Using the Store of Value (SoV) Thesis to Assess Bitcoin

The Store of Value thesis purports that an item that is presently valuable will continue to be valuable in the future. SoV represents the ability of an item that isn’t a commodity of currency to sustain and even increase in value over a given period.

Is Bitcoin a good SoV?
Listed below are a few reasons as to why Bitcoin is indeed a good SoV.

It is argued that Bitcoin isn’t a good SoV because it is volatile, and predicting the action of Bitcoin in the future is practically unfeasible. People claim that for an item to have a good SoV, it has to be stable and predictable.

However, about a decade ago, there were no Bitcoin in circulation, fast-forward to the present day where there are millions of Bitcoin owners and users. On this basis, it can be observed that Bitcoin is a great SoV due to its demand and also that Bitcoin looks like it will remain relevant for a long while.

The number of existing Bitcoin is capped at 21 million which means there cannot be more than 21million Bitcoin in circulation at any given time. A person can decide to work and make more money however, that person cannot earn more than the available amount of Bitcoin.

While traditional currency is deflationary, Bitcoin is not because of its limited available number. Also, the value of Bitcoin increases from time to time.

Bitcoin is a recognized legal tender all across the globe. It moves across borders with ease without complications or the need for regulatory authorization which gives it superiority over other currency forms. This quality also makes it a great SoV.

Nothing can be said to be secure and immune to theft in one way or the other. Hackers and cybercriminals will always be on the prowl for digital currencies. However, Bitcoin has proven beyond measures to be secure, at least to an extent. Also, in time, Bitcoin theft will be traceable to the source which will foster better Bitcoin security.

Popular Belief
Finally, the value of an item is judged by how desirable it is by multitudes. The trading of Bitcoin is high across the globe because people believe it is valuable. An SoV refers to the belief that the public has that an item is of value which essentially makes Bitcoin a great SoV.

Hong Kong Amps up CBDC Studies

The Hong Kong Monetary Authority just disclosed that it is carrying out studies on developing a CBDC. This announcement came on the 7th of November in a news report.

Partnership with the PBoC
HKMA also disclosed that it is partnering with the digital currency department of the People’s Bank of China. The PBoC is expected by many to pioneer the drop of the world’s first CBDC.

The operation is being carried out in conjunction with Hong Kong Interbank Clearing Ltd. and 3 other financial establishments, and blockchain consortium R3.

In the report, the senior executive director, Edmund Lau broke down the operation. He stated that the operation involves a proof-of-concept analysis on coin-based CBDC, studies on debt securities allocation through the utilization of blockchain, an examination on the probability of CBDC’s payment policies and investigation into a probable two-tier allocation prototype, which could create the possibility for corporate representatives to own and utilize CBDC coins as endorsed parties of their establishments.

HKMA is said to be concentrated on using the CBDC solely for financial establishments as opposed to retail activities. They are particularly interested in local interbank payments and wholesale payments. Edmund said that there is already a lot of access to digital mobile payments products.

HKMA has also approved a memo of agreement with the bank of Thailand to carry out a collective study program into the use of a CBDC for border-to-border payments and interbank payment-versus-payment services between the nations in May.

What to Expect
Joe Lubin, CEO of ConsenSys has commented that he doesn’t believe that the PBoC will execute the decentralized facets of blockchain in its coming CBDC. He went on to say that the security will probably be used to sustain administrations’ management of cash flow and that the PBoC will utilize some of the old methods of blockchain.

Regardless, the Deputy Director of the PBoC, Mu Changchun said in August that the CBDC is going to be constructed to be a centralized, two-level operation, seeing the PBoC at the cap level and the succeeding level will be handled by local banks.

Malta’s Financial Authority Raises Alarm of New Scam

According to a report filed on the 31st of October, the Malta Financial Services Authority (MFSA) has alerted the public of a Bitcoin scam. This new scam bears the same qualities as another scam that has been spotted in the past.

The MFSA has cautioned the public to avoid the body called ‘Bitcoin Future’ which seems to be displaying similar deceptive properties as another known as ‘Bitcoin Revolution’. The MFSA has already released 2 public warnings this year on Bitcoin Revolution. The report points out that these scam projects seem to always reappear on the internet as ads, after changing their labels to shield them from getting spotted.

The regulatory authority stated that the ads sold fake promises like “a way to build your life better” and “a unique opportunity for Maltese”, and directed the public to a precise webpage where the fake ads were being sold.

As a disclaimer, the MFSA has said that Bitcoin Future is not recognized as a legal corporation in Malta, does not have permission to deliver financial services in any way to the country, and does not conform to the transitory provision concerning Article 62 of the Virtual Financial Act of Malta.

To sum it up, the regulatory body has said that Bitcoin Future seems to be a global “get-rich-quick” scam and has advised its citizens to desist from engaging with it and that those who do would be doing so at their own risk.

The report also consisted of a link to an authorized list of financial entities that have been certified by MFSA, and procedures to identify if a service provider is a scam or not.

New Strategy and Alliance by the MFSA
In September, the MFSA broadcasted a scheme for vigorously monitoring and managing risks on cryptocurrency corporations.

The strategy, which will span from 2019 through 2021, disclosed that the regulatory body plans on upgrading their approach and will be working directly with the Financial Intelligence Analysis Unit, also with other global authorities.

Sometime this year, the MFSA contacted CipherTrace, a blockchain security corporation, to oversee cryptocurrency-related activities in the country and to battle fraudulent activities and terrorism financing.

XRP Transactions Witness Insane Spike in Just Under a Week

XRP’s daily transaction has just taken a new leap. The cryptocurrency now has about 1.7 million daily transactions, which has been recorded as an all-time high.

In a report by cryptocurrency data tracker, BitInfoCharts, a little above 50% of all cryptocurrency transactions in the past few days were XRP transactions. Ether (ETH) and Bitcoin (BTC) come in second and third places respectively.

XRP’s transactions haven’t attained such heights since 2017, when the cryptocurrency space was basking in the light of the historic bull run of December 2017.

A week ago (21st of October), XRP was facilitating a little over 730,000 transactions daily, fast-forward to 8 days later and the cryptocurrency giant was grossing 1.6 million transactions in a day which is a rise of more than 100% in the sector of 8 days. XRP has been aspiring for new heights in daily transactions ever since this impressive feat.

What Could Be Stimulating the Surge?
It is still uncertain what is triggering this upswing in daily transactions, but best believe barrages of assumptions will flood the space. An assumption of what could be responsible for this rally might be the upcoming Swell event which is being hosted by Ripple in November. Another assumption could be the new alliance between Ripple and Moneygram which is based on finding new means of utilizing XRP. Whatever the case may be, it is definite that something critical is going on in the background as Ripple is on the brink of achieving 1.7 million transactions daily.

At the time of writing, XRP is trading at $0.300 after a 1.6% gain in the past 24 hours. The weekly high was seen at $0.3153 on the 26th of October while the lowest point was $0.261 which was witnessed on the 23rd of this month.

Ripple Discloses Plans to Join New Group
Ripple has disclosed that it plans on joining the Blockchain Association. Ripple’s membership in this group will create access to regulatory bodies and lobbyists in the sector for the company. The group is a non-profit organization consisting of blockchain proponents and aims to stimulate the adoption of blockchain in the world.

Shyft Welcomes New Members onto Its Advisory Board

Shyft Network has increased the workforce in its advisory team with previous members of the Financial Action Task Force (FATF).

According to a news report published on the 28th of October, a public blockchain company, Shyft is updating their advisory board with Josee Nadeau, the previous head of the Canadian delegation to the FAFT and Rick McDonell, previous Executive Secretary to FATF.

The Financial Action Task Force (FATF) is regarded as one of the most prominent financial regulatory agencies in the world. Even though this agency does not impose its rules on financial bodies, it is of relevance that its policies are adhered to by financial entities across the globe.

In June, the FATF published new rules concerning the regulation of digital currencies. These rules enforce regulations that were previously restricted to the banking industry, onto the cryptocurrency sector.

This new cryptocurrency rule is known as the “travel rule” and it mandates Virtual Asset Service Providers (VASPs) to disclose the private information of every transaction carried out. Failure to comply with this rule could attract sanctions and restrictions on access to international markets.

Shyft is focused on implementing a sector-wide remedy to the FATF travel rule imposed on VASPs through the use of Shyft’s identity passport, bridging of databases, and data certification infrastructure.

This is where the importance of Nadeau and McDonell comes to play. Shyft is expecting the former FATF members to bring to bear their years of valuable experience on the advisory board as regards this objective.

Timeframe for Compliance
The FATF has ordered that local administrations and VASPs have just a year to create a regulatory model that follows the travel rule.

The Chief Compliance and Ethics Officer of Bittrex, John Roth in an interview said that the one-year deadline given to VASPs would not be enough considering the sector’s complexity and the cost of gathering private information of transactions. He went on to say that there isn’t any company in the sector currently complying with this new rule, however, there are ongoing talks on how to handle this matter. He also said that to solve this issue, new untried methods would have to be applied.

Investors Choice: Could Bitcoin Be the New Gold?

Bitcoin is called “digital gold” due to the similarities it shares with real gold. However, a new counterfeit problem on gold is rocking the market. This has caused Bitcoin to gain more edge as a safe-haven over gold for investors.

Fake Gold Saturating the Markets
The image of the precious metal sector is being tainted by fake gold bars bearing official symbols of recognized refineries. About 1,000 of such forged bars have been uncovered by executives of the sector.

Normally, forged bars are formulated with cheap metals and are plated with gold on the exterior, this makes them easy to distinguish. In this case, however, the forged bars making rounds presently are real and are pure, the only counterfeiting factor here is the forged official symbol on the bars.

How Bitcoin Transactions Are Secured on the Blockchain
This counterfeit is coming at a time when demand for gold in the world is on the rise. Gold has always been regarded as a highly demanded safe-haven for investors during economic downswings.

In 2019, Bitcoin and gold rose alongside each other. Bitcoin has also been extolled as a rare asset and means of storing value. The dramatic rise of Bitcoin alongside gold gave rise to talks about the safe-haven quality of Bitcoin.

The issue of gold forgery in the sector has caused Bitcoin to take the “safe-haven” spotlight. The new development has highlighted a major advantage of Bitcoin over gold; it cannot be counterfeited.

Bitcoin is a digital currency based on a distributed ledger known as the blockchain. Bitcoin is transferred over blockchain through the use of an algorithm dubbed proof-of-work. This means that miners have to substantiate the block before it can be registered to the blockchain thereby making it almost impossible to counterfeit a transaction.

This form of security will foster the adoption of Bitcoin by investors as a safe-haven asset and will highlight the different ways in which Bitcoin is preferable to gold.

Libra: Congress Still Withholds Recommendation

The Financial Services Committee of the United States House of Representatives had another meeting with Facebook’s founder, Mark Zuckerberg on the 23rd of October. The purpose of the meeting was to discuss Libra, as well as matters concerning Facebook.

The atmosphere at the meeting was partly hostile, with different Reps making use of their 5-minute questioning allotment to berate Zuckerberg instead of asking normal questions.

Facebook Pledges to Delay Libra’s Release Until U.S. Authorities’ Recommendation
The atmosphere of the meeting was similar to that of the COO of Calibra, David Marcus when he appeared before Congress sometime in July. Compared to Marcus the Reps were even more harsh with Zuckerberg over Facebook’s previous misconduct.

Zuckerberg made a crucial statement a few days ago. In a planned opening remark, the CEO stated that he was dedicated to ensuring that Libra was not going to launch in any country without coming agreeing with the relevant U.S. regulatory bodies.

During the session, Rep member Bill Huizenga craved a definition of the connection between Facebook and Libra. He went on to ask what Facebook’s reaction would be if Libra decided to launch without getting a recommendation from U.S. regulatory bodies to which Zuckerberg responded that Facebook would be “forced” to dissociate itself from Libra if that ever happens. This response was shocking considering the role Facebook played in establishing Libra.

However, Reps have refused to acknowledge that Facebook and Libra are two distinct entities. Some Reps felt that Facebook might not dissociate from Libra if the hypothetical scenario were to occur.

Concerns have been raised relating to how the U.S. plans to handle a release outside its jurisdiction. However, in the interest of all involved, a delay in the release of Libra would be better than losing it to another country.

Even though it would be unfavorable for Libra to await recommendation rather than going ahead without Facebook, there is no telling if the satisfaction of the authorities will ever be met.

Bitstop Launches Bitcoin ATM at Miami International Airport

According to a press release on the 15th of October, Bitstop, a Bitcoin ATM enterprise, has launched a Bitcoin ATM at the Miami International Airport. The ATM is stationed at the concourse G after gate 16.

Strategically Located
The enterprise has said that the machine was strategically situated, considering that Miami’s airport is number 3 on the list of busiest airports in the US. Miami’s airport is also purported to be the biggest passage connecting the US and South America. It is also one of the biggest airline centers in the country.

Bitstop’s ATMs are usually private, meaning that the travelers are required to sign up with the enterprise using valid identification means. Based on the present regulatory atmosphere, it is becoming increasingly obvious that the legality of ID-free ATMs is slowly being phased out. Although there are still ATMs facilitating ID-free transactions, regulatory agencies around the globe are taking measures to follow the trails of digital asset transactions.

The Usefulness of Bitcoin for Travelers
Doug Carrillo, the CTO of Bitstop has said that Bitcoin is becoming a necessity for travelers. He stated that these days, people prefer traveling with Bitcoin rather than traditional with fiat currency because it is more convenient and secure. He went on to say that this is why Miami International Airport is one of the best locations to situate a BTC ATM.

The enterprise noted that this is their 130th machine in the US. They plan on achieving 500 installed BTC ATMs around the globe by 2020.

Currently, there are a total of 5,756 Bitcoin ATMs in the world.

About Bitstop
Bitstop is an American enterprise headquartered in Miami, Florida and is one of the top Bitcoin ATM producers in the world. Its machines are manufactured in the US by the biggest kiosk producers in the continent.

Bitstop’s hardware is very solid and secure, and it boasts of playing a significant role in the Bitcoin ATM sector since 2013.

Five Most Favorable TRON Wallets in 2019

TRON is a blockchain-based entertainment code, structured to assist people to keep data free of charge. It is currently the 11th most valuable cryptocurrency based on market capitalization. TRX is the native coin for this blockchain platform.

Features To Consider When Choosing a TRON Wallet
1- When selecting a wallet, you have to be sure that it supports TRX coins.
2- Protection of private keys. Security is very vital when it comes to storing cryptocurrency, to guarantee this security, you have to endure that the wallet you’re choosing helps you maintain custody of your private keys.
3- Extra security details like protected PIN, retrieval passwords, two-step authentication has to be ensured to protect your digital assets from hacks and theft.
4- Must be easy to use.
5- Evaluate the production team and track the development of the platform know if there will be regular updates.

Top 5 TRON Wallets in 2019
1- Ledger Nano S
This is an offline wallet and is one of the most reliable methods of storing your TRX coins. This offline wallet is connected to a computer system via a USB port and lets the user store their private keys offline securely. If extra protection is what you desire in keeping your TRX coins, then Ledger Nano S is an adequate option.
2- Tron Wallet Chrome
This is a browser extension coin storage platform. This wallet is a worthwhile method of controlling and keeping your TRX coins. TRON wallet chrome can be downloaded and installed quickly. However, this wallet is not very user-friendly as compared to the others.
3- Tron Wallet iOS
This is the official TRON wallet for iOS users. This software wallet has a very user-friendly interface and is easily understandable. TRON wallet iOS was funded by the TRON foundation through TRON Loan. This wallet is strictly exclusive for only TRX storage.
4- Tron Wallet Android
This wallet is the endorsed wallet software for Android users. This mobile wallet boasts of adequate protection and has a simple user-friendly interface. TRON wallet Android does not support any other cryptocurrency except TRX.
5- Cobo Wallet
This mobile wallet was constructed in a very simple fashion and can control and keep different cryptocurrencies like Bitcoin, Ethereum, Litecoin and a hist of others. Cobo wallet is a fairly new cryptocurrency wallet but is without a doubt one of the most secure.

Final Tip
Finally, when choosing a TRX wallet, these precautionary measures have to be taken:
Endeavor to utilize every provided safety features.
Endeavor to back up your wallet.
Carry out adequate research before choosing.
Make sure to be on the lookout for fake wallets.

Ripple Enters Coalition With Renowned FinTech Corporation

Ripple has entered an alliance with Finastra, one of the world’s biggest financial technology company, to confer Finastra’s customers with admittance to the RippleNet blockchain system.

Based on an article by FinTech Times on the 16th of October, the alliance between the companies is going to cause more than 200 Ripple clients, including 48 out of the apex 50 banks on the planet, to adopt Finastra’s huge banking operation.

The Alliance With Finastra
Finastra is a London-based company that was established in 2017 from a consolidation between Misys and D+H. This union was praised at the period as the creation of a force in the financial software sector.

Based on the report by FinTech Times, patrons of Finastra and RippleNet’s backers will now have the leeway to conduct cross-border business with end-to-end lucid supervision of costs and speedy delivery duration.

Users will be hosted on Ripple’s cloud solution platform to speed, and will also have the choice of using Ripple’s XRP-powered On-Demand Liquidity solution, which is purported to deliver settlements for multinational transactions in three seconds.

The Senior Vice President of Finastra, Ritesh Singh, in a conference, expressed his opinion saying that the alliance between Finastra and Ripple is a reflection of the corporation’s principle that prospects of finance are clear. He also mentioned that the utilization of blockchain technology will be particularly beneficial to patrons in locations where the required amounts for banking were excessive.

Controversies Surrounding XRP
In August the eight-biggest bank in the US, PNC, was the pioneering corporation to adopt the RippleNet blockchain system for cross-border transactions.

However, as XRP coins continuously wane in value, Ripple’s CEO, Brad Garlinghouse has replied to contentions that have been trailing Ripple in the past. In a conference with Anthony Pompliano, co-founder of Morgan Creek Digital Assets, Brad remarked that the corporation’s openness was what was exposing them to attacks.

Responding to the questions put forward concerning the poor sales of the XRP coins, Brad Garlinghouse reassured that the sales volume of XRP doesn’t relate in any regard to the company’s sales.