Bitcoin, Botswana and Blockchain squabbles.
This week has been a very busy week in the world of bitcoin. And I’m not just talking about earning it.
Firstly this week has seen Bitcoin break yet another all time high to over $1350 which is great news for anyone either holding Bitcoin as an investment or getting paid in it. This has partly been driven by the acceptance of Bitcoin to new markets such as Japan that have recently seen a huge increase in merchants accepting Bitcoin and increasing the demand.
Also this week the Winklevoss twins have been granted an appeal by the SEC to get their fund approved. I still think it’s unlikely that it will be passed however as the last few weeks since the verdict was delivered the volatility in the market has shown no signs of slowing down allthough they could be swayed by the seemingly unstoppable upward trajectory of Bitcoin. Given that it survived a potential hard fork, china making life difficult for Chinese bitcoin investors and the ETF verdict all within a 2 week period its proven to be resilient if nothing else.
Now while the world is waking up to the possibilities of bitcoin and the power of blockchain technology in Africa, following in the footsteps of start ups like Blockchain Africa the Sharada clinic in Botswana has started taking Bitcoin as a form of payment and is looking at ways to use the blockchain technology to streamline the business and save time and money. This may seem insignificant to some of you but to me it represents two things. First that Africa is slowly starting to really wake up to the potential and power of bitcoin and the blockchain technology and you never know could emerge from the digital money revolution as a big player globally. Secondly it’s small case studies like these that if successful could lead to significant investment being made by businesses/doctors surgeries/retail outlets etc into the world of digital currency and see the demand for Bitcoin sky rocket.
Last but by no means least for my round up of the week for Bitcoin is the return of the BTU BTC hard fork debate. Yes it’s back! It seems as though support for Bitcoin unlimited is waning with support for the SegWit and Bitcoin core now up to 74% following F2Pool’s change of heart which will be seen as a big blow to the future aspirations of Bitcoin unlimited. As it is Roger Ver is personally spending $500,000 a week to keep his dream alive which has led to other well known bitcoin entrepreneurs such as Charlie Shrem to claim that Ver is too emotionally invested in the project and not being rational despite many miners opting to go with the Bitcoin core project to protect their business interests. We are still quite a way off of the 95% support from the mining community needed to ensure that there won’t be any Forks in store following this parting of ways so knows when and how the bitcoin split will happen if it happens at all but one things for sure this isn’t the last you’ll hear of a hard fork for bitcoin.
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