Last Updated on May 26, 2020
With world economies heading into recession left, right and center, the crypto universe has suddenly become abuzz with a lot of activity. The recent Bitcoin halving saw the crypto exhibit a much more mature and responsible growth and valuation. All the volatilities and insecurities regarding Bitcoin seem to be slowly fading away, every single day.
On the contrary, more and more countries are announcing recessions with each passing day. Germany and Japan are the two latest economic powerhouses, which have officially declared recession following the after-effects of the Coronavirus.
In this article, we are going to look at three important developments, which signal the positive impact and growth of crypto in our present world.
So what are we waiting for? Let us get right to it.
Bitwala announces Interests on Bitcoin Holdings
Last week, Bitwala, a Germany based Neo-Banking enterprise announced interests for all its clients who are willing to hold Bitcoins in the establishment. In other words, whenever you store Bitcoins in Bitwala banking, you stand to earn a healthy interest on your possessions.
This is very similar to your standard Savings Account, which always has an annual rate of interest payout mechanism inbuilt. This is done to encourage and motivate people to store their Bitcoins in banking institutions.
Contrast with the formal banking problems in Germany (banks have started charging negative interest rates) and you can see how cryptocurrencies like Bitcoins are developing rapidly. The rate of interest Bitwala is offering is 4.3% per annum. They have launched this process in conjunction with the crypto lender, Celsius Network. This is open to all 80000 of their European clients present in 32 countries.
J.K.Rowling of Harry Potter Fame asks for Bitcoin advice on Twitter
Every time a billionaire asks about crypto online, it stirs a hornet’s nest. In this particular instance, JK Rowling, the famed billionaire author behind the celebrated Harry Potter series took to Twitter, to ask about Bitcoin.
Needless to say, within minutes she was inundated with messages, links, explainer videos, and even real-time made videos explaining what Bitcoin is. Among the people who responded to her on Twitter was Ethereum Founder, Vitalik Buterin. Gemini Crypto Exchange, founded by the Winklewoss Twins also replied to the author.
However, the response that drew most of the attention was made by real-life Iron Man, Elon Musk. He stated how Bitcoin is ‘solid’ owing to the mismanagement of financial systems by government authorities. He also made the revelation that he owns 0.25 Bitcoins.
Way to go Elon Musk. Now the entire crypto universe knows how much BTC Iron Man really owns!
Visa Patents its own Crypto-Based Payments Network
Financial payments and transactions giant, Visa announced that they had filed for a new patent regarding a new digital payments network. While many see this news as a great positive, others are out to criticize Visa for patenting technology, which was meant to be free and decentralized.
The new patent shows that Visa is working on a technology to help replace traditional currency-based transactions with cryptocurrencies. The exact nature- whether it is crypto or a CBDC is not yet known.
The patent sheds light on how a supercomputer is going to maintain a record of all transactions, a distributed ledger function and the presence of different entities at different nodal points- validating, redeeming and end-users.
It also demonstrates that Visa will be using the popular Blockchain technology to help drive the entire process from start to finish. This is major news, as it announces how the world’s biggest fintech companies are taking to cryptocurrencies.
With investor sentiment and interest rising every day, exchanges and trading platforms like https://bitcoin-pro.live are seeing a lot of action from new investors eager to turn over a quick profit.