Cryptocurrency Giants have been Incorporating Solutions for Every Problem they faceFebruary 7, 2019
The major sales pitch of Bitcoin was that “no one will know about your transaction.” Whitestream, a company from Israel has now claimed that they will be able to collect the identity of everyone who is involved in the Bitcoin transactions.
As Neil Liversidge stated, “Bitcoin completely met my expectations. It crashed, and so did the others.”
To add to all of this, Bitcoin is officially going through its longest bear market. In the 10-year history of Bitcoin, this is the longest stretch in terms of declining prices.
Halving has long been the catalyst for Bullish movement for the price of Bitcoin. Regardless of the market situation, halving improves the price of the cryptocurrency. Halving takes place every 4 years or for every 210,000 blocks. Thus bringing down the creation of newer Bitcoin this sustaining the supply and demand factor, ensuring there is more demand than the supply.
It has been repeatedly seen that the price of Bitcoin tends to bottom out and rise in advance of the actual halving date. The average bottom rate has been reported to be 458 days. This is one-and-a-quarter years before the actual halving can take place.
Alex Mashinsky, an innovator holding the patent for several innovations and technologies which revolutionized industries, stated that Ethereum (ETH) and Bitcoin (BTC) are not being sold off. He clarified that investors are accumulating them.
He reported of a surprising trend where the numbers of deposits surpassed the numbers of withdrawals. The HODLer community according to him showed so much of resilience by the sustained outperformance of deposits than the withdrawals on 184 out of 191 days.
When talking about the Celsius Network, the New York-based platform Mashinsky stated, “We did not liquidate a single load, and we did not have a single default from our borrowers.” He further added “We did not lose a single dollar or digital asset from our lending activities in the past year.
The next deposit target set by the firm is $200 million. The target digital currency loans for this currency is set at $2 billion.
While several new sources have been pronouncing the collapse of the Ethereum platform, owing to its inability to scale, Justin Drake has recently stated that “We are doing the groundwork to make an informed go or no-go decision on a bigger project.” Drake stated, that they need a buy-in from the greater Ethereum community, which he says is reachable based on a rough consensus on public calls.
Complex problems are being simplified and firms are moving ahead despite the volatility.