to become the currency of the internet.

Twitter CEO Still Believes Bitcoin Is The ‘Best Manifestation’ Of A Native Internet Currency

Back in March of 2018, Twitter CEO Jack Dorsey predicted that bitcoin would become the internet’s native currency within a decade. Two years later and he still holds the same opinion. Speaking to Reuters on September 10, Dorsey maintained that bitcoin is the best candidate for an internet-native currency.

“I think the internet warrants a native currency and Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”

The Twitter chief, who also doubles as the CEO of payments company Square, shared two key arguments to support his assertion. First, bitcoin is consensus-driven just like the internet. Secondly, the cryptocurrency is community-driven and anyone with a great idea is welcome to join the party.

Dorsey further posited that platforms like Twitter are basically toolmakers that help spread the word about cryptocurrencies to the masses by giving people the information they require about the asset class.

He, however, acknowledged that bitcoin currently faces two main challenges that are preventing it from going mainstream: transaction times & efficiency and overall understanding of the technology. In other words, bitcoin needs to be much more cost-effective and time-effective for it to achieve widespread adoption. Moreover, potential investors need to know the benefits they get from investing in the crypto-asset.

“We have to build Bitcoin in such a way that it is as intuitive, it’s as fast and it’s as efficient as what exists today, and obviously goes beyond that too.”

Dorsey Remains A Vocal Champion Of Crypto

Jack Dorsey is a well-known crypto proponent. The square subsidiary, CashApp, started allowing users to buy and sell bitcoin in November 2017.

Earlier this year, Square Crypto (Square’s bitcoin-focused wing) unveiled a Lightning Development Kit to help developers create better user experience by integrating support for Lightning payments on wallets and apps.

It is worth mentioning that Square’s CashApp has seen huge success. During the second quarter of 2020, for instance, the company generated $875 million in revenue from bitcoin — representing a 600% year-over-year increase.

Most recently, on September 10, Square launched a non-profit called Crypto Open Patent Alliance (COPA) which will discourage individuals and companies from “patent lockup” of useful crypto technology, a tradition that normally smothers innovation and mass crypto adoption.

Markethive Advertisement

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin ATMs On The Rise; Nears 10,000 In September 2020

By Ponvang Bulus – September 10, 2020

As the awareness about bitcoin and other cryptocurrencies grow, so is the need to make these coins and tokens more accessible.

As at present, Bitcoin ATMs, also known as BTMs, hit 9835 ATMs globally. Coin ATM Radar shows this. This is a 167% increase compared to last year.

Bitcoin ATMs facilitates buying and selling of bitcoin and other cryptocurrencies fast and easy. Crypto holders can trade their crypto holdings for local currencies and vice versa.

These ATMs are currently present in 71 countries globally. Presently, the United States, Canada, United Kingdom, Austria, and Spain tops the list of countries with the most ATMs present at 7740, 860, 277, 150, and 104 locations, respectively.

Also, African countries aren’t left behind with countries such as South Africa, Ghana, and the giant of Africa, Nigeria being a few countries where Bitcoin ATMs can be found on the continent.

Out of the total number of Bitcoin ATMs globally, Genesis Coin owns the most BTMs installed in 3469 locations. Presently holding 35.3% of the Bitcoin ATM market share. General Bytes, BitAccess, Coinsource, Lamassu follows with 2883 (29.5%), 991 (10.1%), 602 (6.1%), and 516 (5.3%) BTMs installed at different locations.

Bitcoin and Altcoins Still Largely Used For Trading and Investments

The world still awaits that day bitcoin would be used mainly for what it’s designed to be – the currency for day-to-day transactions. However, presently, most bitcoin and altcoin holders hold for some financial gains – buying when cheap and selling when expensive, investing in reputable projects, or Ponzi schemes.

Hopefully, this will change soon. As the world goes digital, there’s a rising need for freelancers. These freelancers, mostly based abroad, prefer to be paid using cryptocurrencies – bitcoin and any other valuable altcoin. This is because its the fastest means to get paid across borders. Also, converting their holdings into local currencies is hassle-free. The whole payment process can be done within minutes compared to days while using other traditional payment methods.

Markethive Advertisement

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Ponvang Bulus and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Over $250M in Binance Coin (BNB) Locked to Farm BEL Tokens

John P. Njui   •   BINANCE (BNB) NEWS • COINMARKETCAP • DEFI   •   SEPTEMBER 9, 2020

Quick take:

• Over $250 million in Binance Coin has been staked to farm Bella Protocol (BEL) tokens
• Binance launched its newest launchpool feature to offer a secure way of yield farming
• The aim of launchpool is to allow investors to stake BNB, BUSD and other tokens to farm other tokens belonging to new projects

Bella Protocol (BEL) token farming on the Binance Launchpool platform was officially launched today, September 9th, at 0:00 UTC. Since then, investors on the platform have staked over $250 Million in Binance Coin (BNB) – in less than 24 hours – to get a chance at farming BEL tokens. The team at Binance captured this milestone via the following tweet.

A quick glance at the Bel Protocol (BEL) launchpool page reveals that the following digital assets have been staked thus far.

• 11,075,858 Binance Coin (BNB) – Approximately $262.94 Million using $23.74 per BNB
• 57,697,617 Binance USD (BUSD) – Approximately $57.697 Million
• 114,016,303 – ARPA Chain (ARPA) – Approximately $4.56 Million using $0.04 per ARPA

Binance LaunchPool: A Secure Way to Farm New Assets

In the months of August and September, the crypto exchange of Binance has ventured into the DeFi industry by listing multiple DeFi tokens. To keep up with the warp speed at which Yield Farming is evolving, the exchange decided to launch Binance Launchpool as a secure way for investors on the platform to farm new assets.

Binance aims at providing a safer way for investors to venture into DeFi and Yield farming without the additional risks as seen with the collapse of Yam Finance (YAM) and the SushiSwap (SUSHI) debacle. In line with the current processes of Yield Farming, investors on Binance launchpool have the freedom to unstake their digital assets anytime they please.

In the case of BEL protocol (BEL), staked assets will be recorded over a 30 day period with rewards in BEL allocated daily and depending on which pool the user decides to participate in.

BEL will also be listed on the 16th of this month and trading open for BEL/BTC, BEL/BNB, BEL/BUSD and BEL/USDT pairs.

Markethive Advertisement

Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Crypto Lending Platform Cred Joins Visa's Fintech Fast Track Program

By RTTNews Staff Writer | Published: 9/9/2020 11:04 AM ET

Crypto lending and borrowing platform Cred has joined the Visa's Fintech Fast Track Program to enable it to easily leverage the reach, capabilities, and security offered by Visa.

By joining the program, Cred will also be able to expand its reach to facilitate lending and borrowing of digital assets around the world wherever Visa has its operating network, thus enabling its global expansion in the most efficient way possible.

This includes sending interest payments directly to customer bank accounts through Visa's network, issuing Crypto Line of Credit (C-LOC) cards that allow customers to access a credit line without liquidating their crypto assets, and an easy way to acquire digital assets using Visa payment products.

"Cred has always served as a bridge between traditional banking and blockchain based financial services and having a direct relationship with Visa will enable the company to scale much more rapidly to support the significant growth occurring with digital asset lending," said Dan Schatt, CEO and Co-Founder of Cred.

The fintech fast-track program provides a new commercial framework to support fintech and startup companies that includes access to Visa's payment capabilities, reduced fees and streamlined processes.

The program provides turnkey access to Visa's ecosystem partners, online licensing, APIs, as well as extensive go-to-market toolkits, online education and expert advice to help Fintechs scale their business.

Cred is already serving customers in more than 190 countries. It allows its customers to earn a yield or interest of up to 10 percent on more than 30 crypto and fiat currencies through its partner network. It also provides loans with cryptos as collateral.

Cred is a licensed lender headquartered in the San Francisco Bay Area, supporting crypto exchanges, wallets, foundations and financial applications with its industry-leading crypto-backed lending and borrowing platform. It harnesses the power of blockchain to allow everyone to benefit from low-cost credit products.

Cred is a founder of the Universal Protocol Alliance (the UP Alliance), a coalition of the world's leading blockchain companies solving some of crypto's hardest challenges. The Alliance is working to create the future generation financial infrastructure needed to support the next 100 million users of crypto.

For comments and feedback contact: editorial@rttnews.com

Markethive Advertisement

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Morgan Stanley exec says this demographic prefers Bitcoin over gold

"Millennials are buying more of the Bitcoins and the cryptocurrencies," says Ruchir Sharma.

Image courtesy of CoinTelegraph

            SEPT 08, 2020

According to a Morgan Stanley executive, the young and adventurous usually go for crypto, while older investors stick to more traditional assets.

In a Sept. 8 interview with CNN anchor Julia Chatterley, Morgan Stanley’s head of emerging markets and chief global strategist Ruchir Sharma stated that the generational divide when it comes to investments has many millennials choosing Bitcoin (BTC) over gold.

“I think some of the older [investors] are still buying gold, and millennials are buying more of the Bitcoins and the cryptocurrencies,” said Sharma.

Part of the younger generation’s drive to look towards crypto may be related to Sharma’s prediction that inflation could come as early as 2021 in the United States. He cited a number of monetary and fiscal measures officials have taken to deal with the economic fallout of the pandemic.

“There is this lingering feeling out there that given what central banks are doing in terms of printing so much money, there is a search for alternative assets.”

“To have about 5% or so of your portfolio in gold is not a bad idea,” said the Morgan Stanley exec. “If you're a bit more adventurous — and I guess it’s more to do with demographics — then obviously search for Bitcoin and other cryptocurrencies."

Crypto Twitter saw this example played out in real time yesterday as famous gold bug Peter Schiff put it to the internet to decide who was more trustworthy when it came to financial advice: a 57-year-old goldbug with 30 years’ experience as an investment professional or an 18-year-old unemployed college freshman who favored Bitcoin. Of the 82,906 people surveyed, 81.3% chose “the kid.”

Markethive Advertisement

Original article posted on the CoinTelegraph.com site, by Turner Wright.

Article re-posted on Markethive by Jeffrey Sloe