The Future of Money; Bitcoin and Ether Shake it up
with Crypto-Currencies That Disrupt and Innovate
“Traditional payment providers or processers are likely going to need to
innovate by either incorporating bitcoin or another form of digital payments to
increase efficiency and reduce costs in order to survive” - The Bitcoin Investment Trust
Point Roberts WA, New York, NY – July 23, 2015 -
Investorideas.com, a global news source covering leading sectors including Bitcoin
and payment technology release commentary
about new crypto-currencies including Bitcoin and Ether. Experts from both
sectors talk about the future of money as we know it and how to prepare for this
new future.
Brad Moynes of Bit-X Financial (OTCQB: BITXF), Ryan
Rabaglia, head of Wholesale, ANX, Terrence Dempsey of The Bitcoin Investment
Trust (OTCQX: GBTC) and Gavin
Wood of The Ethereum Project talk about disruption, opportunity and
crypto-currencies.
Wedbush’s recent bullish prediction of $400 Bitcoin
prices has created buzz in the space and the industry is full of headlines - with
new entries from traditional financial institutions. Two pure public plays in
the sector share insight from their perspectives and experience in Bitcoin.
Brad Moynes, CEO of Bit-X Financial (OTCQB: BITXF)
recently launched a new Bitcoin exchange branded under the name Digatrade (https://digatrade.com/) and discussed how he
sees Bitcoin as a disruptive currency with a long term future.
Brad’s financial markets background that includes
investment banking and corporate finance makes him pay attention to the recent
entries into the Bitcoin market from key players on Wall Street, he told us. He
sees regulation shaping the future of Bitcoin as it moves forward but his
regulatory compliance background makes him comfortable with the process.
Digatrade (powered by ANX Technology) just launched
at the end of June with Canadian currency and is working on multi-currency payment
processing including USD, GBP & EUR next. It also recently announced it has
enabled Canadian-based customer deposits via eCheck; “a significant milestone”,
Brad said, “Bitcoin is transforming the way consumers and businesses operate.
Whether for cost-savings, speed, security or opening new market opportunities,
visionary companies all over the world are turning to Bitcoin for their next
phase of growth.
Brad also stated, “The evolution of finance is here
for institutions. DigaTrade works with financial institutions across the world
to enable them to harness the power of digital-currency. We provide a range of
institutional storage and liquidity tools for accredited clients and provide
access to advanced crypto-fiat transfer protocols and solutions.”
He went on to say, “We believe we are creating an
exchange that will give traders, businesses and institutions a world-class
platform that is secure and user-friendly, creating an even playing field for
anyone wanting to trade Bitcoin and participate in the future of money.”
Ryan Rabaglia, head of Wholesale ANX, a Hong Kong-based
company that is one of the most used Bitcoin exchange platforms worldwide said,
“It should come as no surprise that the consistently intensifying attraction to
Bitcoin in China is very real.
Transaction volumes out of China have been leading the way from a global
perspective even prior to us experiencing peak prices in December 2013 and
today is no different. With market
prices and general trading interest recently being revived, a drive towards
steady trading activity has been viewed here in Asia, on and off exchange.”
He also said, “This, of course, has much deeper
implications than the daily price of Bitcoin. We are seeing a real interest
from a payments and funds transfer perspective as well. The interest for sizeable foreign investment
has long been a stumbling block for Chinese citizens and Bitcoin offers that
potential gateway.”
Investorideas.com also talked to Terrence Dempsey
of The Bitcoin Investment Trust (OTCQX:
GBTC) to explain to investors the direct relationship of the Bitcoin
pricing to the estimated share price of the recent ‘outperform rating’ on the
stock from Wedbush.
Terrence explained, “The Bitcoin Investment Trust
was created to give investors the ability to gain exposure to the price
movements of Bitcoin without the challenges of buying and storing Bitcoin on
their own and providing this exposure through a traditional titled security. As
such, the Net Asset Value of the Trust is a direct representation of the price
of Bitcoin. Each share of The Bitcoin Investment Trust represents approximately
0.1 Bitcoin and the Trust’s Net Asset Value is set each business day using a
24-hour volume weighted price of Bitcoin based on TradeBlock’s XBX Index.”
He went on to explain, “The Bitcoin Investment
Trust is a passive investment vehicle that only adds Bitcoin based on new
investments and does not engage in the forecasting of prices or rely on any
external research.”
He also said, “Traditional payment providers or
processers are likely going to need to innovate by either incorporating Bitcoin
or another form of digital payments to increase efficiency and reduce costs in
order to survive. We believe that many of these firms are actively looking at Bitcoin
as a potential solution.”
In talking about the future he noted, “In the short-term,
Bitcoin has the opportunity to disrupt and innovate the payment space,
particularly in global remittances and micro-payments. The ease of transacting
and reduced costs when using Bitcoin compared to alternatives makes it a
compelling choice. Further, with the influx of interest and investment from
Wall Street in Bitcoin and Bitcoin related start-ups, it has the opportunity to
overhaul the existing financial system making for more efficient trading and
settlement of assets.”
Gavin Wood of The Ethereum Project told Investorideas.com,
“It exists as platform for managing the core ‘business logic’ of decentralised
applications; the component typically managed by a server, databases and so
forth for traditional, centralised applications. Through using blockchain
technology, Ethereum provides unprecedented guarantees of security,
auditability, availability and interoperability for all kinds of applications.
To avoid a potential ‘spamming’ problems with, the Ethereum platform has an
internal token (‘Ether’) allowing users of the platform to pay the validators
(‘miners’) for their contribution in doing the computation and securing the
network.
In some ways, Ether could be considered similar to
the crypto-currency Bitcoin, however it differs in so much as Ether is not
intended to be used as a general means of payment.
In simple terms, the notion of a decentralised web
is a web without web servers. At present all web applications, such as eBay and
Facebook, are 100% dependent on centralised servers, operated by specific
for-profit corporations. Being centralised, they slurp up as much information
on their users in an effort to boost their power and future profits.
Such corporations, we have painfully learnt, care
very little about the privacy of their users or the integrity of their users'
data. All too often important data (e.g. buying habits, payment information) is
sold by, leaked by or stolen from the corporation. Punishment is rare and
insignificant. Users are becoming increasingly savvy but as yet, few reasonable
options exist for those displeased with the present state of affairs.
The decentralised web, or "Web 3.0", is a
collection of technologies that utilise modern peer-based network designs to
decentralise all aspects of data publication, application logic and signaling.
Through protocols such as Whisper, Ethereum and Swarm we can start to imagine
how rich web and mobile applications like eBay, Facebook, and Uber could be realized,
without the need of centralised servers or an expensive intermediary. Users
would share the maintenance of all infrastructure and consolidate the
application logic such a reputation systems and payment mechanisms themselves.
Well understood mathematical principles, similar to those on which Bitcoin is
based, would guard users from disreputable operators or insecure payments.
A vastly simplified software infrastructure and
smooth interoperation would allow services to be "mashed-up"
(combined) to unleash exciting potential business opportunities previously
possible only through cumbersome cross-industry partnerships (e.g. imagine
AirBnB with a simple checkbox for an Uber-based airport pickup). Through all of
this, users would be safe in the knowledge that they share only as much data as
is strictly required for the application to function; never giving away
sensitive payment information and never having to trust one faceless organization
over another. While this is an inconvenient truth now, it will become ever more
important as the data that our device manufacturers own, begins to include
information of a decidedly private and personal nature never before collected;
how we sleep, how much we exercise, who we sleep with, our passing interests
and so on.
Ethereum, or more accurately, the Ethereum
Foundation, a non-profit organization based in Switzerland tasked with the
initial development of the Ethereum Protocol and its subsequent advocacy and
education, has developed the first piece of the puzzle. The efforts over the
past 18-or-so months of myself, Vitalik and Jeff together with our many
developers and support staff are nearly at a culmination with the release of
the so-called "Frontier" software, the first version of Ethereum
capable of forming a secure network. However, decentralising the web is a lofty
goal and is unlikely achievable by the foundation's efforts alone. I think it
will take the cooperation of a number of projects such as IPFS, Telehash and
well-aligned profit-orientated enterprises before we really begin to see the
bigger picture. Once the foundation bows out from its tenure as a software
developer, I fully expect to see many from the Ethereum Project move to develop
within the ecosystem under a more entrepreneurial venture.”
For investors considering investing in crypto-currency
opportunities, be prepared for a fast and furious ride as the future of money
races ahead of all us.
Bit-X Financial Corp. (OTCQB: BITXF) is a Vancouver; British Columbia based Company
listed on the OTC.QB under the trading symbol BITXF. The Company owns and
operates a digital currency exchange and internet financial services company;
DIGATRADE™. BITXF is a reporting issuer in the Province of British Columbia,
Canada with the British Columbia Securities Commission "BCSC" and in
the United States with the Securities Exchange Commission "SEC". https://digatrade.com/
ANX - Your Crypto Connection
The Bitcoin Investment Trust is a private,
open-ended trust that is invested exclusively in Bitcoin and derives its value
solely from the price of Bitcoin. It enables investors to gain exposure to the
price movement of Bitcoin without the challenge of buying, storing, and
safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a
wholly-owned subsidiary of Digital Currency Group.
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