Cryptocurrency Morning Brief
May 31, 2018
- Bitcoin’s hash rate has been steadily increasing over the past year even though its price has been in a down trend. Bitcoin’s network has experienced a surge in the number of miners that contribute to the platform which shows miners are interested in keeping the network running. While the hash rate is increasing, it is not known how many new miners are coming into the network. Lately, community members have been concerned that mining power from ASICs rigs may lead to centralization of mining pools and might misuse power on the blockchain
- Philippine Mobile payment application and Cryptowallet, Coins.ph, announced it has reached five million users this week. The company is looking to add Bitcoin Cash (BCH) and Ether (ETH) to its platform. The Philippine central bank estimated that close to 86% of the country does not use banking services. The firm’s application allows users to pay bills and purchase digital currencies, without the need of a bank account
- Ripple’s CEO, Brad Garlinghouse, spoke at a conference yesterday and mentioned that Bitcoin’s technology is already lagging other cryptocurrencies and that Bitcoin is becoming the Napster of the cryptocurrency space. He also mentioned how firms like Spotify, iTunes and Pandora have all become successful because they were willing to work with regulators. Further, Garlinghouse mentioned how Bitcoin’s (BTC) transaction time is too slow and that the transaction cost can double the price of purchases.
- The Hong Kong Monetary Authority (HKMA), has no plan to issue a central bank digital currency, like other central banks have been discussing. Joseph Chan, the acting secretary for financial services and treasury said that a central bank digital currency would not be attractive for Hong Kong but, the HKMA will continue to monitor developments. It is believed that Hong Kong has been doing research on a distributed ledger technology system, particularly a proof-of-concept consensus system.
- Currently in Brazil, it is estimated that 1.4mm users have cryptocurrency trading accounts while roughly 600,000 individuals have stock brokerage accounts. Because of the recent wave, Brazil’s Securities and Exchange Commissin (CVM) has been discussing regulations for cryptocurrency trading. Additionally, the Central Bank of Brazil is developing its own blockchain platform and that a higher education institute in Sao Paulo is awarding Master’s degrees in Cryptofinance.
- Cryptocurrency learning centers have been developed in Japan, Thailand and South Korea. In Tokyo, a business is offering information on cryptocurrencies, and crypto exchanges for investors planning to invest 1mm JPY¥ or more. In Thailand, the Thai Fintech Association is offering a course that explains how to invest in cryptocurrencies and ICOs and will cost 185,000 baht (USD$5,755). In South Korea, Decenter University holds a 9-week course to help students understand the impact blockchain is having on the world while another firm is providing a a course that covers Bitcoin Core (BTC), consensus algorithm, ICO analysis and more