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Bitcoin (BTC) Subreddit Surpasses One Million Subscribers

Bitcoin (BTC), Cryptocurrency–While most investors run for cover amidst the falling crypto prices, as the bear market of 2018 extends into the final month of the year, the Reddit based community for the number one cryptocurrency by market capitalization has hit a new milestone.

On Dec. 2, the subreddit for Bitcoin reached 1 million subscribers, marking a historic moment for the community that few other groups on the site have been able to achieve. Amazingly, given that coin price have fallen 70 to 95 percent from their high in January, the community of cryptocurrency has managed to show resiliency that could pay off in the long run.

Bitcoin, in particular, has cultivated a strong a following of investors who are looking for more than just profit. The community formed through Reddit has not only found ways to give back to need-based programs through the significant wealth created in last year’s bull run (such as the Bitcoin Pineapple fund which gave away a whopping $86 million to 60 charities–all from the generosity of one Bitcoin user), to consistently finding ways to form grassroots adoption.

While some have chosen to trade Bitcoin for the price speculation alone, the technology has a struck a chord with the majority of its following which extends beyond just being another appreciable asset. Each user may have their own reason for supporting the currency, ranging from a belief in the technology of blockchain and the superiority of digital currencies over their fiat alternatives, to a politically-oriented ideology that espouses decentralization and more libertarian views. However, the vast number of Reddit users and Bitcoin supporters around the world hold opinions that are a far cry from the one being attributed by mainstream outlets and economists–one that continually seeks to label crypto investors as gamblers, pyramid schemers or the propagators of a malicious virus.

With the subreddit now eclipsing 1 million subscribers, it contributes to the growing paradox of 2018 that was touched upon by Mike Novogratz in a conference call last week. As reported by EWN, the billionaire crypto supporter made no qualms about the state of the industry throughout this year, claiming it has been, “a horrible bear market in tokens,” with “plenty of reason to be depressed.” Despite the plummeting price of Bitcoin, which experienced its worst month of losses in November since August 2011, the support and adoption for the digital currency is on the rise, creating the bedrock for the technology to perform in 2019 and beyond.

While Google searches and general excitement for cryptocurrency has eroded with the market capitalization, down from nearly $900 billion in January, the industry has moved past daily appearances on CNBC and other popular outlets which were fixated on the climbing price and overnight millionaires being created in last year’s bull run. In place of that attention is a recognition that the industry still has yet to grow, with prices outpacing real world use at the start of the year. It’s not enough for Bitcoin to grow from exchange driven, price speculation alone: the currency has to find a footing in both usability and mindset for mainstream consumers before it can hope to match last December pricing.

Until then, the growing community for Bitcoin on sites like Reddit continues to provide a window into the state of crypto adoption, and the willingness for a segment of the population to try the technology that has been hailed as the next greatest innovation since the internet.

The post Bitcoin (BTC) Subreddit Surpasses One Million Subscribers appeared first on Ethereum World News.

Posted on

Bitcoin (BTC) Subreddit Surpasses One Million Subscribers

Bitcoin (BTC), Cryptocurrency–While most investors run for cover amidst the falling crypto prices, as the bear market of 2018 extends into the final month of the year, the Reddit based community for the number one cryptocurrency by market capitalization has hit a new milestone.

On Dec. 2, the subreddit for Bitcoin reached 1 million subscribers, marking a historic moment for the community that few other groups on the site have been able to achieve. Amazingly, given that coin price have fallen 70 to 95 percent from their high in January, the community of cryptocurrency has managed to show resiliency that could pay off in the long run.

Bitcoin, in particular, has cultivated a strong a following of investors who are looking for more than just profit. The community formed through Reddit has not only found ways to give back to need-based programs through the significant wealth created in last year’s bull run (such as the Bitcoin Pineapple fund which gave away a whopping $86 million to 60 charities–all from the generosity of one Bitcoin user), to consistently finding ways to form grassroots adoption.

While some have chosen to trade Bitcoin for the price speculation alone, the technology has a struck a chord with the majority of its following which extends beyond just being another appreciable asset. Each user may have their own reason for supporting the currency, ranging from a belief in the technology of blockchain and the superiority of digital currencies over their fiat alternatives, to a politically-oriented ideology that espouses decentralization and more libertarian views. However, the vast number of Reddit users and Bitcoin supporters around the world hold opinions that are a far cry from the one being attributed by mainstream outlets and economists–one that continually seeks to label crypto investors as gamblers, pyramid schemers or the propagators of a malicious virus.

With the subreddit now eclipsing 1 million subscribers, it contributes to the growing paradox of 2018 that was touched upon by Mike Novogratz in a conference call last week. As reported by EWN, the billionaire crypto supporter made no qualms about the state of the industry throughout this year, claiming it has been, “a horrible bear market in tokens,” with “plenty of reason to be depressed.” Despite the plummeting price of Bitcoin, which experienced its worst month of losses in November since August 2011, the support and adoption for the digital currency is on the rise, creating the bedrock for the technology to perform in 2019 and beyond.

While Google searches and general excitement for cryptocurrency has eroded with the market capitalization, down from nearly $900 billion in January, the industry has moved past daily appearances on CNBC and other popular outlets which were fixated on the climbing price and overnight millionaires being created in last year’s bull run. In place of that attention is a recognition that the industry still has yet to grow, with prices outpacing real world use at the start of the year. It’s not enough for Bitcoin to grow from exchange driven, price speculation alone: the currency has to find a footing in both usability and mindset for mainstream consumers before it can hope to match last December pricing.

Until then, the growing community for Bitcoin on sites like Reddit continues to provide a window into the state of crypto adoption, and the willingness for a segment of the population to try the technology that has been hailed as the next greatest innovation since the internet.

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Expedia Confirms No Longer Accepting Bitcoin (BTC) For Payments

BITCOIN (BTC)–A spokesperson for Expedia, the popular U.S. based travel company which collects over 10 billion USD in annual revenue, has confirmed with Cointelegraph that the company will no longer be accepting Bitcoin for digital payments.

The news of Bitcoin no longer being listed with the site was first pointed out by community members on June 10th, when the company quietly did away with the option to use the leading cryptocurrency by market cap for digital payments. Speaking with Cointelegraph on June 27th, the travel booking conglomerate has acknowledged its decision to remove cryptocurrency as a method for payment, stating they “no longer accept digital currency Bitcoin,” and were sorry for “any inconvenience this may cause.”

While the company has yet to issue an official statement detailing their reasoning for removing the currency–and likely has no intention of doing so at this point–price volatility in addition to plunging Bitcoin prices is most likely to blame for discontinuing the service. Overstock.com, a company accepting crypto payment since 2014, made national headlines through much of last year (and significant profit–OSTK rose 300% on the year) through its foresight to get ahead of the digital payment curve. However, other companies have yet to see the same benefit from taking the plunge into cryptocurrency, at least to an extent that outweighs the volatility and negative press.

Expedia, with a market cap hovering around 18.2 billion USD, has a responsibility to shareholders that supersedes their interest in accepting cryptocurrency. Despite the fact that some community members have stated they will no longer be using Expedia given their stance on accepting cryptocurrency, the company has chosen to distance themselves from the tumultuous price of Bitcoin. Undoubtedly, BTC payments made up a small fraction of overall sales, but enough for investors to question Expedia’s holding of the currency–particularly in light of the price plunging 70% in value since the last all time high. Given that Expedia has been accepting Bitcoin since June 2014, when they announced a partnership with Coinbase, the company has benefited from the appreciation of BTC over the last several years.

However, that very same relationship with Coinbase could have been the demise of BTC on Expedia. Coinbase’s decision in March to do away with custodial responsibility for merchants, through its new Coinbase Commerce program, has caused similar agencies to transition away from the U.S. based cryptocurrency hub. CheapAir, a travel agency which still accepts Bitcoin for payment, made the transition from Coinbase to BitPay following the change in service. Without a reliable merchant program, Expedia may have found dealing in Bitcoin to not be worth the effort of accepting the currency for payments. If so, it’s possible the agency will resume crypto-based payments in the future, assuming they can find the right partnership to fill their need.

While BTC holders always have the option of cashing out their crypto to pay for travel, having companies deal directly in crypto brings greater benefit. For one, it gives the industry legitimacy and the currency usability, which is the ultimate goal of most community members. It also allows for investors to spend their currency without the tax-related headache that accompanies selling funds on exchanges.

For those crypto users of Expedia looking for a new outlet to spend their BTC on travel expenses, the aforementioned CheapAir still accepts Bitcoin.

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