Bitcoin’s Peak Hash Rate, Predicts Global Adoption | Cryptocurrency News

Bitcoin’s Peak Hash Rate, Predicts Global Adoption | Cryptocurrency News

Hey, everyone. Today, predicts global blockchain
adoption. And Austrian telecom service now accepts crypto. Bitcoin hash rate hits a new
all-time high. A Twitter account sparks Bitcoin Cash drama.
And Libra is already taking over the world despite not even existing yet. This is cryptocurrency news with Molly Jane.
And Jacks. But before we get to the news, hit the subscribe button below. Guys, adoption is imminent. Glenn Fogel, the
newly appointed CEO of Yeah, that’s right. We were talking about
the site that literally everyone uses to book anything predicts the future relevance of
blockchain-based currencies. was one of the founding members of the Libra Project,
so it is pretty unsurprising that its CEO would predict such a future. Fogel says When Bitcoin became well known,
many questioned its legitimacy. And while the jury is still out on the future of Bitcoin,
I do believe currencies with a blockchain base will continue to surface and may become
more widely accepted across the globe, especially outside the US, which has a well accepted
credit card payment system. His assessment doesn’t appear to be wrong
as the trend toward blockchain adoption is already materializing around the world, with
blockchain technology being supported in many different countries, including China, India
and now even Austria. Insane. So Molly Jane, how could the adoption of cryptocurrency services
be beneficial for Well, there’s two sides to this, Jackson.
On one hand, it can be beneficial for the global crypto community as a whole because
whenever a big retailer adds crypto as an option like did back in 2014,
it brings more name recognition to Bitcoin and makes it more accessible for people to
use Bitcoin in their everyday lives. On the other hand, this also beneficial for
itself because the use of bitcoin or other cryptocurrency is on the platform could allow
for more ease of transaction. It could allow for faster processing times, less transaction
fees that they can be paying to credit card companies. The middlemen will be gone. So in that sense, it’s it’s kind of helpful
for both sides. But I do want to underline for you guys that
nothing that the CEO said means that is actually going to be adding support for
crypto in the future. And this is just hypothetical as we’re talking about here. Starting from
August 19th, customers of major Austrian telecom operator A1 can now pay for network services
with cryptocurrency in seven selected shops throughout Austria Six major cryptos will
be accepted. Bitcoin, Ether, XRP, Litecoin, Stellar and Dash. The A1 payment service was developed in collaboration
with a few European payment solution providers, including Concardis and Ingenico. Echoing
Glenn Fogel, the head of A1 business marketing, Marcus Schreiber, said that paying with digital
currencies is becoming more and more prevalent globally. While cash is becoming an obsolete
model, which is affecting all industries. And really we have to see what the demand is going to be like. How people is going to use this service It reminds me a little of the interview I did with the former mayor of Zug in a documentary about Switzerland. Because in the town of Zug you can pay taxes with cryptocurrency for a few years. We asked him how many people did. He said five I guess for our Austrian viewers, would you
be interested in paying your telecom bill with cryptocurrency? Let us know in the comments. Bitcoin’s hash rate has been hitting new all
time highs this summer. On August 19, it broke through eighty two point five terror hashes
per second, according to Bitcoin investor Max Keiser pointed out earlier
this month that he believes the hash rate is directly correlated to Bitcoin’s price.
People believe that the higher the hash rate, the more secure the network and therefore
the more confident investors will be. Even though the hash rate has just hit its
new all time high, Bitcoin’s price is now on the decline. Trading at about 5.5 percent
down in the last 24 hours as of the time of this recording. So Jackson, what does bitcoins hash rate indicate? Bitcoin’s hash rate indicates the level of
security of the network. The greater the hash rate is, the more secure the network is. And
by that I mean the network is healthy. It can resist attacks. It can resist 51 percent
attacks. And it’s a good sign for how the network is
performing. So if we take a look right now, Jackson at
the Bitcoin hash rate versus Bitcoin’s price in USD on, you can see that
over a two year period, Bitcoin’s hash rate and price have not been one to one correlated,
especially at the end of 27 beginning of 2018. But if you look more recently, since about
January this year, until now, they’re both steadily moving up. So one could extrapolate
that the price and the hash rate are becoming more correlated, but at the same time I’m
hesitant to do so because looking at the whole two year span, it’s really not the case, even
the majority of the time. Correct Well, I think in 2017 we saw some extraordinary
circumstances, to say the least, and the amount of money that was being pumped into bitcoin
was not reflected in the hash rate. But now as things have moved on and maybe, so to speak,
have stabilized a little bit, we’re seeing a greater correlation between the price and
the hash rate as the two begin to coincide more. And I think it’s hard to say what this
will mean in terms of a future price. I just think that this means that the system is performing
as it should be, and it’s reflected in the correlation between the price and the ability
of miners to verify blocks and transactions. Check your Twitter accounts. The Bitcoin Twitter
handle, which has long been a shill for Bitcoin Cash, has seemingly switched to line, says
overnight. The account, which had around a million followers, had previously allegedly
been under the control of Roger Ver, a rabid Bitcoin cash proponent. However, this week the account changed its
description to link to pro bitcoin web site, instead of Ver’s and
started to publicly unfollow people. How does an account publicly unfollow people? It’s a good question. The user records the
screen as he or she scrolls through the following list, clicks unfollow on Justin Sun and labels
the whole thing a misspelled, ginormous announcement. As a recording time the account now follows
only nine people. Bitcoin Cash supporters on Reddit have lost
their collective minds, but Ver’s response to their cries for help in turning the account
back to Bitcoin Cash was dunno. Litecoin’s Charlie Lee had what I consider to be the
best response to this debacle. I have no proof of this, but I think the owner of @Bitcoin must have had a romantic relationship with Roger Ver and recently vbroke up with Roger. That’s the only thing that can explain why @Bitcoin stopped supporting BCH. It’s also worth mentioning that Roger Ver
and Bitcoin Cash have seen better days. While Bitcoin has been resurging in the past few
months, Bitcoin Cash is currently trading close to its all time lows in Bitcoin terms.
As well, Ver has apparently left his position as CEO of Bitcoin Cash supporting Now, as I’m sure you’ve noticed, Facebook
Libra project is everywhere, but it doesn’t exist yet. However, there are already a slew
of competitors that are coming out of the woodwork. So, Molly Jane, who wants to compete with
Libra? Well, there have been a lot of contenders.
I would argue that the most important is the People’s Bank of China, because they’ve been
working on their central bank digital currency for a few years now. But apparently they have
now been inspired by the Libra project and are in a sense, rushing to complete their
currency before Libra is released. Another important one, Jackson, I think, is Binance’s
Venus, which was also announced this week. And they say that they are going to do Libra
better than Libra does Libra. So we’ll see how that works out. I think that maybe Libra
and Facebook have more name recognition than Binance. But that’s just my opinion. And what about the Winklevoss twins? The Winklevoss twins, Gemini said they’re
in talks with the Libra Association to join. But because the Libra Association isn’t actually
releasing right now. And if people they are in talks with, Jackson, like we don’t really
know what’s going to happen with that. So do you think that Binance’s Venus actually
has the capability to compete with Libra once both of them are obviously released? I think it has a good chance just in the sense
that Binance has good name recognition within the crypto community. And the success of their
Binance coin this year has shown that they are able to keep things afloat even when all
the other crypto currencies are crashing and they have Binance chain. So I think that we
should keep an eye on what Binance is doing with Venus. Do you think there is a current trend where
people are using the Libra name and the sort of like Libra rival competing with Libra in
order to actually market their own product? I definitely think so. This week, Erik Feldman,
who is Bitcoin reportedly youngest millionaire, said that his new project is going to be a
Libra Killer. So this has been cryptocurrency news, I’m
Molly Jane and this is Jackson. Before we leave, we wanted to ask you guys, do you think
there are any projects out there that are real competitors to Libra? Comment below your
thoughts. And as always, remember to like, subscribe and hodl.


25 thoughts on “Bitcoin’s Peak Hash Rate, Predicts Global Adoption | Cryptocurrency News”

  • Christian Pecksteiner says:

    Actually A1 doesn't not receive crypto at all. They us a middleman solution from Salamantex, who converts crypto to euro. So A1 is still collecting fiat not crypto. Therefore, it's not used as money but rather as a payment method just like VISA or PayPal.

  • libra killer? china's great firewall lol not only can it block transaction, it can also reorg the whole libra blockchain with Tianhe 1+2 supercomputers

  • Christian Pecksteiner says:

    More than 70 locations are using the Salamantex crypto to euro payment solution in Austria. Might test one of them.

  • Hotsauce is Lethal says:

    We got ahead of ourselves again this year just assuming that mass awareness would bring about mass adoption. Things like this take many years of small changes to actually make any headway. 2021 is my projected year for the next ATH for BTC so I'm stacking my favorite altcoins in the meantime. Steem is my bet for most undervalued blockchain right now.

  • Satoshi Notamofo says:

    Pillar will be a competitor for Libra and eBay/ Amazon.
    Token, smart wallet, eco system, market place, data locker and exchange to name a few features, with many more to come.

  • 4:15 bullshit. If Bitmain is increasing its hashpower (/ by just turning those on that turned off in 2018 like ) or put up new miners…does that make BTC more 52% attack resistant? Fucking no man. Please stop spouting sheep bullshit. The big players dominate and will continue so. They control the whole mining game. Like Jeff Bezos that just starve out his competition and buys them out.

  • 4:50 2 years is nothing…Max Kaiser is just making bullshit up to pump the price. Its the price that make the hashrate increase and that have been like that since fucking 2017 and MAx Kaiser knows it too.

  • 7:40 lol, who cares! Facebook is all about the money & power! There have been so many scandals with facebok over the years! Who the fuck would trust their money/wealth to facebook/Mark Suckerberg! lol. Binnance is Quality! Trusted by millions!

  • James Monreale says:

    Responding to a Libra competitor: I would highly suggest checking out the MakerDao project. They have been successful at creating a stable currency (Dai). Dai is backed by collateral debt positions (think of how a mortgage is backed by a home) and will soon accept various forms of currency as collateral. The platform is decentralized offering it a great long-term advantage over competitors such as Libra.

  • Clarification: merely as a customer service convenience, a number of organizations such as Austrian Telecom and the town of Zug have provided an instant currency conversion payment option. Such organizations are not actually keeping this cryptocurrency in an account on their books

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