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Report: Ethereum (ETH) Has Twice the Monthly Core Dev Support as Bitcoin (BTC)

A new report confirms the industry belief that Ethereum has the largest coding development support of any cryptocurrency.

Despite sitting in the number two spot by market capitalization, and trailing Bitcoin by $55 billion, a report published by crypto management firm Electric Capital on Mar. 7 found that Ethereum has the most developers working on its protocol of all cryptocurrency projects.

Ethereum, helmed by co-founder and industry figurehead Vitalik Buterin, has consistently been one of the top cryptocurrency projects to attract both core and community development, particularly when evaluating its monthly core commits. Research collected by Electric Capital reviewed 20,000 code repositories with 16 million commits to obtain data in their evaluation of different coin projects, determining that Ethereum averages 216 developers contributing code each month. Electric Capital also included in their post that this figure is likely less than the actual number of developers, because their review did not include community-base projects such as Truffle, one of the leading sand boxes for Ethereum and smart contract testing,

“This is undercounting the number of Ethereum developers since we do not include ecosystem projects like Truffle.”

The report also found that Bitcoin has amassed a healthy developer ecosystem, nearly a decade after being launched. While Electric Capital calculated BTC developer support to be 50 per month–around a quarter of what they found for ETH–the company again noted the figure to be likely under-represented, considering they do not account for cryptocurrency wallet projects.

When looking strictly at contributors to both coin’s core protocol, the numbers become more even, albeit with Ethereum still holding a significant lead. Electric Capital reported finding ETH to be “by far” the most active project, averaging 99 monthly core developers–more than twice that of BTC which claimed the second place spot at 47 core devs per month.

Overall, the report is extremely positive on the industry of cryptocurrency and its current development pace. Despite coin prices falling more than 80 percent over the last year, constituting a “crypto winter,” development support has continued to be on the rise. Electric Capital reported that the number of devs working on public coins has doubled in the last two years, with total industry figures being 4,000+ developers per month contributing code to 2,800+ coin projects.

In addition, the report found that development interest has largely been immune to depressed coin prices, a sign of both industry adoption and growing interest,

“Developers who entered the crypto ecosystem have continued to build despite market conditions. From Jan 2018 to Jan 2019, the number of monthly active developers fell 4% while the markets fell more than 80%.”

Electric Capital also found that the majority of abandoned coin projects are currencies forked from existing “high network value coins,” citing Bitcoin Diamond and Bitcoin Gold as both having fewer than 5 developers per month since Oct. 2018. Core protocol development for platform currencies have also drawn the most interest in projects observed, with the report finding 25+ monthly devs for EOS, Cardano and TRON.

With Ethereum trail-blazing the industry in developer support, the cryptocurrency welcomed the launch of its long-awaited Constantinople upgrade two weeks ago.

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Steve Wozniak: Bitcoin (BTC) has Seen “Massive Value Creation”

Bitcoin (BTC)–Apple Co-Founder Steve Wozniak had positive words for the growth of Bitcoin in an interview with Bloomberg published on Feb. 26.

According to the tech legend, who has been a staunch supporter for Bitcoin and cryptocurrency, the industry has managed to generate “massive value creation” over the course of the last several years, even if prices have continued to falter.

Wozniak’s comments came in reference to the potential of Bitcoin and followed upon similar statements he made a year ago saying that Bitcoin could become the world’s future currency. His interviewer was quick to point out that Bitcoin has seen “massive value destruction” over the last year, a point of reference that Wozniak found disagreeable,

“I’m not sure I can buy that we’ve seen massive value destruction, I think we’ve seen massive value creation.”

Interestingly, Wozniak’s comments mirror those of Reddit Co-Founder Alexis Ohanian, who told Yahoo Finance last week that the bear market has been a net positive for cryptocurrency. Ohanian, who has been a starch supporter for Bitcoin, explained that the crash in crypto prices shook out market speculators and replaced them with committed developers and investors looking long-term. According to Ohanian, cryptocurrency is not attracting a talented group of entrepreneurs who are looking beyond daily price movements,

“What’s a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They’re building companies that are built on blockchain. The hype is gone. The fervor is gone. But I think that’s a good thing.”

Similar to Ohanian, Wozniak was less concerned with how the market had responded to undeniable industry growth for Bitcoin and cryptocurrency. Speaking in the interview with Bloomberg, Wozniak continued that psychology and emotional investment behavior drives a substantial portion of market behavior, including the price dip for cryptocurrency which has extended into a year-long bear market.

Despite cryptocurrency development, excitement and adoption being at an all time high (look not further than Facebook and JP Morgan being tied to stablecoin projects), investment into the industry has continued to languish. Wozniak pointed out that his interest in Bitcoin was not for its price or investment value, as a tool for innovation to experiment with.

However, Wozniak made headlines in January 2019 with his claim to have sold Bitcoin at the $20,000 peak–the currency’s last all time high–just prior to the crash,

“When it shot up high, I said I don’t want to be one of those people who watches and watches it and cares about the number. I don’t want that kind of care in my life […] Part of my happiness is not to have worries, so I sold it all and just got rid of it.”

Regardless of when Wozniak sold his holding of BTC, the tech entrepreneur has played a role in encouraging the development of digital assets and driving greater interest into the benefits of cryptocurrency outside of price behavior.

Wozniak’s comments come in stark contrast to those of Warren Buffett, who earlier in the week made the claim that Bitcoin is a “delusIon.”

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Payoneer CEO Calls Single Currency Bitcoin (BTC) Unrealistic

Bitcoin (BTC), Cryptocurrency–With the crypto markets staging a small recovery on the day and looking to close out the year on a relative positive note despite 2018’s ongoing bear cycle, the number one currency by market capitalization continues to be divisive.

Speaking in an interview with CNBC published on Dec. 28, Scott Galit, CEO of New York-based payment processing firm Payoneer, made the claim that a single global non-fiat currency like Bitcoin was unrealistic.

Galit’s take on Bitcoin hinges more upon what he views as an unattainable position for BTC to become a single, unifying global currency as some have pushed as a possibility for the decentralized coin. Galit admits that the idea of a non-fiat, digital currency is appealing to large swaths of the internet as a way to get past the hurdle of international transaction barriers, but finds the application unrealistic,

“Despite the interests of lots of people out there in the Internet world who love the idea of frictionless commerce and frictionless money and avoiding fiat currencies, I don’t see it”

In particular, Galit cites the unlikelihood of the U.S. government accepting BTC for taxes on account of the extreme price volatility of cryptocurrency. As outlined by Galit, the U.S. government would be exposing itself to an exchange rate that fluctuates to the degree of BTC, an outcome that would never make its way through Congress,

“Now you could have a debate whether taxes are fair or unfair or whatever but they are a reality. There are going to be taxes because governments need revenues,” Galit says. “Countries actually need tax revenue in order to fund services for their residents.”

In November Ohio became the first state to allow taxes to be paid in Bitcoin, beginning with businesses and increasing in availability to individual filers. However, the process involves a trading platform which converts the paid BTC into dollars, protecting the state from the aforementioned volatility of cryptocurrency.

Galit also calls upon the responsibility of the Federal Reserve to maintain control over the nation’s fiat, a source of leverage that would become worthless in the event of BTC becoming a dominant currency,

“Central bankers are there to actually help manage the economies and provide kind of stewardship for those economies,” Galit says. “Part of that is actually managing currency in the interest rates [for lending] and in exchange rates. If you don’t actually have any control over a currency you’ve lost one of the major policy tools that you have, so what do you do?”

Galit’s comments come just one week after Yahoo Finance named payment platform Square as their company of the year. Square, which was founded by Twitter’s CEO Jack Dorsey, began offering Bitcoin as a trading option in November 2017, with the company going to great lengths throughout 2018 to push the feature as a legitimate division of their service. In November, Square announced that BTC based revenue for Q3 had climbed steadily to $43 million, upt from $37 million in the previous quarter.

Dorsey, who also presides as CEO of Twitter–a social media platform likely feeling the pressure to enter cryptocurrency following rival Facebook’s ties to a stablecoin–has long been vocal in his support for Bitcoin. In March, Dorsey broke headlines by stating that he believed Bitcoin could become the world’s single currency, catalyzed by internet adoption,

“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin”

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Bitcoin (BTC) Price Conversation Missing the Point

Bitcoin (BTC), Cryptocurrency–With the crypto markets continuing to slip into December, with Bitcoin and altcoins hitting their new relative low for the year, the tone surrounding the industry of cryptocurrency has made a decided shift towards the negative. While crypto, particularly the investment landscape, has become a punching bag throughout the year, with the bear market extending into the final month of 2018, the situation has never been seen as dire as what has transpired in the past several weeks.

Traditional, financial media outlets such as Bloomberg and CNBC have regularly covered the market shifts, but are now beginning to take an almost gleeful interest in the demise of Bitcoin and cryptocurrency. The language towards the digital asset has shifted from “I told you so” to personal attacks against investors, with the aggressors positioning themselves on a false pedestal of authority. However, while these outlets are justified in their criticism and reporting on the continued price fall for crypto, they ultimately contribute to the number one problem plaguing the industry at present: an incessant focus on price movement, price predictions and the 24-hour trading cycle of crypto–and the average investor and enthusiast is as much to blame.

Cryptocurrency is in free fall for the primary reason that expectations outpaced realistic performance, with the money being poured into the industry throughout 2017 and the beginning of this year being an exponential reflection of that disconnect. While many have found novelty in using Bitcoin as an alternative form for digital transactions, storage of value and other wealth safeguarding, the limitations of the technology failed to meet the anticipation of user needs.

When transactions fees and wait times for BTC soared in the first month of 2018, newcomers to crypto were left scratching their head over the hype they had bought into. The result was just one facet of uncertainty introduced into the market that led to the collapse, like a house of cards, that was built on a series of shaky propositions. For one, the media had inundated the public with stories of overnight millionaires–and billionaires–being minted by Bitcoin and cryptocurrency, a narrative that investors were all too eager to buy into with coin prices rising four-digit percentage points on the year.

Again, expectation and speculation created the bloated market conditions that in no way could have been reasonable for the present level of adoption and advancement for the technology. It would be akin to saying that pre-dot.com websites deserved the same stock valuation and outlook as today’s landscape for Google and Facebook.

However, the greatest failure on behalf of supporters of cryptocurrency came in the form of allowing the technology become hijacked by the emphasis on price. When Ethereum’s Vitalik Buterin made the claim that all centralized exchanges should burn in hell, he was in part criticizing an industry that is beholden to price speculation, driven through the activity of investors on exchange. Few care to delve into the depth of cryptocurrency, the layers to the technology, and the implications for the world that extend beyond “digital money.”

With Bitcoin having been declared dead hundreds of times before, it’s difficult for anyone to correctly predict that this is the ultimate end for the number one cryptocurrency by capitalization. However, if there is a path forward for cryptocurrency, it lies in not just a reset of market prices, but investor and user expectations, with an emphasis on building use for the technology that exceeds value.

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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.

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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.

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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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