A new report reveals that 562 million people globally now own digital currencies, an increase from 420 million in 2023, making up 6.8% of the world’s population. Asia is at the forefront of this growth, with North America close behind. Overall, cryptocurrency adoption is rising worldwide, with notable increases seen across all continents. ‘562 Million […]
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Worldcoin Blows up in Chile; Sign-Ups Exceed 1% of the Population
Worldcoin, the biometric wallet and ID project, has reported that it has signed up more than 1% of the population of Chile. According to the organization, more than 200,000 Chileans are already using Worldcoin, a popularity uptick shared with other South American countries, including Argentina, where 9,500 Argentines verified their IDs in a day.
Worldcoin Achieves Milestone in Chile; More Than 1% of the Population Reportedly Registered
Worldcoin, the project that uses biometric iris scanning as “proof of personhood,” has reached a milestone in Chile. The organization reported having signed up 200,000 Chileans since its launch. With Chile having approximately 19.5 million residents, this means more than 1% of the population would have signed up to receive Worldcoin’s grant in the form of WLD, the native token of the protocol.
This growth signals the popularity rise of the project in South American countries, that have shown interest in the proposal of the World ID app. Due to this demand, Tools For Humanity, contributors of Worldcoin, ramped up operations in Chile, setting up more verification stations in Vina del Mar and Concepcion while maintaining its verification operations in Santiago, the capital.
Worldcoin verifications involve a specific hardware device called the orb, used to scan the irises of users wishing to verify their ID to be part of the Worldcoin system.
Popularity Among Woes
The popularity of the Worldcoin project extends to other countries in Latin America that have also embraced it due to its grants. In August, the organization reported having registered more than 9,500 Argentines in a single day, or one verification every nine seconds, a milestone given that there were only four verification stations in the country.
Also, according to data from a Kenyan parliamentary committee tasked with investigating the project, 350,000 Kenyans had registered at some point in July, accounting for 25% of the users on the platform at that time.
However, the Kenyan government suspended Wordcoin activities in August and attempted to arrest Alex Blania, CEO and co-founder of Tools For Humanity, and Thomas Scott, the legal spokesperson for Tools for Humanity, after appearing before the Kenyan National Assembly during a hearing.
The Kenyan government informed that U.S. officials intervened to secure the exit of the Worldcoin executives, given that they have not been found guilty of committing any crime in the country.
What do you think about Worldcoin’s popularity in Chile and other countries facing economic hardships? Tell us in the comments section below.
50% of Population To Use Bitcoin By 2043 If Crypto Follows Internet Adoption
Those new to crypto investing often wonder if it’s too late to invest in Bitcoin and still be an early enough adopter of the budding financial technology.
One crypto analyst claims that only 0.4% of the global population currently uses Bitcoin. If Bitcoin follows the same growth rate as the internet, over 50% of the global population would be projected to be using the cryptocurrency by the year 2043, suggesting that Bitcoin is only getting started.
Technology Adoption: Bitcoin Versus the Internet
Bitcoin is among the most powerful technologies to ever exist, potentially even more powerful than the internet itself. According to one crypto analyst, Bitcoin is to money as the internet is to information, and claims those that think they’re late to Bitcoin should “think again.”
Related Reading | Power Law: Tracking Bitcoin’s Growth to 0K and Beyond
The analyst argues that only 0.4% of the world’s population currently uses Bitcoin. The same statistic applies to the year 1995, and the global rate of internet adoption at the time.
% of world using the Internet in 1995 = 0.4%
% of world using the Internet in 2019 = 58.8%
Bitcoin is to money what the Internet is to information.
% of world using Bitcoin in 2019 = 0.4%
If you thought you are late to Bitcoin, think again.
— Misir Mahmudov (@misir_mahmudov) September 23, 2019
Fast forward to today – a whole 24 years later – and it is now difficult to imagine a world that exists without the internet. While it was met with skepticism and fear initially, it eventually flourished into what it has become today: a necessity for most. But even now, internet adoption is only at roughly 58% of the global population, despite how widespread the internet has become.
If Bitcoin follows the same rate of adoption as the internet, over 50% of the world’s population would be using Bitcoin by the year 2043. But technology adoption is increasing at faster rates thanks to the internet, which could suggest that Bitcoin reaches such adoption rates at a quicker pace than the transformative internet before it.
Bitcoin is also often compared to the internet in other ways. There’s no denying that the crypto market was in a hype-driven bubble during the peak of the 2017 bull market. Not only did Bitcoin’s price double from ,000 to ,000 in less than a month, but hundreds of altcoins reached valuations that will likely never be revisited. Sound familiar?
If it does, that’s because the same thing happened during the dot com bubble. The allure of emerging technologies and speculation over untapped potential caused investors to go all-in on projects they assumed would change the world.
In the end, they were left holding heavy bags. Many tech stocks never recovered. Today, many altcoins from the crypto bubble will also never recover. And just like during the dot com bubble, even the eventual winners like Amazon retraced significantly following the bubble pop, but eventually rose from the ashes and went on to become a wild success, a household name, and something that many individuals use on a daily basis.
Related Reading | Never Disclose Crypto Holdings: Bitcoin Millionaire Has Run in With Shotgun
In crypto markets, winners like Bitcoin are beginning to rebound, and will eventually go on to become household names that are relied on daily, just like Amazon internet before it.
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Huobi Expands to Turkey Where 20 of the Population Hold Crypto
n Huobi is moving aggressively to the Turkish market, where 20 of citizens reportedly own some form of crypton
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Bitcoin Bottom Doesn’t Matter, Last Time General Population Can Afford Entire BTC
Bitcoin (BTC) has been pitched as peer-to-peer electronic cash, a store of value, a disruptor of traditional financial instruments, and a way to free the world from the shackles of the government’s control over current fiat monetary system.
Given its potential to change the world as we know it, much like the Internet did over the last two decades, does finding Bitcoin’s bottom really matter? According to some crypto analysts, the bottom doesn’t matter at all, and the current low prices could present the last opportunity for the general population to purchase an entire BTC.
Crypto Analyst: Catching Bitcoin Bottom Doesn’t Matter
Crypto investors everywhere are paying extra close attention to charts, market sentiment, and more, hoping to perfectly catch the “bottom” of the current bear market. However, given Bitcoin’s considerable potential and how rapidly the price does rise during a bull run, timing the bottom really doesn’t matter, and could cause investors to miss out on current prices.
Popular crypto analyst CryptoMento puts little weight into timing the bottom and offered up some price figures that put his comments into perspective.
LET’S JUST SAY$BTC Bottom = ,000$BTC by 2025 = 0,000#BTC Current Price = ,600
Does it really matter if you catch the bottom?
—
MΞNTO (@CryptoMento) February 9, 2019
Bitcoin is currently trading at around ,600 after a powerful bounce near the 200-week moving average and a breakout of a falling wedge formation, but the most recent bottom is around ,150. Even at the current price ,600, should Bitcoin fall to ,000 as noted in the analyst’s example, if it does eventually reach prices of 0,000 or more as many believe, the difference between buying now and later will be a mere ,600 of lost profit.
If Bitcoin should rapidly rebound from here, not buying at the current prices could prove to be far more costly.
Related Reading | Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom
It’s also worth noting that when Bitcoin reached its all-time high price of ,000, crypto community members everywhere spoke of the regret they felt not buying into BTC a lot cheaper. Now that they’ve got the chance to do so, the current fear-driven market sentiment is preventing the from stomaching the risk. However, now might be the last time the general public can afford to own an entire BTC.
Crypto Investor: Last Time The Public Can Afford to Buy An Entire BTC
Another common complaint by crypto investors around Bitcoin’s peak, and part of why investors flocked to altcoins in a big way, was due to many investors being unable to afford a full BTC at ,000 or more.
Fiat currencies have trained people to feel more comfortable with whole numbers. Change is often thrown away, or donated as a tip due to this. It’s also the reason why owning 0.01 BTC is far less appealing than say owning 1,000 XRP, regardless of perceived value.
At the current prices, Bitcoin is affordable for the general public interested in owning a full coin. But it may be their last chance, according to crypto trader, investor, and advisor Josh Rager.
This "could be" the last time the general population can afford to buy an entire $BTC
After 2021 – Bitcoin could move to a market price where most will only buy fractions
Global income per household is debatable, regardless, $BTC speculative value could be out of reach for most pic.twitter.com/GrmepQyNPp
— Josh Rager
(@Josh_Rager) February 11, 2019
Rager shared a chart via Twitter that demonstrated the path Bitcoin’s price may take next. “After 2021” he suggests, Bitcoin “could” move to a price where the average person will likely only be able to afford to own a fraction of the cryptocurrency.
Related Reading | From K to K and Back: How Bitcoin Price Counters Sentiment
Should Bitcoin achieve the price that Rager believes in the coming years, timing that Bitcoin bottom really doesn’t matter, and the general population should buy Bitcoin at the current prices, or risk never again being able to afford an entire BTC.
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The Unbanked Population: Crypto’s Calling Card?
Financial services might be something you take for granted. Depositing, borrowing and withdrawing capital is as easy as going to your local bank branch, but there are billions of individuals worldwide with no access to something as simple as a bank account.
77% Of Filipino Adults Do Not Have Access To Financial Services
CNN’s Philippines branch recently reported that a survey conducted by Philippine’s central bank (Bangko Sentral ng Pilipinas) has found that approximately 77% of Filipino adults do not own a bank account.
2017’s ‘Financial Inclusion Survey’ (FIS) found that 15.8 million adult Filipinos have bank accounts, while 52.8 million are unbanked, resulting in 22.6% and 77.4% figures respectively. Whereas western countries such as Canada, the U.K., and Sweden have over 98% of their eligible population banked, a far cry from the figures seen in the Philippines.
Despite organizations like the U.N. claiming to be working on the issue, for the Philippines, the issue is still as prevalent as ever. According to CNN, the 77% unbanked statistic has barely changed in the past two years, only seeing marginal increases in comparison to the first FIS report released by Bangko Sentral ng Pilipinas (BSP).
These breathtaking numbers may lead some to ask, why are there still so many individuals unbanked?
The Filipinos partaking in the survey brought attention to six reasons why obtaining a bank account was not a feasible task. Firstly, 60% claimed to not have enough capital to fund a bank account, while 21% cited no reason, maybe indicating a lack of interest towards banking. Another 18% said that they did not hold the required documents to see eye to eye with banks. The other three reasons included the high costs associated with banking services, a lack of knowledge about banking and finally, a lack of awareness.
Cryptocurrencies’ Role With The Unbanked Population
In many developing nations, more people have access to the internet through mobile devices than people with bank accounts. This is the primary reason why many cryptocurrency proponents, experts, and entrepreneurs have brought attention to the role cryptocurrencies can play in an unbanked-majority region.
Using cryptocurrencies can be as easy as downloading an app on your cell phone, and finding a way to obtain a cryptocurrency like Bitcoin or Ethereum. For cryptocurrency users in developing countries, peer-to-peer networks develop, where goods and services can be traded with cryptocurrencies, holding a role as an alternative currency.
Breaking Down The Remittance Barriers
Despite seeing use with unbanked citizens spread, cryptocurrencies and blockchain-backed technologies have also begun knock at the door of current remittance transfer systems, with entrepreneurs finding ways to use blockchains as a medium to replace remittance networks.
As NewsBTC reported in late May, the Phillippines’ economic structure is mainly focused on remittance payments, which can often be expensive and inaccessible for much of the population. But then again, banks can also be inaccessible for many Filipinos, creating a large unbanked population as aforementioned.
But one of the Philippines’ largest financial institutions, UnionBank, has announced a strategic partnership with the blockchain development firm ConsenSys. The partnership will see the two entities collaborate to integrate Kaledio, a business-grade Ethereum protocol, into banking services, hopefully facilitating more seamless transfers of information and transactions. As a result, UnionBank hopes to cut costs and find ways to provide a wider portion of Filipinos with banking services.
Up-to-date news about this topic has been sparse, but it has become apparent that any moves to make banking more accessible will be welcomed by the locals.
Cryptocurrencies, in their permissionless, accesible and uncensorable nature can be used by anyone, anywhere and at any time. So therein lies a value of cryptocurrencies and decentralized technologies.
Image from Shutterstock
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How a Country With a Population of 3M Is Helping Make Security Tokens the Next Crypto Megatrend
With security tokens predicted to be the next big crypto megatrend as early as the first quarter 2019, one tiny country in Europe’s Nordic region is helping bring security tokens into the mainstream by creating the world’s first infrastructure to legally issue and trade them.
Yet for many within the crypto community, the difference between a utility token and a security token remains unclear. To keep it as simple as possible, a utility token provides its holder with access to a product. It is best to be thought of as a product key. Meanwhile, a security token gives its holder a real part of a product or a share of the security the token is related to.
However, the biggest problem for security tokens is the lack of legal regulations regarding their issuance. This lack of legal regulation is what is currently holding back the incoming tide of security tokens. But Lithuania, a Eurozone country with a population of around 3 million in the European Union’s Nordic region is helping bring this megatrend forward thanks to its crypto-friendly legislation and government stance.
The Crowdfunding Law of the Republic of Lithuania is the first of its kind in the EU. It allows businesses to legally carry out security token issuing ICOs, with the country’s government and its related institutions actively striving to solve regulatory issues surrounding the legal regulation of ICOs and security tokens.
DESICO, the world’s first infrastructure to issue and trade security tokens in full compliance with the law has decided to operate from Lithuania thanks to its government’s favorable position on ICOs and security tokens.
Lithuania’s ICO-friendly business climate has given DESICO the chance to set new standards for both ICOs and security tokens. This active encouragement by the government to transform security tokens into a mainstream asset has given DESICO the opportunity to make its concept of creating an infrastructure to fully legally issue and trade security tokens.
Thanks to its game-changing idea and its creation of legal precedence, DESICO has received backing from the Ministry of Finance of the Republic of Lithuania, making it the EU’s very first member state to obtain such an accolade. The country’s Finance Ministry praised DESICO for fostering “Lithuania’s fintech and blockchain communities by promoting the settlement of global blockchain and fintech businesses in Lithuania.”
DESICO has also attracted attention from the global fintech and blockchain communities. During the past few months, DESICO has met with blockchain experts and financial movers and shakers at conferences in Santa Monica, London, and Tel Aviv.
Recently, two of DESICO’s co-founders have headed to the Crypto Forum in Seoul, the capital of crypto crazy South Korea.
“The fact that DESICO has been between conferences in California and Seoul over the last few months shows that security tokens are at the front of the minds of crypto experts across the globe,” said DESICO CEO and co-founder, Laimonas Noreika. “Thanks to the attention we have already encountered from the global blockchain and fintech communities, we are confident that DESICO’s decision to fully legally issue and trade security tokens, plus its legal advantage, will bring security tokens into the mainstream and set new standards for the ICO industry.”
To discover about how DESICO will transform security tokens into a fully legal and mainstream asset class, visit the DESICO website, or join its Telegram community.
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Major Collaborative Effort to Diversify Genomic Data by Sequencing Population in India
A project with the goal of developing the world’s biggest collection of genomic information is aiming for a new collaboration in India that will help address inadequacies in the diversity of genomic data currently used in research globally.
Shivom is describing its new relationship with the government of Andhra Pradesh as “hugely significant” because it means access to sequencing the nearly 60 million citizens in India’s eighth-most-populous state. In turn, these individuals will have the potential to benefit from improved health services and a more preventative approach to medicine.
The company aims to enable anyone to get their genome sequenced – with the information uncovered through DNA sequencing providing insights to people about risks of potentially developing certain medical conditions, and learn how to better prevent them where possible, as well as work with healthcare professionals to determine which treatment plans will be most effective.
Data privacy has become a hot topic following on from the scandal involving Facebook and Cambridge Analytica – with Shivom emphasizing that its platform puts the ownership of an individual’s data “in their hands.”
Gourish Singla, the company’s COO, says the current controversy at Facebook proves how important it is for the public to be aware of how their personal information is used. Genomic data will be stored securely in Shivom’s Blockchain-based system – and the individuals it belongs to have the final say over who sees it. In some cases, people can be rewarded via tokens if they choose to provide their data to healthcare providers and researchers.
Part of the partnership in Andhra Pradesh will see Shivom open a new development center at Fintech Valley Vizag. Meanwhile, the company also plans to collaborate closely with the local government on issues including cybersecurity and analytics at the International Institute of Digital Technologies.
Cutting the risk of misdiagnosis
When it comes to genomic data, insufficient diversity has been a long-running issue – with many databases lacking adequate sample sizes from ethnic minorities. These gaping holes in knowledge mean that patients from such communities can run the risk of being misdiagnosed, while researchers are left unable to learn more about variants in diseases and how different groups react to the medication.
Dr. Axel Schumacher, the CEO of Shivom, says this partnership has the potential to prevent under-represented groups from missing out on personalized and predictive medicine in the future.
The prices associated with DNA sequencing have decreased substantially over the past decade, which will make it possible to sequence large populations more rapidly. Shivom confirms that it is currently engaged in discussions with other governments, including those in Europe and the United Arab Emirates, about how its technology can be used to help modernize their health services.
Preparing for a presale
Shivom has announced that after a successful private sale, its public presale for OmiX tokens, the fuel which will power its ecosystem, will open on April 16 and run for six days. The company has opened a registration page on its website for interested parties.
The presale and progress in Andhra Pradesh come a month after the company revealed it has signed a collaboration with publicly-traded (Nasdaq: Gene; ASX: GTG) molecular diagnostics company Genetic Technologies Limited (GTG).
This partnership will help boost GTG’s development of predictive cancer tests by allowing them to use Shivom’s large data sets, which will feature significant quantities of data from underrepresented ethnicities and new countries. Simultaneously, Shivom stands to benefit by gaining access to its partner’s accredited laboratories in Australia and the United States.
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Seoul Prepares Local Population for Digital Currencies by Launching S-Coin
Various countries around the world are contemplating issuing their own virtual currency. Most of these plans are put on ice, for the time being. Seoul, the capital city of South Korea, is taking a different approach. According to mayor Park Won-soon, the creation of the S-Coin is imminent.
The Concept of S-Coin
When a city decides to issue its own “native currency”, there are a lot of questions waiting to be answered. In the case of S-Coin, the currency will be used for various concepts throughout Seoul. First of all, the new coin will be used to pay for public transportation. It is also a payment method for city-funded programs and environmental improvements.
This draws some similarities to how Bitcoin is used in Zug. Even so, S-Coin will be controlled by the city council of Seoul, rather than being a decentralized cryptocurrency. Technical specifications of S-Coin remain difficult to come by as of right now. It remains unclear which blockchain will be used to issue this currency or how high the total supply will be.
Local sources report S-Coin will be introduced at some point in April of 2018. The upcoming launch of this currency will undoubtedly attract a lot of attention. In conjunction with S-Coin, the city of Seoul also wants to set up a fund to support local blockchain projects. This increased focus on newer technologies appears to be of great interest to mayor Won-soon as well.
Is There an Impact on Bitcoin?
Given South Korea’s importance in the world of Bitcoin and cryptocurrencies, the launch of S-Coin is rather intriguing. These currencies will not be competing with one another by the look of things. S-Coin is limited in functionality to Seoul, whereas Bitcoin use spans South Korea in its entirety. Both forms of value can easily co-exist in the capital city.
All of this further confirms South Korea is preparing for positive cryptocurrency and blockchain regulation. With the government leaning toward introducing a new taxation framework for these currencies, Bitcoin and altcoins continue to gain legitimacy. These new taxation guidelines will go into effect in June of 2018.
It is not the first time a city decides to issue its own native currency. In the UK, the city of Hull recently launched HullCoin. It seems this concepts is gaining more and more traction, which is not necessarily a bad thing. Initiatives like these help people get more acquainted with the concept of digital currencies. In the long run, it may very well pave the way for greater global cryptocurrency adoption.
Image From Shutterstock
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Pesetacoin, One Step Closer to Becoming a Day to Day Currency for the Spanish Population
Pesetacoin has gained a lot of traction in the last year, and for the right reasons. The cryptocurrency gained popularity as it helps the Spanish population make use of an alternative currency which is not Bitcoin, which is known for its technical challenges. The Pesetacoin is designed keeping the needs and sentiments of Spaniards in mind, as they dream of having the good old Peseta – the currency of Spain before the introduction of Euro.
In addition, owing to its targeted approach, Pesetacoin community enjoys faster transaction times – which is at least 10 times better than that of Bitcoin. It means, the transactions get confirmed in a minute or so, in comparison with Bitcoin’s ten minutes.
As the team behind Pesetacoin works on further strengthening the cryptocurrency, both in terms of technology and adoption, they have introduced Electrum Pesetacoin. Electrum Pesetacoin is a secure and simple wallet that enables users to overcome the challenges of waiting for hours before the synchronization of their operation with Pesetacoin. This platform makes use of a random 128-bit seed to produce the private keys. There is nothing like losing your Pesetacoin in the event of a hardware failure.
Peseta supports online games
On the 4 August 2017, PesetacoinJS was released to the public, one of its latest release the Pesetacoin Games is a game based on Pesetacoin blockchain. It is a platform where game lovers can play using their Pesetacoin and win amazing prizes. The games available include Pernales, the Camel riders, and Greater Than.
Apart from online games, the Pesetacoin team is also working on expanding the cryptocurrency’s usage by encouraging merchants to adopt it as an additional payment option. In the near future, they expect the cryptocurrency to be widely used for day-to-day transactions across the region. The platform recently launched the Merchant Map on December 15, 2017 and successfully onboarded more than 20 merchants in under 15 days. The Merchant Map will enable community members to find the outlets that accept Pesetacoin and use it just the way they used to spend Peseta in the recent past.
Peseta has its own wallet
Having its own easy to use wallets is one of the prerequisites of user-friendliness and also a sign of community focused approach to development on the development team’s part. The Pesetacoin project changed hands early this year, as a new team took over and soon followed with the release of Core v.0.9.0. Alongside Electrum, Pesetacoin also has a WebWallet, which was introduced on September 1, 2017.
The cryptocurrency is also listed on six different exchanges – Bittrex, LiteBit, NovaExchange, SouthExchange, TradeSatoshi and Cryptopia. Pesetacoin is traded on the Bittrex.com exchange since November 2014.
Cryptocurrency traders can easily trade Pesetacoin on Bittrex platform and make a lot of gains by doing so. Soon, the platform looks forward to inclusion on other top exchanges, further extending its global reach in the process.
With the year coming to an end Pesetacoin has planned a lot of things for the years ahead. To give an overview of what’s in store for the future, they are launching their 2018-2020 roadmap.
The team has also been organizing various community engagement programs, and one of them includes the designing contest, where people were encouraged to submit designed for Pesetacoin themed t-shirts and wallpapers.
More information about Pesetacoin can be found at http://pesetacoin.info
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