‘BTC’ Interest Explodes to All-Time High on Google But There’s a Catch…

btc war

Interest for “BTC” has exploded to a new record on Google Trends as search results for bitcoin’s ticker symbol skyrocket.

The phenomenon started around August 30, when “BTC” searches suddenly went parabolic. As shown below, the search term is currently conferring a value of “100,” denoting that it has reached peak popularity, based on partial data gathered since the beginning of September.

This is a highly significant outcome considering that search results for BTC have failed to peak above a value of “25” for the remainder of its existence.

This result is even more revealing when placing “BTC” alongside a similarly popular and trending topic, let’s say, USD – the ticker symbol for the US dollar.

Indian Government’s New Report Views Crypto Positively A new Indian government report has put cryptocurrency in a positive light, viewing the mechanisms surrounding it, including initial coin offerings, as “revolutionizing the global fintech landscape.” The report also discusses the regulation of coins and tokens…

The committee described in its report that the “Use of digital tokens resolves the issue of multiple currencies, improves liquidity and capital compliance costs, allows for micro-payments and expedites the payment process, which further eliminates liquidity risks,” elaborating.

Regulation of Cryptocurrencies.

The Steering Committee report suggests that tokens can be grouped into two categories depending on the objective of their issue. The first category is utility tokens, which “entitle future access to a company’s product or service,” the report reads. This type of token includes digital coupons, such as those a hotel or other service providers would issue.

The second category is security tokens. The report notes that some token issuance has the attribute of a security, referencing the U.S. SEC vs. Howey court case which established the guidelines for determining if an offering constitutes a security. The report briefly explained how the Howey test works, stating that four criteria must be satisfied. Particularly, there must be an investment of money and an expectation of profits. The investment of money must be in a common enterprise and any profit must come from the efforts of a promoter or third party. According to the report.

The regulation of coins or tokens depends on the characteristics and the purpose for which they are being issued.

Bad News for Libra, Good News for Bitcoin “A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System.” The bill defines a large platform utility as any company with annual global revenues above $25 billion. Facebook revenue was $16.9 billion for Q4 2019 alone. So the Keep Big Tech out of Finance Act says Mark Zuckerberg’s too big to crypto. Bad News for Libra, Good News for Bitcoin The specter of regulation looms over corporate cryptos. Even if the Keep Big Tech Out of Finance Act never makes it to Trump’s desk. Legislation and regulation will undoubtedly round off the edges of any corporate crypto by the time it sees the light of day. As events in this new industry play out, they continue to validate the macro-thesis underlying bitcoin and its most vociferous supporters.

Facebook’s digital currency plans have caused concern among bureaucrats worldwide and members of the U.S. government seem fearful of a giant tech establishing itself as a financial institution. Prior to the U.S. congressional hearings and the upcoming G7 finance meeting, a U.S. discussion draft bill, the Keep Big Tech Out of Finance Act, hopes to stop large tech corporations from “maintaining, or operating a digital asset.

If Facebook and other companies want to become a bank, they must seek a new banking charter and become subject to all banking regulations, just like other banks, both national and international.

Any large platform utility or financial institution that violates subsection (a) or (b) shall be subject to a fine of not more than $1,000,000 per each day of such violation, in an action brought by the appropriate Federal financial regulator. Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight. [It would be a] delicious irony if Facebook’s Libra proposal stimulates the United States government to develop functionality that operates like Libra, backed by U.S. dollar deposits, but operated by the U.S. government.

The drafted discussion bill involving the House Financial Services Committee indicates that certain bureaucrats are determined to stop big tech companies before they even start a crypto project. If the act were to become law, a fine of $1 million per day for starting a digital currency project would make any corporation think twice.

What do you think about the discussion draft bill floating around the House Financial Services Committee? Why do you think the U.S. government wants to keep big tech out of finance? Let us know what you think about this subject in the comments section below.

Bad News for Libra, Good News for Bitcoin

The specter of regulation looms over corporate cryptos. Even if the Keep Big Tech Out of Finance Act never makes it to Trump’s desk. Legislation and regulation will undoubtedly round off the edges of any corporate crypto by the time it sees the light of day. As events in this new industry play out, they continue to validate the macro-thesis underlying bitcoin and its most vociferous supporters.

Miami Dolphins Score Litecoin to Spike Ballin’ Crypto Payments The football team now has its ‘official cryptocurrency’.

Litecoin could help boost cryptocurrency to an even broader audience. On Friday, the foundation behind the world’s fourth-largest cryptocurrency announced a partnership with the Miami Dolphins.

The deal makes Litecoin the official cryptocurrency of the American football team and enables cryptocurrency payments for select products.

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Litecoin Reaches Sports Fans

The deal means that Litecoin will enjoy in-game advertising through the team’s Hard Rock Stadium, as well as through its online spaces. This partnership will launch for the 2019 NFL season. It also means that users will be able to pay with both Litecoin and Bitcoin for the 50/50 raffle. Home game attendees will be able to purchase tickets for the raffle using either cryptocurrency both online and in the stadium, with support from Aliant Payments. Attendees can buy tickets until there are 12 minutes left on the clock in the fourth quarter, with tickets starting at five for $10. Half the proceeds will go to the team’s foundation and related charitable causes.

How 10 Countries Respond to Facebook’s Libra Cryptocurrency A growing number of governments have responded to Facebook’s cryptocurrency plans including China, France, India, Japan, South Korea, Russia, Singapore, Thailand, the U.K., and the U.S. Several intergovernmental organizations have also weighed in such as the European Central Bank and the Bank of International Settlements.

The Libra blockchain will be global. It will be up to custodial wallet providers to determine where they will and will not operate.

Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action

India

India is currently deliberating on the regulatory framework for cryptocurrency, which was drafted by an interministerial committee headed by Finance Secretary and Secretary of Economic Affairs Subhash Chandra Garg. Bloomberg reported him as saying in an interview on July 6:

Design of the Facebook currency has not been fully explained … But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.

Celer and Wyre Partner for Zero Fee Mobile dApps with Liquidity

AN FRANCISCO — June 27, 2019, Wyre, the blockchain payments provider, and Celer Network, the leading blockchain layer-2 scaling platform, today announced an official strategic partnership, which enables users to purchase and use crypto directly on Celer’s layer-2 mobile application CelerX. The technical integration will significantly reduce user friction for both platforms and help expose millions of users to interactive dApps with zero gas fees. The integration is slated for release in Q3, 2019.

Since 2013, Wyre has managed $3.5 billion in cryptocurrency assets and has completed over $1 billion in commercial FX international payments. With Wyre’s API, customers are able to instantly convert fiat to crypto globally. However, they still need to purchase extra ETH and pay additional fees (such as gas fee) for on-chain transactions. Moreover, users or developers who send small but frequent transactions must face high transaction fees along with long latency, which significantly holds back the user growth.

Celer Network’s advanced layer-2 scaling technology enables interactive, secure, and low-cost blockchain applications that match the frictionless user experience of centralized apps. CelerX, a mobile application built with Celer layer-2 scaling API and SDK, provides zero-gas-fee instant payments and fun real-time interactive skill-based games to users from 89 different countries.

The integration between Celer and Wyre will allow CelerX’s users to directly purchase cryptocurrencies to their layer-2 wallet addresses on Celer Network instead of to layer-1 blockchain addresses. Therefore, users will be able to immediately use purchased ERC-20 tokens, such as DAI stable tokens, to play fun games and send payments.

“Lining all the pieces up, it’s hard to argue that gaming will not be one of the next channels to attract large audiences into cryptocurrencies,” said Michael Dunworth, Wyre CEO. “Celer has tunnel vision when it comes to adding value through technology, to an audience that is technology savvy, global, and heavily community driven. Supporting DAI directly into CelerX gives dApps all the opportunity to execute on their core competencies & avoid busy work reaching their TAM (total addressable market). eSports as a market is an exciting space, and as a gamer, I’m incredibly excited that we get to support moving the needle for it!”

Mo Dong, Celer Network co-founder adds, “CelerX provides users with highly engaging skill-based eSport blockchain games. However, the ‘last-mile’ of crypto adoption is always fiat on/off ramps. To allow vast amounts of users to onboard blockchain applications, an easy and secure fiat bridge is essential for the entire ecosystem. We believe Wyre is exactly what we need. We applaud the Wyre team to go the extra mile to facilitate direct onboarding to layer-2 to enable new users to immediately enjoy fun games with crypto. ”

Bitcoin Price Smashes Past $11,000 + Should Traders Fear a Dump?

Bitcoin Price Rushes to 15-Month High

Around 12:00 UTC, investors bid the bitcoin price up to $11,215.89 on US cryptocurrency exchange Coinbase. The move pushed the asset up by 13 percent for the day, launching its month-to-date gains above 30 percent. The past 24 hours also saw bitcoin’s “real 10” volume, which eliminates suspicious trades, swell to $2.58 billion.