Bitcoin

Bitcoin Payments to be converted to Euros Immediately

The price of the Bitcoin fell to $9,600, thus marking a downside break.  This is the result of the low volatility consolidation.  The Bollinger bands have been narrowing. With the narrowing of the Bollinger bands, the slide down can be expected to go down south to $9,320, which was the low recorded for August.

The Bitcoin has been trading in a very narrow range over the past ten days somewhere trending near ($9,600–$10,500).

The hashing power is an estimate of the numbers of calculations that can be effectively performed in a network.  A higher hash rate is indicative of miners being able to validate new blocks.  This means that the resources required for the 51% attack are also increasing. A higher hash rate means the network is more secure.

“Price follows the hash rate, and hash rate chart continues its 9 yr bull market.”

There is a decline in the Bitcoin price trends, and a lot of miners are leaving the process.  It is more than just the price, the mining difficulty. The cost of electricity, equipment cost and more.  The more the numbers of miners, the stronger the network.

About 25,000 major retail stores in France would be accepting Bitcoin in 2020.  The payments will be made in Bitcoin, but the funds would be converted to Euros immediately.

Stéphane Djiane, CEO and founder of Global POS, stated:

“This is an important symbolic step in the evolution of payment methods in France. However, more than a symbol, what we bring to 25,000 outlets is the ability to enter the world of Economy 3.0 safely.”

Following Bitcoin adoption, it might be the adoption of Altcoins next.  A UK startup has recently introduced crypto insurance.  Coincover is reported to be “the first and only service to guarantee digital funds held online will not be lost or stolen.”

While cryptocurrency and Bitcoin ownership is growing mainstream, it continues to be like a risky investment.   However, the idea of virtual currency continues to be a new concept for many.

Early this month Bitcoin (BTC) futures firm Bakkt have declared that a $125 million insurance policy will protect the deposits which are held in its warehouse.

There is a lot of activism going on about the adoption of BCH in Tokyo, “Japan’s largest luxury watch and jewellery shop, Gem Castle Yukizaki, now accepts Bitcoin cash at all 15 locations.”

Proponents of BCH are proud about the spreading adoption of BCH.  Recently “Washington Elite AI and Blockchain Summit Give 33% Discount to Those Paying in Bitcoin Cash and Other Cryptocurrencies.”

Richard Newman

Richard is the Editor-in-chief of Bitcoin Journal. He has over 10 years of experience with the news industry mainly handling the editorial cycle.

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