Here are the latest cryptocurrency news of 14th November 2018:
Bitcoin Reach New Transaction Record For The Past 10 Months & Lighting Network Pass 4,000 Nodes
The bear market is still here. However, this doesn’t stop Bitcoin being used more and more on a daily basis. The bitcoin network reached almost 500,000 transaction per day as a record in December 2017, during the bull run. Since then, the transactions per day were steady – mostly below 300,00.On 12th November 2018, the bitcoin network passed the 300,000 mark again. This is the first time the number of transactions exceed 300,000 since January 2018. The increase in transactions can be related to two things:
- Bitcoin is getting more and more users – The network is getting more and more users. The people that wanted to buy in 2017 but it was too expensive have the opportunity to buy again now. Or, they already bought and they’re testing the network to see what’s the big deal with this decentralized way of payments.
- The last bull run was a year ago – The latest bull run started in this period in 2017. This might lead a couple of investors that think the history might repeat itself. Moreover, even if the price had a decline over the past days – people are expecting a bullish December – like in 2017.
While the transaction level went above 300,000 per day, the fees are relatively low. Yesterday, 18 BTC were paid to the miners for 300,000 transaction. Therefore, the average transaction cost $0.37 USD. For people that are sending $10 worth of BTC – these are not great news as the fees are about 3%. But for people that send bigger amounts, this is fairly good.
In addition, the Lighting Network passed 4,000 nodes reaching to an all-time high capacity. On November 13th, the Lighting Network had a total of 4,026 nodes – with 2,910 public ones. The capacity of the mainnet network now reached a 112.5 BTC amount, a small decrease since Tuesday’s 118 BTC.
Another interesting factor is the portrait of Hal Finney made of real USD. Someone ripped and glued the bills on a paiting and displayed it on the Paris Crypto art show in Septeber 2018 – called ” Who’s Satoshi?”. The payting was made by @pascalboyart. More details on Reddit
Bitcoin.de Cryptocurrency Exchange Purchased 100% Stake in Investment Bank
The group behind Bitcoin.de – Bitcoin Group SE – recently acquired 100% of the investment bank Tremmel Wertpapierhandelsbank GmbH. The news were reported by de.Cointelegraph.com on November 13th. Bitcoin Group SE decided to purchase the investment bank to use its banking license in order to increase the offerings for the Germany audience. They mainly plan to increase the ATMs for cryptocurrencies in Germany, as they declared:
“[…]issue its own cryptocurrency products, carry out proprietary trading in cryptocurrencies, and operate cryptocurrency ATMs is now available under the securities service provider’s banking license.”
The price that Bitcoin Group SE paid was ”in the lower seven-digit euro range”, according to CoinTelegraph. These news can massively help the adoption of cryptocurrency in Germany – as the country recently got its first Bitcoin ATM in a Munich gambling hall.
Ethereum Mining With GPUs – No Longer Profitable
According to a post by CNBC, mining Ethereum is no longer profitable since 2018, November 1st. The analysis was made by Susquehanna which take into consideration the bear market and the decline in hashrate. Even if the profit in July 2017 reached a peak of $147 profit for GPU miners and the asset was trading around $175, right now its just not worth it. The second reason beside the drop in price is the decline of the Ethereum hasrate. A higher hashrate is better for miners, as the chance of computing the next block and earning ETH is increased.
Image Source: CNBC
According to the analysis, using Nvidia’s flagship GPU card is no longer profitable – as Nvidia stocks decrease in August due to the cryptocurrency bear market. The analysis also claims that the Nvidia’s crypto-derived revenue is decreasing by $100 million quarter by quarter and would soon be “close to zero” :
“We estimate very little revenue from crypto-related GPU sales in the quarter, consistent with management’s prior commentary that they were including no contribution from crypto in their C3Q18 outlook.”
The news are not so bad for Ethereum holders, as Vitalik is working to launch the Ethereum 2.0 which will work mostly on a proof-of-stake protocol. The good part is, a 51% attack on the Ethereum network is still pretty costly – as an attacker would need to spend $142,705 per hour to attack the network, according to Crypto51.
Ripple’s Next Plans – Overtake the Swift Banking Network
If it would have been about another cryptocurrency and not Ripple, we might have taken this as a joke. But, even if we’re talking about a non-mined centralized cryptocurrency that is working with financial institutions, we have to agree that Ripple’s use-case is among the best in the cryptocurrency industry. They don’t want to decentralize the world or be an alternative to the banking system – they want to be the best solution for the interoperability of the financial systems worldwide. And until now, they prove themselves more than worthy. According to Bloomberg, Brad Garlinghouse stated:
“The technologies that banks use today that Swift developed decades ago really hasn’t evolved or kept up with the market. Swift said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.”
And they’re most probably right to think that way – as Ripple is used more and more by financial institutions. Last week, Ripple’s CEO gave an example about a remittance firm that switched to Ripple blockchain technology and reduced their transaction cost from $20 to $2 and saw a 800% increase in transactions overnight. Even overtaking Swift sounds like a bold plan, Ripple’s on the right track until now and with more and more partners – they could probably achieve that in a decade or two.
“What we’re doing and executing on a day-by-day basis is, in fact, taking over Swift,”
Other Important Cryptocurrency News
- Below $5,700: Bitcoin Plunges to Lowest Price in Over 12 Months
- Kik Selects Stellar Over Ethereum for Token Launch
- 99.99% of TRON DApps Transactions are Made to Gamble
- Charles Hoskinson: Full Cardano Reconstruction Underway
If you’ve missed yesterday’s news, you can read more about it here: Daily Cryptocurrency News – 13th November 2018
Image Source: MoneyMakers
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