Bitcoin Weekly Recap 3-11-2016
BitQuick Now Using BitGo Instant
Trading platform BitQuick announced this week that it has integrated BitGo Instant into its payment systems. The platform currently sees monthly Bitcoin transactions of roughly $1.4 million, and views the addition of BitGo technology as something that will enhance each customer’s experience, protect against double-spending, and improve security.
BitAccess Announces Bitcoin Purchase Option across Canada
BitAccess this week announced that its customers will now be able to use vouchers to purchase Bitcoins at some six thousand retail outlets across Canada. Those Flexepin vouchers are printed as paper receipts when customers make their purchase, and are then redeemed for Bitcoins on the consumer’s BitAccess online account.
Coinbase Announces Debit Card Bitcoin Purchase Feature
Bitcoin Exchange Coinbase revealed this week that it is launching a new debit card Bitcoin purchasing feature in beta version. The new feature would enable instant Bitcoin purchases for customers using any of the 5.2 billion debit cards that are currently in use. Coinbase noted that the beta test will only encompass 1% of American customers, with the product offering extended throughout the United States in the months to come.
BitPay Report Shows Rising Bitcoin Business to Business Payments
In its annual report, Bitcoin payment processing company BitPay revealed that it has seen a marked increase in the size of the business-to-business transactions it processed. For 2015, the company’s average business transaction was reported at $2,500. In addition, the company saw a tremendous increase in the volume of transactions – 110% over last year’s activity- with more than 200,000 BitPay transactions processed in just the last two months of 2015 alone.
Consensus Escapes Satoshi Roundtable
More than seventy members of the Bitcoin community participated in the Satoshi Roundtable event in Florida last weekend, including miners, Bitcoin core developers, and representatives from Bitcoin firms. As might be expected, much of the conference focused on the issue of blockchain scaling. Anyone who showed up at the event expecting the participants to develop any sort of consensus, however, would have left sorely disappointed.
Two of the participants, Gavin Andresen and Brian Armstrong, walked away from the conference with markedly different perspectives. In separate blog postings this week, each man offered his own unique take on the conference, while also providing a glimpse into preferred paths forward.
Both men’s accounts of the proceedings seem to reflect a similar sense of frustration that there are still so many people resisting any serious effort at resolving the block size issue. Their blog accounts, however, do reveal that even they have some obvious differences when it comes to identifying why these divisions remain so hard to overcome.
Armstrong identified the Bitcoin core team’s inability to accept a good solution as a major roadblock to progress, noting that they are resisting a helpful solution now due to their concerns that unhelpful decisions might be made at some unknown point in the future. Not content to simply identify perceived problems, Armstrong also offered his own thoughts on a possible solution that includes an immediate block size increase to 2 MB, an increased effort to communicate the benefits to Chinese miners, and a commitment to building a new protocol team.
Andresen’s post expressed pessimism about the whole process, and focused on the mining community’s reluctance to wield veto power, confusion about the current process, and the apparent unwillingness of some in the development community to support any on-chain solution at this point. In the end, Andresen concluded that these are all signs that the Bitcoin network is in an extremely unhealthy state – and likely to remain so until wiser and cooler heads prevail.