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Coinbase CTO: Crypto is Entering the Tech Mainstream


Balaji Srinivasan, a prominent venture capital investor and the chief technical officer at Coinbase, said that crypto is entering the tech mainstream.

“Sundar Pichai & Sergey Brin’s sons are both mining crypto; Facebook is doing blockchain; Square open sourced some nice cold storage code; Microsoft, Amazon, Google Cloud all have blockchain efforts; crypto is entering the tech mainstream.”

Since early 2018, unreflective of the 73 percent correction in the cryptocurrency market which saw the combined valuation of cryptocurrencies drop from $800 billion to $210 billion, the cryptocurrency market and blockchain sector have shown significant progress in terms of institutionalizing an emerging asset class, improving market structure, and strengthening the underlying technologies of cryptocurrencies.

Increasing Awareness of Blockchain

As a data processing technology, the blockchain enables the segregation and storage of data in a series of blocks in a peer-to-peer process. But, to ensure that bad actors with malicious intent are penalized accordingly for engaging in fraudulent activity, an incentive system in the form of a cryptocurrency is necessary on a blockchain network.

To better understand the necessity, structure, and decentralized nature, an increasing number of institutions, technology conglomerates, and enthusiasts have started to mine cryptocurrencies that support major blockchain networks.

Coinbase cryptocurrency exchange
Source: Shutterstock

Most recently, CCN reported that Google co-founder Sergey Brin and CEO Sundar Pichai have publicly said their sons have been mining ETH, the native cryptocurrency of the Ethereum blockchain protocol.

Pichai noted that his 11-year-old son understood the concept of Ethereum and consensus currencies better than fiat currency, possibly due to the complexity of connections and centralization involved in the creation, distribution, and operation of fiat money.

“Last week I was at dinner with my son, and I was talking about something about bitcoin and my son clarified what I was talking about was ethereum, which is slightly different. He’s 11 years old, and he told me he’s mining it. I had [to] explain to him how paper money actually works. I realized he understood ethereum better than how paper money works. I had to talk to him about the banking system, the importance of it. It was a good conversation.”

Previously, Fidelity Investments, the fourth largest asset manager in the world with more than $7 trillion assets under management, also mined Bitcoin and Ethereum to grasp the concept of mining and the necessity of cryptocurrencies.

Fast forward one year and five months, Fidelity Investments established Fidelity Digital Assets, providing custody services around the asset class to help institutional investors invest in the market.

Open-Source Revolution

Square, the $30 billion payment giant operated by Twitter CEO Jack Dorsey, has recently open-sourced its code that processes cold storage funds.

As a decentralized and peer-to-peer network, the blockchain is developed and maintained by an open-source group of developers that proposed code changes and improvements on code repositories like GitHub.

Last month, Octoverse reported that Ethereum had become the fifth fastest growing open-source project in the world alongside Microsoft Azure and Spyder.

Source: Octoverse

The rise of cryptocurrencies as a recognized asset class and blockchain technology as one of the core pillars of the fourth industrial revolution has led institutions and individuals to rethink how the global monetary system works and the way information can be processed in a peer-to-peer manner.

Featured Image from TechCrunch/Flickr

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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