Welcome to the 1st ever edition of Daily Bits – Bitcoin and Cryptocurrency News 10/11/2017. In this post, we will be posting relevant news and happenings about the current state of Bitcoin and Cryptocurrency in the country and abroad. Are there new shops accepting bitcoin in the Philippines? Any announcements from BTC sites in the Philippines? What’s happening elsewhere?
Bitcoin and Cryptocurrency News 10/11/2017
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Bitcoin.org denouncing Segwit2x
When we created BitPinas, we looked for ways to make it easy for everyone to understand Bitcoins and Cryptocurrency as a whole. So we tackle things on the consumer side of BTC; from buying and selling, exchange etc. This news is on the technical side of Bitcoin but it is raising some serious discussions in the Global Bitcoin community.
In the past, there was SegWit, a protocol that provided a number of fix and features, including microtransactions. SegWit2x will have a 2MB block size increase. Additionally, this will make transactions faster. Bitcoin transactions are already fast, but the proposed development will make it faster. However, there seems to be a downside on this:
The other side is that an increase in block size can centralize mining because pools with higher hash rate can process blocks much faster than before when the block size was only 1 MB. – Donat Vatoci, Bitsapphire
So now, Bitcoin.org is publicly naming companies that supports SegWit2x and encouraging them to write their stance about the matter – specifically what they will do with their user’s bitcoins. Heads up! Coins.ph is included in the list. We will try to get their opinion about it, and they will probably post what they plan to do about the SegWit2x issue in the coming days.
Bitcoin Fun Fact
Buy Your Citizenship for 44 Bitcoin!
Vanuatu, home of the world’s 4th happiest people, now lets you buy a citizenship for 44 Bitcoin. While other countries, like Malta, also offer citizenship in exchange for money, Vanuatu is unique because it accepts Bitcoin. 44 Bitcoin is roughly around Php 10.888 Million!*
*1BTC = Php 247321.07
Forecasting Bitcoin is tough. The industry has a number of voices that sit on opposite sides. One thinks Bitcoin will surge, the other side thinks Bitcoin is a bubble. We will always share these 2 voices on this section of our Daily Bits.
Forecast: BTC will head to Php 514,000.00 in 10 Months
Michael Novogratz, a former hedge fund manager who is starting a $500 million fund to invest in cryptocurrency, thinks Bitcoin will surge past $10,000.00 in the next 6 – 10 months.
I can hear the heard coming. Blockchain will change the way we live, it is not going away. – Michael Novogratz
Forecast: Bitcoin will burst under government pressure
Writing in The Guardian, Economics and Public Policy Professor and Former IMF Chief Economist Kenneth Rogoff warned about the surge price of the Bitcoin and how it might collapse based on how the governments of the world will react. He also mentioned, though, that even if he thinks bitcoin may collapse, the technology behind it will thrive.
My best guess is that in the long run, the technology will thrive, but that the price of bitcoin will collapse. – Kenneth Rogoff
Bitcoin and the Philippines
BTC to PHP
Yesterday, Bitcoin rallies above Php 250,000 before settling to around Php 248,000 today. Unlike the Stock Market, Bitcoin trading happens 24/7. You can check the live updates here.
Bitcoin and Fishballs
Are the times ch-changing? Coins.ph (via David dela Cruz) posted a photo about how you can now buy Fishballs with Bitcoin. I hope they update their post and tell us where exactly we can do a Bitcoin to Fishball Transaction?
That’s it for today’s Daily Bits – Bitcoin and Cryptocurrency News 10/11/2017. This is a work-in-progress so tune in again tomorrow for another post in this series!