Demand for Bitcoin is still spreading. This week we saw more evidence of interest in bitcoin coming out of Russia, Asia, and Sweden. This is a good sign of a healthy market taking hold and putting down roots all around the globe. Daniel Masters, a director at Global Advisors said, “The interest is just going stratospheric,” regarding bitcoin at Sweden’s NASDAQ OMX exchange. Sweden is not the only place regular people are flocking to the digital currency either. People of Japan are worried that their country’s monetary policy has led to the realization where they cannot count on their pensions going into the future. The article also notes that the elevated interest in cryptocurrecies in the last two weeks may also be from the recent passage of a bill that accepts digital currencies as real money in Japan. Russian exchange BTC E also just made it easier for Russians to buy BTC. Adding to the positive news in Russia, it seems Vladimir Putin has had a private meeting with Vitalik Buterin, the founder of Ethereum. These are all positive signs for bitcoin and cryptocurrencies in general. If we keep seeing this type of trickle-in mainstream adoption as well as major leaders endorsing these technologies, expect market caps and user adoption to keep going up.
Next, I would like to bring to your attention the latest on the block size debate. You may have heard by now the term “User Activated Soft Fork” or (UASF) or even BIP148. This is the latest in the high profile drama of proposals to help Bitcoin scale so more users can use it and have reasonable fees again. Here is how BIP148 is supposed to Work. On August 1st, 2017, miners are required to signal readiness for SegWit by creating blocks with the version number changed to the number 1. This will cause all SegWit ready nodes, which make up over 80% of the network, to activate and begin enforcing these new consensus rules. Here is the UASF + SegWit known as BIP148 GitHub if you would like to take a look. The possibility of a chain and coin split creating two different bitcoin types is becoming more real. No one wants to see two different bitcoins, because this would create confusion on exchanges and possibly lead to some exchanges to go bankrupt covering all their customers double balances of these new coins. I will give a more thorough explanation of this in the next month or so, but at this time I would recommend people look into taking ownership of their private keys. This means start looking for a good solution to move your coins off of exchanges and online wallets and onto either a hardware wallet or a paper wallet. Yes, this even means Coinbase. Now I’m not sure it will come to that, but NOW is a good time to get these things in place so that if the time comes for a coin split, you can quickly move your coins onto either a paper wallet or a hardware device.
I would like to wrap up with one interesting project on the horizon. CryptoPing Bot is a new tool for traders to identify pump and dumps. The project is in beta as we speak and can be tried for free. When the beta phase is over, CryptoBot will work by spending tokens on a subscription based system. The ICO is live now. If you would like more information about this ICO you can find that here. I hope every one is having a great week, and look forward to the week ahead! Stay safe out there folks.