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Two Major Catalysts Will Push Bitcoin Prices Up
October 17, 2018
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You may found that Bitcoin prices have been at historic lows throughout 2018 if you have checked the bitcoin history graph, with current resistance at $10,000, $8,000 and $7,000. Regardless of what is the low point of Bitcoin, its stability at $6,000 is optimistic. In addition, there are two major catalysts may significantly boost bitcoin prices in the next two months.

 

1.Strengthening of cryptocurrency infrastructure

At present, the central banks of the United Kingdom, Singapore and other countries exploring the issue of encrypted digital currency. Under the circumstances of accelerated exploration, the construction of critical infrastructure is still the focus and difficulty of the issue of encrypted digital currency. Therefore, countries are working hard to strengthen the construction of cryptocurrency infrastructure in 2018.

 

In early 2018, two Russian states were prepared to accept cryptocurrency mining infrastructure to help the industry become an industry; in August, the German stock exchange launched an “end-to-end” cryptocurrency infrastructure, the global Bitcoin ATM machine has broken through 3,000 units this year, etc,.

 

The founder of Give Byte said: Better cryptocurrency infrastructure will promote bitcoin price recovery. Especially Bitcoin ATM, e-commerce payment gateway, mobile wallet, POS terminal accepts encrypted goods, and supervision.

 

2.Institutional investors who are afraid of missing opportunities

As bitcoin currency and a large number of altcoins set a new record high in December last year, a severe market adjustment followed, and the market began to stabilize until the middle of this year. However, after July this year, there are more and more encouraging signs that institutional investors are changing their attitudes again, suggesting that the adoption of mainstream investors is coming.

 

Let’s take a look at the Wall Street giants who seem to be laying the groundwork for a massive entry into the cryptocurrency market. In July of this year, BlackRock, the world’s largest exchange-traded fund (ETF), announced the establishment of a working group to assess the potential of investing in Bitcoin. This cross-industry working group is exploring a variety of investment options, but it is understood that Bitcoin futures will be put on the agenda. BlackRock’s move can be described as a huge opportunity for fear of missing cryptocurrencies.

 

In addition, Goldman Sachs Group is advancing into the cryptocurrency market. Goldman Sachs executive Rana Yared confirmed that the company intends to sell and buy bitcoin coin next month. On September 26, Goldman Sachs and Google raised $25 million for a bitcoin payment company. Several former executives of Goldman Sachs have also entered the cryptocurrency community.

 

These two factors are catalysts for the bitcoin price recovery in the next two months. It is expected that bitcoin prices will soar by the end of this year, just as at the end of 2017.

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Litecoin Failed As a Digital Currency Experiment
October 17, 2018
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The success of Bitcoin has attracted many imitators, Litecoin is a successful one as it is currently ranked seventh in digital currency according to the ltc market cap. And the current application of Litecoin is also expanding. Many merchants will accept both Bitcoin and Litecoin payments. It seems that Litecoin is very successful, but it is not. Why?

 

1.Fair

In the current digital currency field, bitcoin stands out in the SHA-256 algorithm; SCRYPT algorithm,  Litecoin and dogcoin each account for half, and other alternative currencies have little share. in order to compete with the POW mechanism, PPC is the first to adopt the POW+POS mode. The subsequent digital cryptocurrency began the pace of POS, such as BTS cryptocurrency and so on.

 

The POW mechanism will inevitably lead to temporary centralization. The higher the professional level, the more market share is obtained. This is reasonable, but as long as the competition mechanism exists, no one can form a long-term monopoly. One of the slogans of the invention of the Litecoin is to end the unfairness of the Bitcoin mining machine. At present, the Litecoin has already appeared in mining machines. Many graphics card miners are seeking to split and launch the X11 project, which is enough to prove that its efforts in the direction of fairness have failed.

 

2.fast   

It takes about one hour for Bitcoin to pay for six confirmations, and one confirmation takes about ten minutes. Although the 10-minute payment rate is fast enough compared to traditional banks, this is not satisfactory during normal use. For example, if I am going to buy a cup of coffee, it is unthinkable to wait at least ten minutes before leaving.

 

In view of this, Litecoin has proposed an improvement. The confirmation time of Litecoin is 2.5 minutes, which is 1/4 of Bitcoin, greatly shortens the confirmation time. But is this improvement meaningful? To buy a drink, the 2.5 minute payment time is also unacceptable. With the development of Bitcoin payment companies, zero-confirmed payment has become the norm, Coinbase, Bitpay, and domestic currency, which are zero-confirmed payments. However, Litecoin does not currently have a similar business. And 2.5 minutes compared to 0 minutes, obviously became a disadvantage, which is enough to prove that Lite’s efforts in the fast direction failed.

 

3.Backup

Supporters of Litecoin have also come up with the theory that the characteristics of Litecoin and Bitcoin are exactly the same. If there is a problem with the Bitcoin protocol or Bitcoin miners, and Litecoin can be used as the best backup for Bitcoin.

 

First of all, the Litecoin code is completely rewritten based on Bitcoin. If the Bitcoin protocol is out of order, can the Litecoin be spared? From the price point of view, Litecoin can be regarded as a derivative of Bitcoin, with greater volatility and higher speculation. If the principle of Bitcoin is broken, I am afraid that the litecoin value and it’s future is even more worrying.

 

Second, bitcoin’s self-healing ability is extremely powerful. Regardless of the problem, the core development team, or even the developers of related industries, will take the initiative to fix it as soon as possible. In contrast, Litecoin, developers rely entirely on Bitcoin code updates, and have not seen their independence so far. The only independence is to always ask for help in other SCRYPT currency modification algorithms to maintain its monopoly position. From this perspective, Litecoin’s efforts in the use of backup have also failed.

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Bitcoin.com Will Launch an Exchange Based on BCH?
October 16, 2018
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Here is the BCH news about that Roger Ver said in an interview: “Bitcoin.com plans to launch its own exchange.” He also said that Bitcoin cash will become the base currency of the exchange. He hopes to increase the adoption rate of BCH in this way.

 

Regarding the cryptocurrency trading platform, Roger Ver said that he is still in the early stages of the plan because he has not yet decided whether to build it internally or to seek a platform that is already running. And he revealed that Bitcoin wallet users can use Bitcoin cash payments in every major US business in the future, such as Walgreens, Walmart, and other major businesses. So what impact does Bitcoin.com launch on the BCH-based trading platform for BCH cryptocurrency?

 

  1. Increase the number of BCH users

Bitcoin.com, as an older and longer-term cryptocurrency website in the cryptocurrency industry, has accumulated a large number of users. If its trading platform is based on BCH, it will cause more people to py attention to BCH. At the same time, this move also provides a lot of convenience for BCH holders, strengthening the confidence of BCH supporters in BCH.

 

  1. Improve the Liquidity of BCH

The trading platform itself is a very large traffic area, and the support of more trading platforms will also help to improve the liquidity of bitcoin cash trading. For cryptocurrencies, liquidity is a major reference for market support. The increase in BCH liquidity will drive it to occupy more market share, and the increase in market share will promote BCH to survive and develop better.

 

  1. Easy to use

At present, although BCH has obtained support from many trading platforms, it is mainly a trading platform based on fiat currency transactions and BTC transactions. The number of trading platforms based on BCH is still in the minority. If Bitcoin.com really launches a trading platform based on BCH, this will reduce the user’s dependence on BTC. Users can bypass BTC to obtain BCH and use BCH, which is helpful for the long-term development of BCH and bitcoin cash value.

 

  1. Improve the status of BCH

At present, the transactions supported by major trading platforms are mainly based on fiat currency transactions pairs or bitcoin transaction pairs. If the number of trading platforms based on BCH is increased, it will cause the market to pay attention to BCH, there will be more trading platforms to support BCH trading pairs, and BCH’s position in many cryptocurrencies will also be improved.

 

For Bitcoin cash, what is most needed to do with BTC and ETH is to expand its ecology and attract more users and businesses. Improvements in these basic services are also a means of attracting users. When the infrastructure supporting BCH is increasing, providing users with enough convenience to use BCH, the number of users supporting BCH will gradually increase. Merchants and enterprises will also choose to support BCH in order to obtain more users, thus promoting the gradual growth of the bitcoin cash ecology.

 

Roger Ver is an early supporter of Bitcoin. When many people have never heard of Bitcoin, he uses his own actions to support Bitcoin, which is enough to prove his business vision. Now he is fully committed to supporting BCH, which also shows that the potential of BCH is endless. So as BCH gains more support, I think BCH will have a bright future.

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Is the Bitcoin Price Drop Caused by Big Bitcoin Holders’ Selling?
October 16, 2018
1

Since entering the bear market this year, bitcoin prices are generally declined, from $20,000 at the end of 2017 to the current more than 6,000 US dollars, which you can check with the btc to usd chart history. This has caused many investors in the cryptocurrency community to speculate that the bitcoin price drop was caused by the secret sale of bitcoin by big bitcoins.

 

In response to this suspicion, blockchain research firm Chainalysis conducted a research survey, which showed that the big bitcoins are not the “culprit” that causes high volatility in currency prices. The study looked at 32 of the most-capitalized bitcoin wallets, holding a total of 1 million BTCs worth about $6.3 billion.

 

Big Bitcoins refer to individuals or organizations that hold large numbers of BTCs that are considered to have an impact on market volatility. However, the data from Chainalysis shows that the big bitcoins are a diverse group, and only one-third of them are active traders. Although the trading activities of these large households are indeed enough to shake the market, they are actually keen on the reverse operation and buy when the bitcoin trading price falls, which is we called “buy on dips”.

 

During the research, the company divided the 32 wallets into four groups. There are nine of the most active wallets, which are regularly traded on the exchange. This group of Bitcoin holders has more than 332,000 BTCs worth more than $2 billion, but only one-third are willing to have the habit of trading frequently. Most of this group of traders entered the market in 2017.

 

The second group of wallets belonged to miners and early adopters of bitcoin, consisting of 15 investors with a holding capacity of 332,000 BTC. The trading activity of this group is very low. However, most of them have been sold BTCs when bitcoin prices rose between 2016 and 2017.

 

The remaining two groups are the “criminal” group with 3 wallets (holding more than 125,000 BTC, worth 790 million US dollars), and the other group is “lost bitcon” wallet, holding more than 212,000 BTC. It is worth about $1.3 billion. Studies have shown that since 2011, the group who lost bitcoin wallet has never traded.

 

After analyzing these big bitcoin holders, Chainalysis found that they did not cause currency fluctuations. In the past two years when bitcoin prices fell, they even bought in large quantities. This kind of activity proves that the big players did not sell Bitcoin in large quantities, but instead added Bitcoin in late 2016 and 2017. This shows that they are almost always bought when bitcoin falls, so they bring stability factors to the market, not instability.

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What Will Happen if Ethereum Continues to Fall?
October 12, 2018
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Starting from the Christmas of 2017, Bitcoin took the lead and the entire currency market began a horrific decline. In this big fall, there is a cryptocurrency that does not fall but rises, and even extends step by step to a new high in history. This crytpocurrency is exactly – Ethereum coin.

 

From January 6th to January 8th, after Bitcoin plunged 4,000 US dollars, Ethereum rose to more than 1,400 US dollars per piece. According to the price of the off-market, ETH has already exceeded 10,000 RMB/piece.

 

Ethereum has more than 98 million circulations, while bitcoin has only 16 million. In other words, in the past few days, the market value of Ethereum reached half of Bitcoin for the first time. At the same time, among the various speculative groups, the most frequently asked on social networking sites is “When will the Ethereum market value surpass Bitcoin?”, all the people who hold the eth coin are happy, it seems that the whole world will soon run to the Ethereum platform and release an ERC 20 token.

 

However, the facts are very ruthless. Starting from January 8, Ethereum began a nearly nine-month slump. Although there has been a brief rebound during the period, Ethereum has plummeted 70%, and the ethereum current price falls below to $200 again.

 

With the step-by-step decline of Ethereum, retail investors have become increasingly suspicious of ETH and V, and the idea of the ETH coin that has just emerged from ICO is on the verge of collapse. I believe that if Ethereum continues to fall, the beliefs of investors will be exhausted.

 

Google, Facebook and Twitter have banned Bitcoin and ICO advertising, and ICO is exactly the soul function of Ethereum at this stage. This is a very helpless and sad result. The expected Dapp did not break out. The successful Dapp only had decentralized exchanges with very low depth and speed, simple digital casinos and encrypted cats.

 

Ethereum has been in trouble: ICO is gradually being resisted by big powers and Internet giants. Dapp is subject to the slow response speed of Ethereum and high gas charges. Coupled with the bear market blow, Ethereum prices are mad at 70%.

 

The remaining function of Ethereum is only – release currency. As of March 28, according to the statistics on the erases can, there are 63,731 tokens on the Ethereum. According to the largest TPS of Ethereum, about 20 transfers per second, Ethereum runs up to 1.8 million transactions per day. Corresponding to the token, each token cannot be traded more than 1.2 times per hour, otherwise, Ethereum will be completely blocked.

 

However, Ethereum has no retreat. Regardless of whether the blockchain is a new revolution, Bitcoin can at least be used as a collectible for Bitcoin enthusiasts, but Ethereum has no retreat. If the blockchain is a pseudo-ventilation, ICO is no longer popular, what can Ethereum be used for? Bitcoin coin is mainly distributed in the hands of some Bitcoin enthusiasts, while Ethereum is distributed among major investment institutions and countless blockchain projects. When the blockchains wind is over, the major investment institutions and project parties sold off the ETH in their hands, and then re-started the business and re-invested in new enthusiasm. At that time, who will pick up again? If the blockchain is at a crossroads. The same is true of the current Ethereum. So be cautious about your investment in Etnereum now!

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Bitcoin Core Developer Promotes to Use Credit Cards Rather Than Bitcoin
October 12, 2018
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In the past two years, the controversy over whether Bitcoin currency can replace fiat currency as another payment method has continued to heat up. Proponents believe that bitcoin can enable us to seek refuge outside the corrupt fiat currency system, while opponents believe that bitcoin does not have the attributes of the fiat currency and cannot replace it.

 

Regardless of the public’s opinion, as a developer of Bitcoin Core, Jimmy Song should have advocated the use of Bitcoin. However, it is surprising that Jimmy Song proposed that Bitcoin enthusiasts should use credit cards as a means of payment, which caused great controversy. He described this strategy as “more reasonable and convenient than trading on multiple chains.” His advice contradicted the underlying theory behind Bitcoin and sparked strong repercussions.

 

Jimmy Song praises fiat currency

Jimmy Song’s call for a credit card has been questioned in some ways. He wrote on Twitter that “if you want to use bitcoin as a payment method…”, this sentence implies that it is a bit strange to pay with a “peer-to-peer electronic cash system.”

 

Jimmy described his proposal: using a credit card for daily payments, and then paying monthly bills in bitcoin. The reason for this is that such a mechanism only needs to perform a single chain transaction, rather than having to perform multiple transactions on a daily basis.

 

It’s not surprising that many Bitcoin Core developers and various supporters like Jimmy’s Twitter. Blockstream’s CSO Samson Mow previously thought that “bitcoin is not suitable for people who live on less than $2 a day (bitcoin is very expensive and the current bitcoin price today is $6255,you can get the previous bitcoin price by checking the btc to usd chart history) ” and asserts that these people may not even have enough computer knowledge to securely use cryptocurrencies for transactions.

 

Bitcoin Core developers are not in favor of using Bitcoin for daily expenses

Some Bitcoin Core developers also expressed similar views to Jimmy, including urging members participating in Bitcoin gatherings not to use Bitcoin to pay for dinner. They believe that the Bitcoin ledger is sacred and inviolable, users should avoid trivial chain transactions for their daily expenses. This view is very strange, especially for those who should promote Bitcoin.

 

For those who find Bitcoin early, buy Bitcoin coin at a low price, and then watch their wealth soar, the “value store” argument is certainly attractive. The early adopters of bitcoins, especially those living in Western countries, had little incentive to consume their precious bitcoins. However, for people in other parts of the world, they seek refuge outside the corrupt fiat currency system, and bitcoin can be their lifeline. Those who earn less than $2 a day do not have the opportunity to shop with credit cards until they pay off their debts. Therefore, as long as people are encouraged to spend on credit cards, Bitcoin will not change anything.

 

What Jimmy said seems to make us become more confused about whether Bitcoin can replace the fiat currency. But one thing that can be affirmed is that using Bitcoin to collect income and persuading suppliers to accept Bitcoin is the way to escape the fiat currency.

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The Global Cryptocurrency Community Usher in a Long-awaited Breakthrough?
October 11, 2018
0

After experiencing crazy soaring, hype, horror bans and pressures, when will digital cryptocurrencies enter the mainstream public life?

 

Recently, the Litecoin Foundation, one of the mainstream cryptocurrencies, acquired the equity of German WEG Bank and set the first case for the acquisition of traditional financial institutions by mainstream currency. It opened up a new imagination space for cryptocurrency to enter the mass market. Will the Litecoin debit card and the Litecoin credit card come to the world soon?

 

In 2011, Charlie Lee was inspired by Bitcoin (bitcoin currency) during his tenure at Google, and developed Litecoin based on it. With the brotherhood of “Bitcoin is gold, Litecoin is silver”, Litecoin once was the second largest cryptocurrency in the total market value. Although the rise of other currencies such as Ethereum and Ripple has led to a decline in the ranking of Litecoin, it is still the seventh largest in more than one thousand cryptocurrencies worldwide as ltc market cap is $3,371,234,563 now, and it is one of the world’s most popular cryptocurrencies.

 

When Charlie Lee looks at the future development of cryptocurrencies, he believes that what is needed most is a breakthrough that allows cryptocurrencies to open up the mainstream market. And he believes that such a breakthrough is most likely to occur in three forms.

 

1.Traditional large financial institutions began to introduce cryptocurrency transactions.

As the cryptocurrency regulatory policies of governments have become clearer, some traditional financial institutions have begun to express their desire to introduce cryptocurrency services. Nasdaq (NASDAQ) CEO Adena Friedman said in an interview with CNBC in April, “There is no doubt that Nasdaq will consider setting up a cryptocurrency transaction in the future.”

 

Charlie Lee analyzed that the entry of large traditional institutions like Nasdaq will quickly open the cryptocurrency market into the mainstream market, and it will inevitably bring great competitive pressure on the existing cryptocurrency trading platform.

 

2.Technology giants acquire cryptocurrency platform

“Technologies such as Facebook and Google are coming in, which can bring cryptocurrencies to the mainstream market with immediate results,” Charlie Lee said. For example, the market has been rumored that Facebook intends to acquire Coinbase, the leader of the US cryptocurrency trading platform. With the current total of Facebook’s total users of nearly 2.2 billion people, even if only 10% of users are converted to cryptocurrency users, it will be an unimaginable breakthrough.

 

3.The cryptocurrency platform cooperates with the premium mainstream banks

“The cryptocurrency trading platform, including Coinbase, has been suffering from the inability to open the door to international mainstream banks such as Citigroup and Rich countries,” said Charlie Lee, who was the head of engineering at the leading US cryptocurrency trading platform. For a long time, these trading platforms can only cooperate with small and medium-sized or regional banks, which hinders the entry of cryptocurrencies into the mainstream.

“Bitcoin, Ethereum, Litecoin and Ripple have formed a network effect, and the popularity and liquidity are far superior to the new currency,” says Charlie Lee. Take Litecoin as an example, you don’t have to worry about where to buy Litecoin, almost all exchanges around the world are now available, and the litecoin price now is around $57. However, many new currencies are not easy to buy. He analyzed that if the new currency wants to rise, it must be significantly improved than the old currency to overcome this network effect. But in fact, 99% of the new currency is not even a small improvement.

 

Therefore, the breakthrough development of the global cryptocurrency has to rely on mainstream currencies. Looking forward the breakthrough of the cryptocurrency community.

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Ripple’s Cryptocurrency Products First Cooperate with Three Financial Companies
October 11, 2018
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On Monday this week, Ripple, a San Francisco-based financial technology company, said xRapid uses cryptocurrency XRP as a “bridge currency” for cross-border payments, reducing costs and increasing payment efficiency by increasing liquidity. For example, a bank may wish to process a transaction from the US dollar to the Mexican peso. This process usually requires a pre-funded local currency account, but according to Ripple, if the US dollar is converted into an XRP coin, then transfer the funds overseas and convert them to Mexican pesos through the exchange of local digital assets at the other end, this process can be bypassed.

 

Ripple CEO Brad Garlinghouse announced at the two-day Swell conference that it will be used by payment providers Mercury FX and Cuallix and partner financial company Catalyst Corporate Federal Credit Union. Mercury FX primarily helps customers send and receive international payments, Cuallix promotes remittances between the United States and Mexico, and Catalyst Corporate Federal Credit Union provides a range of financial services to approximately 1,400 credit unions, primarily in the western and southwestern United States.

 

In the past, there are other companies have tried to use xRapid, including Western Union, Money Gram, etc. So far, startups have not publicly announced any bank trial xRapid, and said that large banks are unlikely to be the first banks to test or use it. However, Ripple executives said they still maintain partnerships with some of them.

 

XRP is a cryptocurrency created by the founder of Ripple. Ripple owns most of its XRP, and its vision is to eventually replace the current cross-border payment infrastructure, including Nostro and Vostro accounts, and the aging SWIFT messaging system.

 

Ripple announced the results of its first blockchain payment report in a keynote speech at the Swell Conference held a few days ago. The report shows that global payment based on blockchain is reaching critical mass this year, and organizations around the world are already seeking to integrate digital asset payment processes. More specifically, blockchain and digital assets provide a modern international payment track approach and can be as fast, simple, transparent, and reliable as cross-border remittances like mobile information.

 

The development marks the first time XRP will be used in the commercial application of financial services companies and is seen as a key milestone for Ripple’s attempt to make cryptocurrency and underlying blockchain technology a part of the financial mainstream. This movement may attract many investors to buy Ripple coins.

 

Garlinghouse believes that “tens of” banks will use XRP by the end of 2019. The company’s xRapid products are targeted at banks that transfer funds to emerging markets. Previously CNBC reported that Ripple gradually launched ripple news about xRapid. Bank of America PNC also reached a strategic cooperation with it. We can see from the xrp chart for the past week that XRP prices soared due to the positive news, but it didn’t take long to fall into a downturn.

The financial technology company has partnered with many banks, but so far these partners have focused on testing and using their xCurrent products, which banks use to track payment information in real time, eliminating the need for counterparties to speed up the settlement process. Therefore, xRapid has to work with more banks to succeed, but this is not an easy one.

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ChainLink Received $32 Million in Financing
October 10, 2018
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Last month, the ChainLink ICO completed $32 million in financing. ChainLink (Link) provides middleware for the blockchain’s “smart contracts” to call external data.

 

Smart contracts, also known as self-executing contracts, are one of the promising application scenarios for blockchain technology. It allows companies and individuals to set up service level agreements with each other. For example, if an airline begins to offer a smart contract, the flight will be delayed by more than one hour on a certain day, and the airline will refund you 20% of the fare. Or, in the process of transporting the drug to the pharmacy, once the transport temperature exceeds the agreed range, the car will immediately stop and return to the pharmaceutical factory.

 

However, according to blockchain technology expert Gideon Greenspan, the application scenarios of these blockchains are still too far away, and the blockchain has no way to do this because there is no way for the blockchain to stably obtain large-scale external data. ChainLink is ready to change this situation. It wants to provide contract developers with a network-wide database, or a reliable external database. With ChainLink, you can call one or several database queries to get the data you need in a contract.

 

ChainLink CEO Sergey Nazarov said the company has received 3,700 emails from developers expressing interest in working with ChainLink.

 

Nazarov said that if there is no network like ChainLink, if a company wants to deploy a smart contract that needs to interact with external data, it needs to develop an API for that database, and the middleware provider will package the rules for you. In the smart contract. Application developers have no flexibility in deciding which nodes on the blockchain need to access the database, and there is no way to decide how many databases to access. In addition, security is another issue. “If we are going to complete billions of dollars on this system, we need to ensure end-to-end security,” Want to buy link coin now? Take it easy and look at the progress of the project first.

 

The ChainLink network is still under development and this crowdfunding will advance development work. Nazarov said that even after the company’s database network is released, it will take 4-5 years to mature. The big players in the database understand that this model is a good business for them, but they will not be willing to come in before the smart contracts in the network reach a certain amount. Therefore, he hopes that small and medium-sized data providers can move first. Once more and more critical databases are in place, this ecology will grow faster and faster. Once the ChainLink Network matures, the chainlink price will soar to a high level.

 

Anyway, do not hurry to make your investment plan. Analyze the chainlink crypto historical data and observe the progress of this project for a while before you make a decision.

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XRP-The Official Digital Currency of The 2020 Olympic Games?
October 9, 2018
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Just after the Swell conference of Ripple, another good news about Ripple was reported, that is Ripples currency-XRP may be used as the official digital currency of the 2020 Tokyo Olympic Games.

 

Ten months ago, Ken Takahashi, a former Japanese baseball player initiated a petition to use XRP as the official digital currency of the 2020 Tokyo Olympics. It is reported that the petition requires a total of 7,500 signatures. As of October 8, the petition has been signed more than 8,200.

 

Japan has been actively supporting digital currency and has drafted relevant documents on the legalization of bitcoin currency. Japanese companies are also actively integrating bitcoin payments and providing digital currency as a consumer choice to promote the legalization of bitcoin. The Japanese’s acceptance of digital currency is also very high. During the hot development of digital currency and blockchain, it is also unanimous choice to propose the high acceptance of XRP as the official digital currency.

 

Ken Takahashi said that XRP coins have the potential to solve many logistical problems for large international sports events, especially those related to foreign exchange. Mr. Takahashi proposed a system that uses XRP coins. With this system, the yen will not face tremendous pressure during major international sports events. Takahashi initiated the petition because people had encountered difficulties in foreign exchange tensions in the past few major events.

 

Part of the petition wrote:”When tourists flooded into Japan, the demand for local currency soared, leading to a long queue of foreign exchanges, which occurred during previous events such as the 2008 Beijing Olympics and the 2016 Rio de Janeiro Olympics. The chaotic exchange rate and language barriers have further complicated the problem. We believe that Ripple Lab’s cryptocurrency XRP can quickly complete transactions and security, and this cryptocurrency will solve foreign exchange problems. Make a significant contribution.”

 

At the same time, Ripple announced a series of development projects, especially in Japan recently launched a blockchain remittance platform, MoneyTap, which was jointly built by Ripple and SBI Holdings. Mr. Takahashi’s plan will allow XRP coins to replace the yen and become the real currency during the Olympics. People from all over the world can use the cryptocurrency payment system to purchase goods and services during the Olympics. This is why platforms like MoneyTap come in handy.

 

Since the Olympic Village can generate a large number of small transactions, if the petition is approved, the liquidity of the XRP and ripple market value may reach a record level. As the third-ranked cryptocurrency, XRP coins have been seeking opportunities for rapid expansion and acceptance by various institutions in order to improve their effectiveness in real-world transactions. Once this petition is successful, this will be an important milestone for Ripple’s expansion and the ripple value will increase dramatically.

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