Bitcoin Weekly Recap 11-6-2015
New Survey Projects Bitcoin to Join World’s Reserve Currencies
According to a new survey conducted by Magister Advisors, Bitcoin is anticipated to become one of the six largest reserve currencies on the planet within the next fifteen years. The research project surveyed the opinions and expectations of several dozen blockchain companies to gain insight into the industry’s expectations regarding investment, market development, growth in transactions, and the overall future of the currency. In addition to the expectation of achieving major global reserve currency status, the survey discovered that investment in blockchain and Bitcoin-related enterprises is expected to total more than a billion dollars over the course of just the next two years.
U.S. Auctions Last of Seized Silk Road Bitcoins
The United States government finally auctioned off the last of the Bitcoins it seized during the Silk Road investigation. The auction was held on Thursday, conducted entirely online, and took bids from fewer than a dozen registered participants. During the six-hour event, the U.S. Marshals Service received a total of 30 bids from buyers interested in purchasing the 44,341 Bitcoins - currently valued at more than $17 million. The winning bidders are expected to receive notification today, and no further details about the auction are anticipated until next week.
Bitcoin Price Still Volatile
After a month of slow but steady increase, Bitcoin’s price soared this week, and toyed with the $500 mark on Wednesday, before declining back below $370 on Thursday. Analysts have offered a host of theories as to why the cryptocurrency’s value increased so steeply. Those theories include everything from the increased business interest and investment in the technology to the recent EU court decision that declared digital currency trades to be exempt from VAT taxes. Many observers believe that increased Chinese demand for Bitcoins has played a strong role in the price surge as well.
USAA to Add Bitcoin Monitoring to Customer Account Interface
Many bank customers who monitor their accounts through online interfaces make full use of the integrative account management features that many banks provide. These options allow those customers to view all of their accounts in one interface, providing a more complete view of their financial portfolios. For customers who also own Bitcoin, however, that more complete view excluded their digital currency holdings - except for customers of one banking institution in Texas. San Antonio bank USAA has partnered with Bitcoin wallet service Coinbase to integrate the latter’s account interface capabilities to its own. As a result, USAA’s customers can now view their Bitcoin balance from the bank’s interface.
ChangeTip offers new iOS App
Social tipping company ChangeTip is now offering an iOS application for mobile devices that can empower users to send and receive either dollars or Bitcoins to and from other users. The app can transfer funds between Twitter accounts, phone numbers, email addresses, and Facebook accounts. The new app is designed to meet demand for social tipping capabilities, so that online financial transactions can be made with greater efficiency. Since its introduction, bloggers and other online creators have already started receiving Bitcoin tips and other micropayments from patrons and fans.
BitGo Launches New Key Recovery Service
Bitgo has unveiled automated Key Recovery Service software that many believe could help the service to provide the securest Bitcoin vaults available currently available. The open source KRS can generate and secure private backup keys and store them in a way that eliminates many of the common security problems users confront when trying to remember their account passwords. The software is designed to enable the user to secure his or her account while only being responsible for retaining one of the three keys generated by the program.
Bitcoin Approved for Unicode Symbol
The Unicode Consortium has approved the addition of a new symbol to the Unicode character standard for computer text. The decision adds the Bitcoin “B” to a future release of the Unicode standards, and will enable the symbols use on virtually all computer systems. Users who are anxious to see that first Bitcoin “B” show up in their own documents may have to wait a bit longer, however, since the next Unicode release is scheduled for 2016 - and there has been no confirmation that the symbol will be included in that version.
And Don’t Forget These Gems:
In other Bitcoin-related news, our own Thomas Moore explored a number of interesting news topics this week. If you have yet to hear about Bitwala’s new Bitcoin to PayPal transfer system, check out the article Bitwala Paves a New Road to Bitcoin Adoption With Cost Effective Transfers to PayPal. You can also find out about the latest developments that will enable users to Secure Bitcoin Transactions with Bio-Payments. Finally, if you’re interested in how the governments of the world are continuing to adapt to cryptocurrency, then you can’t afford to miss his recent article Taiwan Declares Bitcoin Illegal.