Here are the most important cryptocurrency news of December 10th, 2018.
Bitcoin Unique Wallet Addresses Up 50% Amidst Bear Market
The Bitcoin mania from 2017 may have ended, but that doesn’t mean that people are no longer interested in Bitcoin or other cryptocurrencies. Even with an 82% lost of its peak value and a trading price of $3,500 – the king of cryptocurrencies now have 50% more users. Crypto trade Ran NeuNer was the one that noted this first today and his metric for this is the stats from the famous Bitcoin wallet – Blockchain.com.
The drop in prices hasn’t deterred new users from entering the market. 2m new BTC wallets since September, many of the institutional. Don’t let the prices distract you. pic.twitter.com/6lVRJoEgM6
— Ran NeuNer (@cryptomanran) December 10, 2018
Indeed, that might now be the best metric used. There are better wallets than blockchain.com and even ones that offer a far better security system. Such as a Ledger, Trezor or the classic paper wallet. But that doesn’t mean the stats would be wrong. If a business like blockchain.com managed to see a 50% increase in unique bitcoin addresses, probably the same thing happen with Coinbase, Binance and other companies. CryptosBatman also commented on this :
In a year where Bitcoin has lost 80 % of its value, the adoption measured by unique wallet addresses has increased by an impressive 50 %, from 20,705,220 last year to 31,142,207 wallet addresses today.#Bitcoin #Crypto #blockchain $BTC
— CryptosBatman (@CryptosBatman) December 10, 2018
Even though the market hasn’t seen a ‘bull run’ in months, new users testing Bitcoin can be a good sign for all the cryptocurrency space.
Bills To Prevent Price Manipulation In Crypto Space Introduced By Congress Members
On 6th December 2018, Congressman Darren Soto (D-FL-09) and Ted Budd (R-NC-13) presented their new idea to improve the cryptocurrency space by eliminating the price manipulation issues. They created two new pieces of legislation with a set of measure to prevent the virtual currencies price to be manipulated. They hope that by doing this, the potential risks of cryptocurrency price manipulation could be mitigated.
The two acts called “Virtual Currency Consumer Protection Act of 2018” and the “U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018,” will lead the way for legislators and would also preserve the U.S. place as a leader in fostering innovations:
“Virtual currencies and the underlying blockchain technology have a profound potential to be a driver of economic growth. That’s why we must ensure that the United States is at the forefront of protecting consumers and the financial well-being of virtual currency investors, while also promoting an environment of innovation to maximize the potential of these technological advances. This bill will provide data on how Congress can best mitigate these risks while propelling development that benefits our economy.”
These two bills should force the U.S. Commodity Futures Trading Commission (CFTC) and other financial regulators to take a stand an provide recommendations for the adoption of the right measures to combat price manipulation in the cryptocurrency space. More details about this law can be read on BTCmanager or Virtual Currency Consumer Protection Act and The U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018.
0x Project Now Have a One-Click Solution to Purchase ERC Tokens from dApps
0x blockchain project recently launched a modular software library that allows users to buy tokens from a decentralized application (dApp) – called Instant. The news went live on December 6th in a blog post made by the Matt Taylor, the marketing lead of 0x.
“If you need more flexibility and want full control over how the UI is designed, use AssetBuyer, the engine that powers Instant. AssetBuyer leverages the new forwarder contract to abstract away the complexities of sourcing orders and performing market buys in the 0x network.”
The launch of Instant will have a major role in helping new users use cryptocurrencies and decentralized applications. Among the major players that integrated 0x Instant there are Coinbase Wallet and Balance. To use their service, you can pay for the tokens using MetaMask, Ledger, Trezor and others. Will Warren declared for Forbes
“Ultimately it’s another step towards our mission of allowing all tokenized forms of value to flow freely and removing obstacles for people to access a new global financial system.”
Cash App Ranks #1 On iOS Store
The platform Cash App recently was the #1 on the iOS Store. The app is created by Square, a company owned by Twitter CEO Jack Dorsey. The platform allows merchants and individuals send payments and can be also use to buy bitcoin.
— Miles Suter (@WahWhoWah) December 8, 2018
There are many similar apps, such as South Korea’s KakaoPay and China’s AliPay. These saw a massive growth in the past months as people are using it as an alternative to banks for businesses as well as for individuals. The app allows people to purchase Bitcoin efficiently, as their banks accounts and credit cards are connected to the application. This eliminate the risk of initiating a wire transfer to an exchange – such as the process for Coinbase – and therefore, its more easy and convenient to use.
The team is not really focused on profit right now. Sarah Friar, Square CFO, declared for CNBC:
“It’s not a major monetization engine. The goal is to continue to drive utility in the Cash App.”
And Jack Dorsey is still 100% positive about Bitcoin and believes is a disrupting technology:
“Bitcoin, for us, is not stopping at buying and selling. We do believe that this is a transformational technology for our industry, and we want to learn as quickly as possible.”
The app sits #1 in Finance, with over 123k ratings and an 4.6 average score. Most of the people claims that the app is even more useful than PayPal and Venmo. To project its users, payments require a Face ID verification, a Touch ID verification or a passcode. Moreover, using it – sending money costs nothing. Cash App surpassed Venmo’s downloads in August 2018, with 33.5 million vs 32.9 millions.
Image Source: Pexels
If you’ve missed yesterday’s news, you can read them here: Daily Cryptocurrency News – 9th December 2018
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